Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Price slump could lift India Gold import to 900 tons

Indian gold markets became active after prices dropped as consumers have been buying jewelry earlier than planned to take advantage of the price decline.

 

NEW DELHI(BullionStreet): Recent slump in gold prices could boost imports of the yellow metal into India, world's largest gold consumer, industry experts said.

 

According to Mumbai Jewellers Association, Indian gold imports are likely to rise to around 900 metric tons this year thanks to falling prices coinciding with the peak marriage season, industry executives said Wednesday.

 

Prithviraj Kothari,MD, RiddiSiddhi Bullions also said current sentiments are favoring gold imports to hit 900 tons. India imported 860 tons last year. ...

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$560 billion wiped of central banks' reserves on Gold slump

$560 billion wiped of central banks' reserves on Gold slump | Gold and What Moves it. | Scoop.it
Central banks own 19% of all gold mined (some 31,694.8 metric tons) and are among the major losers from the asset price slump, according the World Gold Council in London.

 

LONDON(BullionStreet): Gold slump has wiped $560 billion from the value of central bank reserves after its price dropped 13% in the last two days. Global investors are switching to equities in a bid to generate income.

Central banks own 19% of all gold mined (some 31,694.8 metric tons) and are among the major losers from the asset price slump, according the World Gold Council in London. Global investors have sold gold to reinvest in riskier assets such as equities, as gold is no longer seen as a sustainable hedge.

Many experts say the Western central banks have no one but themselves to blame. Many of them, led by the US Federal Reserve and the ECB contributed to falling gold prices in a bid to support their domestic currencies. ...

Hal's insight:

But do you really think that any of them are worried about the value they "appear" to have lost? No not really.

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Peter Grandich on Gold and Silver: Al's Insights for Tue Apr 16

Peter Grandich on Gold and Silver: Al's Insights for Tue Apr 16 | Gold and What Moves it. | Scoop.it
Peter Grandich says it feels like October of 1987

 

Earthquakes and tremors.

Hal's insight:

Click through for this radio interview with Peter Grandich on gold and silver and the markets.

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Don Coxe: "The Collapse In Gold" - While Gold Regroups, Central Bankers Will Continue The Inflationary Process | Bull Market Thinking

Don Coxe: "The Collapse In Gold" - While Gold Regroups, Central Bankers Will Continue The Inflationary Process | Bull Market Thinking | Gold and What Moves it. | Scoop.it

In response to the outright fear and panic displayed in the gold market today, legendary investor Don Coxe, Chairman of Coxe Advisors LLP, and former advisor to the $540 billion BMO Financial Group, stepped up and shared a reaffirming statement for battered gold bulls.

 

Don indicated that, “Gold was ready for a pause. While it regroups, the politicians and central bankers will continue to devote themselves to making it absolutely necessary [to own]. Because of our confidence in those money-printers and deficit ‘increasers’…we expect to rebuild our gold exposure…and therefore believe gold’s peak price will eventually be far above its previous high.”

 ...

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Twitter / MonetaAdvisors : A great graphic for what is ...

Twitter / MonetaAdvisors : A great graphic for what is ... | Gold and What Moves it. | Scoop.it
Hal's insight:

This is the best explanation I've seen. Thanks to http://twitter.com/MonetaAdvisors ;

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Bullion Shortages Develop As Retail Demand Skyrockets

Bullion Shortages Develop As Retail Demand Skyrockets | Gold and What Moves it. | Scoop.it

... Gold and silver buyers are still outpacing sellers by a stunning 50 to 1.  There were premium increases on everything bullion related.  The wholesalers are now telling us four to six weeks on silver maple leafs, and wholesalers quit taking orders on one ounce silver rounds.  Wholesalers also kicked the premium higher on 100 ounce silver bars as well.

 

There was such enormous volatility in the market today that one large trade we were placing for gold moved $8 in just five seconds before the price could be locked-in.  Eric, I have been doing this now for 41 years and I haven’t seen this type of action since 1980.  

 

The price movements were absolutely breathtaking on Monday.  What I want KWN readers to understand is that as gold turns around, and eventually breaks $2,000 on the upside, volatility will become even more intense.  Just like Jim Sinclair has warned, the volatility is going to eventually light peoples’ hair on fire. ... 

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Maguire - LBMA Default Triggered Gold & Silver Takedown

Maguire - LBMA Default Triggered Gold & Silver Takedown | Gold and What Moves it. | Scoop.it

With massive selling once again in the gold and silver markets, today whistleblower Andrew Maguire told King World News the reason for the recent takedown in gold and silver was because of an imminent LBMA default.  Here is what Maguire had to say in part II of this remarkable and exclusive interview. 


Maguire:  “Gold and silver only have this type of selling when there are extreme shortages of the physical metal.  I am totally aware that before this takedown occurred there was an imminent LBMA default.

 

We had already seen COMEX inventories plunging.  In 90 days COMEX inventories saw an incredible decline.  So immediately available physical gold was disappearing.  People around the world don’t understand what has been happening since Cyprus...


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Indian,Chinese consumer joins Gold rush

In India, retailers are witnessing a surge in demand and expect up to 50 per cent spike in sales volume in this marriage season.

 

NEW DELHI(BullionStreet): Consumers in India and China, two of the world's largest gold markets, have reportedly swamped gold jewellery shops lured by the two-year low price of gold bullion after prices plummeted.

 

Other major gold markets such as the UAE and US also witnesses surge in gold buying as Indian expatriates in particular raided gold shops across the Emirates,buying trinkets and jewellery in all shapes and sizes as well as gold bars and coins.

 

In India, retailers are witnessing a surge in demand and expect up to 50 per cent spike in sales volume in this marriage season. ...

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Gold prices in India seen recovering after massive fall

Gold prices in India seen recovering after massive fall | Gold and What Moves it. | Scoop.it
Gold in India, the world's biggest buyer of the metal, has shed 21% from the record high of Rs 32,464 for 10 grams struck in November, spreading panic among investors and importers.

 

MUMBAI(BullionStreet): Gold futures in India, which hit the lowest level in more than 18 months on Tuesday, may stage a recovery as key technical indicators point to the yellow metal entering oversold territory, according to analysts.

Gold in India, the world's biggest buyer of the metal, has shed 21% from the record high of Rs 32,464 for 10 grams struck in November, spreading panic among investors and importers. ...

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Turk - Gold & Silver Smash, Monetary Train Wreck & Apple

Turk - Gold & Silver Smash, Monetary Train Wreck & Apple | Gold and What Moves it. | Scoop.it

1) Is the Federal Reserve decreasing the quantity of dollars every month by $85 billion to bring about a deflation and enhance the dollars’ purchasing power?  No, they are increasing the money supply by $85 billion every month, further debasing the dollar by transforming debt into currency. 

 

2) Is the high level of unemployment being reduced so that more people are working and bolstering the economy?  No, there are 113.3 million people employed in the US in private industry, or in other words, those employees creating goods and services for profit.  Amazingly, it is fewer people than were employed in February 2006, over seven years ago.  

 

3) Is the future of the euro secure?  No, it is still hanging by a thread, moving warily from one crisis to the next.  Importantly, we now know from the Dutch Finance Minister to the EU that confiscating depositor money in banks in Cyprus will be the template for future bailouts, meaning the uncertainty about the euro and European bank solvency remains at scary heights. ...

Hal's insight:

Click through for the rest of his questions. It's worth thinking about.

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History In The Making

History In The Making | Gold and What Moves it. | Scoop.it

I know that it's hard to watch your fiat-conversion price fluctuate so wildly but it's clear that we are on the verge of something major. There are two ways that this could go and, regardless of which outcome materializes, you're going to be glad you have physical metal in hand (or under water).


SCENARIO #1


This is what I've been warning was possible for about the past six weeks. Since the banks were seemingly caught flat-footed at the initiation of QE∞, the entire move from October to today has been contrived to extricate the banks from their naked short positions. Having succeeded in flipping the specs from long to short (The LargeSpecShorts in silver recently leapt from 6,500 contracts to 30,000 contracts in eight weeks!), why ...

Hal's insight:

Good read from yesterday. Click through.

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oftwominds-Charles Hugh Smith: A Couple of Things You Should Know About the Stock Market

oftwominds-Charles Hugh Smith: A Couple of Things You Should Know About the Stock Market | Gold and What Moves it. | Scoop.it

If feedback from the real world is suppressed, then decisions will necessarily be bad.


You've probably heard this stock market truism: what everyone knows has no value. This has several components: 1. If you're basing your trading decisions on the same contexts and conclusions as everyone else, it's difficult to develop much of an edge. 2. Unless it's completely manipulated, the market generally doesn't reward "what everyone knows," i.e. the consensus, for long. 3. "What everyone knows" often includes trends and targets. For example ...
Hal's insight:

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Gold bloodbath – “this boat ain’t sunk yet” - GOLD NEWS - Mineweb.com Mineweb

Gold bloodbath – “this boat ain’t sunk yet” - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

... For those seeking a haven in equities that have been trading at all time highs, we suggest you refrain from schadenfreude - and be careful what you wish for.

Underpinning gold are attractive fundamentals with the price floor in the form of mine costs rising sharply (gold prices rose 6% last year and costs 12%). More of this and a little below the current price and the gold-shorters will be butting up against production cut-backs  - this wheeze will run its course.

Meanwhile the total US national debt rises in 2013 from 16.8 to 17.8 trillion dollars - before number blindness creeps in a translation is perhaps in order - that is equivalent to more than 330,000 tonnes of gold, or over twice all of the gold ever produced in history or total gold mine production for the next 120 years - fat chance that is going to be paid down through the fruits of economic labour.

Gold will remain on the ropes until it engenders higher levels of investment demand - for that it will require more sales channels, more product innovation and more education. It is a tiny lifeboat in a sea of economic trouble - this boat ain't sunk yet!

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Dr. William Black, The US Banking System is Absolutely Primed for the Next Meltdown

http://usawatchdog.com/felons-in-charge-of-our-largest-financial-institutions-professor-william-black/ - Dr. William Black predicts,


"The U.S. banking system is absolutely primed for the next meltdown. Dr. Black and others think, "There is pervasive fraud at the most reputable banks. . . . The U.S. financial system is sick, and we still have the fundamental dynamic of a regulatory race to the bottom." Join Greg Hunter as he goes One-on-One with former banking regulator and UMKC Professor William K. Black.

Hal's insight:

hat tip to http://jessescrossroadscafe.blogspot.com

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WHY SILVER & GOLD ARE PRICELESS - The Prospector Blog

WHY SILVER & GOLD ARE PRICELESS - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

Today’s title could sound odd considering gold just had its worst day in 30 years. As I write, and probably as you’re reading, economic prognosticators still relish in repeated “I told you so.”  We will keep this short today because I have what I want to say and nothing more. The last few days were draining for not only those willing to own PM but for the few willing to justify PMs in a published sense. For us, a PM shakedown is twofold when you add credibility into the equation. Nonetheless, let’s dive into why silver & gold are priceless. ...

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Gold Price Makes No Sense – Nothing Does | Lear Capital Blog

Gold Price Makes No Sense – Nothing Does | Lear Capital Blog | Gold and What Moves it. | Scoop.it

... The talking heads tell us gold is down because the world economy is healing – stimulus is working.  Working so well, in fact, that money printing, the threat of nuclear war and a shrinking workforce no longer strike fear in anyone.  I may agree with the ignoring of a potential nuclear war with Junior Kim, but I have trouble digesting the rest.

 

If it be so, that the economy is healing, why are all commodities tipping over?  It’s really only gold that has been called the “alternative currency” one you flee to, in order to survive lost purchasing power of your own paper money.  The other metals carry value because of their industrial uses.  Silver is a good example.  It is reported that 90% of all silver ever mined is gone.  Even the mint was out of silver on two occasions this year.  Does it make sense that in one moth you are out of silver and not three months later, the price is off nearly 20%?  No!

 

If housing is in recovery, does it make sense copper is down?  With copper being a key material in home building and remodeling, demand should be higher along with the price.  Yet, copper is down.  Platinum and palladium alike, both of which are used heavily in industry, are also falling in lock-step with gold and silver.  So which is it?  The economy is recovering? – or not?

Hal's insight:

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Jim’s Mailbox :: Jim on Gold's smash

... There is no question that this take down is a play by the bullies of finance to accumulate gold cheap, and then take it to $3500. The only downside is that gold will now trade $500 at a time with major violence on the up and down.

 

These well known names pollute everything they touch, and no one can touch them as they are all above any law. They do not care about the dollar or seek to please the Federal Reserve.

 

The Bullies only want infinite money, and would put their mothers in a microwave on high if it made a profit. Eventually they will kill the dollar and take gold to higher highs. ..

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Ed Steer on Central Banks and Gold

Ed Steer on Central Banks and Gold | Gold and What Moves it. | Scoop.it

... Whether JPMorgan and the other handful of bullion banks that are short this market in the precious metals have covered their entire short positions in all of them, won't be known until Friday afternoon.  However, it's a good bet that they've reduced them to such an extent that they either have the physical metal available to cover the balance...or can buy enough futures contracts without going bankrupt in the process.

 

And I'm still of the opinion the only card that the world's central banks have left to play is the gold card...and that a 'new and improved' gold price [along with a commensurate rise in price of the other five commodies mentioned above] is in the cards in the not-to-distant future.  The reason I keep harping on this is that the current world-wide fiat currency system, in its current configuration, is toast...and the only thing that can save it [or maybe just prolong it] is very large gold price that will balance the central bank's books...and maybe some of the big bullion banks as well.  JPMorgan Chase and Goldman Sachs, plus a small handful of others, come to mind. ...

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The Margin Clerks Were Working | Zero Hedge

You will hear many people in the next few days telling you that the gold market decline was just a correction. I do not share this view. For one the drop in the price of gold was the largest two day drop in 30 years. Secondly the volume was a record. This then leads to other conclusions.
 
Long experience in the markets will inform you that this kind of massive sell-off is indicative of someone or perhaps a numbers of someones with serious problems. It may be ETF's, it may be some hedge fund or it may be central banks who have pledged their gold as collateral with the ECB but somebody is in trouble. You do not get the breadth and depth of this kind of drop without someone having very serious issues. ...

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What Is Really Happening With Gold and Silver | Louis Scatigna on the take down

What Is Really Happening With Gold and Silver | Louis Scatigna on the take down | Gold and What Moves it. | Scoop.it

The latest gold takedown (breathtaking in it’s extent) was created by The Fed and the big banks on Wall Street. There is no fundamental reason for gold to be down $250 in less than a  week. This was planned and executed to maintain confidence in the U.S. dollar as the Fed continues to print at least $85 billion a month. Here are some well thought out articles and radio interviews explaining what is happening. This is a generational buying opportunity, if you can find any real supply.-Lou Scatigna

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Massive Paper Gold Selling Eclipses Annual Mine Production!

Massive Paper Gold Selling Eclipses Annual Mine Production! | Gold and What Moves it. | Scoop.it

With incredible turbulence in the gold and silver markets, today John Hathaway informed King World News that the massive two-day paper selling in the gold market unbelievably eclipsed the entire annual production of every gold mining company in the world.  KWN was given exclusive distribution rights to this outstanding piece by superstar John Hathaway of Tocqueville Asset Management L.P..  John is without question one of the most respected institutional minds in the world today regarding gold, and his fund was awarded a coveted 5-star rating.


By John Hathaway, Tocqueville Asset Management L.P.

Massive Paper Gold Sales Eclipse Annual Mine Production

 

April 16 (King World News)

 

Gold bullion prices have been subjected to a cleverly orchestrated bear raid in our opinion.  Selling of paper Comex contracts on Friday, April 12th, and Monday, April 15th, totaled 1 million contracts, exceeding global annual gold production by 12%.  The attack succeeded when the technical support in the low $1500’s/oz. easily gave way and led to waves of forced selling.  The volume is without precedent and has all the characteristics of a panic liquidation driven by naked short selling....

Hal's insight:

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Is The Takedown Of Gold A Sign That The Entire Global Financial System Is About To Crash?

Is The Takedown Of Gold A Sign That The Entire Global Financial System Is About To Crash? | Gold and What Moves it. | Scoop.it
Somebody out there is sure getting prepared for something really big.  We have just witnessed a takedown of gold and silver unlike anything that we have
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Charles Hugh Smith: The Risk-On Recovery Rolls Over

Charles Hugh Smith: The Risk-On Recovery Rolls Over | Gold and What Moves it. | Scoop.it

Wages, private-sector employment and labor's share of the economy have all declined: no wonder the risk-on recovery is rolling over.


Did anyone seriously believe the global economy was expanding so robustly that corporate profits would loft ever higher? Based on what data? Laughably bogus data from China, where warehouses are bulging with stockpiles of aluminum and copper, and a diminishing-return housing/credit bubble is the only "engine of growth"? Or was it the equally bogus unemployment rate in the U.S. that inspired such confidence? Did money managers really not notice that most of those new jobs are part-time, and that the rate is only low because millions of people have statistically been disappeared from the workforce by central planners? It's like the old Soviet propaganda trick of airbrushing out the comrades who fell from favor or who'd been given a "tenner" in the gulag. Millions of American workers have been airbrushed out of the picture, and presto-magico, the unemployment rate is a mere 7.6%. Did anyone seriously believe the risk-on trade, driven entirely by central bank intervention and currency wars, was sustainable? Didn't anyone notice that beneath the veneer of forward earnings growth and other happy-talk, the real driver of the stock, bond, real estate, bat guano, etc. markets was all intervention, all the time? Did anyone seriously believe ...
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BOK blamed for not foreseeing Gold crash

BOK blamed for not foreseeing Gold crash | Gold and What Moves it. | Scoop.it
Analysts said the Bank of Korea is under fire from the Korean government for mismanaging its gold holdings that may cost the financial institution close to $800 million amid panicky selling on global markets.

 

SEOUL(BullionStreet): South Korean central bank which actively increased its gold holdings recently is criticized for buying gold when the prices are on top.

 

Analysts said the Bank of Korea is under fire from the Korean government for mismanaging its gold holdings that may cost the financial institution close to $800 million amid panicky selling on global markets.

 

As the price plummeted during the last few days, the value of some 104.4 tons of gold the BOK is holding dropped, too, and concerns are that the central bank might have misjudged the right time to buy gold and will consequently suffer huge losses. ...

Hal's insight:

Somebody hasn't been attending the Central Bank water cooler meetings.

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Gold loses $1 trillion of total global value, "could fall to $1050"

Gold loses $1 trillion of total global value, "could fall to $1050" | Gold and What Moves it. | Scoop.it
Silver dropped to its lowest level since September 2010 at $22.10 an ounce before it too recovered some ground.
Hal's insight:

LOL Keep the bearish calls coming.

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