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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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Gold May Now Be Poised For A Staggering $600+ Surge

Gold May Now Be Poised For A Staggering $600+ Surge | Gold and What Moves it. | Scoop.it

On the heels of the announcement of Germany seeking to repatriate their gold, today top Citi analyst Tom Fitzpatrick told King World News gold may now be set up for a staggering $600+ move.  Fitzpatrick has been incredibly accurate regarding his forecasts for both gold and silver. 

Hal's insight:

Click over for the charts and comments King World News has posted.

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Gold remains in tight range

Gold remains in tight range | Gold and What Moves it. | Scoop.it
Gold rallied back and hard to reach 1687 - facing resistance at the top of the Bollinger band and as shorts covering happened, more buying emerge.

 

By Robert Jillies
Short Term: Gold was initially down by $ 10.00 after the jobless claim data that was widely anticipated as the Fed tied QE with the unemployment rate. The biggest shock came from the negative reading of the Philly Fed Manufacturing and other market indicator shows that the Fed actually prop more liquidity.

Gold rallied back and hard to reach 1687 - facing resistance at the top of the Bollinger band and as shorts covering happened, more buying emerge. Our guesses were for tomorrow is as good as the Chinese GDP numbers. Short term gold powered to 1697 and resisted 1700 and that could either mean more range trading as it consolidate the recent Bull Run. We look for support at 1670 area again. Failing that we see 1665 and 1650.

Medium Term: Note on the 4 hourly chart, prices are currently at the top range and the bull camp are roaring again. It was lifeless until a quick reversal and now it’s testing to break 1700. Our assumption that prices should find support before moving higher was proven. We view that gold is well ...

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Gold is setting up for a massive breakout in 2H - 2013

Gold is setting up for a massive breakout in 2H - 2013 | Gold and What Moves it. | Scoop.it
The current consolidation is most similar to the 2004-2005 consolidation. It is 17 months old and will last two years unless it can blast through $1800 on the next try.

 

By Jordan Roy-Byrne, CMT
If Gold is able to firm up here and now then it has a good shot to rally back to $1750-$1800 over the next few months. If we get the bullish scenario and a fundamental catalyst shift then expect gold to break past $1800 in Q3. That would mean that Gold consolidated for two years which would be its longest consolidation on record. The longer the consolidation, the more explosive the breakout.

Various sentiment indicators continued to look favorable even as the market began to make some progress. For example, the daily sentiment index for Gold touched 6% yet Gold didn’t make a new low. At the same time we saw a continued reduction in speculative long positions. Bloomberg reported that hedge fund long positions in Gold were reduced to the lowest level since August.

Technically, take a look at the weekly chart. Gold seemed at risk below $1630 yet it closed above $1650 in each of the past four weeks. Now that Gold is starting to turn bullish all time frames ...

Hal's insight:

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Gold closes higher for the week in Asia on China data

Gold is estimated to have achieved a near two percent gain this week though official figures are available only after Europe and US trade finishes.

 

BEIJING(BullionStreet): Stronger than expected Chinese economic growth, especially in the fourth quarter last year, helped gold to finish higher for the week in Asian trade.

 

Gold is estimated to have achieved a near two percent gain this week though official figures are available only after Europe and US trade finishes.

 

Gold for February delivery was seen trading at $1692.18 an ounce in electronic trade on the Comex division of the New York Mercantile Exchange at 6.30 p.m Singapore time. ...

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The expanding scale and scope of China's outward direct investment - The Economist

The expanding scale and scope of China's outward direct investment - The Economist | Gold and What Moves it. | Scoop.it
The Star Online
The expanding scale and scope of China's outward direct investment
The Economist
Yet China is still far from buying up the world. It is a relative newcomer to big direct investments, and has yet to boast a large hoard of such assets.
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Shelter from The Coming Storm - Gold, Silver, and Real Assets | GE Christenson | Safehaven.com

Shelter from The Coming Storm - Gold, Silver, and Real Assets | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it
What Storm?A hurricane of digital money created by central banks to purchase government debt and other dodgy assets from banks.A tidal wave of deficit spending by governments around the world. It continues, regardless of whether you call it business as usual, stimulus, payoffs, or bailouts.A perfect storm of derivatives - the weapons of mass financial destruction that continue to plague our financial system - but make $Billions (Maybe $Trillions) in profits for the huge banks.A tornado of bailouts, giveaways, loans, and currency swaps from the Federal Reserve to backstop banks, politically connected individuals and corporations, European governments and others.An approaching thunderstorm of new and higher taxes - perhaps a carbon tax, a VAT, and a wealth tax. We hope most of these will be downgraded to a hot air disturbance.A tsunami of Japanese Yen based on the election of Prime Minister Abe and his avowed intention to weaken the Yen.

Why Do We Need Shelter?
Hal's insight:

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The Golden Truth: Germany Pays A Visit To The United States

The Golden Truth: Germany Pays A Visit To The United States | Gold and What Moves it. | Scoop.it

On Germany wanting their gold back and having to wait seven years, Dave in Denver writes:

 

... The most likely scenario is that, while it's possible, though not a certainty,  that the bars may be sitting in the West Point deep storage Fed gold vault, it has been leased out and swapped out in legal transactions designed to manipulate the price of gold.  What this means is that private parties (think:  China's central bank, very wealthy foreigners, India, etc) have the legal title to any gold that has been leased or swapped and sold outright. ...

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Fiscal Fall Out: Doom, Gloom and Gridlock

So the Fiscal Cliff crisis has come and gone ... or has it? We are the recipients of a last minute, politically-charged, drama-filled Washington deal that averted an economic free-fall but promptly sent us down a slippery slope.

 

While the "crisis" promised new taxes, automatic spending cuts, and tax extenders ... the so-called "deal" hits every working American's paycheck due to the expiration of the Social Security Payroll Tax Cut. In addition, taxes have indeed gone up on the "so-called" 1%. Capital Gains and dividends also got hit, business expense tax breaks were allowed to lapse, the effective marginal tax rates were raised, and even the Death Tax went up.

 

The New Year's Day deal did avert catastrophe for some by extending unemployment benefits, preventing Medicare payment cuts to doctors, continuing tax breaks for low-income workers, college tuition and families with children ... but it failed to deal with more the more critical aspects of the cliff by putting off automatic spending cuts, pushing off the borrowing limit, and leaving the government running on temporary funding through March.

 

Originally designed to confront our trillion-dollar budget shortfall, the Fiscal Cliff deadline proved to be nothing more than a battle over safeguarding popular spending programs on one side and defending equally popular tax cuts on the other. And, as Washington found the time to give Hollywood a tax break, promote ...

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oftwominds-Charles Hugh Smith: Misunderstanding Austerity, Stimulus and Demand

oftwominds-Charles Hugh Smith: Misunderstanding Austerity, Stimulus and Demand | Gold and What Moves it. | Scoop.it

Keynesian policy requires an expansionist Central State and Bank bent on imposing central planning on every level of the economy. Keynesians are natural partners with the neofeudal financial Aristocracy which benefits so enormously from Keynesian print-borrow-blow policies.


Here is the standard Keynesian cargo-cult analysis of our economic woes:
1. The problem is a lack of aggregate demand, i.e. people buying stuff and services.2. As a result, the economy is running below capacity, i.e. economic output is below potential.3. The solution is fiscal and monetary stimulus, i.e. the Central State borrowing and spending trillions on politically directed programs and the Federal Reserve printing and injecting trillions of "free money" dollars into the financial sector to boost borrowing and lending. The cargo-cult program has failed for a number of fundamental reasons. Let's illuminate these reasons with a few thought experiments. 1. If we borrow or print $1 trillion and bury it in the ground, how much demand does it create? Answer: none, of course; it just sits there, utterly inactive. The Fed has printed around $2 trillion and made huge sums available to the financial sector at 0% interest. Most of the funds are sitting in the Fed as reserves, doing nothing except earning interest for the banks who borrowed it at 0%. ...
Hal's insight:

You should click over for the rest and the charts.

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Stage set for Vietnam black Gold marketeers

Nearly six thousand other gold shops would be weeded out from the bullion gold market, and they would only be able to trade jewelries.

 

HANOI(BullionStreet): Majority of the gold companies evicted by Vietnam's new gold regulation would become black marketeers and remain in the sector, analysts said.

 

An estimated 4000 small gold shops had been shut down already in Vietnam before the new decree took effect in early 2013.

 

Nearly six thousand other gold shops would be weeded out from the bullion gold market, and they would only be able to trade jewelries.

 

A question has been raised about the fate of the 5600 gold shops which cannot trade bullion gold.

 

Another question has been awaiting the answer that what will happen if there are only 2,400 gold transaction points nationwide ...

Hal's insight:

No surprise that people would seek to get the security gold via the blackmarket when their government would deny it from them.

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Gold contributes CHF 1.4 billion to Swiss central bank profit

The bank said its foreign currency positions contributed about 4.7 billion francs in profits, while the rise in gold prices delivered a 1.4 billion gain in the value of its holdings.

 

ZURICH(BullionStreet): Climbing gold prices helped Switzerland's central bank to post a reasonable $6.4 billion profit last year.

 

The Swiss National Bank in a statement said it's foreign currency positions also helped to maintain the profit limit from going down further.

 

In 2011, the Swiss central bank posted a record 13.5 billion franc profit when it was buying a massive amount of euros to hold down the value of the franc. ...

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Eric De Groot: Gold Will Climb The Wall of Worry With Or Without The Gold Community

Eric De Groot: Gold Will Climb The Wall of Worry With Or Without The Gold Community | Gold and What Moves it. | Scoop.it

"Money, following the ebb and flo of time, has been steadily moving into gold since 2001 despite what seems to many at times as an insurmountable wall of worry (chart 1). The speed and angle of gold's secular up trend, driven by a burgeoning transfer of money from the public to private sector (chart 2 & 3), will only increase in the coming years despite a large number of frustrated investors quitting on gold.  A secular low in bond yields due in 2013 will accelerate this transfer (chart 4)."

Hal's insight:

Be sure to click through for all of Eric's charts.

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Jim on the drama of Euroland, Russia, Great Britain « Jim Sinclair's Mineset

In answer to a not and link a reader sent to Jim Sinclair on Great Britain starting some MOPE on Russia, he writes:

 

GB knows that Euroland is headed towards the BRIC nations as part of a strategy towards the ascendancy of the Euro versus the US dollar to the reserve currency of choice versus the dollar, a reserve currency by default. This strategy can now be seen as you review the percentage of fiat currency versus gold, marked to the market that the Euro represents.

 

The British pound does not want to be a lesser citizen of the new economic power currency.

Hal's insight:

The perceptions of the people are something the governments are constantly looking to shape. Shame it's not the other way around.

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Tax cuts on 'Paper Gold' may trim India Gold import by 70%

Tax cuts on 'Paper Gold' may trim India Gold import by 70% | Gold and What Moves it. | Scoop.it
India's gold imports could fall much further, by 60% to 70% if the government also presses ahead with plans for gold bonds and a controversial proposed tax amnesty on such investments.

 

NEW DELHI(BullionStreet): Any further hike in gold import duty could trim India's imports by 25 percent this year, according to All India Gems and Jewellery Trade Federation.

 

Federation chairman Bachhraj Bamalwa said he believes import duty on gold will be hiked to 6% in the budget scheduled for Feb. 28.

 

The basic customs duty on standard gold bars is 4 percent and the levy on non-standard gold is 10 percent.

 

He added that if the government also presses ahead with plans for bullion-backed paper investment products such as gold bonds and a controversial proposed tax amnesty on such investments, imports could fall much further, by 60%-70%.

 

Increase in duty will make gold costlier and at this price investors will not be interested,he warned. ...

Hal's insight:

Manipulation in the open.

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Rosen - Expect Stunning $233 For Silver As It Begins To Soar

Rosen - Expect Stunning $233 For Silver As It Begins To Soar | Gold and What Moves it. | Scoop.it

On the heels of the US Mint suspending sales of silver eagles, today 56-year market veteran and analyst Ron Rosen sent King World News exclusively two outstanding charts and commentary for our global readers.  This will give KWN readers an important snapshot of of the extraordinary roadmap he sees going forward for silver. ...

Hal's insight:

Click over for charts and comments. It will be quite stunning if silver hits 233. Earth shattering even.

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The Significance Of $1650 « Jim Sinclair's Mineset

Jim Sinclair makes an insteresting point in answer to an eMail that: 

 

"... I believe it will begin later this year as gold begins to take on the mantle of the only tool that can be used to balance the balance sheets of the major deficit nations with the largest economies. This will occur by default as there simply is no other tool to restructure world finance. This will occur in the cash market for gold. The key to timing is the US Treasury market."

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David Morgan: Debt Insanity | The Victory Report - Precious Metals Media and More

David Morgan: Debt Insanity | The Victory Report - Precious Metals Media and More | Gold and What Moves it. | Scoop.it
Gold and Silver News Daily

 

You CAN’T Solve a Massive DEBT Problem by Adding to the DEBT!

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Some small thoughts – On the power-struggle between ‘money’ and debt.

Some small thoughts – On the power-struggle between ‘money’ and debt. | Gold and What Moves it. | Scoop.it
Author of THE DEBT GENERATION

 

Think back to the neo-liberal glory years when every ‘right thinking’ person could see clearly that governments simply had to be shrunk and their spending and debt reduced. Isn’t it interesting that this was also the era when the old limits on bank leverage  - how much the banks could print – were removed. It was also the era, or the dawn of it at least, of the vast increase in personal debt. Debt was regarded as a mark of being savvy. The slick people knew how to move money from one card to another, how to juggle zero percent interest rate deals, how to use the equity in one property to buy another and then another.

 

Governments, right thinking people insisted,  had to be less in debt. And yet those same right thinking people also felt it was very fine, if not desirable, for both banks, businesses and ordinary people to get in to more and more debt. People ‘taking on debts’, that a generation earlier would have been seen as far too high a proportion of their incomes, was not only encouraged by lenders, it became a vital and explicit part of the almost universally accepted economic and political model. The consumer had to consume. And since wages were not shooting up, debt had to instead. We personally got into deeper and deeper debt. Mostly to the banks who themselves increasingly issued and carried more and more  debt on less and less capital.  Think about RBS.  For a century it was s small, rather staid Scottish bank. How did it go from that to a globe bestriding behemoth in a little over a decade?  The answer is debt. RBS was the poster boy for using the debt markets for funding.

 

It is the simultaneity of the two convictions – that government debt is bad and those who don’t or won’t see this are misguided, even dangerous, socialists, statists or worse, Keynesian! While those who advocate the free flow and use of private debt are thrusting,  financial geniuses – that makes me wonder. ...

Hal's insight:

click through for the rest.

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Gold: $10,000 Gold | John Ing | Safehaven.com

Gold: $10,000 Gold | John Ing | Safehaven.com | Gold and What Moves it. | Scoop.it
A government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the one we have today, can produce claims without limit.

 

America has far too much debt at 100 percent of Gross Domestic Product. That debt draws down prosperity from the future. America faces a gigantic black hole between federal spending and revenues with deficits exceeding $1 trillion for four years in a row. This year despite Washington's machinations, the deficit will be the highest than in any year since 1946. But how to bring the trillion dollar deficits and $16.4 trillion public debt under control?

 

As usual politics ahead of economics. In the United States, like Europe, the government's insatiable appetite for revenues was an opportunity to both raise revenues and for a bit of social engineering by taxing the rich in an effort to close the wealth gap. For the first time in two decades, Congress actually raised taxes. Despite the rhetoric, a sliver of taxpayers cannot pay for everything. The experience of other countries suggests that isn't enough. Despite revenue hikes in the New Year's deal, cuts to spending were put off to later. The most urgent priority then is to reduce the scale of spending. Easier said than done. In the New Year's deal, the deficit would only shrink by $60 billion or 0.06 percent.

 

American has an unsustainable debt problem because they have a spending problem. Not included are the big three unfunded entitlement programs such as Social Security, Medicare and Medicaid whose billowing costs have been bloated by bureaucracies, litigation and extraordinary expensive healthcare. America should start with the President's own bipartisan Bowles-Simpson Commission ...

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RCM launches 99.99% fine Gold coin to honour Inuit Art

RCM launches 99.99% fine Gold coin to honour Inuit Art | Gold and What Moves it. | Scoop.it
The mint will produce 10,000 of the gold 50 cent coins, which sell for about $130 each.

 

OTTAWA(BullionStreet): Canada's Royal Canadian Mint unveiled a 99.99% fine gold collector coin with a 50-cent face value honouring Canadian Inuit Art at the Winnipeg Art Gallery.

 

The design of the coin was inspired by the carving Owl Shaman holding Goose by Inuk artist Joannassie Nowkawalk. Nowkawalk, a carver from Inukjuak, Que., created the piece in 1962. ...

Hal's insight:

Is that a many in a penguin suit?

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Gold prices to continue bull run in 2013

Gold prices to continue bull run in 2013 | Gold and What Moves it. | Scoop.it

Bullion demand from central banks, which have turned from net sellers to net buyers in recent years in a bid to diversify reserves, is forecast to remain relatively steady in the first six months of the year at 280 tonnes, against 277 tonnes in the same period of 2012.


LONDON(BullionStreet): Persistent concerns over the health of the U.S. economy and pressure on the dollar will send gold prices to a record average high this year, Thomson Reuters GFMS said, before the metal's 12-year bull run tops out late in the year. 

Gold investment fuelled by negative real interest rates and debt concerns is seen driving prices higher in the first six months of 2013, it said, offsetting a dip in jewellery demand and a rise in mine and scrap supply. ...

Hal's insight:

The "persistent concerns" is a funny comment to me. Just because the concerns persist because our governments around the globe continue to try pounding the square peg into the round hole.

 

Nothing has changed and so gold is going to continue its direction.

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Lufthansa ready to transfer 674 tons of German Gold

Lufthansa ready to transfer 674 tons of German Gold | Gold and What Moves it. | Scoop.it
The Bundesbank is planning to shift 374 tons kept in vaults in Paris and 300 tons stored at the New York Federal Reserve Bank to Frankfurt over the next eight years.

 

BERLIN(BullionStreet): The Value of gold Germany wants to shift from New York and Paris is estimated at $36 billion, reports said.

 

Shipping such a large amount of valuable cargo between countries could be a serious security headache, analysts said.

 

The security cost of the transhipment of 674 tons of gold is not included, they added.

 

The move is part of an effort by Germany's central bank to bring much of its gold home after keeping big reserves outside the country for safekeeping during the Cold War. ...

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Why It’s Taking 7 Years For Gold To Be Returned To Germany

Why It’s Taking 7 Years For Gold To Be Returned To Germany | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb told King World News the reason Germany is only getting small portions of their gold sent to them over the years is because the gold is not at the Fed.  Leeb also believes the United States is now running out of physical gold to sell in their price suppression scheme.  Here is what Leeb had to say:  “There are two main parties engaged in a battle for economic and monetary supremacy in the world.  This is China vs the United States.  Interestingly, at least for a period of time, both countries don’t want to see the price of gold take off.


"The Chinese don’t want to see the price of gold take off because they still want to buy a lot of it.  The Chinese took in at least 1,000 tons of gold last year, and maybe even more.  This total represents Hong Kong imports plus their own production.

 

"This year the Chinese are really going to play the game much more aggressively with these Shanghai markets that are going to have international players actively trading in them.  They will also trade derivatives, and the Chinese will accumulate gold through their new ETF. ..."

Hal's insight:

Click through for the rest of the interview.

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Aussie man digs out 5.5 kg Gold nugget

According to reports, the nugget weighing 177 ounces, or 5.5 kilograms has been unearthed with a metal detector just outside Ballarat in a popular area for prospecting.

 

MELBOURNE(BullionStreet): An amateur prospector, who wants to remain anonymous,discovered a huge gold nugget with an estimated value of more than $300,000 in Australia's Victoria state.

 

According to reports, the nugget weighing 177 ounces, or 5.5 kilograms has been unearthed with a metal detector just outside Ballarat in a popular area for prospecting. ...

Hal's insight:

How cool would it be to dig up something like this!

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Masses Close To Realizing Their Money Is Being Destroyed

Masses Close To Realizing Their Money Is Being Destroyed | Gold and What Moves it. | Scoop.it

Robert Fitzwilson, wrote the following piece exclusively for King World News:

 

“Over the millennia, gold and silver have been the critical intermediaries between purchasers and providers of goods and services.  Having a sound standard for economic activity has been a critical factor in the rise of history’s most influential societies.  In our time, nothing seems to generate more heated discourse than the topic of a gold standard.  

 

The intensity of the controversy should be viewed as odd.  Gold and silver have been used as money for almost all of mankind’s recorded economic history.  Only in the last 40 years have calls for the return to some form of a gold standard invited such extreme ridicule from academics and popular media alike.  This is despite the overwhelming evidence that sound money is one of the critical prerequisites to sustainable, long-term economic prosperity.  It is also odd in that standards of all kinds are accepted in our daily lives....

Hal's insight:

Click through for the rest.  His point about how it's been the the standard for much longer than it hasn't is valid and rather interesting to think about how short the memories are of mankind. Or perhaps how easily they can be swayed.

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