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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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Brain Won, Heart Loss – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Brain Won, Heart Loss – Market, Economic, Social, Political and Life Commentary by Peter Grandich | Gold and What Moves it. | Scoop.it

By Peter Grandich:

 

Back on February 6th, a posting of mine said big move in gold coming. I noted my heart said up but my brain thought otherwise. I said the move shall be extensive and also a shakeout to the downside may be needed before any move above $1,700 then $1,800 could occur. It was suggested to refrain from any new gold purchases until we either broke above $1, 700 or tested the lower range of a multi-year trading range between $1,500 – $1,550.

 

The brain was right but the heart loss. And with that loss the nasty emails intensify while the junior resource portfolio melts away. I lost more money on paper and actual losses in the last 18 months then I ever possess in my life up until two years ago. Sadly, I must be one of the very few on the professional side as hardly a mention of being on the wrong side can be found among newsletter writers, analysts and money managers. Such is life. ...

Hal's insight:

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It's War | Captain Hook | Safehaven.com

It's War | Captain Hook | Safehaven.com | Gold and What Moves it. | Scoop.it
It appears ever since the world's top money managers, crony capitalists, and corrupt politicians were in Davos again for the annual World Economic Forum increasing numbers are catching on to the fact the 'big risk' moving forward is ...

 

... 

The question then arises however, are we indeed in the early stages of another liquidity event? As you should know from reading these pages (including Dave's Contracting Fibonacci Spiral work), the answer to this question is yet another unequivocal 'yes', however we are not quite at the point where increasing illiquidity should negatively impact precious metals. You would never know this with sluggish performance in the group for some time thanks in large part to vulgarities associated with official price management, however again, this may be set to change, allowing for a run to new highs before deteriorating liquidity conditions negatively affect nominal pricing.

 

Why would this occur now, after all this time? Answer: Because gamblers in the aggressive paper derivatives market(s) are beginning to show capitulation regarding their permanently bullish dispositions. This is reflected in now rising open interest put / call ratios amongst the largest producers listed here in the HUI components, where as you can see here in updated charts, 56.91% of them (most notably the top four) now show their ratios trending higher across two-year plots. And again, if the broads remain buoyant, which as you can see in the attached ratios of relevant US indexes above is likely with rising values as long side players increasingly hedge positions (they hedge instead of selling, which will eventually crash stocks), this would allow for precious metals to run higher before liquidity conditions become a limiting factor. ...

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Top Financial Advisors Negative On Gold As Perfect Contrarian Storm Brews

Top Financial Advisors Negative On Gold As Perfect Contrarian Storm Brews | Gold and What Moves it. | Scoop.it

The outlook for gold has turned profoundly negative.  With prices down over 4% since the start of the year, gold is off to the worst start since 2001.  Billionaire investors George Soros and Louis Moore Bacon have dramatically slashed their gold holdings and Bloomberg reports that money managers have liquidated gold and precious metal holdings for six straight weeks, the longest stretch of outflows since the first quarter of 2011.

 

Further confirmation of the bearish outlook on gold investment was provided by Barron's latest survey of America's top financial advisors who manage money for the ultra wealthy.  According to Barron's, the "one clear theme" of the advisors for 2013 is an increased commitment to stocks,  logically implying that most advisors see a better economy and rising corporate profits.  With bond yields reaching all time lows, stock dividends are also able to provide income starved investors with yields unattainable from government debt securities or gold. ...

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"Bloomberg" Gold Report Misses the Mark - Casey Research

"Bloomberg" Gold Report Misses the Mark - Casey Research | Gold and What Moves it. | Scoop.it
Why Bloomberg's assessment of central bank gold buying is off – and what it means to precious-metals investors.

 

by Jeff Clark:

 

Bloomberg reported last week that Russia is now the world's biggest gold buyer, its central bank having added 570 tonnes (18.3 million troy ounces) over the past decade. At $1,650/ounce, that's $30.1 billion worth of gold.

 

Russia isn't alone, of course. Central banks as a group have been net buyers for at least two years now. But the 2012 data trickling out shows that the amount of tonnage being added is breaking records.

 

The following table lists the countries that have added to their gold reserves this year, while the second one tallies those that have been selling. You'll see how recently each country has reported, along with its percentage increase. ...

Hal's insight:

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Iran scolds world powers over gold sanctions ‘offer’ - FAST NEWS - Mineweb.com Mineweb

Iran scolds world powers over gold sanctions ‘offer’ - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

DUBAI (REUTERS) - 

Iran criticised on Monday a reported plan by major powers to demand the closure of a uranium enrichment plant in return for an easing of sanctions on Tehran’s trade in gold and other precious metals, Iranian media reported.

The Islamic Republic, which says its nuclear programme is peaceful, started building the Fordow plant inside a mountain in secret as early as 2006, to protect it from air strikes.

Last week Reuters reported world powers were planning to offer to ease sanctions barring trade in gold and other precious metals with Iran in return for steps to shut down Fordow.

Hal's insight:

It's a financial war.

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2013 Gold price competition - the final tally - GOLD NEWS - Mineweb.com Mineweb

2013 Gold price competition - the final tally - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Geoff Candy

The entries for this year's gold price competition have now all been tallied and are visible in the table below.

 

There was a fairly wide range of estimates, and one clear outlier.

 

William Greenacre, who admitted that his was, indeed, a wild guess predicted that the metal would hit $10,000 an ounce during the year and average, $5,000. ...



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Trader Dan's Market Views: Gold Backwardation Chatter

Trader Dan's Market Views: Gold Backwardation Chatter | Gold and What Moves it. | Scoop.it

I have been receiving a fair amount of emails asking my opinion on a recent article chatting up "Gold Backwardation". The unspoken inference from the article is that this is bullish for gold. 

Let me state two things before proceeding. Number one - I am a trader and make my living by so doing. If I am on the right side of the market, I make money. If I am not, I lose money. It is that simple. 

Johnnie one notes cannot trade and make money because they are only always on one side of a market. IN the case of gold, that means that they are always long. Markets go up and markets go down and if you on the long side of a market going lower crashing through support levels, guess what.... You are losing money, sometimes lots of it. Leverage is your friend on the way up if you are long; it is the grim reaper if you are long and the market is dropping lower and lower.

My advice to those who are using futures to trade gold and are not getting out of losing long gold positions while their commodity trading account is imploding - be prepared to suffer large losses to the extent that your potential career as a full time trader will come to an abrupt and rather inglorious end. You have heard it said by myself and others who do this for a living; "Cut your losses and get out of a losing trade when support levels get violated". That is called sound money management. Failure to do that and instead rely on HOPE is a novice's error. HOPE is not a trading strategy. ...

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Sequestration - Another Crisis by Another Name

Sequestration - Another Crisis by Another Name | Gold and What Moves it. | Scoop.it

by Scott Carter

 

First there was "the cliff," then there was "the ceiling" and now we have the "the sequester." ... how many ways can we saydeadlock, impasse and stalemate? This latest fiscal "D Day" hanging over the US economy will be the talk of the pundits in the coming days as we add yet another idiom to America's financial vernacular and our national language of fiscal irresponsibility.


Sequestration refers to the latest automatic budget event set to trigger billions in mandatory cuts to defense and domestic spending starting March 1st. The irony of sequestration is that it was not designed to ever take effect. It was created as "a line" in the "political sand" and an impetus for Congressional action. It is a political last resort and the place where no politician dares to go. Its provisions attack sacred political party ground by hitting both defense spending and prized government programs like education, research and EPA funding. It has become, however, a fallback position for non-partisan failure.

 

The concept originated with the Gramm-Rudman-Hollings Balanced Budget Act of 1985 which called for spending cuts or "sequesters" to be triggered if the Federal Budget deficit exceeded an unacceptable threshold. US public debt stood at $1.95 trillion in 1985. The Act was declared unconstitutional in 1986. A revised version was passed in 1987, but it failed to reduce the deficit.

 

More recently, the Budget Control Act of 2011 formed the infamous Super Committee which was charged with trimming the Federal Budget by some $1.2 trillion. "Sequestration" was again the back-up plan in the event that the Committee failed to get the job done. In the last quarter of 2011 America's National Debt was $15.22 trillion. It is now over $16.5 trillion just 14 months later. Needless to say, the committee failed to get it done!

 

Unfortunately, Washington has a long tradition of failing when it comes to budgeting our money. The National Debt has steadily increased since 1975, topping $1 Trillion in 1982. In 1990 we hit $3.6 trillion, in 2000 we reached $5.66 trillion, and in 2010 we surpassed $14 trillion. We are currently borrowing about $6 billion a day as our new American century is already one characterized by excessive debt and inflated interest payments!

 

So, despite all of the austerity measures with the celebrated names, Washington's spending and borrowing problem continues to rage. "The cliff" was essentially ...

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Trader Dan's Market Views: Sterling Gold Consolidating

Trader Dan's Market Views: Sterling Gold Consolidating | Gold and What Moves it. | Scoop.it

Sterling Gold, or Gold priced in terms of the British Pound, displays a chart pattern not unlike that which we have recently seen in US Dollar priced gold, prior to last Friday's sharp downside break. 

It is in a consolidation pattern dating back to the summer of last year. Dips below the 1,000 Pound mark have been met with solid buying but the metal has not been able to overcome downtrending resistance. Note that the pattern is forming that same wedge pattern that we saw in US Dollar priced gold. ....

Hal's insight:

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Turk - Central Planners Are About To Completely Lose Control

Turk - Central Planners Are About To Completely Lose Control | Gold and What Moves it. | Scoop.it

Today James Turk told King World News that “... central planners have hijacked the world's monetary system,” and they are about to completely lose control.  Here is what Turk had to say:  “After a week like last week, Eric, I always ask myself what if anything am I missing?  So I spent a lot of time this weekend going through the basics, and I have concluded that the premise upon which I have been recommending the ongoing accumulation of gold and silver still holds.”


“Currencies are being mismanaged, and gold and silver are the best protections against the erosion of the purchasing power of national currencies.  Consider some of the things that happened last week.  Most commodities resisted the selling seen in the precious metals.  Crude oil was little changed on the week and near multi-month highs. 

 

The G20 meeting ended as all of them do, with rhetoric that is high-sounding but totally void of substance. Regardless what the G20 leaders say, we all know that there is an ongoing currency war being fought which started in 2008....

 


Hal's insight:

This is what I've been noting with several others in my circles. The fundamentals have not changed at all.

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The Greatest Business Opportunity Of The Millennium « Jim Sinclair's Mineset

The gold mining business will be looked back on in time as the greatest business opportunity of the millennium. That which polite groups look on today as an investment pariah will outperform the tech stocks of 2006-07 and hold their price levels rather than crashing like a South Sea bubble.

 

Today you got insight from CIGA Patrick on the essential tool gold has been to central banks, a hint of a final price on gold and why it takes almost a generation to return gold to its rightful owners, the Germans, who have made that request of the US Treasury and Fed. That is an article that you should print, read and re-read as it is essential to your understanding of the Golden End Game.

 

Lars, our investigative reporter in the field of economics, published a long interview full of good reading and fact, but the following is in my opinion something you must print read and read again.

 

My purpose is to teach you practical monetary science in terms of the Golden End Game certain to occur and thereby transit you from this time of evolution of money into the future safe and sound. The present reaction of the gold price in the market today is almost comical if you know what is in store and in fact taking place right now.

 

The mark to market of gold that is taking place on at least half of the globe is the beginning of a ground swell that will in the cash market for gold provide the means of balancing the balance sheets of the worst offenders of the exponential growth in debt up to today and well beyond. ...

Hal's insight:

click through for the rest of Jim Sinclair's letter.

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Retail consumers drive Gold demand in India

Retail consumers drive Gold demand in India | Gold and What Moves it. | Scoop.it
India's gold demand surged 41% in the fourth quarter of calendar year 2012. World Gold Council (WGC) data showed the countrys demand at 262 tonnes in the quarter, compared with 185.5 tonnes in the corresponding period previous year.

 

By Dilip Kumar Jha
Retail consumers unabated appetite to own an additional piece of gold has so far nullified the governments efforts to curb its import, in order to control the burgeoning current account deficit (CAD).

India's gold demand surged 41% in the fourth quarter of calendar year 2012. World Gold Council (WGC) data showed the countrys demand at 262 tonnes in the quarter, compared with 185.5 tonnes in the corresponding period previous year. Despite the governments four-fold rise in customs duty to discourage gold import, there was only a 12% decline through 2012, at 864.2 tonnes, compared with 986.3 tonnes in the previous year.

Indias gold demand is largely driven by a combination of retail and urban consumers. ...

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How gold will benefit from a currency war Commodities Corner

How gold will benefit from a currency war Commodities Corner | Gold and What Moves it. | Scoop.it

SAN FRANCISCO (MarketWatch) — Talk of a so-called currency war has been  heating up, and it might finally light a fire under gold, too.

 

Efforts by countries such as Japan to boost growth with massive stimulus programs — which in turn have devalued their currencies, an aid to exports — can benefit prices for gold. These have started to alter the precious metal’s relationship with the foreign-exchange market and expand its role as a safe-haven asset.

 

“We are now moving irrevocably to a time when gold will measure currencies, not currencies measure gold,” said Julian Phillips, a South Africa-based contributor and founder at GoldForecaster.com. Read: Michael Casey: Japan needs a weaker yen.

 

Historically, the precious metal trades inversely to the U.S. dollar ...

Hal's insight:

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Embrace Silver's Volatility All the Way to the Bank | Jeff Clark | Safehaven.com

Embrace Silver's Volatility All the Way to the Bank | Jeff Clark | Safehaven.com | Gold and What Moves it. | Scoop.it
Most precious-metals investors know that silver is more volatile than gold. But do they know just how big that difference really is? We thought it would be interesting to measure how much greater silver's daily moves are ...
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Changes in the Demand for Gold and the Dollar-Gold Link | Przemyslaw Radomski, CFA | Safehaven.com

Changes in the Demand for Gold and the Dollar-Gold Link | Przemyslaw Radomski, CFA | Safehaven.com | Gold and What Moves it. | Scoop.it

By: Przemyslaw Radomski, CFA

 

The World Gold Council published a report last week that raises a few important questions and quite a few eyebrows, so let's examine it. You can access the report here. We recommend that you read it, but if you're not going to go through ...

Hal's insight:

I'm not sure anymore that citing the WGC is a great thing anymore. But it's an interesting read with some interesting charts.

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1st Rule of Investing: Don’t Get Wiped Out

Most people who read this blog are probably concerned about gold, so let me just start off by saying that gold is fine. I am praying for a correction in the $1400-$1500 range so I can buy and plan my retirement somewhere in Asia. Gold is the ultimate hedge against fiscal irresponsibility, and I have seen nothing change on that front. One of the millstone global currencies, the Yen, has been under pressure lately, and the Dollar is not far behind. The gold permabears are out in full force, but they clearly have never studied a gold chart before. Before the great rally in 1980, gold had a shake out period before rising about 4X in a year. Gold needs to be in every portfolio because it is robust to events that can actually wipe out your entire portfolio. It’s just the intelligent thing to do.

 

But anyway, I don’t view myself as a “gold expert” or gold bug, so I’m not going to talk about every little correction or gold news item. That’s just insane. I find value, period. When I bought gold before it went on a true rocketship launch, it was because it presented value , not because I thought the world was ending. When I packed up my bags and bought real estate in Las Vegas at the bottom, it’s because of value, not because I fell for the propaganda that a home is ...

Hal's insight:

Moses is always a good read so click through for the rest.

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The Golden Truth: Starting To Feel Like A Bottom

The Golden Truth: Starting To Feel Like A Bottom | Gold and What Moves it. | Scoop.it
I can go to sleep at night and know one thing–the Fed will not allow deflation. The reason is simple, according to Harris...Debt based societies cannot absorb a deflationary spiral. - Yra Harris, legendary and longtime commodities trader.

 It's been a rough period of time since the beginning of October for precious metals and mining stock investors.  In fact, its been a rough 22 months, dating back to the end of April 2011, when Sunday night paper ambush on silver started the current price correction cycle in the precious metals sector. 

I have to say, while this current bull market correction has been the longest so far since 2001, it hasn't been even close to the worst.  In 2008, the HUI index dropped  70% in the space of 6 months.  Ironically, if you had the courage to buy that drop, you are still sitting on a 250% gain.  The first correction I lived through back in 2002 took the HUI from 148 down  to 95  - 36% - in the space of a little more than a month.  The next one started in December 2003, lasted 18 months, and took the HUI down 34%.   For the current HUI correction (which started after silver peaked) dating to August 2011, the index is currently down 40%.  Please note and to reiterate, if you had bought (or added to positions) near the bottom in 2008, you are up 250% on that capital.

For comparison purposes, the SPX index is up 227% since its bottom in early 2009.  I think the fact that the HUI has outperformed the SPX since both indices' respective bottoms, which heralded the banking system collapse and the subsequent transfer of trillions of dollar of public wealth into the banking system to bail it out.

Before you lose your gold, silver and mining stock positions, you need to ask yourself this question:  Has anything gotten better?   Be honest. ...

Hal's insight:

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India mulling further efforts to curb gold imports - GOLD NEWS - Mineweb.com Mineweb

India mulling further efforts to curb gold imports - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Shivom Seth:


MUMBAI (MINEWEB) - 

The rumblings are getting louder by the day. The Indian government is considering more steps to curb gold imports and is looking to put a cap on the purchases of the precious metal to contain the country's swelling current account deficit.

 

The world's biggest gold importer has been trying to get its population to buy less of the metal and help bring down the country's import bill.

 

Late January, the government hiked the import duty on gold and platinum to 6% from 4% to curb imports of the precious metal. However, realising that an import duty hike was in the offing, bullion retailers purchased 23% more gold in January this year, ahead of the duty hike. ...

Hal's insight:

Click through for the rest. But what's clear to me is the attempt to manipulate and get gold out of the hands of people continues in India.

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Retail Apocalypse: Why Are Major Retail Chains All Over America Collapsing?

Retail Apocalypse: Why Are Major Retail Chains All Over America Collapsing? | Gold and What Moves it. | Scoop.it

Last week’s shocking news that Walmart’s February sales are a “disaster” has some fearing that the economy is about to collapse. The consumer is 70% of the economy and if he pulls back we are going back into recession, or worse. Gas prices rising for 32 days straight ($.51 in two months) has also had an effect on the consumer. Money in the gas tank is not available to spend in Walmart. We must keep a keen eye on retail sales over the next few months, perhaps February was an aberration, if it was not, the economy is in for a bumpy ride.-Lou

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When Gold Turns It Will Trade Violently To The Upside

When Gold Turns It Will Trade Violently To The Upside | Gold and What Moves it. | Scoop.it

Bill Fleckenstein tells Eric King of King World News:


... We’re into the phase where it doesn’t matter what the news is, gold just gets sold, and it’s got a certain amount of momentum.  When that happens on the upside that’s usually near the end (of a move), and so I think we’re probably near the end of the correction.


Sentiment is quite low and a lot of people have piled in on the short side.  Meanwhile, physical demand continues to inhale metal.  So we are set up for a low that gets made somewhere in the not-too-distant-future.  When it does it could be kind of explosive (to the upside) when the market finally turns.” ...

Hal's insight:

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Norcini & Haynes - One Huge Gold Buyer & Hedge Fund Moves

Norcini & Haynes - One Huge Gold Buyer & Hedge Fund Moves | Gold and What Moves it. | Scoop.it

... In today’s Financial Times, there is an article about the Venezuelan government warning businesses not to raise prices.  The government has massively devalued its currency, the bolivar, and it now takes 22 bolivars on the free market to buy a single dollar, while the government proclaims that the official (and legal) exchange rate is 6.3 bolivars to the dollar.  

 

This means that importers needing dollars cannot get them because there are no sellers, except in the ‘black market.’  But, it is really the free market where two individuals come together and, without coercion, make an exchange.  Now, Venezuela’s problems are not limited to Venezuela.  Neighboring Columbia is concerned that Venezuelans will smuggle good across the border into Columbia to obtain higher prices for their goods.

Meanwhile, Argentina is suffering a 30% annual rate of inflation, and its Commerce Ministry mandated a two month freeze on the price of supermarket products to combat what the Commerce Ministry calls, ‘illegal price increases.’  It has set up a hotline so consumers can join the fight by reporting any supermarkets violating the price freeze.
 
As recently as 2010, Venezuela went through a devaluation, and Hugo Chavez expropriated supermarkets that we deemed to have raised prices excessively.  For the people of Venezuela and Argentina, this means lower standard of living and shortages.  These are the results of government intervention in the financial markets. ...

Hal's insight:

Click over for the full interview. I just found this particular section insightful. The race to debase has consequences.

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Ed Steer reports on the Commercial net short positions in Gold & Silver

Ed Steer reports on the Commercial net short positions in Gold & Silver | Gold and What Moves it. | Scoop.it

I'm happy to report that were big improvements in the Commercial net short positions in both silver and gold in yesterday's Commitment of Traders Report from the CFTC.

 

In silver, the Commercial net short position declined by 5,149 contracts...or 25.7 million ounces.  The total Commercial net short position is now down to 234.0 million ounces of silver.

 

The Big 4 traders are short 256.7 million ounces of silver, or 109.7% of the entire Commercial net short position...and Ted Butler says that JPMorgan Chase is short 167.5 million ounces of that amount all by itself.

 

The '5 through 8' traders are short an additional 54.2 million ounces of silver, bringing the Big 8's total up to 310.9 million ounces...of which JPMorgan Chase holds over 50% of the Big 8's short position on its own.

 

As far as concentration goes...the Big 4 are short 50.5% of the entire Comex futures market in silver...of which 33 percentage points of that amount is held by JPMorgan on its own.  Just think about that for a second....one trader is short one third of the entire silver market!  And it's my opinion the Canada's own Bank of Nova Scotia is short about 11 percentage points of the Comex silver market as well...so these two banks are short about 44% of the entire silver market between them on a net basis...and these are minimum percentages.

The '5 through 8' traders are short another 10.7 percentage points of the Comex futures market in silver.  So the Big 8 are short over 61% of the silver market on a net basis.

 

In gold, the Commercial net short position declined by 13,954 contracts, or 1.40 million ounces. The Commercial net short position in gold is now down to 16.07 million ounces.

 

The Big 4 are short 9.92 million ounces...

Hal's insight:

Click over for the rest and the full gold and silver daily.

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oftwominds-Charles Hugh Smith: Why Competition Between Global Players Is Heating Up

oftwominds-Charles Hugh Smith: Why Competition Between Global Players Is Heating Up | Gold and What Moves it. | Scoop.it

The game of depending on ever-expanding debt and exports for growth is over.


When the global financial pie is expanding, there's plenty of swag for everyone, so competition is limited and cooperation is rewarded. If we step back, what is most striking about China's emergence in the global economy over the past 30 years is how little actual conflict between global players this generated. The reason is obvious: China's rapid development and integration into the global economy created vast markets and profits for every major global player: the U.S., the European Union, Japan, southeast Asia, Russia, the petro-states and commodity states. The conflicts were by and large mere jostling and squabbling; even the supposedly important issues such as Chinese purchases of U.S. Treasury bonds, and China's subsequent trimming of its Treasury holdings, had little discernible effect on global trade or profits. To fully understand why this period of cooperation is ending and competition is heating up, we need to understand two key dynamics of global capitalism. ...
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So-Called Audit Of Fed’s Gold Complete Rubbish & Propaganda

So-Called Audit Of Fed’s Gold Complete Rubbish & Propaganda | Gold and What Moves it. | Scoop.it

Today James Turk told King World News that the so-called audit of the Fed’s New York gold “is total rubbish.”  He also described this stunning situation as “disinformation or propaganda.”  The is the first of a series of written interviews with Turk regarding this incredible development. 

 

Eric King:  “James, I have to talk to you about this news about the audit of the Fed’s New York gold.  What were your thoughts when you read that?”


Turk:  “I saw the news reports and it sounded very interesting.  So I thought I would look into it and see exactly what was there, what they completed, and what kind of audit it was.  I went into the Treasury website and actually read the Treasury announcement.  


I’m really sort of sad to say that despite my thinking this was some interesting news, it actually is total rubbish.  I think it was disseminated by the mainstream media just to deceive people (and countries) to think that the gold is really there....

Hal's insight:

Glad to hear Turk's opinion on this. I saw the artcle this morning too and was like, Really?! But then I saw that they only tested a slim amount.

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Gold edges up near $1615 in Asia

Gold edges up near $1615 in Asia | Gold and What Moves it. | Scoop.it
Gold for immediate delivery was seen trading at $1614.58 an ounce at 12.00 noon Singapore time while US gold was seen at $1614.09 an ounce on the comex division of nymex.

 

SINGAPORE(BullionStreet): Gold advanced in Asian trade Tuesday as strong physical helped it move away from further from lows reached at the end of last week.

 

Gold for immediate delivery was seen trading at $1614.58 an ounce at 12.00 noon Singapore time while US gold was seen at $1614.09 an ounce on the comex division of nymex.

 

In other precious metals, silver for delivery in March rose 21 cents to $30.06 an ounce. Palladium for March delivery jumped $10.10 to $763.25 an ounce, while April platinum rose $16.90 to $1694.60 an ounce.

 

Analysts however said lack of interest from Western investors and a firm dollar kept a lid on gains. ...

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