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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As The Wealthy Panic We Will See Tsunamis In All Key Markets

As The Wealthy Panic We Will See Tsunamis In All Key Markets | Gold and What Moves it. | Scoop.it

Robert Fitzwilson wrote the following and was posted to King World News:

 

... What the events of last week demonstrated was that the assumptions about the safety and sanctity of the financial instruments were flawed.  Bank accounts can be confiscated.  The shocking nature of the proposed confiscation also suggests that the monetary systems themselves are coming to the end of the road.  Instead of continuously creating more debt, this was really a raw power grab to extinguish previously created debt in the form of bank deposits.  As money really represents claims on someone else’s property and labor, perhaps the Germans are really saying that they are not willing to provide the means of repayment on those obligations.  The most direct way to do that is outright confiscation.

 

So for the truly wealthy, they now face the same risk of the small depositors, and that is what to do.  If they leave the money in the financial system, they are easy targets for confiscation.  If they decide to mitigate that risk, the question becomes “To where and into what?”.  The central banks and the global monetary system are all joined at the hip.  If you start to doubt the system, where can you go?  You can go into real assets such as prime real estate, resources, gold and silver, but there is not enough to go around. ...

Hal's insight:

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Sinclair, Farage, Roberts - Cyprus May Dwarf 2008 Collapse

Sinclair, Farage, Roberts - Cyprus May Dwarf 2008 Collapse | Gold and What Moves it. | Scoop.it

Sinclair:  “The propaganda being put out in the mainstream media is a message that things are moving along in Cyprus, and there will be a positive conclusion.  The mainstream media is saying this is a banking problem of minor significance.


This is Joseph Geobbels style propaganda at its finest because Cyprus will ultimately be seen as a defining event in history.  The term ‘Bail-In’ really doesn’t define what it is, which is confiscation.  It’s the removal of part of your deposit.


Sure, they have agreed on everything such as currency controls because if you have a banking problem and you don’t control the flows, there is no way to be able to produce enough cash to meet the demands that would come in on a Monday morning. ...

Hal's insight:

This is a must read. Click over for the full piece from King World News.

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Cyprus, Massive Global Debt, Derivatives & The End Game

Cyprus, Massive Global Debt, Derivatives & The End Game | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

... The problem that goes unremarked, because nobody wants to talk about it, is the amount of debt in the world.  Egon von Greyerz has referred to it on several occasions, and it must be roughly $200 trillion.  This is in a world economy that would be about $70 trillion per year.  When you superimpose on that another at least one quadrillion dollars of derivatives, many of which are seriously mispriced and are just riddling the banking system, there are no solutions to this.  


The idea that we can grow ourselves out of this is preposterous because anybody who understand anything about Austrian economics realizes that the deeper you get into a credit cycle, the more and more debt creation you need just to create a real dollar of GDP growth.  But the problem is we can’t support the debt we have right now.  So the idea that we will have sustainable growth going forward is just vacuous.  It isn’t going to happen. ...

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Hedgehog Trader | Blog » Archive » Profits and Plans! As Gold Bull Prepares to Rise!

Hedgehog Trader | Blog » Archive » Profits and Plans! As Gold Bull Prepares to Rise! | Gold and What Moves it. | Scoop.it

"... the charts below suggest, we are on the verge of a massive gold, silver and mining stock breakout. The last time the miners were this cheap and the odds were this good it was 2009 and our positions doubled, tripled (and more) in the year and a half that followed. ..."

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Ed Steer on The Commitment of Traders Report. #Gold #Silver

Ed Steer on The Commitment of Traders Report. #Gold #Silver | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

The Commitment of Traders Report was a surprise.  Silver showed a big improvement in the Commercial net short position...and gold showed a big deterioration in its Commercial net short position..

 

In silver, the Commercial net short position declined by 14.9 million ounces...and as of the Tuesday cut-off stands at 132.2 million ounces. Once the market-neutral spread trades are subtracted out of the total open interest, the Big 4 traders are short 38.8% of the entire Comex silver market on a 'net' basis.  The '5 through 8' traders are short an additional 11.6 percentage points on a net basis.  Add them up and the Big 8 are short 50.4% of the entire Comex silver market...and that's a minimum percentage.


In gold, the Commercial net short position increased by a whopping 2.02 million ounces...blowing out to 16.24 million ounces.  But the 'good' news, as Ted Butler pointed out to me on the phone yesterday, was that there was no increase in the short position of the 'Big 8' traders...which includes the BIG 3...JPMorgan, Canada's Bank of Nova Scotia...and HSBC USA.  All of the increase was the result of the smaller Commercial traders selling some of their long positions for a profit.

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Cyprus told: take bank levy or leave euro

Cyprus told: take bank levy or leave euro | Gold and What Moves it. | Scoop.it
President, eurozone finance ministers and bailout troika hold emergency meeting as €100 limit imposed on ATM withdrawals

 

Wealthy Russians stand to lose billions of euros in Cypriot banks under draconian terms being hammered out on Sunday night in Brussels to prevent the Mediterranean tax haven becoming the first country forced out of the single currency.

 

Negotiations got underway amid a hardening of the stance held by the International Monetary Fund and Germany, who insisted that depositors must take the hit for bailing out the eurozone's latest crisis economy.

There were signs of panic in Cyprus as a €100 (£85) limit was imposed on ATM withdrawals, with more stringent capital controls to follow if a deal is reached.

 

The European Central Bank has threatened to cut off funds propping up Cypriot banks on Monday, precipitating the island's exit from the euro if agreement was not reached on Sunday night at the emergency meeting between eurozone finance ministers, the president of Cyprus Nicos Anastasiades, and the bailout troika of the IMF, European Commissionand the ECB. ...

Hal's insight:

Hat tip to www.drudgereport.com 

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Buy Gold, as Governments Will Not Be The First To Go Bust | Jan Skoyles | Safehaven.com

Buy Gold, as Governments Will Not Be The First To Go Bust | Jan Skoyles | Safehaven.com | Gold and What Moves it. | Scoop.it
This week, after several weeks of what felt like economic limbo, we have had a fairly eventful one. Thanks to all the events, but mainly Cyprus, gold is now headed for its biggest weekly rise in nearly 4-months as the bulls return to the market.

 

... Gold's newly found strength is still not enough to convince some banks who downgraded their forecasts earlier this year, many continue to cite low inflation in Japan, US and EU as evidence of gold's lost lustre, along with slowed-down gold buying in both China and India. Much of gold's climb has been on the back of fear of high inflation following QE, so far a concern which has been reportedly unjustified. All I can say is give it time.

 

However, there are now signs of an upsurge in gold investment in the two countries which account for 40% of physical gold demand. In China, we're hear anecdotal reports of increased gold buying, whilst India saw a 23% increase yoy in gold imports in January. Some are ...

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Navigating gold, silver legal tender isn’t for the faint of heart - POLITICAL ECONOMY - Mineweb.com Mineweb

Navigating gold, silver legal tender isn’t for the faint of heart - POLITICAL ECONOMY - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

While any state can pass a law declaring gold and silver as legal tender, no state government has yet to figure out how such a system will actually operate from day to day.


by Dorothy Kosich:


Despite a 2011 state law declaring gold and silver as “legal tender,” the government of the State of Utah is still not prepared to actually accept gold and silver payments.


And, any other state-- which adopts model legislation for a Legal Tender Act authorizing coin or bullion having gold or silver coin as a legitimate medium of exchange for the payment of debts and taxes--may be in for a long slog ahead when it comes to actual implementation.


The U.S. government-issued coin or bullion having gold or silver content is referred as “Specie” for legal tender purposes.


Ironically, long-time gold standard advocate Rep. Ron Paul, has been conspicuous by his absence in terms of support for a state-by-state implementation of a gold and silver legal tender act.


The Washington, D.C.-based American Principles Project has been the public political face of gold and silver legal tender, introducing model legislation in...


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Celente - The Financial System Is Collapsing Before Our Eyes

Celente - The Financial System Is Collapsing Before Our Eyes | Gold and What Moves it. | Scoop.it

Gerald Celente tells King World News:


... “You cannot prop-up banks just by pumping in new money, and after there is none left, then go to the people and call it austerity measures.  Then take all of their money and give it to the banks, and when that fails, there is nothing left.


Right now we are almost to the point of nothing left.  Cyprus is the one that everyone should look at.  We believe it’s a test case.  So with Greece already down, Spain out, Italy on the edge, and Portugal gone, Ireland barely floating, to us Cyprus was the test case to see what they can do to steal the money from the people one more time.” ...

Hal's insight:

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Greece's Economic Crisis Has Dire Health Effects

Greece's Economic Crisis Has Dire Health Effects | Gold and What Moves it. | Scoop.it
Heart attacks, suicidal thoughts and stillbirths rise in Greece, following the economic crisis.

 

The effects of economic crises go beyond the pocketbooks of a country’s citizens; there’s a wealth of evidence showing that crashes, austerity measures and uncertainty can affect the health of a nation as well.


This is particularly evident in Greece, where the global economic crisis left the country unable to pay its debts. Other European countries and the International Monetary Fund have helped keep the country afloat with new loans, in exchange for massive austerity efforts. By the end of 2012, the unemployment rate was at 26.8 percent.

 

A study presented in March at a meeting of the American College of Cardiology found that heart attack rates in Greece have risen along with the unemployment rate. ...


Hal's insight:

The problems continue.

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Kristine Rapisura's curator insight, January 18, 2014 1:29 AM

Being a Health Science major, world health is very important to me. Unemployement itself is hard to take in, and can hurt a person's health. Without jobs, many people may feel a lack of ability to do anything. this can lead to problems such as suicide, crime etc. 

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Texas considers repatriating university pension fund's gold | Gold Anti-Trust Action Committee

Texas considers repatriating university pension fund's gold | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.

 

And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Company, or UTIMCO, and currently stored by the Federal Reserve.

 

The idea isn’t entirely new. Some Republican members worked on a gold bill last session that was never filed. And gold-standard-backing Ron Paul, the former Texas congressman, has raised repeated concerns about the safety of states' gold supplies. ...

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The big take away from the civil lawsuit against JPMorgan- Ed Steer's Gold# & #Silver Daily

The big take away from the civil lawsuit against JPMorgan- Ed Steer's Gold# & #Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:


The big take away [from the civil lawsuit against JPMorgan] is that the filing of the civil case was unprecedented in that no government case preceded it. The main reason why this occurred was because the CFTC refuses to acknowledge the obvious, namely, that it is growing common knowledge that silver is manipulated in price by JPMorgan and the agency is in some sort of cahoots with JPM to allow the manipulation to continue. The ongoing CFTC silver investigation was initiated two years before the civil case was brought in November 2010. The civil case should have been patterned after the same issue of concentration that the CFTC still can’t address, namely, how can a U.S. bank holding 30% of a market not be manipulative to the price? - Silver analyst Ted Butler...20 March 2013

 

With volume so low again yesterday, I wouldn't read too much into yesterday's price action, because as Ted Butler pointed out, the gold and silver markets are very illiquid...and it doesn't take much to move them when that's the case.

 

I thought I'd take this opportunity to stick in the five most important paragraphs from Bill Buckler's website...the-privateer.com.  What he has to say was true back when he first wrote these words...and are equally true, if not more so, now...and he hasn't change a single word of it in almost fifteen years.

 

"In any discussion of the future of Gold, or of the price of Gold, the first thing that must be realized is that Gold is a political metal. In the true meaning of the word, its price is "governed".

 

"This is so for the very simple reason that Gold in its historical role as a currency is fundamentally incompatible with the modern worldwide financial system. ...

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Crisis hit Cyprus speeds up Gold projects

For the island nation, the clock is ticking to come up with a solution to clinch an international bailout, otherwise it could face the collapse of its financial system and likely exit from the euro zone.

 

NICOSIA(BullionStreet): Crisis hit Cyprus is rushing to find gold and other valuable metals after the country plunged into a financial meltdown.

 

For the island nation, the clock is ticking to come up with a solution to clinch an international bailout, otherwise it could face the collapse of its financial system and likely exit from the euro zone.

 

Though gold is a long time solution, Cyprus issued several permits to mining firms to test locations in and around the Troodos Mountains.

 

Cyprus government has asked Canadian firm Northern Lion, which began searching for gold in Troodos in January 2010, to speed up exploartion.

 

The company have already found gold in one site. Several other firms have licences ...

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New gold discoveries declining at accelerating rate – Mineweb

New gold discoveries declining at accelerating rate – Mineweb | Gold and What Moves it. | Scoop.it

The latest research from IntierraRMG shows that discoveries of new gold deposits has been in accelerating decline in terms of size and grade over the past few years.

 

by Lawrence Williams:

 

A new study from research and data provider IntierraRMG has pointed to a disturbing trend in terms of a decline in new global discoveries and in particular in gold grades.  According to a study which covers announced gold deposit finds over the past 10 years, this decline has been accelerating over the past four years and if the trend continues, which seems likely as the easier-to-find deposits have perhaps mostly already been discovered, then the future of global mined gold supplies will gradually become affected.  Indeed global production of mined gold has been plateauing and although running at or around its historic high levels, as the amount of new gold being found diminishes, then global production levels may not be sustainable beyond the next few years unless there is a dramatic turnaround in discoveries. ...

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Reflections on Cyprus and gold - Mineweb

Reflections on Cyprus and gold - Mineweb | Gold and What Moves it. | Scoop.it

Gold has slipped back as a draconian deal has avoided bankruptcy for Cyprus, but a resultant decline of confidence in the Eurozone countries should ultimately be positive for gold


by Julian Phillips:


So a total collapse of the Cypriot Banking system was avoided with the cost so far being to loss of the Island’s second Bank, draconian Capital Control, the loss of its name as a “safe haven” for Russian capital and an economy being strangled for lack of liquidity and set on a deeply recessionary path. But small depositors are untouched but over €100,000 depositors have had all their money frozen with the prospect of losing 40% of it. This is not as clear a picture as we expect will become apparent later this week. Banks are closed until further notice.

 

We are waiting to see if there are any ‘ripple effects’ in Spain or Italy or the Eurozone as a whole. All the E.U.’s efforts will now be focused on stopping them, just as Spain is to report that they are not getting their deficit down to target levels, as the recession keeps reducing GDP and consequently debt-to-GDP ratios. It’s a ‘Catch-22’ situation as austerity causes more contraction and more contraction causes more austerity. Does the Eurozone inspire more confidence than just the “I will survive” level of confidence? It is this decline in confidence that is positive for global investors continued favouring of gold.

 

What is unavoidable is the inevitable consequence of the Cyprus crisis is that while it is tiny as a percentage of the E.U., the depositors in other debt distressed nations such as Spain, Italy and perhaps France will be easily ‘spooked’ ...


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"Focus On Gold's Value Rather Than Solely Its Price"

"Focus On Gold's Value Rather Than Solely Its Price" | Gold and What Moves it. | Scoop.it

Mark O`Byrne writes:

 

... Gold bullion had its third consecutive weekly rise last week and rose 1% to close at $1,607.60.oz.

 

Importantly, Cypriots and other Eurozone citizens who own gold saw the value of their holdings rise 2% in euro terms.

 

While the risk of financial meltdown in Cyprus has been averted, the risk of contagion in the Eurozone remains. Wealthy individuals, businesses and corporations will likely begin moving some of their deposits from banks in Spain and Italy thereby deepening the crisis in these countries and the Eurozone.

 

Burning senior bond holders could create contagion again in European debt markets and now in addition to that bureaucrats have managed to make depositors in periphery nations nervous about their deposits in banks. This could precipitate bank runs in Greece, Spain and Italy with obvious negative ramifications for the entire EU banking and financial system.

 

Cyprus is a little domino which has fallen and may knock the larger more important dominos of Spain and Italy thereby creating contagion in the Eurozone. Especially as the political backlash against the EU and Troika is likely to be substantial and could lead to more power being gained by parties and movements that advocate leaving the European Monetary Union and indeed the European Union. ...

Hal's insight:

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Eric De Groot: Russian PM lambasts deal to rescue Cyprus

Eric De Groot: Russian PM lambasts deal to rescue Cyprus | Gold and What Moves it. | Scoop.it

Losses on many bank deposits through the mechanism of a bail-in have redefined depositors as lenders to the bank. As such, depositors will be recognized as potential contributors to the solvency of the bank under conditions of stress. 

Confiscation of deposits is a big deal. This decision opens the door to flight of capital as deposits of size begin the process of seeking alternatives and increases the likelihood of banks runs at the first sign of strain. ...

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Major Indian Gold Dealer: Indians Are Now Targeting 25% Portfolio Allocation To Gold | Bull Market Thinking

Major Indian Gold Dealer: Indians Are Now Targeting 25% Portfolio Allocation To Gold | Bull Market Thinking | Gold and What Moves it. | Scoop.it
I had the opportunity to connect recently with one of the largest bullion dealers in India, Pushpak Bullions Pvt. Ltd., for a fascinating conversation on the Indian gold market.

 

For context, India is the world’s largest consumer of gold, with the majority of families storing their income savings in the form of gold jewelry, coins, or gram bars. When measured against the Indian Rupee, gold broke out to new all-time highs in late 2012 (see chart below).

 

Of great interest during my conversation with Pushpak Bullions, was theshocking rate at which Indian families are converting their investment portfolios into gold, and secondly, the firm’s scrambling decision to begin investing in North American gold mine production to secure future product availability. ...

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Notes From Underground: #Irony ... Carmen Reinhart Says "Do Not Take Size As An Indicator of Importance"; Harry Rheems Dies

Okay, you must have some fun amongst the idiocy of the Eurocrats. It seems that the best intentions of last Friday night’s decision to sacrifice the pawns in the game have done exactly what I thought the ill-conceived plans would accomplish. For 10 billion euros of bailout capital the fallout has been large drops in equity values. The capital losses are small compared to embarrassment facing the European policy makers. In a Bloomberg article by James Neuger, “Europe Plays I-Didn’t-Do-It Blame Game on Cypriot Deposit Levy,” it seems that German FM Schaeuble, France’s FM Moscovici, Spain’s FM Guidnos and even Finland’s FM Urpilainen all claim that they were opposed to taxing the guaranteed deposits of under a 100,000 euros. They all seem to point to the ECB and IMF as wanting the “bail-in.” This is a classic example of what my friend Andy Schreiber used to say: “Success Has Many Fathers, Failure Is But An Orphan.” The Cypriot situation is a situation that punches way above its weight. Carmen Reinhart, an economist I cite regularly on financial repression, silenced the talking heads on CNBC  when she claimed that, “Do not take size as an indicator of importance.”

 

Professor Reinhart’s work with Kenneth Rogoff on the levels of sovereign debt and their impact on growth potential  is so widely respected that her voice is given great respect. The importance of Cyprus will be the fallout on the periphery of Europe and can result in an outbreak of European contagion. When the Cypriot banks default two possibilities take place: 1. A restructuring; or 2. A massive expropriation of external deposits. Now the deposits don’t actually have to be seized but what can happen is that your 90-day CD can be extended to a 10-YEAR deposit. Then the extended deposits can be resold to other investors looking to try to acquire questionable assets on the very cheap. Where I disagree with professor Reinhart is on the issue of Russia for she doesn’t think the Russians will be there to bail out the Cypriot financial system. ...

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Lear Capital: Fed Stimulus To End Up In Gold’s Pocket | Lear Capital Blog

Lear Capital: Fed Stimulus To End Up In Gold’s Pocket | Lear Capital Blog | Gold and What Moves it. | Scoop.it

David Engstrom writes:

 

Something just doesn’t add up.  A few days ago it was announced that consumer spending was up 1.1%.  Out came the Kazoos and party hats – it was a sure sign the economy was recovering.  At the same time reports tell us GDP growth is 2.4%, another sure sign of recovery.  Now, ne’er a day goes by that we don’t hear or read something about the $85 billion a month the Fed is pumping into the economy.

 

It got me thinking, something just ain’t adding up.  So, I decided to add it up.  The Fed is spending $85 billion a month.  What percent of GDP is that?  Based on about a $16 trillion economy, that amounts to 6% of GDP.  Does this strike you like it struck me?  The Fed is pumping up the economy by an amount equal to 6% of its total size and we can only get a 2.4% rate of growth and a 1.1% increase in consumer spending. ...

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“The Reality Is The Financial System Could Fail At Any Time”

“The Reality Is The Financial System Could Fail At Any Time” | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells King World News:


Greyerz: “Eric, Cyprus is a momentous event.  Losses could be in the tens of billions of dollars.  But like all major crises there is always a catalyst, and whether it was a shot in Sarajevo (assassination of Archduke Ferdinand which started World War I), or the fall of the Credit-Anstalt in Austria in 1931, there is always an event in history which people look back on as the start of tremendous global turmoil.  Cyprus could very well be that event.

 

There will be some kind of solution eventually to the Cyprus problem, but it will be seen as unsatisfactory in the fullness of time.  It is unlikely to come from Russia because I don’t think Europe would like to see Cyprus become an entirely Russian state, which would of course be the case if Russians were to give their support in a major way.

 

“But whether the bailout comes from the ECB or the IMF, of course they have no money. ...,

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Jesse's Café Américain: The Fed Is Printing Money, But Where Is It Going? They Know But Will Not Say

Jesse's Café Américain: The Fed Is Printing Money, But Where Is It Going? They Know But Will Not Say | Gold and What Moves it. | Scoop.it
[Robert McTeer] worked for the Federal Reserve for 36 years, including as president of the Federal Reserve Bank of Dallas from 1991–2005, where he was known for his plain, jargon-free public speaking and telling stories about growing up in rural Georgia. He has stated that one of his goals was "to translate economic sense into common sense".

As a member of the Federal Open Market Committee on the Federal Reserve, he was considered "dovish" on inflation and was one of the most consistent opponents of raising the federal funds rate in the late 1990s. He has stated that he does not believe in the NAIRU and Phillips curve.

 

Bob McTeer says with the provocative headline that The Fed Has Not Been Printing Boatloads of Money.  As you may recall, Mr. McTeer was a member of the Federal Reserve for 36 years

 

"What they fail to grasp is that their initial assumption that the Fed is printing boatloads of money simply isn’t true."


And yet one can look at the Fed's Adjusted Monetary Base, one of the few measures of money over which the Fed has a more direct measure of control, and we see this: ...

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Gold Prices Remain Strong

Gold Prices Remain Strong | Gold and What Moves it. | Scoop.it

by Joseph Cafariello:

 

... Notice that the reasons he and many other gold mining executives repeatedly give to back their expectations for higher gold prices have recently become long-term in duration. They don’t so much cite short seasonal demands that can lift gold prices for a few weeks or months. Today, they cite mostly macro-economic conditions that, once set-in, will exert upward force on the gold price for years—such as inflation and weakening currencies.

 

This means there is a whole new multi-year phase to the gold price that has only just begun. ...

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Cyprus – The ‘nuclear’ option

Cyprus – The ‘nuclear’ option | Gold and What Moves it. | Scoop.it
Author of THE DEBT GENERATION

 

... So does Cyprus have an option? I think they do. A nuclear one.

 

It is true they have no fiscal bullets left. They never really had any. All they ever really had was a little plastic tomahawk they got from Woolies. Even that’s bent now. Even if they decide to let the ECB pull the life support on their banks the EU has said it feels confident no contagion will spread to the rest of Europe. What they mean is financial contagion. The contagion of one defaulted debt, causing another to default causing another. That danger, the EU thinks it has contained. And it may well have.

 

But Cyprus has one other option – not fiscal but legal.

 

The nuclear option of Cyprus is to not seize the money in peoples’ accounts but the information about that money. Such as where it came from, if it was criminal or laundered, and if so which banks, businesses and professionals knew about it and helped it on its way. The information which their regulators should have been collecting but never bothered to for the last 15 years. But even so, it is still there. Could still be used. ...

Hal's insight:

Now that is a fascinating idea. Wouldn't it be incredible to see them do something like this.

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Gold heads for highest weekly finish since November

Gold heads for highest weekly finish since November | Gold and What Moves it. | Scoop.it
The precious metal is on it's course for a weekly gain of about 1.4 percent in its third weekly ascent, its biggest weekly rise in four months.

 

SINGAPORE(BullionStreet): Gold advanced in Asian trade Friday after lingering euro zone concerns lift it's safe haven asset demand.

 

Analysts said the precious yellow metal is likely to advance further during the day as last minut talks to end Cyprus woes would boost it's demand further.

 

Gold for immediate delivery was seen trading at $1614.01 an ounce at 12.30 pm Singapore time while US gold was seen at $1613.33 an ounce on the comex division of nymex.

 

The precious metal is on it's course for a weekly gain of about 1.4 percent in its third weekly ascent, its biggest weekly rise in four months. ...

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