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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Richard Russell - Gold, Silver, Stocks & Collapsing Incomes

Richard Russell - Gold, Silver, Stocks & Collapsing Incomes | Gold and What Moves it. | Scoop.it

With key global markets at or near breakout levels, and continued, enormous volatility in the gold market, today the Godfather of newsletter writers, Richard Russell, covers collapsing incomes, gold, silver, stocks, the Fed and more.  Here is what Russell had to say in a note to subscribers: “From an investment standpoint, there's one major problem with this stock market.  What's the problem?  The problem is simply that it's not a good value.  Great investment markets are characterized by being great values.  The criterion of value is the return on the investment (the single exception to this rule is gold).”


“The dividend yield on both the Dow and the S&P Composite is currently below 3%.  Classically, it is well to remember that when the dividend yield on these two averages is in the 5-6% range, they are great values.  Because the return on the investment is now so low, investors have been forced to go to other asset classes. 

 

This has included junk bonds, option buying and selling, preferred stocks, diamonds, collectibles, commodities, agricultural lands, art, and a variety of unusual items ... My own opinion of buying or trading in such exotic products can be summed up in one sentence -- “Don't do it!”  The reason I say this is because you and I are amateurs pitting our wits against professionals.  In such exchanges, the professional almost always wins.  It's as simple as that.

 

OK Russell, then what are we to do in the face of today's over-valued stock ...


Hal's insight:

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How downturn has devastated the High St: 20 stores closed EVERY DAY in 2012 - but payday loan firms and pawnbrokers thrive

How downturn has devastated the High St: 20 stores closed EVERY DAY in 2012 - but payday loan firms and pawnbrokers thrive | Gold and What Moves it. | Scoop.it
A survey by PricewaterhouseCooper and Local Data Company revealed 7,337 store closures while there were 5,558 openings, meaning 1,779 stores shut for good with jewellers, health food shops, travel agents, and sports goods shops among the hardest hit.

 

The devastating effects of the downturn saw major retailers close 20 stores every day in England over the past year, ten times as many as in 2011.


A survey by PricewaterhouseCooper and Local Data Company revealed 7,337 store closures while there were 5,558 openings, meaning 1,779 stores shut for good with jewellers, health food shops, travel agents, and sports goods shops among the hardest hit. 


Businesses to buck the trend included payday loan companies, pound shops, pawnbrokers, and betting shops, as well as supermarkets, charity shops and coffee shops.


Cheque cashing and payday loan companies - which have come in for heavy criticism for lending money to desperate borrowers at extortionate rates of interest above 4,000 per cent APR - fared the best, opening 121 units overall.



Read more: http://www.dailymail.co.uk/money/news/article-2285802/Downturn-devastating-High-Street-20-stores-closed-EVERY-DAY-2012.html#ixzz2MD6h5F3B ;
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Hal's insight:

Hat tip http://edegrootinsights.blogspot.com 

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India raises NRI gold limit

India raises NRI gold limit | Gold and What Moves it. | Scoop.it
A male passenger can now bring gold worth 50,000 rupees without paying any duty while a women passenger can bring gold worth up to 1,00,000 for free.
Hal's insight:

Huh?

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Gold heads for 4% monthly loss

Gold heads for 4% monthly loss | Gold and What Moves it. | Scoop.it
Analysts said the precious yellow metal is on course for a 4 percent decline in February. It has been in the red for five straight months, the longest such losing streak since late 1996 to early 1997.
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The Golden Truth: This Is A Must Read And It's Why You Must Own Gold/Silver

The Golden Truth: This Is A Must Read And It's Why You Must Own Gold/Silver | Gold and What Moves it. | Scoop.it

Ben Bernanke has spent the last two days testifying to Congress - under oath - the economy is improving and that his money printing scheme has saved the system without risking inflation.  He really emphasizes the avoidance of deflation.

But what's so wrong with deflation?  If prices of goods and services decline, enabling the consumer to buy more of those goods and services, isn't that a good thing?  The real deflation Bernanke to which Helicopter Ben refers is the deflation of all of the assets that have been financed by the banking system, potentially rendering the banking system insolvent.   But this would be a good thing too in the long run.

With that said, please take the time to read this commentary below which compares our current systemic with that of late 18th century France.  The parallels are startling: 


The French were in the same boat in the 18th century. During the time of Louis XV, no one could imagine how French society could possibly function if they cut the welfare system or defense budget. So they kept spending… kept going into debt… and kept debasing the currency. ...

Hal's insight:

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Nevada recluse's half Gold fetches $3.5 million

There boxes contained 2,900 Austrian coins, many from 1915; more than 5,000 from Mexico; at least 500 from Britain; 300 U.S. gold pieces, some dating to 1880; and more than 100 US gold pieces as old as the 1890s.

 

... The 69-year-old who had lived so simply had a vast collection of gold coins worth millions of dollars stored in old ammunition boxes in his garage.

 

There boxes contained 2,900 Austrian coins, many from 1915; more than 5,000 from Mexico; at least 500 from Britain; 300 U.S. gold pieces, some dating to 1880; and more than 100 US gold pieces as old as the 1890s.

 

In total, about about 60 kilograms of gold coins was auctioned off Tuesday in a courtroom to pay for government taxes and fees. ...

Hal's insight:

Did you catch that bit about being sold to pay taxes and fees? Taxes and fees for what I wonder? 

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Paper Money Kaput? Gold rush on rise as Europe crisis deepens

It used to be the main exchange currency in Europe, but soon after WW1 governments ditched it. Now, amid turbulent financial times and economic woes, gold is...
Hal's insight:

hat tip to http://www.mining.com/the-end-of-paper-money-europe-hit-by-gold-rush-as-crisis-worsens-84818/ ;

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Charles Hugh Smith: What Could Go Wrong with the Housing Recovery in 2013? Plenty.

Charles Hugh Smith: What Could Go Wrong with the Housing Recovery in 2013? Plenty. | Gold and What Moves it. | Scoop.it

Federal subsidies and Federal Reserve policies enabled a vast expansion of debt that masked the stagnation of income. Now that the housing bubble has burst, this substitution of housing-equity debt for income has ground to a halt.


What could go wrong with the housing recovery in 2013?  To answer this question, we need to understand that housing is the key component in household wealth. As a result, Central Planning policies are aimed at creating a resurgent "wealth effect": When people perceive their wealth as rising, they tend to borrow and spend more freely. This is a major goal of U.S. Central Planning. Another key goal of Central Planning is to strengthen the balance sheets of banks and households. The broadest way to accomplish this is to boost the value of housing. This then adds collateral to banks holding mortgages and increases the equity of homeowners. Some analysts have noted that ...
Hal's insight:

Great read. Click through.

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Jim Sinclair - Gold Will Now Be Released To The Upside

Jim Sinclair - Gold Will Now Be Released To The Upside | Gold and What Moves it. | Scoop.it

With wild trading in key global markets, including gold, today Jim Sinclair, who has been actively trading the markets for over half a century, spoke with King World News to let KWN readers globally know what to expect in the gold market going forward.  Below is what Sinclair, whose father was business partners with legendary trader Jesse Livermore, had to say:

 

Eric King:  “Jim, there are a great many pieces discussing the COT report, can you talk about that?”

 

Sinclair:  “I’m just going to ask you a question and give you a definitive answer:  The question is, do you really believe the people (banks) who manipulated LIBOR are absolutely, totally, and completely honest on the figures that they render to the CFTC on the position of traders (COT)?  The answer is, of course not....


Click over to continue reading the Jim Sinclair interview.

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In The News Today « Jim Sinclair's Mineset

In The News Today « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Jim Sinclair’s Commentary


When it is all said on done with millions of words in MSM and on the gold blogs, here is the situation defined.

Hal's insight:

Click through for all the charts and political toons Jim Sinclair pulled together to illustrate his point. It's worth a look.

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Update – Market, Economic, Social, Political and Life Commentary by Peter Grandich

... Gold and Silver – While there are numerous positives I’ve posted about in last couple of days, the bears still hold serve. I continue to believe if one is a buyer of gold it’s best to continue standing on the sidelines until either the low $1,500s are tested or we have two consecutive closes above $1,700.

 

It’s mind-boggling how open interest remains so high despite the # of shorts in silver on the Crimenex (Comex). Either they will finally cave or the shorts may have bit off more than they can chew. Stay tuned. ...

Hal's insight:

Click over for his thoughts on the US Dollar and Stock Markets.

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Peter Grandich – Patience Precious Metals Investors Time Is On Your Side

Peter Grandich – Patience Precious Metals Investors Time Is On Your Side | Gold and What Moves it. | Scoop.it

Peter Grandich took some time from his busy day to talk to us. The real economy isn’t growing. Central banks continue record purchases of gold. The Euro is again under pressure. Inflation is rising and will continue to rise at increasing rates. Peter believes the raging 12 year precious metals bull will continue on unabated. The battle lines are drawn now. We have a conflict starting between the makers and the takers. A kind of Atlas Shrugged scenario is unfolding and once the government grows to 50 percent of the economy, the end game is near. Just look at France!


from FinancialSurvivalNet

Hal's insight:

You'll need to click through for the audio of the interview. Peter covers gold among other financial outlooks.

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London Fund Manager: We’re Really Overdone Here—This Selling In Gold & Silver Is Unsustainable | Bull Market Thinking

London Fund Manager: We’re Really Overdone Here—This Selling In Gold & Silver Is Unsustainable | Bull Market Thinking | Gold and What Moves it. | Scoop.it
This morning I spoke with a contact in London who manages a bullion & precious metals equity fund, part of a multi-billion dollar asset management firm.

 

This morning I spoke with a contact in London who manages a precious metals & mining equity fund, part of a multi-billion dollar asset management firm. While he cannot be referenced at this time, I asked his thoughts on last week’s terrifying smash of the metals and miners.

Here’s what he said:


“I bought some silver investments for myself last week when I felt we washed out…but you know what, I think we’re really done here. There’s only so much [they] can do on the short side…and you saw that volume in the silver futures market last week. It’s not sustainable. When those people want to get out [the shorts], that will lead us higher.”

 

When asked if any new interest came into the market, he said, “[Right now] it’s all the same people, and we’re all still playing in the same paddling pool. Until it turns into a swimming pool, and then an ocean—we’re going to be range-bound.”

 

However, the sentiment among money managers is slowly changing he explained, because, “When I pitch the idea of buying to my colleagues, they seem more interested now. They’re recognizing that the overall market looks quite expensive, and gold and silver look quite cheap.”

 

Concluding he said, ”Are you going to go buy a ...

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SBV may join gold trading in Vietnam

SBV allowed some major banks to temporarily export non-SJC gold, then import gold for production of the SJC-brand gold bars in Vietnam.

 

HANOI(BullionStreet): Days after Vietnam's central bank, The State Bank of Vietnam (SBV) said it will intervene in the local gold market to curb the rising disparity between local and global gold prices, analysts said investment demand for gold in Vietnam heads for a decline this year.

 

They said investment demand, which contributes about 85 percent of total gold demand in the world's No.9 bullion consumer, is expected to fall 22 to 25 percent in 2013.

 

Earlier in the week, the SBV and Saigon Jewellry Company ( SJC) signed a principle contract under which the SJC will use SBV's gold reserves to make national SJC-brand gold bars so as the SBV can trade them on the market.

Hal's insight:

Should we trust anything that comes out of Central Banks anymore?

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You Want Dates For The End Of This Reaction? « Jim Sinclair's Mineset

Dear CIGAs,

You wants dates? Ok.

 

The bet on the short of gold side is that the Sequester takes place. I have felt that the gold market’s longest period of reaction possible would end on my birthday, March 27th. That puts it directly in place of this wager in time.

 

Regardless of whether or not Sequester occurs, I stand by this timing assumption that I have held since this decline started.

 

Many who I know and asked me in private know this statement to be true. I know that this is read by just those that are at the heart of this decline.

 

The earliest date of the end of the decline is the 28th of February and the longest period of pressure is until the 27th of March. Thereafter gold is released to the upside which will be a minimum of $3500.

 

Defend yourselves because today was a wager on the Sequester occurring. Regardless, do not give away your position in either gold or shares that are fully paid for. Margin is madness in gold because the.. 

Hal's insight:

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Caterpillar to cut 1400 jobs at plant in Belgium, blames high labor costs and ... - Fox News

Caterpillar to cut 1400 jobs at plant in Belgium, blames high labor costs and ... - Fox News | Gold and What Moves it. | Scoop.it
Business Recorder
Caterpillar to cut 1400 jobs at plant in Belgium, blames high labor costs and ...
Hal's insight:

Do you suppose those jobs will show up somewhere else around the globe?

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Sequester: A Matter of National Security

The Peter Schiff Show (2/26/13) Listen weekdays 10am to noon ET on http://www.SchiffRadio.com Buy my newest book at http://www.tinyurl.com/RealCrash Friend m...
Hal's insight:

hat tip to http://thevictoryreport.org 

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Key Charts Which Predict A Violent Move Higher In The Metals

Key Charts Which Predict A Violent Move Higher In The Metals | Gold and What Moves it. | Scoop.it

The following powerful charts were put together exclusively for King World News by Kevin Wides, out of Switzerland.  Once again, this is a way for all King World News readers globally to take an important step back and look at the big picture as we are still seeing some turmoil in the gold and silver markets.  Wides illustrates that a very rapid move higher in the metals is fast approaching.


“Many advocates of gold note that it’s not the gold price going up but fiat currencies going down.  The world has just witnessed a dramatic fall in the Japanese yen, not only against gold but against all fiat currencies.  Before the yen we had the euro crisis of 2011 to 2012, and before that the Dollar crisis in 2006 to 2008.  So round and round it goes.  The question is, what currency is next and how will it impact the gold and silver markets?

 

The next likely candidate to plummet is the British pound (GBP).  The GBP vs dollar chart shows absolute weakness, and a major support has been broken at $1.53 after 4 years of consolidation.  The British pound has now technically entered a free-fall zone (see chart below). ...


Hal's insight:

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India Economic Survey calls for market-determined Gold

Economic Survey is considered a major report on the country's economy and is presented to parliament every year a day before the union budget.

 

NEW DELHI(BullionStreet): India reiterated it's stance to curb overall imports, particularly of gold in the newly released Economic Survey 2012-13.

 

The Economic Survey tabled in India's parliament by Finance Minister P. Chidambaram said the main focus had to be on curbing imports as the room to increase exports in the short-run was limited. ...

Hal's insight:

So, India continues to seek to limit it's citizenry's exposure to gold. Hard to believe.

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What's with Russia buying even more Gold: SPDR Gold Trust, iShares Gold Trust

What's with Russia buying even more Gold: SPDR Gold Trust, iShares Gold Trust | Gold and What Moves it. | Scoop.it
Turkey's central bank increased its gold bullion holdings by 84% in 2012. In January, the bank bought another 10.3 tons of the precious metal.

 

By Michael Lombardi
Skepticism toward gold bullion prices is increasing. The bears and the mainstream media are focused on the price decline of gold bullion and are clearly not looking at the demand of the metal. The reality: demand for gold bullion is increasing.

As gold bullion prices have declined a little since the beginning of 2013, purchases of gold by central banks have increased. In January, central banks from countries like Russia, Turkey, and Kazakhstan continued to buy more gold bullion.

According to the International Monetary Fund (IMF), the Russian central bank increased its gold bullion holdings by 12.2 metric tons in January to 970 tons. During 2012, the Russian central bank increased its holdings by 8.5%. If Russia keeps its gold-buying pace throughout 2013 at the same level as January, it will increase its holdings of gold bullion by 15% during the year.

Similarly, the central bank of Kazakhstan increased its gold bullion holdings by 1.5 tons in January, bringing its total holdings to 116.8 tons. Over 2012, Kazakhstan’s central bank increased its holdings of gold bullion by 41%. 

Turkey’s central bank increased its gold bullion holdings by 84% in 2012. In January, the bank bought another 10.3 tons of the precious metal. 

Keep in mind that these are not the only central banks buying gold bullion. As the list of central banks printing more money has increased, the number of gold bullion purchasers has grown. ...

Hal's insight:

Central Bankers are going to continue to bank gold. Count on it.

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Doug Casey on G20 Economic Suicide - Casey Research

Doug Casey on why you should take his dire economic warnings seriously.

 

(Interviewed by Louis James, Editor, International Speculator)

L: So Doug, the G20 declared that there will be no currency war. Other than a belly laugh, any reactions?

 

Doug: First, we should define what a currency war is. I'd say it's a competition between governments to devalue their respective currencies, accomplished by creating lots more new dollars, euros, yen, or what have you. The idea is to increase exports and decrease imports, with the supposed bonus of stimulating the economy. It's an idiotic idea, proof that the people struggling for control of the world's economy are both knaves and fools. The worst part is that people apparently think somebody actually can and should try to control the economy. The world is imitating Argentina.

 

I believe that Argentina is still a member of the G20, although hanging on by its fingernails. It would be interesting to see the transcript of the meeting and see what the Argentine representative said, because they're inflating the currency down here at a rate of about 30% per year, even while they're trying to maintain an artificial exchange rate. My suspicion is that the general level of economic knowledge, competence, and ethics among the participants of that conference is not much above that of Argentina.


L: That may be, but it strikes me as being... just so ridiculous. I mean, the US is printing money by the helicopter load and sending much of it abroad, which prompts other countries to try to do the same. Bernanke says it isn't so, but everyone can see it is. How can they say there's no currency war? Is this an attempt at a Big Lie?


Doug: The new Japanese prime minister has come out and said that the Bank of Japan needs to redouble its efforts to create new yen. The Chinese are creating yuan in hyperdrive. The Europeans are doing the same with the euro. In the US, they're printing new dollars at a rate of about 100 billion per month. And that's just among the four big ...

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Trader Dan's Market Views: Three Little Words

Trader Dan's Market Views: Three Little Words | Gold and What Moves it. | Scoop.it

... Part of what we are seeing in gold (and nearly all of the other markets) is the confusion, uncertainty and lack of clarity as to where all this "boldly going where no man has gone before" adventure in monetary policy by the Central Banks of the West is leading. Is it "RISK ON" and full speed ahead with the hugely leveraged carry trades or is it time for the sidelines? Are interest rates going lower or will they move higher? No one really knows because of the speed at which sentiment can shift globally. 

The problem for gold has been and continues to be, the mining sector as evidenced by the HUI. It did manage to fill the first downside gap on its daily chart yesterday but could not even manage a decent close INSIDE THAT GAP. Simply put, the mining sector is so weak, even though it is so oversold, that it is undercutting any strength in the bullion. As I type these comments this morning, the S&P 500 is up nearly 1.3 % while the HUI is down nearly 1.8%. It is that bad. ...

Hal's insight:

Click through for his full piece. This is just a snippet from the middle. The Three little wordst that he is referring to in the title is "Some time soon," by Bernanke in reference to testimony today. It's in regard to reviewing the Fed's QE exit strategy.

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Rick Rule - This Is How You Can Make A Fortune In Gold Right Now

Rick Rule - This Is How You Can Make A Fortune In Gold Right Now | Gold and What Moves it. | Scoop.it

... Here is what Rick Rule, who is the CEO of Sprott USA, had to say about creating great wealth:  “I’m a contrarian.  It’s interesting with regards to physical assets how people shop sales, and with regards to financial assets they prefer it when goods are overpriced.  It’s an interesting contradiction, and of course very, very good for me.  Goods are on sale and I’m loving it.”


"I think history is our guide, Eric.  There have been seven or eight retrenchments in the current gold market, which of course began in the year 2000.  So if you think about the bull market that we’re in, a move in gold from $250 to over $1,500, (as I said) there have been seven or eight retrenchments, and in every case gold has come back and retraced the retrenchment in fairly short order and gone on to make higher highs.

 

"I am convinced that this will be the same thing. ... 

Hal's insight:

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US MINT SETS ALL-TIME SILVER EAGLE SALES RECORD FOR FEBRUARY- NEARLY 11 MILLION SOLD IN 2013!

US MINT SETS ALL-TIME SILVER EAGLE SALES RECORD FOR FEBRUARY- NEARLY 11 MILLION SOLD IN 2013! | Gold and What Moves it. | Scoop.it

After smashing the all-time monthly sales record in January by selling 7.5 million Silver Eagles (even with production halted for half the month), Silver Eagle sales have continued at a record setting clip.   The Mint’s latest February sales statistics indicate the mint has already sold a record 3.37 million Silver Eagles in February, eclipsing February 2011′s previous record for the month of February of 3.24 million ounces sold.


In a little over a month of actual production, the US Mint has sold a mind-blowing 10,866,500 Silver Eagles, approximately 33% of its entire sales for 2012! ...

Hal's insight:

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Pop Go the Weasels

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Pop Go the Weasels | Gold and What Moves it. | Scoop.it

Gold and silver got legs when Bernanke confirmed that the FOMC was just talking about ending QE. And I think we knew that.

But apparently the metals market didn't right? I think this rally has everything to do with the end to this brazenly artificial paper selling into the options expiration yesterday.

So what next?

Gold is approaching a 50 percent retracement of this big waterfall decline that was driven by the funds. While I feel comfortable in buying long term straight up bullion in moments of such extreme oversold weakness ...

Hal's insight:

Click through for the rest and the pretty charts.

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