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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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:

click through for the full post and all the charts.

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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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Lear Capital: The Leaky Life Jacket or Gold? | Lear Capital Blog

Lear Capital: The Leaky Life Jacket or Gold? | Lear Capital Blog | Gold and What Moves it. | Scoop.it

David Engstrom writes:

 

The unpredictable, unthinkable but undeniable, has come to pass.  After $6 trillion of additional national debt and trillions more in Fed stimulus, the economy shrunk for the first time in 3 years.  So, has money printing worked or not?  The money printers will answer with a resounding, “Yes!”  Had it not been for the trillions of dollars created out of thin air and injected into every arm of the economy, the economy would have disintegrated long ago.  It was the money printing that saved us from losing all of our wealth.

 

Yup!  That was a close one!  How close?  By some accounts, we were just minutes away from economic Armageddon.  For most, that’s a difficult concept to grasp.  It’s easy to understand how highly leveraged investors, did lose or could have lost everything.  But what about the average person who owns some life insurance,  keeps money in a money market, has a few CDs, some savings an annuity and a pension.  What about that person?  It seems the only risk there, is varying rates of return.

 

But think about it.  Every cent of your paper wealth is invested somewhere by someone in some thing. Go ahead.  Go down the list.  Do you think the financial institution you gave your money to can provide you a rate of return without putting your money at risk?  Even the balance in your checking account is at risk.  If you think a bank, any bank, could cash everyone out of their savings and checking, on demand, you are ill-informed.  The only way your cash is safe in a bank is if it is in a safety deposit box.  Even then, cash rots, as inflation gradually eats away its value.

 

Put in that perspective, maybe the money printers are right – money printing saved us.  God help us if that’s true.  If we were really that close to economic Armageddon, guess what?  We’re ...

Hal's insight:

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No End in Sight for Global 'Currency Wars' | Gary Dorsch | Safehaven.com

No End in Sight for Global 'Currency Wars' | Gary Dorsch | Safehaven.com | Gold and What Moves it. | Scoop.it

by Gary Dorsch:

 

With frigid temperatures expected to hover between 15-degree and 23-degree Fahrenheit this weekend in Moscow, it's a wonder why the world's most powerful finance chiefs and central bankers would schedule their Feb 15-16th meeting in Vladimir Putin's backyard. Instead, a better venue for the Group-of-20 would've been the Cayman Islands. The Islands are warm year-round, with average highs holding steady in the 80's. January and February are the coolest months with lows averaging in the lower 70's. However, Russia holds the presidency of the G-20 this year , - so finance chiefs will have to endure the frozen tundra.

 

A January 16th warning issued by Russia's central banker Alexei Ulyukayev has also set the narrative for the G-20 meeting. "The world is on the brink of a fresh "currency war." Japan is weakening the yen and other countries may follow. If Japan continues to pursue a softer currency, reciprocal devaluations would hurt the global economy," Ulyukayev warned. "We're on a threshold of very serious and confrontational actions. The new government of Japan is a course towards a very protectionist monetary policy through a sharp depreciation of the yen. Other colleagues from respected central banks and governments already pursue this policy. This is not a path towards global coordination but rather a separation," Ulyukayev declared.

 

Guido Mantega, Brazil's finance minister, quickly chimed in, warning that the Federal Reserve's "protectionist" gambit to roll out more quantitative easing (QE) would reignite "currency wars" with drastic consequences for the rest of the world. "It has to be understood that there are consequences. The Fed's QE-program ($85-billion per month of money printing) will "only have a marginal benefit in the US as there is already no lack of liquidity ...

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The untold reality of gold and silver price controls | Resource Investor

The untold reality of gold and silver price controls | Resource Investor | Gold and What Moves it. | Scoop.it

by Dr. Jeffrey Lewis:

 

The financial backdrop to the current prices of precious metals like silver and gold is that trillions of dollars and other currencies have been created to reflate stock markets and attempt to create a recovery in the property market, which will only serve to re-inflate real estate prices back to their former unsustainable levels once again.  This seems so utterly obvious, and yet it is rarely discussed.

 

Furthermore, far too many investors continue to rely on and even hope for the continuance of the status quo, despite the fact that their futile wishes for the financial alchemy to prevail — so that the “free lunch” creation of money from nothing but paper and ink will lead to more jobs and economic growth — have been increasingly frustrated.


Trading Volume Speaks Volumes

 

Consider for a moment the remarkably high volume of COMEX contracts traded during the days when the spot prices for gold and/or silver were driven sharply lower.

 

An illusion of weakness tends to prevail in these situations because the majority of precious metal traders do not seem to understand the difference between a paper claim and the real thing, nor do they seem to realize that only paper contracts or claims are being sold when the price of the precious metals drops — not the actual metal itself. Basically, the futures contract seller cannot be forced to deliver physical metal, and so sellers can simply settle their profit or loss on the trade in cash. ...

Hal's insight:

hat tip to GATA.org

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Jim’s Mailbox « Jim Sinclair's Mineset

Jim Sinclair writes in response to an email:

 

"... MSM, MOPE and the manipulators are all one and the same. MSM is used as a tool of the manipulation trade.

 

This is exactly what you would expect in an operation like we are witnessing now. ..."

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$1,728,477,000,000: Fed’s Holdings of U.S. Debt Hit Another Record; Owns 15% of All Publicly Held U.S. Treasury Securities | CNS News

$1,728,477,000,000: Fed’s Holdings of U.S. Debt Hit Another Record; Owns 15% of All Publicly Held U.S. Treasury Securities | CNS News | Gold and What Moves it. | Scoop.it

by Terence P. Jeffrey:

 

(CNSNews.com) - The Federal Reserve's holding of U.S. government debt climbed to yet another record this week, hitting $1,728,477,000,000.00 by the close of business Wednesday, Feb. 13, according to data released late Thursday by the Fed.

 

That was an increase of $10,734,000,000.00 from the close of business on the previous Wednesday.

 

As of Wednesday, the total debt of the federal government was $16,524,304,599,079.04. That included $11,668,602,027,147.93 in debt held by the public and $4,855,702,571,931.11 in intragovernmental debt, which is money the Treasury has taken out of government trust funds ...

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Meteorite hits Russian Urals: Fireball explosion wreaks havoc, over 900 injured (PHOTOS, VIDEO) — RT

Meteorite hits Russian Urals: Fireball explosion wreaks havoc, over 900 injured (PHOTOS, VIDEO) — RT | Gold and What Moves it. | Scoop.it
Russia’s Urals region has been rocked by a meteorite explosion in the stratosphere. The impact wave damaged several buildings, and blew out thousands of windows amid frigid winter weather.

 

... Around 950 people have sought medical attention in Chelyabinsk alone because of the disaster, the region's governor Mikhail Yurevich told RIA Novosti. Over 110 of them have been hospitalized and two of them are in heavy condition. Among the injured there are 159 children, Emergency ministry reported.

 

Army units found three meteorite debris impact sites, two of which are in an area near Chebarkul Lake, west of Chelyabinsk. The third site was found some 80 kilometers further to the northwest, near the town of Zlatoust. One of the fragments that struck near Chebarkul left a crater six meters in diameter.

 

Servicemembers from the tank brigade that found the crater have confirmed that background radiation levels at the site are normal. ...

Hal's insight:

Simply amazing.

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Bailey Edwin Craft Smith's comment, February 19, 2013 1:20 PM
Im glad it hit russia and not america.
Bailey Edwin Craft Smith's comment, February 19, 2013 1:20 PM
Im glad it hit russia and not america.
Hal's comment, February 21, 2013 5:09 PM
Molly, I hope you were able to find out more outside of school. It's really fascinating.

Bailey, I feel sorry for the people that were injured but I know that a number of people in Russia are finding pieces of the Meteorite and making some good money from it. :-) Thankfully no one was seriously injured.
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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:

Click through for the full interview.

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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. ...
Hal's insight:

click through for the full post and all the chart goodness.

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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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A Letter Peter Grandich Wrote To Bill Murphy and GATA

Friday morning, February 15, 2013

Dear Bill,


I’ve the privilege of reading your daily letter for years now and know in my heart I would not have been on the right side of gold for over a decade in part if not for your letter and the tremendous work of GATA.

 

I wanted to respond to your comments about nasty emails to you and the umpteen assault on the Crimenex (Comex).

 

Like you, Jim Sinclair and others, I too have received “hate” email. Even worse, someone resorted to finding my wife and daughter on social media sites and wrote nasty comments to them about me. My assistant likes to say to these people do they need her to call the police (is someone forcing them to read my work)? It doesn’t matter how accurate I am on other markets and/or honest about the reality of losses, some people will blame everyone but themselves. I don’t know how these folks prepare for the weather outside given how most forecasters miss at times.

 

I decided today to turn off the computer and instead go to the races and see a horse of mine named after my mother-in-law who passed away last year. She has as much of a chance of winning today as gold does of reversing and finishing up $25 but at least there I don’t believe the outcome is being decided by certain parties (at least I hope that’s the case-lol). ...

Hal's insight:

Click over for the rest. It's amazing how a few people can make life difficult and down right miserable for others.

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Wal-Mart Executives Sweat Slow February Start in E-Mails

Wal-Mart Executives Sweat Slow February Start in E-Mails | Gold and What Moves it. | Scoop.it
Wal-Mart Stores Inc. had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg News.
Hal's insight:

So how's the consumer confidence thing now?

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Felix Zulauf - We Have Never Seen Anything Like This In History

Felix Zulauf - We Have Never Seen Anything Like This In History | Gold and What Moves it. | Scoop.it

Renowned money manager Felix Zulauf told King World News that despite the rally in stocks, the world economy is still in trouble.  Zulauf, founder of Zulauf Asset Management and 20+ year Barron’s Roundtable panelist, believes the current euphoria among investors and optimistic expectations going forward are creating a very dangerous environment.  Zulauf also feels that although there has been a long consolidation in gold, the fundamentals are still quite bullish.


This is the final part of a three part written interview series which has been released on King World News.  In these interviews the legendary money manager has discussed why he believes central planners will fail, how this will lead to systemic collapse, gold repatriation, what investors should be doing with their money right now, how they can protect themselves going forward, and much more.


Here is what Zulauf had to say: “I think the world economy is still having difficulties.  Some leading indicators are picking up a little bit, and the world is getting very optimistic that we have passed the crisis, we have solved the problem, and sentiment is very optimistic.  Actually it is as optimistic in the stock market as it was in 2007.

 

We have entered a very dangerous territory, and I think the world economy will not deliver what people expect.  You just saw the numbers coming out about the eurozone GDP in the fourth quarter, it was quite a bit weaker than expected and still in negative territory. ...

Hal's insight:

This is part three of three. click through for the full piece by King World News.

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FX Manipulating G-20 "Glass House" Unable To Cast Stone At FX Manipulating-Japan | Zero Hedge

Curious why nobody at the G-7 or G-20 had the gall to outright accuse Japan of currency manipulation? Simple: because everyone else in the G-7 and G-20 has been doing precisely what Japan only recently started doing a few months ago. As such, it would be outright "glass house" hypocrisy if there was a formal Japanese condemnation by the group of overlevered nations, which moments ago released its draft communique not naming the island nation outright as was widely expected. Of course, that the G-20 did notaccuse Japan of engaging in what everyone clearly knows is currency war, does not mean that everyone else is not doing this. To the contrary: they are, and the lack of a stern rebuke of Japan simply means the currency wars will now intensify, devolving into the same protectionism and trade wars as the first Great Depression was so familiar with, which to borrow a parallel from history again, will end with the kind of war that ultimately ended the first Great Depression.


Nomura's Robert Koo explains:


Currency devaluation the natural response for trade deficit nations

 

For example, US Treasury secretary Lawrence Summers reacted angrily when Japan’s Ministry of Finance ignored western government warnings in June 1999 and tried to push the yen lower with a ¥3trn intervention from a starting level of 117 to the dollar. When the US reaction was made known, the yen climbed sharply and stopped only when it had approached 100. Today, in contrast, Japan is running a trade deficit vis-à-vis the world and Europe (exports to the US still exceed imports). It is natural for a country running a trade deficit to reduce the deficit by devaluing its currency, and trading partners would have little justification for opposing such a move. ...

Hal's insight:

In a room full of theives, why should we expect them to get upset when theft is done? Let the currency wars continue.

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Fear, Panic & Capitulation

Fear, Panic & Capitulation | Gold and What Moves it. | Scoop.it

by TF Metals:

 

... Look, you can sit there and worry all you want. Santa's been warning you for days that things were about to get hairy. I warned you last Friday that, with the Chinese New Year, paper selloffs were bound to be more successful this week. The PM "markets" have now been driven to the same extreme oversold levels that we've seen at almost all of the bottoms/lows in the past. Though there may still be some follow-through selling as the momos attempt to take out $1600, who cares? What are you going to do? Convert your metal back into fiat? And if you do, which one? The Pig? The Euro or by extension, the Swissie? How about the yen? That'd be fun.

 

It all comes down to courage of conviction. Do you believe your own logic and analysis or do you believe CNBS? Do you trust your instincts or do you trust The Fed? I know you get tired of hearing it but here goes (again): You are being presented with a gift. That you can continue to accumulate physical gold and silver at $1600 and $30 is simply astonishing. Let The Forces of Darkness do their evil bidding. Five years from now, a day like today will be long forgotten. Meaningless unless you acted upon your beliefs and used this weakness to add to your stack. ...

Hal's insight:

click through for all the charts and the rest of the post.

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Hathaway - Give-Up Phase As Gartman Shorting Gold Is Bullish

Hathaway - Give-Up Phase As Gartman Shorting Gold Is Bullish | Gold and What Moves it. | Scoop.it

Today John Hathaway told King World News, “... we are psychologically at the give-up phase on gold.” The 40-year veteran and prolific manager of the Tocqueville Gold Fund also stated that Dennis Gartman announcing he shorted gold yesterday is a very bullish development for the gold market.  But first, here is what Hathaway said to expect next for gold:  “Eric, this feels to me like last May when gold had a launch into September to complete a pretty big rally.  It was a more than a 40% kind of move on the XAU.  All of the things I look at, sentiment, trading volume, commentary, you know Credit Suisse put that piece out about the end of the bull market in gold.” ...

Hal's insight:

Click through for the rest.

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