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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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It Is Absolutely Shocking How Much Gold China is Acquiring

It Is Absolutely Shocking How Much Gold China is Acquiring | Gold and What Moves it. | Scoop.it

Today Stephen Leeb told King World News:

 

"... In the past, if the Chinese could step out of the way and let gold tumble in price so they could purchase it cheaper they would. Right now I think they just don’t want to add to their citizen’s frustrations with key markets, gold being one of them. If I’m right, then the Chinese will continue to support the price of this metal.

 

"I would also note that China mined an unbelievable 20% of their proven reserves of gold last year. That’s an almost impossible achievement. That number was reported by the USGS, which is a very credible source for this type of information.

 

"China mined a total of 355 tons, which was by far the largest amount of gold mined for any country. And yet they are still buying every single available ounce they can get in the open market. Australia was second with 270 tons. Keep in mind that Australia has 4 times the reserves that China has. I have never seen any country mine that percentage of any commodity. What China has done in truly a Herculean feat. ..."

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Why We Can All Kiss This Financial System Goodbye

Why We Can All Kiss This Financial System Goodbye | Gold and What Moves it. | Scoop.it

Michael Pento tells King World News:

"... The bottom line is that either of those choices is a default. Europeans have to default for the simple fact that they owe more money than they can ever possibly repay.

 

"The amount of debt outstrips Europe’s tax base many times over. So we are no longer talking about if Europe will default, but rather how they will default They are looking at either an explicit default, which is a restructuring of their debt, or an implicit default through inflation.

 

"Clearly Europe has, at least at this point in time, chosen inflationary default. But in either case it is a default and when you default on your debt, interest expenses must increase dramatically. This is exactly what I foresee happening in Europe. You cannot print money and create inflation and keep yields low forever.

 

"The worse part is when you choose the inflationary default, you always end up destroying your economy to a much greater degree than when you explicitly default. The other problem Europe faces, under the inflationary default, is that their interest rates will not only go higher but they will stay higher for... "

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Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year | CNSNews.com

Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year | CNSNews.com | Gold and What Moves it. | Scoop.it

by Terence P. Jeffrey

 

"(CNSNews.com) - By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.

 

"Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year. ..."

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Embry - Expect Shortages Of Gold As Soon As Next Month

Embry - Expect Shortages Of Gold As Soon As Next Month | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

"... We are moving toward a fundamental shortage of gold, and I believe it may start as soon as next month. I think the bottom is being put in right now. You see once again with the stock market trading lower, they just turn the algorithms on and grind the price down.

 

"But this action is all just building a massive base in gold. I think the big issue going forward is this growing shortage of available physical gold. I strongly believe one of the reasons for the shortage is a lot of it is headed East. The last four or five months of the year gold should challenge and easily take out its all-time high.

 

"For what it’s worth, there is an enormous amount of interference in ..."

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Operation Freedom - Dr. Dave Janda

David H. Janda, M.D.is an orthopedic surgeon based in Ann Arbor, Michigan, author and talk radio host on WAAM Talk 1600...

 

Go here and listen to the interview of Ed Steer on July 22, 2012. Topic, Libor, Gold, Silver, Commodities.

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Richard Russell: Bear Market to Last Another 15 Years to 2027

Richard Russell: Bear Market to Last Another 15 Years to 2027 | Gold and What Moves it. | Scoop.it

Today the Godfather of newsletter writers, Richard Russell, shocked King World News with this remarkable and extremely dire prediction: “The primary bear market -- the leveraging and inflation and lying and cheating and shenanigans lasted from 1945 to 2007, about 62 years. My guess is that it will require maybe one-third of that time or roughly 20 years to clean out the economic stupidity and nonsense of those 62 years. That could take this bear market out to the year 2027.”

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Twitter / _blissdavis: Secure your money (wealth) ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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China, Metals, and Your Money - Casey Research

China, Metals, and Your Money - Casey Research | Gold and What Moves it. | Scoop.it

"What if the EU disintegrates and the US sinks back into recession? What will China do with all its productive capacity then? Some would be wasted – factories and luxury cars can both rust for lack of capital to maintain them – but the productive capacity would still exist. With the investment already made, my guess is that the cost of goods manufactured in China would plummet. Particularly with so many state-owned enterprises – for which jobs and production may become more important than profit – selling at no profit would be better than shutting down. The central committee may even see flooding the world with inexpensive products as a way to help China's trading partners while helping themselves.

 

"Is China in a bubble? Could the China Miracle turn into a China Nightmare?

 

"I suppose it could; some massive misallocations of capital will certainly have to be liquidated. But a system that was already misallocating capital to an extreme degree can see major improvement simply by misallocating capital massively.

 

"Remember that, unlike the US, the Chinese government is not borrowing money to build a network of high-speed trains across the country; it's paying for it out of excess savings. On the household level, people who save 40% of their income every year could lose half their savings and still have a lot more net worth than the average, highly indebted American. And they'll still want new cars, or electric bikes, or even airplanes (I'm told that civil aviation has been legalized in China). ..."

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Sufiy.: EXCLUSIVE - Bill Murphys London Source: "Big Gold &Silver Moves Coming in August"

Sufiy.: EXCLUSIVE - Bill Murphys London Source: "Big Gold &Silver Moves Coming in August" | Gold and What Moves it. | Scoop.it

from Sufiy on twitter:

 

"Looks like a lot of things are happening behind the closed doors of the major banks these days. Reuters is talking today about arrests coming in Libor case and we guess that some traders will be thrown out from Bullion Banks once Gold and Silver manipulation news hits the headlines. Naked Short Selling in Gold, Silver and in junior miners will be next to surface and short covering should be very dramatic in its violent move."

 

click through to his blog for the video interview with Bill Murphy.

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Finally, a $28,000 gold cupcake that is edible | MINING.com

Finally, a $28,000 gold cupcake that is edible | MINING.com | Gold and What Moves it. | Scoop.it
It's arrived, the world's most expensive edible cupcake made out of gold.
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oftwominds-Charles Hugh Smith: What's So Bad About Deflation? Nothing, If You Own the Debt

oftwominds-Charles Hugh Smith: What's So Bad About Deflation? Nothing, If You Own the Debt | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Perhaps all the assumptions about inflation being good and deflation being bad miss the key question: cui bono (to whose benefit?)

 

One of the most widely accepted truisms of our time is that deflation is bad: bad for debtors, bad for the indebted government, and therefore bad for the economy.

 

"What all this overlooks is how wonderful mild deflation is for those who owe no debt but who own the debt and the income streams that flow from debt. What the "deflation is bad" argument ignores is who controls the financial and political systems, and what set of conditions benefits them.

 

"The entire Survival+ critique is based on one simple but revealing question: cui bono--to whose benefit?

 

"The "deflation is bad" view naively assumes the Federal government wants inflation to lower its own debt burden. But since the machinery of governance is directed not at what's good for the government, but at what's good for the financial Elites that influence policy, then the only meaningful question is: what's best for the financial Elites? ..." click through for the rest of this interesting read.

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Silver Undervalued | Adam Hamilton | Safehaven.com

Silver Undervalued | Adam Hamilton | Safehaven.com | Gold and What Moves it. | Scoop.it

by Adam Hamilton:

 

"... Silver is a fascinating commodity that has won a fanatical following among traders. It is extremely volatile, with big spikes or plunges always possible. This makes it irresistibly alluring to speculators, who alternately pile in to ignite huge rallies before running for the exits to spawn near-crashes. The perpetual back-and-forth struggle between greed and fear is the essence of speculation, and silver embodies it.

 

"But what drives these winds of sentiment that buffet silver around? Gold. Silver traders constantly look to the yellow metal's fortunes to figure out whether they should buy or sell the white metal. While there are rare and short-lived exceptions, the vast majority of the time silver only rallies significantly when gold is strong and only sells off materially when gold is weak. Gold is the key to silver's price action.

 

"Greed flares up in silver traders' hearts when gold is strong, motivating them to aggressively buy silver and catapult it higher. And fear rears its ugly head when gold is weak, scaring silver traders into dumping silver hand over fist which crushes its price. Because gold overwhelmingly influences silver-trader psychology, it is the primary driver of silver. Technically this has proven irrefutably true for decades now. ..."

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Gold Price Dips, Euro Concerns Fuel U.S. Dollar Rally | GoldAlert

Gold Price Dips, Euro Concerns Fuel U.S. Dollar Rally | GoldAlert | Gold and What Moves it. | Scoop.it

"... After several days in which the Federal Reserve was in the spotlight as Chairman Ben Bernanke delivered his two-day testimony to the U.S. Congress, sovereign debt worries in Europe returned to the forefront on Friday. Weak demand at a Spanish bond auction pushed the nation’s ten-year yield back above 7%. Concurrently, Germany’s central bank voted to approve the bailout package of Spanish banks announced several weeks ago. Under the terms of the plan, the Spanish government will be able to borrow up to €100 billion to finance banking sector restructuring.

 

"While the price of gold remained in negative territory this morning, it held up far better on Friday than on other days this year when the U.S. dollar has advanced. Furthermore, despite the fact that the U.S. Dollar Index is trading near a multi-year high, the gold price remains well above its 52-week low of $1,523 per ounce – reached on December 29, 2011.


"However, with the price of gold having been unable to surmount a sustainable rally thus far in 2012, investor sentiment toward the yellow metal has remained lackluster. In addition, the absence of a third round of quantitative easing (QE3) by the Federal Reserve has provided a considerable headwind for the yellow metal. ..."

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On Gold And The US Debt Trap? | ZeroHedge

On Gold And The US Debt Trap? | ZeroHedge | Gold and What Moves it. | Scoop.it
Via John Butler of Amphora Commodities,

 

"... The US is in a debt trap, plain and simple. Yet policymakers refuse to talk about it because to admit that it is a debt trap is to admit policy failure. After all, it is rather difficult to blame a government debt trap on ‘free-markets’. (Not that free markets had much to do with the world’s most regulated industry—finance and banking—blowing itself up in 2008. No, such colossal blowups require vast amounts of government intervention.)

 

"That said, the US is not in the same debt trap as much of the euro-area because its debts can be systematically devalued through monetisation by the national central bank. In the euro-area, this requires some degree of consensus, and the interests of all members are not congruent. Hence the constant back-and-forth between those who want to be bailed out of their debt traps, and those who are being called upon to do the bailing. ..."

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Don Coxe - The Global Situation Is Becoming Quite Desperate

Don Coxe - The Global Situation Is Becoming Quite Desperate | Gold and What Moves it. | Scoop.it

With stock markets trading in the red around the world, today King World News interviewed 40 year veteran Don Coxe. Coxe told King World News, “The situation (in Europe) has gone from worse to truly awful in the last week.” He also warned that “... by the end of the summer we might be facing two of the PIIGS going into default.”

 

"Coxe, who is Global Strategy Advisor to BMO ($538 billion in assets), also spoke about the drought, which has been one of the worst in the past century: “It’s going to mean that the winter is going to be a much more chilling experience for the consumers because there is no question that food prices will be, by then, meaningfully higher.”

 

"Coxe also discussed gold, but first, here is what he had to say about the severe drought: “This is one of the three biggest droughts of the last 100 years. In the regions where it is established, it’s been brutal. Those farmers who do not have irrigation equipment, in most cases, are just going to have to plow their crops under. ...”

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Indians should reduce gold tributes to God - RBI Deputy Governor - GOLD NEWS - Mineweb.com Mineweb

by Shivom Seth:

 

MUMBAI (MINEWEB) -

"Gold offerings at temples have come under the scanner of the Reserve Bank of India. Deputy Governor K C Chakrabarty has called for a reduction in demand for gold as an offering to the deities.

 

"Ninety percent of the gold demand is jewellery or to offer to God. Both have to stop," said the official of the apex bank. The deputy Governor noted that Indian society's obsession with gold was an archaic idea of pre-historic times when India was a rich society of abundance.

 

"Wearing gold as an ornament was a culture when you were a rich society, when you were contributing to 30% of the GDP of the world. Today, we have become a poor country, we need to change our culture," he added.

 

"For millions of Indian households which think otherwise, this assertion by Chakrabarty, may come as a shocker. Over the weekend, the deputy governor's remarks made at a function has opened up a Pandora's Box.

 

"For centuries, Indian households have had a twin tradition - buying gold during festivities or on auspicious occasions largely in the form of jewellery, and offering gold to their Gods as a form of appeasement or in gratitude.

 

"Both need to change, said Mr Chakrabarty. ..."

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JPMorgan's Surprising Role In The PFG Scandal

JPMorgan's Surprising Role In The PFG Scandal | Gold and What Moves it. | Scoop.it

by Mark Gongloff:

 

"The investigation into the collapse of Iowa brokerage firm Peregrine Financial Group is notable for one name that has not yet turned up: JPMorgan Chase.

 

"JPMorgan, the country's biggest bank, held customer accounts for Peregrine, doing business as PFGBest. But in alleging that Peregrine took customer money, the National Futures Association and Commodity Futures Trading Commission have claimed that customer money is missing not from a JPMorgan account, but from a U.S. Bank account. ..."

 

[I'm shocked, Shocke I say! LOL right. that's sarcasm.] hat tip to Jim Sinclair.

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Sprott - The Frightening Black Swan Nobody Is Talking About

Sprott - The Frightening Black Swan Nobody Is Talking About | Gold and What Moves it. | Scoop.it

"... [Eric] Sprott stunned KWN by speaking about his greatest fear: “My biggest black swan, Eric, is that I think I’ll be right one day. My worry is that one day they just shut everything down. They say, ‘You know what, we just can’t keep this up anymore, the whole Ponzi (scheme), we just can’t do it and we shut it down.’ All of the markets freeze, and the stocks that you are short are never allowed to go where they were.

 

"They might cease gold trading, in the normal sense, or maybe they will even outlaw gold trading. But that’s my biggest worry. Because everything else, everything that one would theorize and watch, in practical terms, all (of it) argues for gold and silver to win the day. So just stay the course. ...”

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Jim’s Mailbox « Jim Sinclair's Mineset

Talk about "Laugh out Loud". From an email to Jim Sinclair:

 

"Now comes news that the Fed will look at “Flexible” QE. This seems to me akin to having a Visa Black Credit Card… whereby there is no pre-defined credit limit. I suppose if you cannot get money velocity to increase, try (QE), try (QE2), and try (QE unlimited) again! At some point people’s behaviors and expectations of inflation will change. Maybe then the Fed will get the results they seek. Is it me, or is this just crazy talk? ..."

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Short Update 10:45AM – Market, Economic, Social, Political and Life Commentary by Peter Grandich

by Peter Grandich:

 

"... It may be hard to see with the naked eye, but gold has been building a base that I believe can lead to it taking out $1,650, which in my mind should signal the resumption of the climb in the “mother” of all gold bull markets. A seasonally favorable period for gold is just a few weeks away and if the perma-bears and gold haters (that’s basically 98% of the world) can’t get gold below $1,500 by then – it’s curtains for them (and I won’t be shedding a tear for them). ..."

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Time To Get To Work « Jim Sinclair's Mineset

From Jim Sinclair:

 

"... The physical demand for gold that has produced its resiliency comes from the robber barons with their trillions in fiat currency as well as central banks. ..."

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China to kick-start interbank gold market trade — RT

China to kick-start interbank gold market trade — RT | Gold and What Moves it. | Scoop.it

China, the largest consumer and now the largest producer of gold in the world, has aspirations to become a major gold trading center on a par with London and New York.


China has proposed to broaden trading of precious metals in its local market in order to help China become a "major gold trading centre", reports The Wall Street Journal.

 

"A person involved with the matter" revealed China’s ambitious plans to the WSJ, saying that "the move could increase liquidity and help Beijing gain stronger pricing power for key commodities like gold".

 

China is the fifth largest holder of gold reserves in the world after the U.S., Germany, France, and Italy.
Chinese officials say China hopes to have gold reserves as large as the U.S. in order to help position the yuan as a global reserve currency.

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FLASH MOBS SOON TO FIND SILVER & GOLD - The Prospector Blog

FLASH MOBS SOON TO FIND SILVER & GOLD - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

"The Walmart in Jacksonville, Florida knows all about Flash Mobs. If you have yet to watch this short YouTube video I encourage you to do so just to get the full effect of such a mob scene. Flash Mobs hit the scene as a fun way to draw attention to themselves, or cause, by quickly converging somewhere simultaneously. Up until recently the event, if you will, was innocent and entertaining but the Flash Mobs of today are different. Flash Mobs – like in the video below – have now evolved into a chaotic swarm of locust like villains leaving businesses scrambling for a solution. My gut tells me this is only the tip of the Flash Mob iceberg. ..."

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Federal Irony Alert! | Downsizing the Federal Government

Federal Irony Alert! | Downsizing the Federal Government | Gold and What Moves it. | Scoop.it

"The nation’s biggest subprime student lender–your federal government!—has just called out private “subprime” lenders.

 

"This morning the Consumer Financial Protection Bureau and U.S. Department of Education released a report examining private student loans. It concludes that private lenders were out of control, just like all of Wall Street, before the “Great Recession” hit, a fact largely evidenced by high default rates. It was, the report argues, a part of the overall subprime lending debacle and it hurt innocent students.

 

“Subprime-style lending went to college and now students are paying the price,” said U.S. Education Secretary Arne Duncan in a release accompanying the report.

 

"What’s the report’s solution to the problem? Push people into federal loans to the maximum extent possible. After all, those loans have low, taxpayer-backed interest rates; generous repayment terms, including speedy forgiveness for anyone going into “public service”; and essentially no requirement that borrowers offer evidence of creditworthiness.

 

"Wait—essentially no evidence of creditworthiness? Isn’t that subprime lending in its very purest form? Indeed it is, which is perhaps why the report offers no comparison of default rates on private and federal loans.

 

"Basically, the report is pushing for even greater subprime lending, only with taxpayers on the hook rather than voluntary investors. ..."

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LearCapital - Medal To Metal Games. Precious metals giveaway during the London 2012 Olympic Games

LearCapital - Medal To Metal Games. Precious metals giveaway during the London 2012 Olympic Games | Gold and What Moves it. | Scoop.it

"Welcome to Lear Capital's Medal to Metal Games... our own precious metals giveaway during the London 2012 Olympic Games. During the course of the Olympics, every time Team USA wins a GOLD or SILVER Medal, you have a chance to win a 1/10 oz. GOLD American Eagle Coin or a 1 oz. SILVER American Eagle Coin. These are official bullion coins of the United States and are legal tender."

 

Click over to regester for your chance to win some silver or golden coins!

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