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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The Golden Truth: The Next Big Move Higher In Gold

The Golden Truth: The Next Big Move Higher In Gold | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"There's been a lot of media misdirection and appallingly invalid commentary about the relative strength of the economy and the outlook for the precious metals.  I've addressed the first issue in some previous posts, most notably my recent post on housing.

"As for the latter, a blogger who goes by "Mad Max Trader" posted a widely distributed piece that suggested the bull market in gold has been fueled by China's huge buying over the past decade, that this demand will decline with the growth in China's economy, and the "air" will let out of the price of gold:  LINK. 

"Unfortunately, this analysis has absolutely no basis in actual fact.  The truth is that China imported a record amount of gold in 2012: LINK  It should be pointed out that this is gold that is "consumed" by the public and does not reflect the buying from China's Central Bank.  Furthermore, on more than one occasion a Chinese Central Bank official has made the comment that China needs to diversify its massive currency reserves by increasing the percentage held in gold.  The author further made no mention of ..."

Hal's insight:

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Bite The Emotional Restraint Bullet « Jim Sinclair's Mineset

The pressure on gold is not permanent in any sense. This decline is, as I have told you, similar to the series of declines just before gold took off in the 70s from $400 to $887.50. Those declines then were for the purpose of the last great shake of the gold apple tree prior to the move that gained the most distance over the least amount of time.

 

My birthday is March 27th. By that time this decline in gold will be old history. This decline is purely to take your positions away from you, certainly in shares which today trade at historic discounts to their assets. ...

Hal's insight:

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Ed Steer's Gold & Silver Daily Chinese gold charts

Ed Steer's Gold & Silver Daily Chinese gold charts | Gold and What Moves it. | Scoop.it

For those who think that gold no longer has any value as currency in the modern world, these charts should put an end to that type of thinking. - Ed Steer

Hal's insight:

Click over for the three charts that Ed has posted to his daily. Pretty instructive.

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oftwominds-Charles Hugh Smith: Why Reform Won't Work

oftwominds-Charles Hugh Smith: Why Reform Won't Work | Gold and What Moves it. | Scoop.it

Regardless of the need for reform, it isn't going to happen for these structural reasons.


The list of public/private institutions that desperately need structural reform is long: the Pentagon, healthcare (a.k.a. sickcare), Social Security, the complex mish-mash of programs that make up the Welfare State, the 73,000 page tax code, public pensions and the financial sector, to name just the top few.

Every reasonably informed person knows that all these institutions need deep, systemic reforms, not another layer of bureaucratic oversight or a few policy tweaks. As evidence that the Status Quo is finally confessing to the obvious, please read Can America Be Fixed? The New Crisis of Democracy by Fareed Zakaria (Foreign Affairs).

The article lays out the unsustainability of current public/private institutions and policies in irrefutable detail.

Regardless of the need for reform, it isn't going to happen for these structural reasons.In a nutshell, the public-relations America presented by the mainstream media and the State bears little resemblance to the actual machinery of finance and governance. ...
Hal's insight:

Click through for the full post and five points Charles makes along with his conclusion of the end game.

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Twitter / porkydawky : @WenzelEconomics @TFMetals ...

Hal's insight:

Go watch this now.

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Expect Gold Prices To Ride Higher On This New Investment From China

Expect Gold Prices To Ride Higher On This New Investment From China | Gold and What Moves it. | Scoop.it
 China remains a small player on the international gold scene, but that’s about to change, and that’s good news for those betting on higher gold prices.You see, currently China’s gold investors hav...
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Virginia moves closer to creating state’s own currency

Virginia moves closer to creating state’s own currency | Gold and What Moves it. | Scoop.it
Lawmakers in Virginia say they want to keep their options open in case the value of the U.S. dollar ever collapses --- so they're considering minting state coinage.
Hal's insight:

Bring it on. Even Amazon is doing it. hahahaha.  hat tip to www.drudgereport.com 

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U.S. Dollar Collapse: Where is Germany’s Gold? | Peter Schiff | Global Research

U.S. Dollar Collapse: Where is Germany’s Gold? | Peter Schiff | Global Research | Gold and What Moves it. | Scoop.it

The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany’s behalf. One cannot help but wonder if the refusal triggered the demand.

 

Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world’s safe-haven asset and the US government is no longer a trustworthy banker for foreign nations. It looks like their fears are well-grounded, given the Fed’s seeming inability to return what is legally Germany’s gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world. If they can’t rely on Washington to keep its promises, who can?


Where is Germany’s Gold?


The impact of Germany’s repatriation on the dollar revolves around an unanswered question: why will it take seven years to complete the transfer?

The popular explanation is that the Fed has already rehypothecated all of its gold holdings in the name of other countries. That is, the same mound of bullion is earmarked as collateral for a host of different lenders. Since the Fed depends on a fractional-reserve banking system for its very existence, it would not come as a surprise that it has become a fractional-reserve bank itself. If so, then perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back – a ‘run’ on the Fed. ...

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South Africa pushes for greater tax revenues from miners | MINING.com

South Africa pushes for greater tax revenues from miners | MINING.com | Gold and What Moves it. | Scoop.it
South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with rising costs and declining commodities prices.

 

South Africa seeks to extract greater tax revenues from its mining companies as they struggle to deal with the double burden of rising costs and declining commodities prices.

 

Bloomberg reports that while the incumbent African National Congress seeks to derive greater fiscal benefit from its mining companies, any measures to raise tax revenues will also risk further hampering a sector already burdened by ballooning costs and weak spot prices for key commodities.

 

The ANC announced at a conference in December that it would pursue a tax review for the mining sector in lieu of radical proposals to nationalize mines. Talk of a "resource-rent" tax ...

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Online retail giant debuts its own virtual currency | MINING.com

Online retail giant debuts its own virtual currency | MINING.com | Gold and What Moves it. | Scoop.it
Amazon, world's leading online retailer, has unveiled a new form of virtual currency
Hal's insight:

Well, when the currency we use to purchase things on a daily basis is made up and fake to begin with, what's to stop retailers from creating their own virtual and fake currency?

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Charles Hugh Smith: The Hidden Death of the Ownership Society

Charles Hugh Smith: The Hidden Death of the Ownership Society | Gold and What Moves it. | Scoop.it

The foundation of the neofeudal economy is this: the right of ownership still exists in name, but the actual ownership of political and financial power is concentrated in the hands of a few.


The core of American liberty is widespread private ownership of property. The Founding Fathers were quite clear on the necessity of protecting private ownership from encroachment by a covertly created monarchical Empire or a financial Aristocracy.

Private ownership protected liberty and the distribution of wealth by enabling widespread ownership of "the means of production" (land, tools, intellectual property, enterprises) and home ownership.

Thus the correlation between prosperity, widespread ownership of small businesses and homes and a relatively modest disparity of private wealth. When ownership of property becomes concentrated into a rentier class (i.e. a financial Aristocracy) that is protected by a Monocrat Central State, income disparity shoots up and prosperity is concentrated in the hands of the political and financial Elites.

In other words, the Founding Fathers understood that financial servitude precluded political liberty. Liberty in a neofeudal economy was ultimately liberty in name only. ...
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US MINT SELLS 8.2 MILLION SILVER EAGLES OVER FIRST 17 DAYS OF 2013 PRODUCTION!

US MINT SELLS 8.2 MILLION SILVER EAGLES OVER FIRST 17 DAYS OF 2013 PRODUCTION! | Gold and What Moves it. | Scoop.it
 After selling an all-time monthly record of 7.498 million Silver Eagles in January, the US Mint has picked up right where it left off in February once it began reporting sales figures again, annou...
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Uzbekistan tightens Gold, forex reserves policy

Uzbekistan tightens Gold, forex reserves policy | Gold and What Moves it. | Scoop.it
The central Asian republic has made trading with foreign currency a criminal offence and put gold exports under strict conditions from February 1.

 

Continuing it's efforts to preserve valuable reserves,Uzbekistan tightened grips on forex and gold reserves.

 

The central Asian republic has made trading with foreign currency a criminal offence and put gold exports under strict conditions from February 1.

 

Uzbekistan's State Tax Committee warns entrepreneurs and individuals they will be held liable for making settlements in cash foreign currency in the sphere of retail trade and services, including criminal liability. ...

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The Dog Wags The Tail...Again

The Dog Wags The Tail...Again | Gold and What Moves it. | Scoop.it

Take it as a very good sign that this is happening with increasing frequency.

To recap:

As noted last week, the POSX sat at the edge of the precipice, near 79. We all expected efforts to, at once, talk UP the dollar and talk DOWN the euro.Today, the man that Goldman placed in Europe, succeeded in talking down the euro.The Gold Cartel pounced and initiated a waterfall decline.To their collective chagrin, massive allocations of physical were sought at these rigged-lower prices.To hedge/cover, The Cartels had to almost as quickly get on the bid in the paper market.And you end up with a chart like this: ...
Hal's insight:

Click through for the rest of the post and the chart.

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Exit From Massive #Silver Base Projects Staggering 1,020% Move

Exit From Massive #Silver Base Projects Staggering 1,020% Move | Gold and What Moves it. | Scoop.it

The following chart was 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 in key markets such as gold and silver.  Note that the minimum projected move for silver would cause convulsions for mainstream media pundits who have incorrectly been predicting the end of the metals bull run.


“As the saying goes, a picture tells a thousand words.  I have taken a monthly line chart on silver going back to 1970.  The 1970’s bull market from a technical perspective is picture perfect.  There are a clear 5 waves up (as seen on the chart below), with the largest being the 5th wave which represented a staggering 808% gain for silver.  

 

This is the norm for commodities as wave 5 is driven by fear and scarcity.  The 70’s corrective waves of 2 and 4 have alternation, where 2 is fast and steep, and 4 is slow, drawn-out and volatile.  The subsequent 20 year bear market made obvious key levels of support and resistance as noted by the yellow circles and horizontal red lines that I have extended into today’s time frame. ...


Hal's insight:

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China retains top spot in Gold production for 6th year

China retains top spot in Gold production for 6th year | Gold and What Moves it. | Scoop.it
Earlier, the China Gold Association said that it aims to produce between 420 and 450 tonnes of the precious metal in 2015, while consumption may reach 1,000 tonnes by then.

 

BEIJING(BullionStreet): China retained it's top ranking in global gold production for the sixth year in a row with 403.05 tons in 2012.

 

According to China Gold Association, output last year grew by 11.66 percent a year ago and almost 100 times from 1949, when the country achieved independence from British colonialists.

 

China's first recorded gold production back then was at 4.07 tonnes.

Earlier, the China Gold Association said that it aims to produce between 420 and 450 tonnes of the precious metal in 2015, while consumption may reach 1,000 tonnes by then. ...

Hal's insight:

And you know they are going to keep most if not all of it. And I don't expect them to accurately report the amounts they mine. But then maybe I'm just silly.

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Gold To Spike As Fears Of Fed Exiting QE Are Preposterous

Gold To Spike As Fears Of Fed Exiting QE Are Preposterous | Gold and What Moves it. | Scoop.it

... Now I’m telling people about what’s going to occur in the United States (and around the world) when the bond bubble bursts, how to prepare for it and how to survive it when it happens.  We’re talking about trying to cut spending in Washington D.C., and every time they talk about cutting spending it comes down to pennies on the dollar.  Every time there is an opportunity to cut spending they punt on sequestration, the debt ceiling, and continuing resolutions.

 

It’s always, always tomorrow when it comes to cutting spending. ...

Hal's insight:

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - CFTC Finally Does Something About Market Manipulation

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - CFTC Finally Does Something About Market Manipulation | Gold and What Moves it. | Scoop.it

Intraday commentary about that very clumsy Dr. Evil style hit on the open of the gold market here.

Speaking of the CFTC, it appears that those fine fellows have finally done something about the obvious and blatant manipulation that all too often plagues the futures markets in commodities.

That's right, the CFTC is joining a defense motion to dimiss the $30 million fine levied against the Amaranth trader who was caught manipulating the natural gas market. Why?

Because the CFTC and the defense contend that the Federal Energy Regulatory Commission should not be investigating market manipulation in futures, because not doing anything about it is within the jurisidction of the CFTC.

Hey, nobody can touch our crooks but us, and we're too busy and understaffed to do it. Now that's industry friendly! ...

Hal's insight:

Click through for the full post. All I can say is, Wowsers! Good grief, it's getting blatant and in your face.

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Currency Wars Return, 1930s Style: Who Will Lose Out?

Currency Wars Return, 1930s Style: Who Will Lose Out? | Gold and What Moves it. | Scoop.it
As countries try to weaken their currencies to boost exports, the risk of a currency war similar to events seen in the 1930s has heightened, according to Morgan Stanley.

 

The balance of power now rests with Japan, according to the bank, as Japan's policy-makers' more dovish approach looks set to bring the world a step closer to a currency war.

 

The Bank of Japan doubled its inflation target to 2 percent in January and made an open-ended commitment to continue buying assets from next year. This follows a leadership change, with new Prime Minister Shinzo Abe openly calling for aggressive monetary stimulus from the country's central bank.

 

This move, Morgan Stanley said, is a "game changer" as Japan tries to invigorate its stagnating economy . ...

Hal's insight:

Seems mainstream is starting to realize this more and more of late. And late is what I mean. They are late to realizing it's happening. James Rickards has been at the forefront for a while now in detailing how this was coming and going on for a while now.

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If Rates go Up Housing Will Implode-Fabian Calvo

http://usawatchdog.com/rise-in-asset-prices-all-an-illusion-fabian-calvo/ Real estate investor Fabian Calvo says, "The Fed realizes there needs to be a low rate environment for housing to recover or it's a huge implosion. They have thrown underwriting guidelines out the window. They are going to continue with no money down loans or very little equity." The Fed also knows that many big banks are technically insolvent. Calvo contends, "You have a lot of these zombie banks. If you mark-to-market their assets, they would be bankrupt." So, the Fed and the government will continue to print money to keep housing prices and the big banks from collapsing. Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Fabian Calvo from TheNoteHouse.us.

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Scientists discover bacteria that can make gold out of mine waste | MINING.com

Scientists discover bacteria that can make gold out of mine waste | MINING.com | Gold and What Moves it. | Scoop.it
It protects itself by turning its environment into molecular-sized gold nuggets.

 

A group of scientists has identified a bacterium that turns toxic water-soluble gold into microscopic nuggets of the solid precious metal, reveals the paper published Monday in Nature Chemical Biology.

 

The finding solves a mystery that for decades has intrigued biochemists, which is why the Delftia acidovorans germ is frequently found on the surface of tiny gold nuggets.

 

Nathan Magarvey of McMaster University in Hamilton, Canada, and his team grew a colony of this microorganism, and conducted tests to determine how it produces the molecular-sized gold nuggets outside its cell wall. The group concluded the answer lies in a molecule excreted by the microbe that both shields the organism and transforms the poisonous ions into particles.

 

In other words, it protects itself by turning its environment to gold. ...

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Germany's Gold Reparation and My Recent Coin Purchase

Lou discusses big news from the gold and silver market, and his recent experience buying American Eagle Silver Coins
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It is crucial to keep everybody INSIDE the paper money and sovereign debt system. - Bill Buckler

It is crucial to keep everybody INSIDE the paper money and sovereign debt system. - Bill Buckler | Gold and What Moves it. | Scoop.it

The blatant manipulation of paper to "control" the price of the physical metal is ongoing and getting more blatant by the month. The more debt that the central banks monetise, the more vital it is that there are no distractions in this process. It is crucial to keep everybody INSIDE the paper money and sovereign debt system. It is equally crucial, therefore, to discourage any temptation to venture outside it. - Bill Buckler...Gold This Week...02 February 2013

 
Hal's insight:

I clipped this from Ed Steer's Gold and Silver Daily http://www.caseyresearch.com/gsd/edition/hong-kong-2012-net-gold-flow-china-hit-record-high# ;

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Russia to keep searching for more Scythian Gold

Scythians believed, like the Egyptians, that they could take their wealth with them into the afterlife.

 

MOSCOW(BullionStreet): Russia announced further plans to search for the Scythian gold in the country's far east. 

The Russian Geographical Society (RGS) will lead search parties in Tuva and to examine the New Siberian Islands.

 

There are straits under the ice there that have not been explored yet. Another volunteer expedition to Siberian Tuva will be the most large-scale project of the Russian Geographical Society this year.

 

However, ahead of construction work scientists and volunteers from 28 countries will examine all barrows and ancient settlements there. Since the major recovery more than a decade ago, Russia is yet to strike it rich with Scythian gold.

 

Almost 5,000 decorative gold pieces, earrings, pendants and beads ...

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India to introduce PAN must scheme for Gold purchase

Currently, banks account for about 60 per cent of the total gold import.

 

NEW DELHI(BullionStreet): World's largest gold consumer India on Wednesday came up with yet another plan to check climbing gold demand.

 

An RBI panel proposed a slew of measures like mandatory quoting of PAN numbers for high-value purchases, restriction on gold loans and check on NBFC branches dealing with gold loans.

 

The panel also suggested cheque payment for gold purchase beyond a threshold, introduction of other savings products to discourage investment in physical gold, prohibition of bank finance for buying gold and revival of the two-decade old proposal to set up a Bullion Corporation.

 

Indian central bank is also planning to impose limits on volume and value of gold import by banks under extreme situation. ...

Hal's insight:

And so it continues.

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