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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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Glory Days, Made Again In America | Richard Mills | Safehaven.com

Glory Days, Made Again In America | Richard Mills | Safehaven.com | Gold and What Moves it. | Scoop.it
Real new wealth, and an economic superpower, are only created when a countries resources are used to manufacture goods to sell at home and abroad - when a countries natural resources are used to provide solid long term high paying jobs.

 

... America depends upon overseas suppliers for over 80 percent of its most important critical minerals.

 

"The United States is the world's third largest Copper producer, yet a 2010 MIT study by Elisa Alonso notes that the risk of Copper disruption is significantly greater than for other major metals, and is at or near an historical high. The Office of the Secretary of Defense lists Copper as a metal that has, "[Already] caused some kind of weapon production delay for the DoD." *Copper is also the primary metal for other strategic and critical metals highlighted in this report. Significant amounts of Molybdenum, Rhenium (nearly 75% of world's production), Tellurium and Selenium (95% of world's production) come from Copper mining and refining. Copper shortages will trigger companion shortages in these metals as well. We highlight this to further demonstrate the shortsightedness of targeting metals based entirely on stand-alone percentages." ~ The American Resources Policy Network report, "Assessing Risk: Critical Metals and National Security ...

Hal's insight:

This is a fascinating read to me. I don't think it'll happen though. We've a government set against such things and a segment of the population as well. Not only that but China holds us captive in a some ways.

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Major Greek banks ask for 27.4 billion euro — RT

Major Greek banks ask for 27.4 billion euro — RT | Gold and What Moves it. | Scoop.it

Greece's four largest banks need an additional €27.4 billion to overcome the losses from the country’s 200bn euro debt restructuring earlier this year.

 

On Friday the National Bank of Greece said it will need a €9.7bn capital boost while Eurobank Ergasias needs 5.8bn euro. Alpha Bank needs 4.6bn euro and Piraeus Bank 7.3bn euro, according to the report by the Bank of Greece 

 

As the country heads toward a sixth year of recession, the major banks reported growing losses on rising bad loans and falling deposit levels. NBG reported a nine-month loss of 2.45bn euro, compared to 1.34bn loss year-on-year. Alpha Bank said its loss for nine months reached 711.8mn euro, up from 566.7mn last year. 

 

The Greece’s Central bank said it will set aside 50bn euro from the second 173bn bailout package from international creditors in order to use it for a bank recapitalization plan. “It is expected to remain adequate under reasonable levels of economic uncertainty,” the lender said in a statement. ...

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16 Things About 2013 That Are Really Going To Stink

16 Things About 2013 That Are Really Going To Stink | Gold and What Moves it. | Scoop.it

The beginning of the year has traditionally been a time of optimism when we all look forward to the exciting things that are going to happen over the next 12 ...

 

... #1 Taxes Are Going To Go Up


#2 The Middle Class Is About To Be Scorched By The Alternative Minimum Tax ...

Hal's insight:

Click through for all 16.

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Gold Has Outperformed Housing By 600% Since 2001

Gold Has Outperformed Housing By 600% Since 2001 | Gold and What Moves it. | Scoop.it

Anyone predicting that gold would outperform housing in 2001 would likely have been viewed as being seriously deranged.  After all, housing prices had increased for decades and by the peak of the housing market in 2007, real estate was believed to be a "can't lose investment."  The mantra that housing values only go up proved to be disastrous for many Americans as the over-leveraged real estate market imploded, shattering the wealth dreams of both naive homeowners and investors.

 

Despite the trillions of dollars of direct support from ...

Hal's insight:

Click through for the other chart.

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Tom Luongo's curator insight, December 31, 2012 8:28 AM

In 2001, that is exactly what I said.  Gold would vastly outperform housing in the long term.  I was a neophyte back then and could see the market for what it was.  And yes I was called all manner of variations on 'seriously deranged.'

 

 

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The big 3-day engineered price sell-off in gold and silver - Ed Steer's Gold & Silver Daily

The big 3-day engineered price sell-off in gold and silver - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
It's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al.

 

Ed Steer:

 

"... With the big 3-day engineered price sell-off in gold and silver that took place between December 18-20 not in this data...along with the millions of ounces of silver deposited in SLV over that same time period...it's obvious that the shortsqueeze.com data would look a lot of different if they could take a snapshot right now.  As it stands at the moment, we'll have to wait until mid January.

 

"The other amazing thing that hasn't happened, is that there have been no major redemptions in either GLD or SLV since the current sell-off really got started on December 12th.  And now that I'm looking at the hard numbers, GLD has only shed about 19,000 ounces of gold ...and SLV has actually added 7.0 million ounces of silver during that same time period.  I'm only speculating at this point, but it looks like some entity is covering a monster short position that they may have in SLV...and GLD...and they were buying all the shares that others were selling into the engineered price decline that JPMorgan et al created in the first place.  But I'm sure that was all part of the plan.  ..."

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Class action motion filed against SA gold companies

Class action motion filed against SA gold companies | Gold and What Moves it. | Scoop.it

A South African lawyer has moved to file a Silicosis class action motion against over 30 gold firms on behalf of 17,000 former miners.


JOHANNESBURG (REUTERS) - 

 

A South African lawyer has moved to file a class action suit against over 30 gold firms on behalf of 17,000 former miners who say they contracted silicosis, a debilitating lung disease, due to negligence in health and safety.

 

The companies include third-largest global bullion producer AngloGold Ashanti, fourth-largest Gold Fields and Harmony Gold. Also named is Anglo American's South African unit, which owed gold assets in the past but no longer produces it.

 

Attorney Richard Spoor said on Friday he had filed last week for class certification for an action for damages in the South Gauteng High Court in Johannesburg. ...


Hal's insight:

This will ripple out and affect costs and prices in the future, no doubt.

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Why [does] Gold rich Portugal remain in crisis?

Portugal,which has been experiencing an extended downturn is one of the world's wealthiest when comparing gold reserves.

 

LISBON(BullionStreet): Can Portugal use it's size-able gold reserves to resolve the still lingering economic crisis?

 

Portugal,which has been experiencing an extended downturn is one of the world’s wealthiest when comparing gold reserves.

 

Whether Portugal should dig into its stock of the precious commodity and ease the plight of its increasingly impoverished society as the crippling side-effects of austerity becoming more apparent by the day.

 

Portugal's economy hasn't grown in seven quarters and is even expected to shrink by over 3 percent this year. State debt has swelled to around 102 percent of GD. ...

Hal's insight:

Don't look for them to hand over there gold anytime soon. They will sit on it and add to it while attempting to placate via other means.

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A rare look inside a Swiss gold refinery

As the global economic crisis continues, there is a rush on gold, as it is increasingly regarded as one of the only safe commodities around. The world's four...
Hal's insight:

hat tip to http://www.mining.com

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6 Shocking Gold Charts Depicting Stunning Western Decline

6 Shocking Gold Charts Depicting Stunning Western Decline | Gold and What Moves it. | Scoop.it

The following gold charts reveal the true horror of the decline of Western influence and power, and the rise of Eastern economic dominance and power.  These fascinating, yet disturbing, graphics were sent to us from Nick Laird of ShareLynx out of Australia.  This is the third and final in a series of releases where KWN featured charts from Laird which gave a visual snapshot of what is really taking place in the gold and silver markets.  We thank Laird for sharing these incredible charts with our global readers.

Hal's insight:

Click through for all the charts. Very interesting and confirms for me what I have been suspecting for some time now.

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Time Running Out for Last Stab at 'Cliff' Solution

Time Running Out for Last Stab at 'Cliff' Solution | Gold and What Moves it. | Scoop.it
Amid partisan bluster, congressional leaders and President Obama were offering slim hopes for a limited fiscal deal -- a White House summit scheduled for Friday afternoon.
Hal's insight:

LOL Running out? Seriously? Come on people. The sands ran out of the timer several years ago. The politicians just refuse to acknowledge the fact. Instead they are trying to stuff paper money into the top of the hourglass, but father time doesn't not accept fiat.

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China unlikely to be ousted as world's main gold producer | MINING.com

China unlikely to be ousted as world's main gold producer | MINING.com | Gold and What Moves it. | Scoop.it
The nation’s gold output between January and October was of 323 tonnes, 11% more than in the same period last year.

 

China is expected to remain as the world’s top gold producer for the sixth consecutive year in 2012, the country’s gold association forecast Thursday.

 

According to China.org, the industry association’s latest data shows the nation’s gold production between January and October was of 323 tonnes, which represents a 11% increase from the same period last year.

 

Since 2007, when China overtook South Africa as the world’s biggest gold producer, the country has remained among the world’s top bullion producers and, as of last year, as the number one, according to China Gold Association's report.

 

The country is also the world's second-largest gold consumer after India. ...

Hal's insight:

Yup, and frankly, I have a suspicion that they are stockpiling more gold than anyone else in the world, but just aren't reporting it quite yet.

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3 Key Charts Show Massive Money Flows Into Gold & Silver

3 Key Charts Show Massive Money Flows Into Gold & Silver | Gold and What Moves it. | Scoop.it

Many of the King World News readers have asked how much physical gold and silver are available and stockpiled around the world.  Today we are pleased to provide the answer with several key graphics which were sent to us from Nick Laird of ShareLynx out of Australia.  This is the second in a series of charts that KWN will be releasing from Laird which give a visual snapshot of what is really taking place in the gold and silver markets.  We thank Laird for sharing these fascinating charts with our global readers.Many of the King World News readers have asked how much physical gold and silver are available and stockpiled around the world.  Today we are pleased to provide the answer with several key graphics which were sent to us from Nick Laird of ShareLynx out of Australia.  This is the second in a series of charts that KWN will be releasing from Laird which give a visual snapshot of what is really taking place in the gold and silver markets.  We thank Laird for sharing these fascinating charts with our global readers.

Hal's insight:

click through for the charts.

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Government Dependents Outnumber Those With Private Sector Jobs In 11 U.S. States

Government Dependents Outnumber Those With Private Sector Jobs In 11 U.S. States | Gold and What Moves it. | Scoop.it

America is rapidly becoming a nation of takers.  An increasing number of Americans expect the government to take care of them from the cradle to the grave, and they expect the government to dig into the pockets of others in order to pay for it all.  This philosophy can be very seductive, but what happens when the number of takers eventually outnumbers the number of producers?  In 11 different U.S. states, the number of government dependents exceeds the number of private sector workers.  This list of states includes some of the biggest states in the country: California, New York, Illinois, Ohio, Maine, Kentucky, South Carolina, Mississippi, Alabama, New Mexico and Hawaii.  It is interesting to note that seven of those states were won by Barack Obama on election night.  In California, there are 139 "takers" for every 100 private sector workers.  That is crazy!  The American people have become ...

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Russia signs $3bn arms deals with India — RT

Russia signs $3bn arms deals with India — RT | Gold and What Moves it. | Scoop.it

Russia will sell India military helicopters and military equipment worth about $3bn under a new agreement as bilateral trade might double to $20 by 2015.

Russian President Vladimir Putin and India’s PM Manmohan Singh signed a number of arms deals during Putin’s visit to Delhi, which include the supply of 71 military helicopters for $1.3bn and kits to assemble 42 Sukhoi jet fighters for a further $1.6bn.

 

India is currently the world's largest arms importer, and one of Russia's top clients for arms sales as Russian-made military equipment accounts for 70% of Indian weaponry.

 

Trade between Russia and India has been growing steadily and is expected to reach around $10bn dollars in 2012, up from $7.5bn in 2009, according to Indian official figures. Ahead of the visit, the Russia President called to increase bilateral trade to $20bn by 2015. ...

Hal's insight:

Do you suppose they will be using gold as a medium of exchange? Hmm... Russia has been adding to their horde for a while now and it is India. Just say'in.

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RON PAUL RIPS THE NRA & LIBERAL DO-GOODER CONTROL FREAKS « The Burning Platform

By Kenneth T. Walsh

 

December 26, 2012

 

Rep. Ron Paul, not one to shy away from controversy, has blasted the National Rifle Association for proposing that every school hire armed guards to protect against mass shootings, and has also condemned liberals for promoting more government control of guns.

 

[ALSO: Ron Paul Rips Government in Last House Speech]

 

Referring to the massacre in Newtown, Conn., Paul said, “Predictably, the political left responded to the tragedy with emotional calls for increased gun control. This is understandable, but misguided. The impulse to have government ‘do something’ to protect us in the wake of national tragedies is reflexive and often well intentioned. Many Americans believe that if we simply pass the right laws, future horrors like the Sandy Hook Elementary shooting can be prevented. But this impulse ignores the self evident truth that criminals don’t obey laws. The political right, unfortunately, has fallen into the same trap in its calls for quick legislative solutions to gun violence. If only we put armed police or armed teachers in schools, we’re told, would-be school shooters would be dissuaded or stopped. While I certainly agree that more guns equals less crime and that private gun ownership prevents many shootings. I don’t agree that conservatives and libertarians should view government legislation, especially at the federal level, as the solution to violence.” ...

Hal's insight:

I agree. I'm going to miss Rep. Paul greatly.

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Notes From Underground: Policy Should Set Stock Prices. Imagine That

The ideas CNBC is spreading about the FISCAL CLIFF is just absurd. The addiction to higher stock prices has meant that a failure to get the equity market to rally due to falling off the“CLIFF” prevents quality policy from being attained. Going over the“CLIFF” will at least put spending front and center for we are all sure that taxes are going higher so the discussion must get to a genuine discussion about spending, and yes, that means serious cuts in the bloated defense sector. The FED‘s policy means that monetary policy will support the economy into the medium term and alleviate some of the pain from government spending cuts. It’s not drastic austerity but a realistic plan for dealing with rampant profligacy.

 

Many pundits and saltwater economists claim the global financial system is not worried about U.S. fiscal policy because the 10-year note yield continues to hover around 1.7%. This argument is preposterous because the price of U.S. debt is meaningless as long as the FED‘s continued QE and large-scale asset purchases (LSAP)continues to badly distort the market. The FED is now purchasing $85 billion a month in Treasury and MBS debt. When you couple that with the continued needs of insurance companies and pension funds, the pricing mechanism for DEBT is badly broken. To exemplify the issue, Bloomberg ran an article yesterday about ...

Hal's insight:

Click through for the rest. A good read.

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Milk prices to soar if Congress ignores farm bill

Milk prices to soar if Congress ignores farm bill | Gold and What Moves it. | Scoop.it
Santa, enjoy your milk now: Come January 1, it may cost $8 a gallon

 

by Lindsey Boerma:

 

But even if Boehner does decide to slip farm legislation into the "fiscal cliff" package, no single bill exists right now for the agriculture committees to offer: The House farm bill, approved by Lucas' committee in July, never made it through the GOP-controlled chamber, due primarily to disagreements over how deeply to cut food stamps. The Democratic-controlled Senate passed its version - the "Agriculture Reform, Food and Jobs Act of 2012" - in June.

 

It's a turf battle as much as a spending-cut war. Peanut and rice farmers back the House version, which proposes $35 billion in spending cuts, and replaces the current agriculture subsidy program with what is essentially a safety net, guaranteeing government payments if crop prices fall below a certain point; corn and soy farmers prefer the Senate bill, which proposes $23 billion in spending, and offers insurance when revenue from a crop is more than 11 percent below average.

 

One thing both chambers, and parties, agree on: Extending the 2008 law shouldn't be an option. Between having to scramble for additional funding for already-expired programs and extending payment for disaster assistance, which was significant this year following a prolonged Midwest drought, any temporary measure would cost more than a full five-year bill, without offering any spending cuts. But while Lucas, according to House Agriculture Committee spokesperson Tamara Hinton, remains devoted to getting a five-year bill ...

Hal's insight:

Congress shouldn't have this kind of power, folks. hat tip to www.jsmineset.com 

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Guest Post: Jobless Claims Not Translating Into Full-Time Jobs | ZeroHedge

Guest Post: Jobless Claims Not Translating Into Full-Time Jobs | ZeroHedge | Gold and What Moves it. | Scoop.it
While the decline in initial jobless claims from a historical perspective should be a positive for economic growth in the future - it is likely to only be the case if employers began to convert part-time employees to full-time hires.

 

... The chart goes to confirm my suspicion that corporations have likely reached their minimum employment levels to maintain current production levels.  This is a contributing factor to lower levels of initial jobless claims.   

 

However, just having fewer people terminated, and subsequently filing for a welfare program, does not answer the question related to whether or not the fall in claims is leading to full-time employment.  In order for the economy to begin organically growing (meaning without the artificial supports to the financial system and housing markets through government intervention) it will require an increase not just in the number of people working - but an increase in full-time employment to reduce welfare dependency and increase incomes. ...

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India to take more measures to curb Gold imports

Earlier, a leading Indian trade body said country's gold imports may fall to 550 tonnes next year from a peak of 967 tonnes in 2011.

 

NEW DELHI(BullionStreet): India would take further measures to control gold imports to contain the fiscal deficit, said finance minister P. Chidambaram.

 

Speaking at a function here he said government needs to continue efforts to contain gold imports which contributed $64 billion to the widening Current Account Deficit.

 

He said “Some measures may cause immediate pain but this was necessary to ensure that the fiscal deficit came down to 3 per cent in the next three years. Steps were also being taken to contain the Current Account Deficit.

 

India’s CAD is expected to touch 3.5 per cent of the GDP in the current fiscal. Chidambaram also lauded state governments for containing the fiscal deficit to 2.1 per cent of the GDP. ...

Hal's insight:

Rather weird to continue to see India trying to keep gold from coming into the country but then perhaps they find the idea of the people holding so much gold a bit of a threat to their central bank. ;-)

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Charles Hugh Smith: The Fiscal Cliff's Structural Endgame

Charles Hugh Smith: The Fiscal Cliff's Structural Endgame | Gold and What Moves it. | Scoop.it

The fiscal cliff is not a one-time political event; it is a generational process that ends in the collapse of the Status Quo.

 
To understand the fiscal cliff's inevitable endgame, we need to start with the financial and political basics of wealth and power in the U.S.

1.  Wealth and thus political power are highly concentrated.  The dynamics of rising wealth disparity and the increasing concentration of wealth are debatable; the disparity is not.  Roughly 70% of all financial wealth is held by the top 5%; within this top layer of ownership, the top ½ of 1% hold an outsized share. 2.  This preponderance of wealth in the hands of a few translates into an equivalent preponderance of political power, as there are no real limits on the purchase of political influence, favors and power. ...
Hal's insight:

Click through for the rest of Mr. Smith's piece.

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Next Move May Be A Stunning $3,620 For Gold & $125 Silver

Next Move May Be A Stunning $3,620 For Gold & $125 Silver | Gold and What Moves it. | Scoop.it

The following 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 in both gold and silver as we head into 2013.  These charts show the next pulse higher for gold and silver may stretch to $3,620 and $125, respectively. 

Hal's insight:

Click over for the charts.

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Eric De Groot: Reid says fiscal cliff dive likely; blasts Boehner for lacking leadership

Eric De Groot: Reid says fiscal cliff dive likely; blasts Boehner for lacking leadership | Gold and What Moves it. | Scoop.it

What qualifies as leadership when retaliation is the modus operandi of politics? Raising taxes and (selectively) reducing spending without addressing the core burden of ever-increasing interest payments on existing debt will only turn capital from much needed investment.  This discourages job creation and encourages stagflation.

Hal's insight:

Indeed. It's coming. Just a matter of time.

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It's Time for Cramer to Short His Show

It's Time for Cramer to Short His Show | Gold and What Moves it. | Scoop.it

Allan Roth's recent blog was the tipping point for me.

 

Roth, a respected journalist, author and investment advisor, reported on his investment gain of 22 percent in 22 days, using money from his gambling portfolio. How did he achieve these stellar results? By doing the opposite of what Cramer recommended on his aptly named Mad Money show. According to Roth, in November, Cramer advised his viewers to "immediately" sell Hewlett Packard (HPQ) and Best Buy (BBY). Instead, Roth "immediately" bought them. He sold them 22 days later and earned a 21.9 percent gain on HP and a 22.5 percent gain on Best Buy.

 

I am not cherry picking here. Obviously, Cramer is not always wrong. He has picked many winners, but overall his record is no better than one you would expect from random chance. As I noted in a previous blog, two studies by Barron's on August 20, 2007 and February 9, 2009 found that his stock picks underperformed the markets. You would have done better in broad based index funds. ...

Hal's insight:

LOL

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Fiscal cliff deal increasingly unlikely, but it’s only political theatre « The Financial Physician

Fiscal cliff deal increasingly unlikely, but it’s only political theatre « The Financial Physician | Gold and What Moves it. | Scoop.it

This is the way I see this playing out: The House Republicans ran on the platform that they would not raise taxes on anyone, that is why they would not vote for Boehner’s “Plan B’ which would have raised taxes on those making more than $1 million. We will more than likely go over the “fiscal cliff” on January 1, 2013. By late January Congress will pass and Obama will sign a bill that lowers taxes for everyone making less than $500,000, extends unemployment insurance, raises the debt ceiling, patches the AMT, raises capital gains and dividends to 20% and sets the estate tax exemption at $3.5 million. The Republicans can say they never voted to raise anyone’s taxes (the expiration of the Bush tax cuts did that), as a matter of fact, they voted to lower taxes. The President gets what he wants, punishment for the greedy rich and a low tax rates for the middle class. All this noise is political theatre.-Lou

Hal's insight:

Lou I think is right. We are witnesseing political theatre.

 

And I for one would like my ticket money back.

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Russian gold, forex reserves rise to $532bn Mineweb

Russian gold, forex reserves rise to $532bn Mineweb | Gold and What Moves it. | Scoop.it

MOSCOW (REUTERS) - Russia's gold and foreign exchange reserves rose to $532.0 billion in the week to Dec. 21 from $528.8 billion a week earlier, central bank data showed on Thursday.

 

Russia's central bank has no immediate plans to diversify its foreign exchange holdings

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