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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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Gold Standard To Be Reinstated Through The Back Door | Chris Vermeulen | Safehaven.com

Gold Standard To Be Reinstated Through The Back Door | Chris Vermeulen | Safehaven.com | Gold and What Moves it. | Scoop.it

by Chris Vermeulen:

 

"... Central bank purchases, led by the emerging markets, are on track this year to hit a record high according to the World Gold Council. China alone in 2011 bought around 490 tons of gold. Other countries including Russia, Turkey and South Korea have added gold to their official holdings in recent months. This buying showed up as central bank purchases in the second quarter of 2012 were more than double the level reported a year earlier at 157.5 metric tons. If the buying continues at current levels, central banks gold purchases would total around 500 tons this year, easily surpassing last year's 458 tons.

 

"The bottom line for investors from the global central banks' buying of gold? The gold standard is working its way back into the international monetary system through the back door. This should, in the long-term, put a floor under gold and help maintain it on its steady upward path.

 

"Just last week we started to see gold bullion, silver bullion and gold miner share prices start to breakout to the upside of a 12 month consolidation pattern. This could be the start of the next major rally in precious metals as future uncertainty fears continue to rise. The large bullish technical pattern ..."

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Obama & Bernanke are Bankrupting the U.S. - TrimTabs Money Blog

Obama & Bernanke are Bankrupting the U.S. - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it

by Charles Biderman:

 

"While vacationing at the Mauna Kea on the big island of Hawaii, which by the way is my favorite resort hotel on the planet, I realized during a dinner time conversation that no one is talking the truth about the US economy. The truth is that the US is being bankrupted by the actions of the Obama Administration hand in hand with the Bernanke Fed. Bankruptcy sooner or later has to occur when an individual, company or government keeps borrowing more then they can pay anytime soon. The US has borrowed and continues to borrow more money then it will ever be able to repay, and that is true even if economic growth zooms.

 

"Looking at the real numbers about the US economy it obvious to me that the US is headed towards bankruptcy. But no one, not even the Republicans are talking about the real numbers.

 

"First off, forget about GDP, job growth ISM and all that bullshit. Instead, let us start with some budget numbers. The Congressional Budget Office says that the Federal Government is currently spending about $3.6 trillion a year. Where is that $3.6 trillion coming from? According to the CBO, revenue from income taxes, etc. is about $2.4 trillion. The left over $1.2 trillion must be borrowed to plug the gap.

 

"This next part is what no one else seems to be noticing. The $2.4 trillion in tax collections is equal to about 25% of all pretax income. Therefore all US taxable income is about $9.6 trillion a year. I will bet that is a number you have not seen before. Why? I do not know why the blind cannot see.

 

"Back to the numbers, the $9.6 trillion is made up of $6.9 trillion from wages and salaries, $1.8 trillion in interest and dividends and $900 billion in capital gains. It took 12 years for pretax income to grow by 50%. Remember that for later. ..."

 

Click over for the video and the rest.

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Gold futures pause at $1700 per ounce level

Gold futures pause at $1700 per ounce level | Gold and What Moves it. | Scoop.it

Anna Coulling writes:

 

"The price of gold has paused for breath over the last few days following the sharp rise of last week, and with a holiday shortened week, the market has drifted sideways, as the December gold futures flirt with the $1700 per ounce level. Friday of course sees the monthly release of the Non Farm Payroll data, and with yesterday’s ADP suggesting a positive release, we could see a better than expected figure. However, over the last few months, the ADP figures have been some way off the mark, in forecasting the more significant NFP numbers, so no doubt the markets will be cautious ahead of the release. Of far more significance to the price of gold, will be the likely weakening of the US dollar, once a ..."

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$83,046 For A 3 Hour Hospital Visit – Why Are Hospital Bills So Outrageous?

$83,046 For A 3 Hour Hospital Visit – Why Are Hospital Bills So Outrageous? | Gold and What Moves it. | Scoop.it

"The fastest way to go broke in America is to go to the hospital. These days it seems like almost everyone has an outrageous hospital bill story to share. It is getting to the point where most people are deathly afraid to go to the hospital. All the financial progress that you have made in recent years can literally be wiped out in just a matter of hours. For example, you are about to read about an Arizona woman that was recently charged $83,046 for a 3 hour hospital visit. How in the world is anyone supposed to pay a bill like that? I have a really hard time understanding why a visit to the doctor should ever be more than a couple hundred bucks or why a hospital stay should ever be more than a couple thousand dollars. Outrageous hospital bills are a real pet peeve of mine and I have not even been to the hospital in ages. What makes all of this even more infuriating is that Medicare, Medicaid and the big insurance companies are often charged less than 10 percent of what the rest of us are billed for the same procedures. There is a reason why 41 percent of all working age Americans are struggling with medical debt right now. It is because our health care system has become a giant money making scam. Millions of desperate Americans go into hospitals each year assuming that they will be treated fairly, but in the end they get stuck with incredibly outrageous bills and in many cases cruel debt collection techniques are employed against them if they don't pay. ..."

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Expect $2,500 Gold & Silver To Smash All-Time Highs

Expect $2,500 Gold & Silver To Smash All-Time Highs | Gold and What Moves it. | Scoop.it

Today Tom Fitzpatrick spoke with King World News about the recent surge in both gold and silver. Fitzpatrick expects silver to smash through its all-time highs as the price of gold hits, “... $2,450 to $2,500 as we move into the first quarter of 2013.”

 

Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: “We now feel like we’ve at least got the first leg in what we think is the start of a move that’s going to take gold significantly higher. Gold has broken out of the top of this triangle (see chart below), and above the downward sloping trendline.

 

"That should open up the way now for a test of what we believe to be the more important level at around $1,791, which was the peak earlier in the year. If gold can break through that level, and we believe gold will eventually, we will complete a double-bottom within the triangle, which will give a target in the region of $2,060 an ounce. ..." click through for the rest and the graphs

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Richard Russell - Gold To Save World From Drowning In Debt

Richard Russell - Gold To Save World From Drowning In Debt | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News how the world can get rid of all that debt:

 

"The US owns the world's greatest hoard of gold. Here's what I think the authorities have to do. They should unilaterally, overnight raise the price of gold to a high value, maybe around $10,000 an ounce. Thus, each dollar would be worth one ten-thousandth of an ounce of gold. This would allow our enormous debt to be paid off with vastly devalued dollars.

 

"This would be inflationary, since everyone who owned gold would own a pile of devalued dollars. The huge increase in the number of dollars would drive prices up, and that would work against the current forces of deflation.

 

"Nations owning gold would in turn (in order to compete) -- devalue their own currencies, and thus be able to pay off their own ‘impossible’ debts. In the end, a new world monetary system would have to be established, but the terrible problem of a planet choking on debt would be solved.

 

"I think this is the only way the world-debt problem is going to be solved. It will, in the end, be solved by devaluation (as Roosevelt did in 1933, when he suddenly and unilaterally raised the price of gold from 20 to 35 dollars an ounce). ..."

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Platinum buying rises as strike disruptions escalate

Platinum buying rises as strike disruptions escalate | Gold and What Moves it. | Scoop.it

Nicholas Larkin and Debarati Roy

 

LONDON AND NEW YORK (BLOOMBERG) -

 

"Investors are buying platinum at the fastest pace since 2010 after disruptions at South African mines caused the biggest loss of supply in at least seven years.


"Strikes and pit closures meant mining companies extracted 380,000 ounces less than they could have this year, equal to about 6 percent of global output, Deutsche Bank AG estimates. Metal purchases through exchange-traded products were the most in 20 months in August, data compiled by Bloomberg show. Prices will average $1,625 an ounce in the fourth quarter, the highest in more than a year, according to the median of 12 analyst estimates compiled by Bloomberg.


"Platinum is now 13 percent higher this year at $1,581.40, having dropped to an almost seven-month low of $1,379.25 on July 24 ..."

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Trader Dan's Market Views: "And She'll Have Fun, Fun, Fun, 'til the Bankers take the Punch Bowl Away

Trader Dan's Market Views: "And She'll Have Fun, Fun, Fun, 'til the Bankers take the Punch Bowl Away | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"... Once again the Central Bankers of the West have unleashed another torrent of hot money flows right smack dab into the commodity sector guaranteeing that higher energy prices are here to stay. Did anyone check out what happened to gasoline, heating oil and crude oil today? WTI is now less than $3.00 from the $100/bbl level while gasoline is back over the $3.00/gallon level wholesale. Keep in mind that this is well after the end of the traditional "Driving Season". Anyone expecting or hoping for a bit of relief at the gasoline pump should get disabused of that notion.

 

"Gold and Silver of course wasted no time in promptly blowing right through overhead resistance levels on the chart as the metals are now functioning exactly as they should function whenever a set of Central Bankers decide to further debauch their currencies. ..."

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Catherine Austin Fitts: Depopulate or Bankrupt the Rest of Us

http://usawatchdog.com/catherine-austin-fitts-theyre-going-to-depopulate-or-bankrupt-the-rest-of-us/ - Catherine Austin Fitts of The Solari report says our l...
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Is Central Bank Buying Just a Driving Force Behind Gold or Much More?! - Part II | Julian D. W. Phillips | Safehaven.com

Is Central Bank Buying Just a Driving Force Behind Gold or Much More?! - Part II | Julian D. W. Phillips | Safehaven.com | Gold and What Moves it. | Scoop.it

by Julian D. W. Phillips:

 

"Basel III Discussing Lifting the Accepted Value of Gold on Commercial Banks Balance Sheets from 50% to 100%

 

"Part of the side-lining of gold from the monetary system was through either taxation on its sale (in some countries) or by undervaluing it as an asset.


"When the 2007 credit crunch hit hard, the loss in value of so many paper assets forced the sale even of those assets that did manage to retain both value and liquidity. Individual investors often sold gold, silver, and the like to cover margin requirements that screamed to be topped up in the hope of retaining assets that were losing value. That's why asset values on so many fronts declined so markedly. Even assets whose market fundamentals remained solid were sold down only to recover when the storm passed. Gold and silver were among those.


"At banking level, the pressure to go against investor logic was due to the regulations of the system. With gold a Tier II asset in bank's balance sheets, only 50% of its value could be credited as an asset to that balance sheet. So its real market value could only be given meaning when it was sold. By selling gold and using the proceeds to buy Tier I assets, such as Treasuries, the bank ensured that their balance sheets benefitted fully from its value. Even when the gold price fell 20% it was worth selling, so that at least 80% of its former [$1,200] value could be credited to the bank's balance sheet instead of just 50% [or 40% at the value after a fall in the price of 20%]. ..."

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Bank bails out Scranton

The city of Scranton, Pennsylvania was recently driven to cutting pay for hundreds of workers after a shortage of funds stood to scrape the town's emergency ...

 

hat tip to http://thevictoryreport.org

 

So Scranton takes on more debt after being denied by court to go into bankruptcy.

 

Who's going to bail out this bank loan?

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Economic Failure: 58 Percent Of The Jobs Being Created Are Low Paying Jobs

Economic Failure: 58 Percent Of The Jobs Being Created Are Low Paying Jobs | Gold and What Moves it. | Scoop.it

"Are you good at flipping burgers , waiting tables or stocking shelves? Are you proficient with a cash register? Do you enjoy doing mindless work for very low pay? If you answered yes to any of those questions, then you are probably going to fit in very well in the new U.S. economy. According to a report that has just been released by the National Employment Law Project, 58 percent of the jobs that have been created since the end of the recession have been low paying jobs. So exactly what is a low paying job? Well, the National Employment Law Project defines it as a job with an hourly wage between $7.69 and $13.83. But of course you can't pay a mortgage or support a family on $13.83 an hour. Even if you got full-time hours the entire year, you would make less than $28,000 on an annual basis. The federal poverty level for a family of five is $27,010. So needless to say, most of these new jobs are not paying enough to support a middle class lifestyle. This represents an economic failure on a fundamental level. Our economy is producing very few good jobs that enable people to be able to raise families and live the American Dream. The ranks of "the working poor" are exploding and the number of Americans that are dependent on the government is sitting at an all-time record. Sadly, if current trends continue things are going to get a lot worse.

 

"The numbers compiled by the National Employment Law Project are absolutely stunning. Most of the jobs lost during the recent recession were mid-wage jobs, and most of the jobs created since then have been low wage jobs. This represents a fundamental shift in our economy. ..."

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Rising gold exports to Iran curb Turkey deficit

"Turkey is more than making up for a slide in exports to Europe with record gold sales to Iran, steadying its current account deficit and boosting lira bonds.

 

"Sales of precious metals to Iran jumped to $6.2 billion this year through July from $21.9 million in the same period last year, accounting for 70 percent of Turkey’s increase in exports this year ..."

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INFOGRAPHIC: Uses and demand for gold | MINING.com

INFOGRAPHIC: Uses and demand for gold | MINING.com | Gold and What Moves it. | Scoop.it
The creative department at Visual Capitalist has come up with another infographic on gold. In this, the last of a three-part series, they show us how gold is used across the globe.
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Bill Murphy: JP Morgan is in Silver Trouble | The Victory Report - Precious Metals Media and More

Bill Murphy: JP Morgan is in Silver Trouble | The Victory Report - Precious Metals Media and More | Gold and What Moves it. | Scoop.it

"Gold futures slipped ahead of the ECB policy-setting meeting this week, or so the story goes. Do these macro trends drive gold prices as much as the headlines indicate? Our guest Bill Murphy, Chairman of GATA, doesn’t think so and he has flown to our studio in Washington DC to make the case. ..." click over for video

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Government Brazenly Confiscates 1933 Gold Double Eagles – Bury Your Gold Deep

Government Brazenly Confiscates 1933 Gold Double Eagles – Bury Your Gold Deep | Gold and What Moves it. | Scoop.it

"Nothing seems to obsess the U.S. government more than gold. Could this be due to the fact that gold represents an alternative currency to the failing U.S. dollar, despite the assertions of Fed Chairman Bernanke that "gold is not money?"

 

"The case of the government's effort to seize 10 1933 Double Eagle gold coins from the heirs of a private coin collector highlight the unlimited time, effort and expense the government is willing to expend in their war against gold. The heirs of coin dealer Israel Swift discovered the Double Eagles in a safe deposit box. After voluntarily showing them to the U.S. Treasury, the government promptly confiscated the coins, claiming that the coins had never been officially released by the U.S. Mint due to President Roosevelt's executive order on April 5, 1933, ordering all private citizens to turn over their gold to the government.


"An in depth article by Coin Week examines the case of the 1933 Double Eagles and details substantial evidence against the validity of the government's right to confiscate the coins. The article also wonders what implications this case will have on future seizures of rare coins from private citizens and comments on the government's decades old zeal in pursuing the 1933 Double Eagles. ..." click through for the rest and video.

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Russia's central bank takes note of GATA and gold price manipulation | Gold Anti-Trust Action Committee

Russia's central bank takes note of GATA and gold price manipulation | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Perspectives on Gold: Central Bank Viewpoint

By Oleg V. Mozhaiskov
Deputy Chairman, Bank of Russia
The London Bullion Market Association Bullion Market Forum
Baltschug Kempinsky Hotel, Moscow
June 3-4, 2004

 

"I would like to thank the conference organizers for this opportunity to share my thoughts on such a complex, even mythical subject as gold and the prospects for the near and medium-term. I assume that the request was made for one simple reason: that I, as a senior executive of the Bank of Russia, should know more than other ordinary mortals.

 

"In general, this logic is flawed, although there is sense to it: It is necessary to understand the central bank's perspective regarding this precious metal, particularly given that it does have approximately 500 tonnes of the metal in its vaults.

 

"It is from this perspective, that of central bank, that I intend to base my presentation. I hope you can understand that it is quite a specific topic, management of gold reserves. This is distinct from the views adopted by gold prospectors, industrialists, investors, speculators, and ordinary purchasers of jewellery.

 

"For the central bank, the gold stock is the international payment reserve for the whole country -- for the state authorities, private companies and corporations, as well as individual citizens. Like any reserve, it needs to be conserved, in terms of both actual physical form and its value. To a lesser extent, we need to be concerned about its liquidity, or more precisely, market price developments.

 

"The central bank’s duties in managing gold reserves may therefore not seem particularly onerous to a commercial trader, who has to close dozens of transactions daily to achieve results by the end of the day.

In this there is a grain of truth. The central bank’s specialists do not have to follow real-time price movements every day and every minute, or react instantaneously to every little twist and turn in the market. We are concerned with other, less immediate problems regarding gold. In a figurative sense the central bank’s attitude can be compared with ..."

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Why is Putin stockpiling gold?

Why is Putin stockpiling gold? | Gold and What Moves it. | Scoop.it
By Brett Arends

 

"I can’t imagine it means anything cheerful that Vladimir Putin, the Russian czar, is stockpiling gold as fast as he can get his hands on it.

 

"According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. Putin has taken advantage of the financial crisis to build the world’s fifth-biggest gold pile in a handful of years, and is buying about half a billion dollars’ worth every month.

 

"It emerged last month that financial gurus George Soros and John Paulson had also increased their bullion exposure, but it’s Putin that’s really caught my eye.

 

"No one else in the world plays global power politics as ruthlessly as Russia’s chilling strongman, the man who effectively stole a Super Bowl ring from Bob Kraft, the owner of the New England Patriots, when they met in Russia some years ago. ..."

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Basel III and the next driving force for gold - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb

Basel III and the next driving force for gold - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Julian Phillips:

 

JOHANNESBURG (GOLD FORECASTER) -


"When the 2007 credit crunch hit hard, the loss in value of so many paper assets forced the sale even of those assets that did manage to retain both value and liquidity. Individual investors often sold gold, silver, and the like to cover margin requirements that screamed to be topped up in the hope of retaining assets that were losing value. That's why asset values on so many fronts declined so markedly. Even assets whose market fundamentals remained solid were sold down only to recover when the storm passed. Gold and silver were among those.

 

"At banking level, the pressure to go against investor logic was due to the regulations of the system. With gold a Tier II asset in bank's balance sheets, only 50% of its value could be credited as an asset to that balance sheet. So its real market value could only be given meaning when it was sold. By selling gold and using the proceeds to buy Tier I assets, such as Treasuries, the bank ensured that their balance sheets benefitted fully from its value. Even when the gold price fell 20% it was worth selling, so that at least 80% of its former [$1,200] value could be credited to the bank's balance sheet instead of just 50% [or 40% at the value after a fall in the price of 20%].

 

"As the value of assets of various governments and potentially U.S. bonds are threatened by over-indebtedness, commercial banks are left with little recourse except changing the situation by changing the rules for the banks ..."

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Faber - The Most Dangerous Trend Facing The World Today

Faber - The Most Dangerous Trend Facing The World Today | Gold and What Moves it. | Scoop.it

On the heels of news out of Europe that the ECB will do unlimited bond buying, today Marc Faber told King World News, “It was expected that they would start with a further monetary easing at some point.” Faber warned, “I believe central bankers are in this world to print money. They are, intellectually, completely dishonest or incompetent, and that’s all they know.”

 

Faber, who is author of the Gloom Boom and Doom Report, also stated, “This is a very dangerous trend, and I will always, always fight governments on every level I can because the larger the government is, the larger the abuse is in a system.” He also added: “I have roughly 25% of my assets in gold. I buy every month, and I will never, ever sell it as long as people such as Mitt Romney, Paul Ryan, Obama, Biden, Bernanke, and Geithner are in government. I will never sell it. Never.”

 

But first, here is what Faber had to say upon learning about the news out of Europe: “It was expected that they would start with a further monetary easing at some point. And there is still some opposition from the Germans. We’ll have to see what the Germans decide in the high court in the next few days. But basically, globally, central bankers are there to print money, and nothing else. That’s all they know. ...”

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Egon von Greyerz - The ECB Move, $4,000 - $5,000 Gold & $150 Silver

Egon von Greyerz - The ECB Move, $4,000 - $5,000 Gold & $150 Silver | Gold and What Moves it. | Scoop.it

Today Egon von Greyerz told King World News, “... we are now seeing a lot of fund managers and investors moving out of gold ETF’s, and taking delivery of physical gold and holding it outside of the banking system.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also warned this is happening because they are now, “... deeply troubled at the thought of a systemic collapse.”

 

Greyerz also noted, “This move in gold and silver has barely started.” But first, here is what Greyerz had to say about the ECB announcement: “Eric, we had the announcement today that the ECB has agreed to unlimited bond buying. That means whatever amount is necessary, they will buy. This is designed to reach the objective of controlling interest rates so they don’t get out of hand in the peripheral countries of Europe.”

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ECB Plans 'Unlimited' Bond Purchases But Stops Short of Quantitative Easing

ECB Plans 'Unlimited' Bond Purchases But Stops Short of Quantitative Easing | Gold and What Moves it. | Scoop.it

By MARTIN BACCARDAX:


"The European Central Bank will announce tomorrow that it plans to buy and "unlimited" amount of bonds in the market that have been issued by trouble EU members in order to lower yields and prevent any further spiralling of the region's two-year old debt crisis.

 

"Bloomberg news, citing two unnamed sources briefed on the plan, reports that ECB President Mario Draghi's plan will target bonds which will mature in three years or less and that all of the Bank's purchases will be "sterilized" in order to prevent the impression that it's "printing money". Sterilizing bond purchases means the Bank will sell into the capital market - normally short-dated treasury bills - an equal amount of the securities it takes out, creating a "net neutral" effect on the region's money supply. Traditional quantitative easing is not sterilized and central bank purchases are specifically intended to increase money supply.

"The ECB meets Thursday in Frankfurt and is widely expected to reduce its key lending rate by 25 basis points to 0.75 percent in an effort to ignite growth in the region's stagnating economies. However, investors are also looking for further details of Draghi's plan - first referenced during an investment conference in London on 26 July and then fleshed out during a press briefing after the Bank's last interest rate decision in August.

 

"We are unbiased observers, we think the euro is irreversible," said Draghi during the Global Investment Conference held in London and opened by Prime Minister David Cameron. "And it's not an empty word now, because I preceded saying exactly what actions have been made, are being made to make it irreversible. But there is another message I want to tell you: Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough. ..."

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Bernanke, Jackson Hole, Politics, QE, Debt, and Gold

The Schiff Report - Listen to The Peter Schiff Show LIVE and FREE every day!

 

hat tip to http://thevictoryreport.org 

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16 Sickening Facts That Show How Members Of Congress And Federal Workers Are Living The High Life At Your Expense

16 Sickening Facts That Show How Members Of Congress And Federal Workers Are Living The High Life At Your Expense | Gold and What Moves it. | Scoop.it

"The following are 16 sickening facts that show how members of Congress and federal workers are living the high life at your expense....

 

"#1 Nearly 500,000 federal employees now make at least $100,000 a year.

 

"#2 In 2006, only 12 percent of all federal workers made $100,000 or more per year. Now, approximately 22 percent of all federal workers do.

 

"#3 If you can believe it, there are 77,000 federal workers that make more than the governors of their own states do.

 

"#4 In 2010, the federal government spent $33,387 on the hair care needs of U.S. Senators.

 

"#5 In 2010, U.S. Senators pulled $72,370 out of the "Senate Restaurant Fund". ..."

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Eric De Groot: Coordinated Central Bank Actions For One More Kick Of The Can

Eric De Groot: Coordinated Central Bank Actions For One More Kick Of The Can | Gold and What Moves it. | Scoop.it

Eric De Groot writes:

 

"Rapid accumulation after strong distribution of US Treasury bonds revealed focused participation by the invisible hand in July 2011. This setup illustrated by the magenta circle in the chart below preceded a sharp bond market rally that lasted until October 2011.

 

"A similar setup exists today... "

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