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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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Euro Zone 'About To Enter' Second Recession

Euro Zone 'About To Enter' Second Recession | Gold and What Moves it. | Scoop.it
By Oliver Tree and Gianluca Mezzofiore

 

"The euro zone is about to enter its second recession in three years, according to a survey of private sector output.

 

"The Markit Flash Eurozone PMI Composite Output Index, a measure of services and manufacturing order volumes, was 46.6 in August, down from 46.5 in July.

 

"The 0.5 percent to 0.6 percent drop is the seventh consecutive monthly contraction, signaling another recession is in the cards as the single currency area continues to battle rising debt, waning confidence and falling economic output.

 

"A continued drop in new business for firms was a catalyst in the August contraction, while new export orders for manufacturers slumped again for the fourteenth month running, according to data firm Markit's euro zone composite purchasing managers' index (PMI) survey.

 

"The data "reinforces the prevailing view of the economy dropping back into recession during the third quarter of 2012," said Rob Dobson, senior economist at Markit, whose flash report is based on 85 percent of the available data. ..."

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Trader Dan's Market Views: PIMCO Buying Gold

Trader Dan's Market Views: PIMCO Buying Gold | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"Dow Jones is reporting this morning that PIMCO's Commodity Real Return Strategy Fund, with about $20 billion in assets, has raised its gold holdings to 11.5% of it total assets from 10.5% two months ago. The position was apparently taken when gold dipped towards $1500 according to comments from Nic Johnson, its co-portfolio manager.

 

"Their concern is a triple one - loose monetary policy, high levels of sovereign debt and rising commodity prices are going to fuel an inflation outbreak as we move ahead.

 

"Sounds familiar doesn't it?

 

"Here is the point - the chart in gold showed tremendously strong support in gold on any retreats in price down below the $1600 level a short while back. Gold would dip down into these levels but would immediatey attract strong buying and would rebound back higher. WE remarked that this sort of chart action showed ACCUMULATION by deep-pocketed players, whether those were of Asian origin or large investment funds elsewhere. REgardless, these well capitalized players are positioning themselves for what they see coming down the road. ..."

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Trader Dan's Market Views: Gold Needs a Strong Close to End this Week

Trader Dan's Market Views: Gold Needs a Strong Close to End this Week | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"... There are two main points to bring away from this chart. The first is that gold has managed to clear a downsloping trend line going back to the its all time peak (in non-inflation adjusted terms). It will tremendously aid the bullish cause should this market close above that line and especially above the $1665 level to end this week. ..."

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Trader Dan's Market Views: Silver Tacks on the "30" Handle

Trader Dan's Market Views: Silver Tacks on the "30" Handle | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"... Silver needs to close out the week on a strong note to punch through the downtrending resistance line noted on this weekly chart. The ability to put a handle of "30" in front of the price is extremely helpful from both a psychological and technical perspective but a solid trending move is still not yet in the cards until silver can decisively gain the $32.50 level. Even at that, dip buyers should begin making their appearance in this market as the technical posture has changed significantly this week." 

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Gold rises for 7th straight day after Fed stimulus surprise

Gold rises for 7th straight day after Fed stimulus surprise | Gold and What Moves it. | Scoop.it

by Amanda Cooper:

 

"Gold rose for a seventh day on Thursday after minutes from the U.S. Federal Reserve's most recent policy meeting gave an unexpectedly clear signal that the central bank may take additional measures to boost the economy.

 

"Platinum gained 1.1 percent, rising for a sixth day to a 3-1/2 month high, lifted by ongoing tension in some of the mines in top producer South Africa, where 44 people have died in clashes between striking workers and police.


"Gold has more than doubled in value since the Fed first resorted to buying Treasuries to pin down interest rates and encourage growth in late 2008 and this year, has struggled to remain in positive territory in the absence of any clear commitment from the U.S. central bank to resume the practice.


"The minutes of the Federal Open Market Committee's meeting at the end of July showed on Wednesday the central bank is likely to deliver another round of stimulus "fairly soon" and that any such decision would be highly dependent on economic data. ..."

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CBO warns of deep recession if Congress fails to avert 'fiscal cliff' - The Hill's On The Money

CBO warns of deep recession if Congress fails to avert 'fiscal cliff' - The Hill's On The Money | Gold and What Moves it. | Scoop.it

Erik Wasson writes:

 

"The nonpartisan Congressional Budget Office (CBO) on Wednesday warned the economy will enter a recession next year if the country goes over the so-called fiscal cliff.

 

"In its most dire warning yet about the fiscal cliff, the CBO said the economy would contract by 0.5 percent in calendar year 2013 if the George W. Bush-era tax rates expire and automatic spending cuts are implemented.

 

"Unemployment also would rise from 8.2 percent in 2012 to 9.1 percent next year, the office estimates.

 

“The stakes of fiscal policy are very high right now,” CBO Director Doug Elmendorf said. He urged Congress to act in September to avoid the fiscal cliff. ...

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Marc Faber: Balanced Approach For the Coming Crash | McAlvany Commentary

http://mcalvany.com On this week's show: *Bubbles in Earnings and Treasuries *Governments by nature are devious *Gold as insurance against political stupidity...
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South African tension sets up platinum for largest weekly gain in 10 months

South African tension sets up platinum for largest weekly gain in 10 months | Gold and What Moves it. | Scoop.it

by Amanda Cooper:

 

"Platinum rose to its highest since early May on Wednesday and was set for its biggest weekly gain in 10 months after signs of spreading unrest in top producer South Africa ignited concern among investors over supply, while gold gained for a sixth day.


"An outbreak of violence at a mine of Lonmin that left 44 dead and dozens injured last week, paralysing production at the world's third-largest producer, has highlighted the reliance of the platinum market on South African supply.


"Miners at Royal Bafokeng Platinum's Rasimone mine in South Africa were blocked from going to work by colleagues on Wednesday, while Anglo American Platinum, the world's biggest platinum producer, said it had received a demand from employees for an increase in wages.
The 9 percent rise in price over the last week has made platinum the best-performing precious metal of 2012 ..."

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Nick Barisheff - $10,000 Gold within 5 Years

http://usawatchdog.com/ - http://usawatchdog.com/ - The CEO of Bullion Management Group, Nick Barisheff, says the yellow metal will hit "$1,900 per ounce by year end" and "$10,000" per ounce within five years. He lays out his case in a new book titled "$10,000 Gold." You think that is an overly bullish prediction? Not if there is hyperinflation. Barisheff says, "If we get into hyperinflation, $10,000 will be a conservative estimate." How likely is hyperinflation? According to Mr. Barisheff, "There's never been a fiat currency that didn't end in hyperinflation and then complete collapse, not one in all of history." Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Nick Barisheff.

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What Happened To Gold? – Part 2 « Jim Sinclair's Mineset

What Happened To Gold? – Part 2 « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Alf Fields writes on Jim Sinclair's MineSet:

 

"There are no certainties in the investment universe. Investors are forced to weigh up the various risks and assess the probabilities involved before committing themselves to a course of action. Current Elliott Wave and technical studies suggest that the probabilities now favor a strong rise in the gold price.

 

It may be helpful to consider my personal assessment of the various probabilities at different points in the recent gold market correction. On 23 August 2011 when gold pushed above $1910 my guess was that there was a 90% probability of a severe correction. The target for the decline, as given in my keynote speech at the Sydney Gold Symposium in November, was circa $1480, the point at which the explosive extension in the gold price had started. ..." click through for the graphs and the full analysis.

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Not There Yet – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Not There Yet – Market, Economic, Social, Political and Life Commentary by Peter Grandich | Gold and What Moves it. | Scoop.it

Peter Grandich writes:

 

"Once again we’ve risen close to a key level for gold but I must remind some “yet again” we’re not in a new up-leg until if and when (more like when)we get two consecutive closes above $1,650. Gold’s technical picture is quite bullish but rest assured the “bums” shall attempt one of their raids as sure as Canuck fans are already getting their Stanley Cup -2013 hats ready."

 

click through for his thoughts on the Dollar, the Stock Market, bonds, etc.

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Silver prices hit two-month high. Thank Libor’s probe analysts say | MINING.com

Silver prices hit two-month high. Thank Libor’s probe analysts say | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"Silver may be a “poor man’s gold,” but investors who have stuck to it are finally cashing on some dividends as the precious metal rose to its highest level in two months Tuesday, hitting $29.09 per ounce– 3.5% up on last week's close.

 

"This changes [silver's] posture to bullish," says the latest technical analysis note from bullion bank Scotia Mocatta, part of Scotiabank Global Banking and Markets.

 

"A stronger euro and optimism about the financial situation in Europe helped both silver and gold rally as investors hurried to buy hard assets to protect against inflation.

 

"Silver for September delivery, the most actively traded silver contract, climbed 83.5 cents, or 2.9%, to settle at $29.428 a troy ounce. This was the highest settlement price since reaching $29.488 on June 6. ..."

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Twitter / MetalsRocker: BHP Billiton: China Stimulus ...

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Pressing Forward

Pressing Forward | Gold and What Moves it. | Scoop.it
The Pack senses the weakness of The Leader and they continue to press their advantage.

 

TF Metals writes:

 

"... This is exactly the type of action I was expecting for the beginning of the "HEH" move. The fundamental key to my expected move has also been put in place. Therefore, yes, I think is the beginning. Emphasis on beginning. We are just getting started. Again, with any trending rally, there will be bumps along the way as profits are realized, however, those will be just bumps. The metals, particularly silver, are headed much, much higher from here. The re-institution of overt QE will only serve to accelerate and exaggerate the size and scope of the rally. ..."

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The Middle Class Is Broke: Pew Study Reveals Real Problem With Economy

The Middle Class Is Broke: Pew Study Reveals Real Problem With Economy | Gold and What Moves it. | Scoop.it

Henry Blodget writes:

 

"One of the most important stories in the U.S. economy these days is the rise of extreme inequality.

 

"Over the past 30 years, a larger and larger portion of America's income growth has gone to those in the top 10% of incomes, and especially those in the top 1%. This is a major change from the prior 60 years, in which the top 10% and the bottom 90% shared in the income gains.

 

"A stark and startling example of this trend is the fact that, adjusted for inflation, "average hourly earnings" in this country have not increased in 50 years. 

 

"A recent Pew study confirms that America's middle class has recently experienced a "lost decade."

 

"Since 2000, the Pew says, "the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future." Pew cites statistics showing that middle class earnings and net worth have plummeted since the mid-2000s and that about 85% of the middle class say it is harder to maintain their standard of living than it was 10 years ago.


"The reason the decline of the middle class is important is not just about fairness. It's about the health of the economy as a whole. ..."

 

hat tip www.twitter.com/mikecane

 

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The Fed speaks . . . and gold moves - one way or the other

The Fed speaks . . . and gold moves - one way or the other | Gold and What Moves it. | Scoop.it

Author: Jeffrey Nichols
Posted: Thursday , 23 Aug 2012
NEW YORK -

 

"Gold rallied this past week, showing some of its old spunk, first breaking through overhead resistance around $1,625 an ounce . . . and then piercing through the $1,650 level on Wednesday's news from the Fed that more monetary stimulus could be on the cards.

 

"As in recent months, gold's price action has very much reflected buying and selling by institutional traders and speculators, driven by high-frequency program trading that rely heavily on momentum indicators and technical signals, as well as expectations of prospective U.S. monetary policy, Eurozone sentiment, and the latest move in the euro/dollar exchange rate.

 

"Meanwhile, gold's own physical-market fundamentals - including physical investment demand for bullion coins, bars, and investment-grade jewelry - have had much less influence on the day-to-day ups and downs in the metal's price. If anything, softer private-sector physical demand from both India and China has been a mild negative . . . while an influx of central bank buying on price dips has been an important positive influence. ..."

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John Mauldin - This Is Going To Shock The World

John Mauldin - This Is Going To Shock The World | Gold and What Moves it. | Scoop.it

Today John Mauldin stunned King World News when he went into detail about events that will, “... be a shock to the world.” Mauldin, President of Millennium Wave Securities, also warned, “Nobody sees that coming.” Here is what Mauldin had to say: “The problem is the deficit. We hit the wall, I don’t think most people really understand how catastrophic it would be to hit that wall. It’s just something that we haven’t seen in the US. It’s not in anybody’s lifetime experience, and it would be ugly.”

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Twitter / mikecane: China’s Economy Besieged ...

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U.S. silver output plunges between January and May-U.S.G.S. - SILVER NEWS - Mineweb.com Mineweb

U.S. silver output plunges between January and May-U.S.G.S. - SILVER NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Dorothy Kosich

 

"The U.S. Geological Survey reported Tuesday that U.S. silver production dropped 14% in May.

 

"U.S. mines produced 84,900 kilograms of silver (2,729,600 troy ounces) in May 2012, a 14% drop from the 99,300 kg (3,192,570 ounces) of silver output reported during May 2011. The average daily production rate in May of this year was 2,740 kg (88,903 oz.).
The average Handy and Harman silver price for May was $29.79 per ounce, a 22% drop from the previous year. The average London spot price for May was $28.67 per ounce.

 

"USGS figures show Coeur d'Alene Mines produced 151 metric tons in the first quarter of 2012, up 19% from the same period a year. Hecla Mining's first quarter silver production of 41 tonnes plunged 46% from the first quarter of last year. U.S. Silver Corp. produced 17 tonnes of silver during the same period, an 11% increase compared with the 15 tonnes of silver mined in the first quarter of 2011.

 

"Domestic silver production for the period from January to May of this year totaled 411,000 kg (13,214,000 oz.). ..."

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Twitter / DigGold: #gold A Tale of Two Dips: Gold ...

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Richard Russell - The Key To Stocks, Gold & Growing Old

Richard Russell - The Key To Stocks, Gold & Growing Old | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

"... I've dealt with a lot of strange and difficult markets over the last half/century, but this one may deserve a prize. Today, instead of rallying above its May 1st peak, the D-J Industrial Average sold off an hour before the close. The sell-off left the Dow around 70 points below its May 1st peak.

 

"I felt that the negative action was almost as if the Dow had already closed above 13,279.32, unconfirmed by the Transports-- and down it went. The Dow was jumping the gun on a fantasy non-confirmation.

 

"My only conclusion is that something evil and bearish is bubbling in the guts of this market -- and it's giving the market a severe case of indigestion. Of course, I could say that with a yield below 3%, the Dow is classically overvalued, and any rally would just render the Dow more overvalued. ..."

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Gerald Celente - The Fate Of The World, Money & Gold

Gerald Celente - The Fate Of The World, Money & Gold | Gold and What Moves it. | Scoop.it

Gerald Celente tells King World News:

 

".. You are starting to see gold prices moving up again. Just this morning we are seeing gold going back over the $1,640 mark. It’s been inching up and inching up. Here are my breakout points: Gold at $1,670, the next level to look for is $1,760. Once gold goes over $1,760, then we’re looking again at the $1,900 to $2,000 an ounce mark.

 

"They are not going to be able to solve the European debt crisis, but, again, if the German courts don’t rule that this is unconstitutional, they could keep this thing afloat for another several months by dumping more money into it and making it appear everything is okay, (in order) to keep the Ponzi scheme going. ..."

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Large Entities Creating Major Breakouts In Crucial Markets

Large Entities Creating Major Breakouts In Crucial Markets | Gold and What Moves it. | Scoop.it

Today acclaimed commodity trader, Dan Norcini, told KWN that well-financed, very large entities are creating major breakouts in various markets as they position themselves ahead of an important shift. Norcini also issued this warning, “... there is a great deal of money on the sidelines and this means we will see some violent action as these markets move to the upside.”

 

Here is what Norcini had to say: “Obviously, Eric, we would not see these chart patterns breaking out the way they are (see below), unless large, well-financed, and well-connected entities were positioning themselves ahead of what they see coming down the road. This is simply too large of a move for this to be some momentary blip on the radar.”

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What 40 Years Of Gold Confiscation By The US Government Looks Like | ZeroHedge

What 40 Years Of Gold Confiscation By The US Government Looks Like | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden on www.ZeroHedge.com writes:

 

"The chart below, which is a time series showing the total "Gold Held by the US Treasury and the Federal Reserve" (which for all intents and purposes are interchangeable), demonstrates vividly the moment when the US government enacted Executive Order 6102, aka the "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States" order which criminalized the possession of monetary gold "by any individual, partnership, association or corporation." But not the government of course. Spot the moment after which gold confiscation by the US government (also known as USD devaluation) from its citizens was legalized. ..." 

 

Click through for the rest and the amazing graph. http://www.zerohedge.com/news/what-30-years-gold-confiscation-us-government-looks ;

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One million Indian bank employees strike against reforms — RT

One million Indian bank employees strike against reforms  — RT | Gold and What Moves it. | Scoop.it

"About one million Indian bank employees have started a two-day strike, protesting against reforms that would allow more private capital into the financial sector.

 

"In many cities across the country, banks were shut as thousands of employees, mainly the staff of state-run banks, demonstrated by holding banners and chanting slogans against the reforms in the financial sector, according to Reuters.

 

"The largest lender the State Bank of India was forced to halt trading in onshore spot foreign exchange markets. It comes as a blow to the economy that faces its worst slowdown in almost a decade.

 

"The strike comes a day ahead of an expected parliamentary approval of some changes in rules that would allow bigger role for investors in banks. ..."

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