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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Charles Hugh Smith: ObamaCare: The Neutron Bomb That Will Decimate Employment

Charles Hugh Smith: ObamaCare: The Neutron Bomb That Will Decimate Employment | Gold and What Moves it. | Scoop.it

ObamaCare will act as a neutron bomb on employment in the U.S. for two basic reasons.


Longtime readers know I have repeatedly explained why healthcare, i.e. sickcare, will bankrupt the nation. Here are two of the dozens of entries I've written on sickcare:
America's Hidden 8% VAT: Sickcare (May 10, 2012)
Can Chronic Ill-Health Bring Down Great Nations? Yes It Can, Yes It Will (November 23, 2011)
Hal's insight:

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China discovers 149 tons of Gold reserves

The gold mine is located in Bayannur in the west of Inner Mongolia, and was found by Inner Mongolia Pacific Mining, a subsidiary of China National Gold Group Corp.

 

BEIJING(BullionStreet): World's largest gold producer China discovered yet another major reserves in it's Inner Mongolia province in the country’s north.

 

A mine containing 148.5 tons of gold reserves was found in the province, the largest verified reserves in the autonomous region.

 

Hal's insight:

And they won't be sitting around just with that. They are going to be finding more and more. You just wait.

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This Is How The Great Money Printing Experiment Will End

This Is How The Great Money Printing Experiment Will End | Gold and What Moves it. | Scoop.it

Marc Faber, author of the Gloom Boom and Doom Report, told King World News how he believes the ‘Great Money Printing Experiment’ will end.  This is third and final in a series of written interviews which has been released on KWN.  Faber’s audio interview will be released later today.


"... So we don’t know exactly when the end will come.  It could be 1 year from now, 3, 5, 10 years from now, but obviously one day it will come to an end.  The longer it’s not seriously addressed, and the way I look at Congress they are not going to undertake serious decisions any time soon, the longer it’s not addressed the more structural damage will be done to the economy, and to society.


"I think for a system to change without revolution or significant social upheaval is very difficult.  Frequently, if there is a revolution or a reform, it gets rather worse than any better.  So usually major changes occur as a consequence of trends that have prevailed which are unsustainable in the long-run, that have created huge damage, and then occasionally changes do occur.  But it can take a long time. ..."


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Peter Schiff: “Once We Hit The Bottom In Gold, We’re Headed Dramatically Higher; To Levels Few Can Even Consider” | Bull Market Thinking

Peter Schiff: “Once We Hit The Bottom In Gold, We’re Headed Dramatically Higher; To Levels Few Can Even Consider” | Bull Market Thinking | Gold and What Moves it. | Scoop.it

By Tekoa Da Silva

 

I had the chance to connect with the outspoken CEO and Chief Global Strategist of Euro Pacific Capital, Peter Schiff. For over ten years now, Peter has been correctly warning investors to prepare for a major collapse to be brought on by staggering US & Western debts, and unrelenting currency

debasement.

 

The system is essentially headed for a cliff Peter explained. When reflecting on observations made while running for U.S. Senate and serving as economic advisor to the 2008 Ron Paul campaign, he said that, “It’s hard to change [things]. Politically I think it’s going to take a massive collapse, and unfortunately it’s coming. So maybe in the chaos there will be an opportunity to affect change, but absent that massive crisis, nothing is going to change. We’re just going to keep on heading toward the cliff until we go over it. Then maybe we can repair the damage and pick up the pieces…Politically there’s going to be no way to alter our fate I think.”

 

In discussing the coming ultimate crash, Peter said, “A lot of people think the [real] crash happened in 2008. While my first book forecast everything that happened in 2008, that wasn’t the crash…we’ve had the stimulus and the bailouts, but we haven’t had the fallout yet. We haven’t had the collapse associated with that bad policy…It is coming, and I think it’s going to be far worse than what was experienced in 2008…We’re going to have to suffer the pain, and it might not be the pain of default, it will be the pain of massive deflation, where debts are deflated away, rather than simply defaulted on.”


Peter further added that the coming collapse will push much of America’s middle class and retirees deep into poverty. Said Peter,“The big pain will be…particularly [for] older people who are living off of pensions or other kinds of fixed income payments. People will see their savings erode away in value…They’re going to work very hard, but not be able to afford to buy much with their paycheck…What they do buy will mainly be food and energy, and it will probably be of much lower quality. People are going to have to ratchet down their lifestyles to the poverty [level] that Americans are going to ...

Hal's insight:

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Ian Gordan: “This Collapse Will Be Very Frightening—Because Once The Credit Stops, The Economy Stops” | Bull Market Thinking

Ian Gordan: “This Collapse Will Be Very Frightening—Because Once The Credit Stops, The Economy Stops” | Bull Market Thinking | Gold and What Moves it. | Scoop.it

By Tekoa Da Silva 

 

I had the opportunity once again to connect with Longwave Analytics President, Ian Gordon, for a fascinating conversation. Ian has developed the “Longwave Theory” of perceiving markets and predicting future events, and based on his work, the world is moving into ever more dangerous economic territory.

 

During the interview Ian spoke about historical paper money collapses, why we’re nowhere hear hitting bottom globally, and why there will be a massive run to gold as the banking systems collapse.

 

Starting out with, Ian explained that the worst is dead ahead, for the reason that, “We really haven’t been allowed to experience the washing out of debt…total debt in the United States is now $60 trillion…we’re going to see that debt washout occurring as [things] really start to get bad. Also we’re going to see stock prices emulate the bear market between 1929-1932…the worst is definitely in front of us and not behind us.“


“We’re all in the same boat [globally],” he further explained, “and it’s going to be very difficult for any country to be able to survive, because there’s no country that’s going to be able to be resistant to the debt crisis that’s now a worldwide debt crisis.” ...

Hal's insight:

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Why You Should Hold Onto Your Gold And Silver

This will be kept short and sweet since the points to be made are really quite simple.

 

Don’t sell your gold and silver based on what’s happened in recent days and the growing cacophony of negative sentiment in this market.

 

As prices have tumbled, investment banks have been in a competitive race to see who can downgrade their gold and silver price forecasts further and faster.

 

Don’t listen to them – their last ones weren’t very good (that’s why they are revising them).

 

What makes you think their new forecasts are any better?

 

Here’s why you shouldn’t listen to them and why you should hold onto your gold and silver.

 

Gold and silver prices will go far higher for one of two reasons:

We enter a high inflation environment.We have another major financial crisis. ...
Hal's insight:

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The Herd: Wrong About Alaska, Wrong About Gold | Louis James | Safehaven.com

The Herd: Wrong About Alaska, Wrong About Gold | Louis James | Safehaven.com | Gold and What Moves it. | Scoop.it

... The crash will come. Maybe not next month, and - if recent economic figures from the US government are to be believed - maybe not this year. But come it will.

 

As that becomes increasingly apparent, the resulting stampede into gold and gold stocks should exceed even Doug's "trying to pass the contents of the Hoover Dam through a garden hose" expectations.

 

Everything I see in the global economy today points that direction. Nothing I see convinces me that the governments of the world can succeed at borrowing and spending their way into prosperity - at most, they can delay judgment day a little longer. At most.

 

So yes, I'm that sure of what's ahead. Only the timing is uncertain. People may call it Casey's Folly now, but I don't think we'll have to wait 30 years - or even three years - for our own "Klondike Moment," when we'll be cashing in on some extraordinary profits on our own investment prospects.

 

I'll leave it to bigger fools or knaves to declare when the next gold rush will commence. What I can say is that I don't want to be short when it happens.

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GOLD - In Your Self-Interest | GE Christenson | Safehaven.com

GOLD - In Your Self-Interest | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it
It is in your self-interest to own gold and silver!

This may not have been true from 1982 - 2000, but it definitely is true today and will be true as long as central banks are aggressively monetizing debt ("printing money") and devaluing their currencies.


Gold has been money for thousands of years. Why? It serves the needs and self-interests of merchant and consumer, king and subject, saver and spender.

 

Similarly, gold serves the needs of a well-run and responsible government by encouraging commerce, savings, and capital formation with stable, reliable money. Commerce creates economic and political power, so more profitable commerce helps create stronger economies and more powerful countries.

 

Gold retains its value and consequently savers and consumers can trust that their savings, if invested in gold, will preserve wealth and purchasing power. ...

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XM Show: Walmart's February Sales "A Disaster", Manipulation In The Gold and Silver Market

Lou discusses Walmart's starking revelation that February sales are a disaster and what that means for the economy. Also, how the gold and silver markets are manipulated and why.

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Gold Pullback Explained - Peter Schiff

Reports of the death of the gold bull market have been greatly exaggerated. In the global currency war the biggest loser wins. However, the real winner will be gold. The race to debase means no fiat currency is safe. Savers are assured of being collateral damage unless they protect their purchasing power with a monetary asset central banks cannot print.

Hal's insight:

Hat tip to www.Mining.com 

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Gold price will bounce back over the long term: Rule | MINING.com

Gold price will bounce back over the long term: Rule | MINING.com | Gold and What Moves it. | Scoop.it
Investment expert says he's more comfortable being long than short in this market.

 

Gold fundamentals remain strong despite the plunge Wednesday to prices below$1,600 per ounce, said Rick Rule of Sprott Asset Management in a CNBC video interview.

 

"I think the technical [signs]  are scary, but the fundamentals are pretty good. What you find in gold bull markets is that retrenchments are fairly frequent, and this is nothing particularly unusual," he told the broadcaster, adding prices have gone as much as 15% to the downside before moving back fairly substantially.

 

Rule emphasized that the fundamentals are excellent with gold denominated in US dollars and the government appearing to do their best to depreciate the denominator. ...

Hal's insight:

At the risk of being redundant: Nothing has changed. What launched gold is still here but with greater debt.

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[Peoples of other countries recognize] gold and silver are real wealth. Americans are not that smart - The Gold Report

[Peoples of other countries recognize] gold and silver are real wealth. Americans are not that smart - The Gold Report | Gold and What Moves it. | Scoop.it

The Gold Report: Central banks in other countries are accumulating gold. Private investors in China, Abu Dhabi and Dubai are also acquiring physical bullion. Perhaps this bullish market will stimulate the precious metals industry.


Jay Taylor: I think that is right, Sally. People in those countries recognize that if they put their savings into the local currency, it could be gone tomorrow. They understand that gold and silver are real wealth. Americans are not that smart. We have been told to trust our policymakers, and most Americans do.

 

I think there is bullish case to be made longer-term gold, although we are in for some tough sledding in the gold markets.

Hal's insight:

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All kinds of chart goodness on Gold « Jim Sinclair's Mineset

All kinds of chart goodness on Gold « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it
Hal's insight:

All kinds of chart goodness on gold's take down today over at Jim Sinclair's www.jsmineset.com so click through.

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Bite The Emotional Restraint Bullet « Jim Sinclair's Mineset

From Jim Sinclair:


My Dear Friends,

 

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.

 

I can only suggest to you as strongly as possible that you need to defend yourself by doing absolutely nothing. This way you can get into the fight and prevent the shorts from taking their profits that are soon to become losses.

 

The biggest profits the shorts have is in your shares. As long as your company is performing well on the ground do not let the shorts have any joy. This may be the last time before gold trades in excess of $3500 that you need bite the bullet of emotional restraint.

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Turkey to merge Gold exchanges with ISE

According to ISE, the merger of the stock market with Gold Exchange and Derivatives Exchange will formally take effect in June.

 

ANKARA(BullionStreet) : After country's gold trade with Iran almost ended with tougher sanctions around, Turkey is planning to make it's capital a major regional financial centre.

 

As part of the move, Turkey's Istanbul Stock Exchange is to merge with the country's gold and derivatives exchanges ahead of a plan to privatize the bourse.

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Forget the Death Cross, Gold Is a Buy: Pento

Forget the Death Cross, Gold Is a Buy: Pento | Gold and What Moves it. | Scoop.it

Rates are rising, and lawmakers are brawling over budget cuts. Fear is in retreat, and gold is getting kicked to the curb. Even the chartists are piling on the precious metal today, noting the occurrence of gold's first death cross in over a year, as the spot price dips below $1600 an ounce. As ominous as all of this seems, at least one gold bug says he is undeterred.

 

"I'm a fundamental guy. I care nothing about golden crosses or death crosses or anything of the kind," says Michael Pento, founder and president of Pento Portfolio Strategies. While he currently holds about 15% of his portfolio in gold and admits he's "not happy," he's confident his bullish call will vindicate him in the near future.

 

"The central bank has adopted an inflation target, and I believe Mr. Bernanke will hit that target — and exceed it," Pento adds. ...

Hal's insight:

Hat tip to www.grandich.com 

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Currency Crisis must lead to higher gold prices - Levenstein

Currency Crisis must lead to higher gold prices - Levenstein | Gold and What Moves it. | Scoop.it

David Levenstein


JOHANNESBURG - 

 

Despite the fact that the yen has dropped around 20% against the US dollar, sterling has lost around 10% against most other majors, the Venezuelan bolivar was recently devalued by more than 30% and the Swiss National Bank has already pledged to print as many francs as required to defend the 1.20 level against the euro, and theeuro has gained 8.2% versus the dollar in the past six months, at the latest G-20 summit, IMF chief Christine Lagarde denied the existence of any currency war, labeling recent swings in the yen as "market reaction to exclusively internal decision making".


After their two-day meeting in Moscow, and probably after patting each other on the back for the amazing work they have all done, G20 leaders agreed to a joint statement pledging that they would refrain from competitive devaluation and resist all forms of protectionism and keep markets open.


"We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes," the G-20 financial leaders said in a closing statement after meeting in Moscow on Friday and Saturday.


While finance ministers and central bank governors promised not to devalue ...

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Euro zone bailout fund says Cyprus a potential contagion risk

Euro zone bailout fund says Cyprus a potential contagion risk | Gold and What Moves it. | Scoop.it
PARIS (Reuters) - Cyprus's debt crisis risks spreading to other euro zone countries, the head of the euro zone's bailout fund said in a newspaper interview, urging a rapid decision on aid for the Mediterranean...
Hal's insight:

It ain't over. That's for sure.

hat tip to http://economicsignsofthetimes.blogspot.com/2013/02/wednesday-roundup-02-20-13.html  ;

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When The Insane Run The Asylum

When The Insane Run The Asylum | Gold and What Moves it. | Scoop.it

[Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]

 

“In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule.” 

― Friedrich Nietzsche

 

Nietzsche was right. If you sat beside Ben Bernanke in his Washington Nationals box seats while he slurped on his ice cream cone and you had a general conversation with him, he probably wouldn’t come across as being insane. “That was a nice home run,” he’d say. You’d nod.

 

But it is people like Bernanke who believe in collectivist systems and top-down economics who are insane.

 

He believes that an economy should be overseen and manipulated, Soviet Union-style, by a few white men, preferably with beards, in a secretive boardroom. Here begins the real tragedy of the commons.

 

Often, those who believe that we need these types of systems are not the best and the brightest. Even if they were, there still is no way to do it any better than without the top-down system. And for decades the kind of people who think they can have gravitated to the rings of power, gathering mostly in high-priced lower education colleges and universities where they are taught by prior collectivists over decades things that are truly totally insane.

 

They believe that the more a group of people in a geographic region spend (which they call Gross Domestic Product – GDP) the better off everyone will be. This, of course, makes no sense on an individual basis. On an individual basis, the more you produce and save the better off you will be, but they have an insane belief that it is the opposite once there is more than one person involved (the supposed “paradox of thrift”, the habits of savings that benefit the individual become harmful to the economy when practiced en masse).

 

The fallacy of GDP has been thoroughly and inarguably refuted by many from the school of Austrian economics ...

Hal's insight:

Click through for the rest of the article. Many of us have been feeling like the insane are running the place. So I'm not surprised to see another write about it. He makes some great points.

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The Golden Truth: Is The Fed Serious?

The Golden Truth: Is The Fed Serious? | Gold and What Moves it. | Scoop.it

by Dave in Denver:


The Fed minutes for January were released today and it suggests that the Fed will consider changes to the current QE policy of buying $85 billion of Treasury and mortgage bonds per month.  But does anyone really think this will happen?  Really?

Let's "play the tape" on what would happen.   To begin with, the Fed holds 41% of all 30yr Treasury bonds issued since 2009.  This month, the Fed purchased 75% of the recently issued 30yr Treasury auction.  Assuming the Fed continues buying at least its stated policy of $45 billion in Treasuries every month, and assuming the Treasury will be issuing roughly $100 billion per month (this is actually likely a low-ball estimate based on the annual increase in Federal debt over the past 4 years), the Fed will buying nearly 50% of all new Treasury debt issued. 

Imagine what would happen to interest rates if the Fed were to curtail it's Treasury purchases.   Imagine what it will do to the Government's interest expense if the Fed stops buying Treasuries and the market adjusts to a much higher "natural" interest rate.

How about mortgage paper?  I have written recently about the amount of money being thrown at the housing market by both the Fed and the Government to try and stimulate housing sales.  We're already seeing a significant slow-down in housing market activity based on mortgage application data and non-seasonally adjusted housing data.  If interest rates spike up, the housing market will be decimated.  In fact, the entire economy will fall further into a recessionary abyss. ...

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Visualizing The Currency Wars | Zero Hedge

After the spectacular moves of late 2008, currency market volatility slowly reverted to more normal ranges, with a few exceptions over the course of 2009-2011. However, as Saxo Bank notes, since the start of the year, firebrand rhetoric is forcing currencies lower. The yen has fallen a stunning 17% against the US dollar and over 20% versus the Euro in the three months since Japan’s newly elected prime minister Shinzo Abe took charge. This has reignited the global currency wars. But who are the winners and losers? Follow the three step process outlined in the infographic below and have your say at the #FXdebates. As you can see, currency debasement has given rise to a rally in equity markets (for now), but major economies, both advanced and emerging, have been slow to recover.

Hal's insight:

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The Chart That Tells You All You Need To Know About Gold

The Chart That Tells You All You Need To Know About Gold | Gold and What Moves it. | Scoop.it

KWN has received tremendous interest in 56-year market veteran and analyst Ron Rosen’s charts and comments which have recently been published exclusively on King World News.  With the weakness in gold and silver today, we followed up with Rosen to get his take on what to expect going forward, and Rosen did not disappoint.  He gave another tremendous interview.


“Eric, to my knowledge this is the only chart in existence that tells us when the next high and the next low for gold will occur.  The turning points in the squares at the top of this chart are a golden gift from Mother Nature.  I call them LTD’s.  They are turning points specifically for gold bullion.  Since this bull market in gold began a new high has occurred at every number [4] high and every grouped numbers [1] [2]. 

Hal's insight:

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Faber: It’s A Disgrace To Think Money Printing Solves Problems

Faber: It’s A Disgrace To Think Money Printing Solves Problems | Gold and What Moves it. | Scoop.it

With gold rebounding today after Marc Faber told King World News yesterday that a major bottom was forming in gold, we now focus on Faber’s comments on global money printing and how it is impacting key markets and society.  Faber, who is author of the Gloom Boom and Doom Report, stated, “... it’s a disgrace to think with money printing you can solve problems.”   This is part II of a three part series of written interviews that will be released today on KWN.


Here is what Marc Faber had to say:  “My view is that the money doesn’t flow, really, into the real economy.  In other words, if you look at the whole recovery since 2009, and don’t forget the recovery officially started in June 2009 in the United States, so we are almost 4 years into an economic expansion, but when you compare this expansion to expansions in the 1960s, 1970s or 1980s, following recessions, it’s a very, very shallow expansion.  

 

Unemployment is very high, and if you measure exactly the number of people that are employed, yes they have gone up somewhat, but mostly in low paying jobs.  Whereas the jobs that were lost were in high paying jobs.  So you substitute high paying jobs with low paying jobs.

 

In general, the average family, whether it’s in America, the UK, or anywhere in the eurozone, is not doing well....


Hal's insight:

Click through for the rest. But I tend to agree. Overall financial health is not doing as well as it should be.

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Trader Dan's Market Views: A Little bit of Fear?

Trader Dan's Market Views: A Little bit of Fear? | Gold and What Moves it. | Scoop.it

Yesterday's downside reversal in the S&P 500, coming on the heels of the FOMC minutes, combined with a cornucopia of Central Bankers taking to the microphones today, seems to have FINALLY jolted the complacency of the Equity Perma Bulls. The Complacency Index, my name for the Volatility Index or VIX, has jumped quite sharply as signs are beginning to emerge that yesterday's FOMC minutes have rattled those who have somehow been hypnotized into believing that Central Banks have a magic can filled with magic beans that magically make all problems go away into never, never land, never to be seen again except in the dark recesses of our imaginations. ...

Hal's insight:

Click through for his charts and the rest of Dan Norcini's analysis.

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Despite The Smash, Big Picture For Gold Points To New Highs

Despite The Smash, Big Picture For Gold Points To New Highs | Gold and What Moves it. | Scoop.it

Kevin Wides tells King World News :


... What  really jumps out is that the price range and pattern of the last 18 months (late 2011 to early 2013) is not new to gold.  The years 2008 and 2009 show a very similar chart pattern.  This is a head and shoulder continuation pattern with a very distinct red neck line or resistance level. ...

Hal's insight:

Click over for the full analysis and charts.

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