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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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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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Twitter / cnsnews: CBO: Tax Hikes in 2013 Will ...

CBO: Tax Hikes in 2013 Will Cause a Recession http://t.co/rrJr9Ahb
Aug 22 via HootSuite Favorite Retweet Reply

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Twitter / NicholsOnGold: #GOLD's advance still largely ...

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IS OWNING GOLD WORTH IT? - The Prospector Blog

IS OWNING GOLD WORTH IT? - The Prospector Blog | Gold and What Moves it. | Scoop.it

TheProspectorSite.com got this question from a reader:

 

"Question: Okay, I bought gold bullion many years ago preparing myself financially and emotionally for a day I see as imminent. By doing so I made great sacrifices at my family’s expense that includes living on a narrow budget, taking few vacations and lots of worry. At times my family viewed my decision (to own gold) as overreacting but has slowly come around to the same conclusions that led me to precious metals. The problem is lately I’ve doubted my decision to own gold and here is why.


"I see the entire world facing long odds of economic recovery in my lifetime. I see severe social unrest and I see more totalitarian governmental control that only compounds problems by stealing more wealth from those making deep personal sacrifices. To be honest….what good is a boatload of precious metal if a government steals it through taxation someday? I question the benefit of owning silver, gold, or any other storage of wealth in such an age."

 

Click through for the answer TPS gives.

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PRECIOUS-Gold near 3-1/2 month high on ECB hopes - Reuters

Business RecorderPRECIOUS-Gold near 3-1/2 month high on ECB hopesReutersSpot platinum rises to $1511.99/oz, highest since early May * Both spot gold, platinum poised to test 200-day moving average * Spot gold may rise to $1647/oz -technicals * Coming...
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A gold backing for China's renminbi? | MINING.com

A gold backing for China's renminbi? | MINING.com | Gold and What Moves it. | Scoop.it

Michael Allan McCrae writes:

 

"Some central bankers may be listening to Ron Paul after all.

 

"China, which will soon be the world's biggest economy, is rumoured to be thinking about backing its renminbi with gold, according to a post by Mountain Vision. ..."

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Gold: Gaming the System | John Ing | Safehaven.com

Gold: Gaming the System | John Ing | Safehaven.com | Gold and What Moves it. | Scoop.it

John Ing writes:

 

"Markets have been struggling with high frequency trading (HFT) as computers have taken over. Computer or algorithmic related trading makes up more than 50 percent of the market volume and trading is aimed at more gaming than adding liquidity. We believe that high frequency trading puts the client last as institutions try to game the system taking advantage of clients' Maison orders. At one time, markets were held to the test that clients came first! Exchanges are reluctant to shut down these systems because of the business from the trading volume. However the $400 million loss by Knight Capital shows that even in the United States there is no control over these algo traders. Tellingly, it took one week for Knight Capital to discover the software problem. There is no question automated trading has brought gains in price efficiencies and liquidity, but the exchanges have become too fragile and too big to fail. Regulators do not have the financial arsenal to keep up with today's software. So what to do? First there should be a delaying mechanism and software must undergo testing and at a minimum the same regulatory scrutiny that personnel and sales personnel must undergo at least once a year. Add in rules requiring them to hold more capital.


"The unfolding LIBOR saga while not a surprise to us certainly was a surprise to the Street. The big banks rigged for their own benefit the LIBOR rate ..."

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Caterpillar CEO Turns Less Bullish, Warns Of Economic Uncertainty

Caterpillar CEO Turns Less Bullish, Warns Of Economic Uncertainty | Gold and What Moves it. | Scoop.it

By MORAN ZHANG:

 

"Caterpillar Inc. (NYSE: CAT) Chief Exectutive Officer Doug Oberhelman has long been an optimist, but these days he has been scaling back on his optimism.

 

"The global economic outlook is more uncertain now than during late 2008, although the situation isn't as severe, Oberhelman told the Financial Times.

 

"There's never been a more unpredictable set of tea leaves than right now. Even in 2008 and 2009, U.S. housing was already dying and had been for two years. We saw that," Oberhelman is quoted as saying in the Financial Times.

 

"I don't think the situation is as grave as it was in 2008, but the uncertainty, the storm clouds are around things that none of us know about, like what will happen with the political situation in Europe," he said. ..."

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Hot and Explosive? (updated)

TF Metals writes:

 

"... Here's that word again: Maybe. Though I am supremely confident that the metals, particularly silver, are about to charge off into uncharted territory, I cannot be certain that this is happening right now. This is coming, however, and it is coming very soon. Perhaps the leader will survive and even play along? Maybe. In the end, it doesn't mater. Prices are going much, much higher whether they like it or not. ..."

 

click through for the full piece and all the charts.

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Is Gold Money? LCH Accepts Shiny Yellow Metal As Collateral | ZeroHedge

Tyler Durden writes on www.ZeroHedge.com:

 

"Whether it is because the CME just did it; or it's all their clients have left; or Gold volatility is lower than EURUSD volatility (9.0% vs 9.6% in last 3 weeks); or they see the painting on the wall of Draghi's grand-plans, the LCH-Clearnet just announced that as of August 28th, unallocated gold will be accepted as collateral for margin cover purposes. This now means all the major exchanges accept worthless barbarous relics as collateral - as well as worthless fiat paper 'money'. ..."

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Gold prices climb; platinum holds near 2-month high

Gold prices climb; platinum holds near 2-month high | Gold and What Moves it. | Scoop.it

Jan Harvey writes:

 

"Gold prices rose on Monday as the dollar hit its lowest in nearly two weeks against the euro and stock markets rallied, while platinum held near two-month highs as unrest simmered at a mine in major producer South Africa.


"Platinum has been the biggest climber of the last seven days, up more than $100 an ounce week-on-week on Tuesday, after police shot dead 34 people after an outbreak of inter-union violence at a mine operated by Lonmin.

'Gold prices climbed, meanwhile, in line with European shares and the euro, on optimism that meetings on Greece's future and a strategy being drawn up by the European Central Bank will lead to progress in solving the euro zone debt crisis.

 

"Spot gold was up 0.3 percent at $1,623.86 an ounce at 0948 GMT, while U.S. gold futures for December delivery were up $3.40 at $1,626.40. It is approaching key resistance at $1,630 an ounce, which has held it in check since early June.

 

"Gold has got a good gentle uplift at the moment, with the backdraft of positive news on the euro," Sharps Pixley Chief Executive Ross Norman said. "We're seeing a nice gentle pick up in volumes across Europe on the physical side, (but) we've got all the heavy lifting to do between $1,630 and $1,640."


"There's quite a lot of overhead resistance on the charts, so once we've got a convincing breach of that we need to see a bit more volume as well. Over the summer, it's been particularly light. The market just seems to be drifting higher. ..."

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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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More Than Half Of All Americans Are At Least Partially Dependent On The Government

More Than Half Of All Americans Are At Least Partially Dependent On The Government | Gold and What Moves it. | Scoop.it

The Economic Collapse Blog writes:

 

"A very large segment of the population has figured out that it can use voting as a tool to get more money and benefits from the government, and that is a very dangerous thing. Once upon a time, the free market was the one that distributed nearly all the wealth in our system. But now the federal government has become a giant deluded "Santa Claus" that distributes goodies to the American people far beyond its actual capacity to do so. In fact, we are borrowing trillions of dollars that we do not have so that our politicians can continue to buy votes with handouts. Look, we will always need a safety net. We don't want anyone in America starving to death or sleeping in the street. However, our current system has gotten completely and totally out of control. Today, there are nearly 80 different "means-tested welfare programs" operated by the federal government. As I have written about previously, more than 100 million Americans are enrolled in those programs. Sadly, that does not even count Social Security and Medicare. Tens of millions of Americans are enrolled in each of those programs as well. And when you add in more than 22 million government workers, you get one giant pile of people that are getting money or benefits from the government. In fact, at this point more than half of all Americans are at least partially dependent on the government. ..." click over for the rest.

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Twitter / geraldcelente: Gold's @ $1640. Trends Journal: ...

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Gold & Silver Ready For Major Breakouts On The Back Of Platinum Surge

Gold & Silver Ready For Major Breakouts On The Back Of Platinum Surge | Gold and What Moves it. | Scoop.it

by Sumit Roy:

 

"... Labor unrest in the world’s largest platinum- and palladium-producing country sparked a furious rally in the prices for those metals. Lonmin, the No. 3 platinum miner, shut down all of its operations amid a violent row with workers. At least 44 people have died so far.

 

"Lost output has naturally pushed up platinum prices significantly. Prices for the autocatalyst were last trading above $1500, at the top end of its recent trading band.

 

"Labor disputes are not uncommon in South Africa. Earlier this year, the No. 2 platinum miner in South Africa, Impala, shut down its output for six weeks due to a strike. That led to a loss of 120,000 ounces of production.

 

"Whether the rally in platinum continues depends on how long the current strike lasts and whether unrest spreads to other producers in South Africa. ..."

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Gold to Advance as Central Banks, Investors Buy, Coutts Predicts - Bloomberg

By Glenys Sim:

 

"Gold will extend a bull run as emerging-market central banks and investors accumulate the metal to protect against weakening currencies, according to Coutts & Co., the private-banking division of Royal Bank of Scotland Plc.

 

“The reason we’re positive on gold is that major currencies around the world lack credibility,” Gary Dugan, chief investment officer for Asia and the Middle East, said in an interview in Singapore today, without giving a price forecast.

 

"Investment holdings expanded to an all-time high this week amid concern that fresh stimulus from central banks including the U.S. Federal Reserve will weaken currencies and may reignite inflation. Billionaire investors George Soros and John Paulson increased their stakes in the SPDR Gold Trust, the biggest gold- backed exchange-traded product, in the second quarter.

 

“The natural buyers of today are emerging-market central banks, and over and above that, it’s going to be further investment demand,” said Dugan. “People continue to naturally gravitate to gold. ...”

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Gold zooms to near record at Rs 30,745 on strong global cues - The Times of India

Gold zooms to near record at Rs 30,745 on strong global cues - The Times of India | Gold and What Moves it. | Scoop.it

The Times of India:

 

NEW DELHI: Gold on Wednesday surged to near its record level by gaining Rs 235 to Rs 30,745 per 10 grams buoyed by brisk buying by stockists and investors on strong global cues.

 

In a three-day long rising spree, prices of the precious metal spurted to reach near its all time high level of Rs 30,750 per 10 grams set on June 19, as stockists enlarged their positions to meet ahead of marriage season and investors shifting their funds from easing equities to firming bullion.

 

On similar lines, silver prices shot up by Rs 950 to trade at Rs 56,000 per kg on increased offtake by industrial units and coin makers.

 

Sentiment also bolstered as gold traded near a three- month high in global markets after holdings in the biggest exchange-traded fund backed by bullion increased to the most in six weeks and speculation that leaders may agree to contain Europe's debt crisis. ...

 

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Max Keiser: Global political issue of owning gold & silver

In this edition of the show Max interviews J.S Kim from smartknowledgeu.com. He talks about the Asian economies and precious metal currencies, as well as plans by Germany to force European nations to use their gold reserves as collateral. J.S Kim has an undergraduate degree from the University of Pennsylvania and two master degrees (a Master in Public Policy and a Master in Business Administration) from the University of Texas at Austin. In 2005, dissatisfied with the ethics of the commercial investment industry, J.S. Kim left the corporate world behind to launch SmartKnowledgeU™.

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Lear Capital: When BIG Money Moves Into Gold – What’s Your Next Move??

Lear Capital: When BIG Money Moves Into Gold – What’s Your Next Move?? | Gold and What Moves it. | Scoop.it

By David Engstrom

 

"And the saga rolls on. When measured in dog years it was just days ago when George Soros said gold was the ultimate bubble. Now he's back at it. Like a dog who keeps trying to bite the tires off a passing car, George is chasing Gold again.

 

"According to a recent Bloomberg report, Soros Fund Management added 884,000 shares of SPDR Gold Trust to its portfolio. Not to be outdone, fellow billionaire John Paulson of Paulson and Company, assumed the role of alpha male and increased his fund holdings to 21.8 million shares.

 

"All the while, the pack, the average investor, is being hit here and there with snide little comments suggesting gold has seen better days. The economy is recovering, jobs are plentiful, even housing is bouncing higher and higher off its bottom. And Europe? Fagget it! It's all better now. If we don't talk about it, the problem goes away. In fear of losing hard-earned savings, the pack has fled gold and moved back in the direction of stocks, bonds and housing. ..."

 

Track the spot price of gold with the free widget, Exact Price, from Lear Capital: http://www.learcapital.com/exactprice 

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Bundesbank Warns Germans Of Costs Of Propping Up Europe

Bundesbank Warns Germans Of Costs Of Propping Up Europe | Gold and What Moves it. | Scoop.it

by Eric Linton:

 

"Germany's central bank warned Monday that Europe's biggest economy could be stressed by the continent's endless financial crisis, with signs of a slowdown building even as it is being relied on ever more to prop up its neighbors.

 

"Confidence in German public finances is a key anchor of stability in the current crisis but it cannot be taken for granted," the Bundesbank said in a monthly report cited by the Washington Post. The central bank cautioned against the potentially "unlimited" financial support being considered for troubled Italy and Spain.

 

"The Bundesbank also stiffened its resistance to a European Central Bank plan to buy billions of euros worth of Spanish and Italian government bonds to reduce those countries' crippling borrowing costs, Reuters reported. ..."

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Jacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming | ZeroHedge

Jacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming | ZeroHedge | Gold and What Moves it. | Scoop.it
Courtesy of Michael Snyder of Economic Collapse

 

"Are you willing to bet against three of the wealthiest men in the entire world? Jacob Rothschild recently bet approximately 200 million dollars that the euro will go down.

 

"Billionaire hedge fund manager John Paulson made somewhere around 20 billion dollars betting against the U.S. housing market during the last financial crisis, and now he has made huge bets that the euro will go down and that the price of gold will go up. ..."

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There`s lots of gold in Nevada - why look abroad for gold investments?

There`s lots of gold in Nevada - why look abroad for gold investments? | Gold and What Moves it. | Scoop.it

Alec Gimurtu has an interview with David Sidders on mining:

 

Investors do not need to travel the world to make money in gold mining stocks. Nevada has world-class geology, infrastructure and a mine-friendly legal system. Gold Report interview with David Sidders*

 

If you're into mining I figured you'd find it an interesting interview. So click through for it.

 

Here's a snippet:

 

"... In Nevada, something like 24 metal mines and 24 industrial mines currently are in operation. So that's four dozen mines, and all the majors are there. There are more holes in Nevada than there are on a dartboard. That is not bad-it indicates that the ground is good. Many of those holes were drilled long ago; the technology has improved and gold prices are higher. Today's industry is different from 15 years ago.

 

"What is new in Nevada? One example of an area that is getting a second look is the Bullfrog Mining District. We're seeing some juniors working there now. One of the juniors has a resource of greater than 1 Moz Indicated and Inferred in the Bullfrog Hills. There is still exploration opportunity because the technology and the economics have improved dramatically since the area was first mined. The improvements are in addition to the well-known advantages that Nevada already has-low cost surface mining, ores that can be processed by chemical leaching and a favorable legal and tax system. There is a reason that Nevada produces 80-85% of all the gold in the U.S. ..."

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