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.
Curated by Hal
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The Golden Truth: Any Questions As To WHY Germany Wants Its Gold?

The Golden Truth: Any Questions As To WHY Germany Wants Its Gold? | Gold and What Moves it. | Scoop.it

One thing that has taken me by surprise are the sudden and unexpected developments that have instantly thrust the physical vs. paper issue into the forefront.  The Bundesbank event followed by the U.S. Mint announcement has made a much wider audience more open minded about the issues surrounding credibility of bullion bank gold/silver depositories and the ability to verify whether or not the gold/silver that is supposed to be in those depositories can be fully accounted for on an allocated basis. 

Certainly the circumstances surrounding the Bundesbank's decision and the length of time being given to fulfill it's request adds credibility to the view that western Central Bank and bullion bank depositories do not have the amount of gold they are supposed to be holding on behalf of others...

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Study shows actual gold cash costs are 50% more than what is reported | MINING.com

Study shows actual gold cash costs are 50% more than what is reported | MINING.com | Gold and What Moves it. | Scoop.it
$1,170 vs $773.

 

The Australian (paywall) reports the actual cost of mining gold is over 50% higher than the cash costs gold producers disclose in financial statements.

 

Analyst Stephen Thomas of Bell Potter, an Australian brokerage, found that "the average total production cost was $1,170 an ounce, compared with an average reported cash cost of $773 an ounce." ...

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Iran arrests 40 people over Gold markets manipulation

According to country's Judiciary spokesman, indictments have been issued against the suspects and 20 other suspects are being held in custody.

 

TEHRAN(BullionStreet): Sanctions hit Iran arrested 40 persons on charges of manipulating the country's foreign exchange and gold markets.

 

According to country's Judiciary spokesman, indictments have been issued against the suspects and 20 other suspects are being held in custody.

 

Iranian officials had previously said ...

Hal's insight:

Manipulate? Is that possible? LOL

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South Africa becomes China's third biggest iron ore supplier | MINING.com

South Africa becomes China's third biggest iron ore supplier | MINING.com | Gold and What Moves it. | Scoop.it

Marc Howe writes:

 

South Africa has become the third largest supplier of iron ore to China as rival exporter India struggles to overcome troubles in its mining sector.

 

Business Day Live reports that exports of iron ore from South Africa to China leapt a stunning 12% to 40.6 million tonnes in 2012 compared to 2011, while Indian exports plunged nearly 55% to 33 million tonnes.

 

India implemented a strict crackdown on illegal operations in its mining sector last year, stanching overseas sales of iron ore to the immense benefit of international competitors. ...

Hal's insight:

No surprise here. China has been on this course for years now.

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Jake Red Dorman's curator insight, November 19, 2014 2:42 PM

Africa has always had a large amount of resources. As a matter of fact they probably have the most as records show so far. Especially in the Congo, ore isn't a rare sight. The only reason they aren't one of the richest continents is because of European countries taking over the land for their resources early on in African history. Africa has increased its iron production by 12% in the past year, passing India in iron ore sent to China.

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Asteroid-Mining Project Aims for Deep-Space Colonies

Asteroid-Mining Project Aims for Deep-Space Colonies | Gold and What Moves it. | Scoop.it

A new asteroid-mining company launched Tuesday with the goal of helping humanity expand across the solar system by tapping the vast riches of space rocks.

The new firm, called Deep Space Industries, Inc., announced today (Jan. 22) that it plans to launch a fleet of prospecting spacecraft in 2015, then begin harvesting metals and water from near-Earth asteroidswithin a decade or so. Such work could make it possible to build and refuel spacecraft far above our planet's surface, thus helping our species get a foothold in the final frontier.

Hal's insight:

I will admit that the idea of 3d printing does actually offer up a great way to build in space. I still can't wrap my head around this being feasable so soon.

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Something Substantial Has Just Changed In The Silver Market

Something Substantial Has Just Changed In The Silver Market | Gold and What Moves it. | Scoop.it

Trader Dan Norcini tells King World News:

 

“As a matter of fact, when we look at that weekly price chart now, Eric, 4 out of the last 5 weeks preceding this one the silver has dipped down to $30 or below $30, and it has encountered very substantial buying down at those levels.  The bears could not crack the market below that ($30 level).

 

What that means is if there is a demand for silver out there and it can’t be met by the available supply on the market, the price is going to have to go higher.  It’s going to have to get to a level where people where people who are holding these big bars are willing to relinquish it in size or part with their metal.”

 
Hal's insight:

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Charles Hugh Smith: Is the Central State Too Big to Fail or Too Big to Survive?

Charles Hugh Smith: Is the Central State Too Big to Fail or Too Big to Survive? | Gold and What Moves it. | Scoop.it

We are currently in the relatively brief interim when systemic risk has apparently been eliminated by financial alchemy. This cannot last for purely ontological reasons.


We can summarize the Central State/Banks' "fix" to the 2008 global financial meltdown as one gargantuan expansion of debt, the risks of which have been distributed to taxpayers and what's left of the private financial system.
As noted in yesterday's entry on risk, growth and security ( The Grand Tradeoff of Risk/Innovation/Growth and Financial Security), risk cannot be eliminated; it can only be suppressed temporarily or transferred to others. The Central States and their Central Banks have suppressed the risks created by this unprecedented expansion of debt with what amounts to financial alchemy: the States issue new debt (sovereign bonds) and the Central Banks buy the debt with newly created money. The sovereign bonds then sit on the Central Bank balance sheets as assets. Presto-Magico, interest rates remain near-zero, enabling further expansion of sovereign and private debt. Risk appears to have been eliminated, since the Central Bank balance sheet is not exposed to any market influence. Theoretically, the Federal Reserve balance sheet could expand from $2.9 trillion to $29 trillion, and the risk of such expansion would not be priced into the market or economy. ...
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Eric De Groot: Another Panic Is Coming

Eric De Groot: Another Panic Is Coming | Gold and What Moves it. | Scoop.it
Big downturns are byproducts of financial/economic panics.  Have no doubt, another one (panic) driven by decades of bad decision-making across the public and private sector and TIME is coming.  Those reading the message of the market have the best chance to survive and thrive while masses angrily search for scapegoats to satisfy their pain.
Hal's insight:

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Jesse's Café Américain: If You Remember Nothing Else About the Financial Crisis, Remember This

Jesse's Café Américain: If You Remember Nothing Else About the Financial Crisis, Remember This | Gold and What Moves it. | Scoop.it

Few knowledgeable people talk about the need for financial reform anymore, just a few short years after the financial crisis and collapse.

The right talks about getting tough on the weak and settling old scores, and the left is losing its way in obtuse gimmickry and quack economics that promote their own statist agendas. Pile enough rancid margarine on the bread and you won't see its thinness or the mold.

The broad center, independents, and progressives are largely silent, having averted one almost certain disastrous choice in the most recent national election, only to find themselves still on unsteady ground with ...

Hal's insight:

I agree. Click over for his key point.

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Celente: The 2013 Financial Collapse Will Be One For The Ages

Celente: The 2013 Financial Collapse Will Be One For The Ages | Gold and What Moves it. | Scoop.it

“2013 could be the year that the Western world, based as it is on debt and fiat paper money that is printed in order to support debt, comes to an economic end ... Hopefully, the derivative exposure – essentially uncovered bets on interest rates, mortgages, currency exchange rates, and prices of oil and other commodities and equities – nets out in some way so that the net exposure to risk is far less than $227 trillion.  Nevertheless, if enough of these bets go wrong, banks can go bust.

 

So far the “euro crisis” promoted by the US and Western media has protected the US dollar by sending euro holders fleeing into dollars, and the Federal Reserve’s purchase of the banks’ bad bets has kept economic Armageddon at bay.  However, the Federal Reserve cannot forever create new dollars with which to ...

Hal's insight:

Click over for the rest of the interview of Celente did with King World News.

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Bank of Japan may pledge open-ended asset buying | Gold Anti-Trust Action Committee

Bank of Japan may pledge open-ended asset buying | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

TOKYO -- The Bank of Japan will consider making an open-ended commitment next week to buy government bonds and other assets until 2 percent inflation is in sight and the economy is on a more solid footing, according to sources familiar with its thinking.

 

The central bank will also consider scrapping interest it pays on banks' reserves, the sources added.

 

Faced with relentless pressure from Prime Minister Shinzo Abe to do more to pull Japan out of deflation, the BOJ is expected to double its inflation target and possibly boost its long-running asset-buying scheme at a two-day policy review that ends on Tuesday.

 

Any steps beyond that, however, would come as a surprise for investors, possibly putting the yen under more selling pressure and further boosting Japanese stocks, which have bolted to their highest levels in nearly three years on hopes of bolder policy measures. ...

Hal's insight:

Let the currency wars begin.. no... continue... Yes... heat up.. Certainly.

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Over 6 million Silver Eagle bullion coins sold already this year - SILVER NEWS - Mineweb.com Mineweb

Over 6 million Silver Eagle bullion coins sold already this year - SILVER NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Lawrence Williams:

 

LONDON (MINEWEB) - 

 

Only 9 days ago we reported that orders for the one ounce Silver Eagle bullion coins by the U.S. Mint on the first day they became available (January 7th) hit a new record of nearly 4 million coins – the highest single day sale in the programme’s history.

 

Since then demand has apparently remained extremely strong with over 6 million coins sold in less than 2 weeks causing the Mint to have to temporarily suspend sales to its authorised dealers while it rebuilds inventory.

 

The Mint says it expects that no new Silver Eagles will now be available before January 28th or possibly a few days later, and will then ration coins on an allocation basis. ...

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Charles Hugh Smith: Money Velocity Free-Fall and Federal Deficit Spending

Charles Hugh Smith: Money Velocity Free-Fall and Federal Deficit Spending | Gold and What Moves it. | Scoop.it

The velocity of money is in free-fall, and borrowing, squandering and printing trillions of dollars to prop up a diminishing-return Status Quo won't reverse that historic collapse.


Courtesy of Chartist Friend from Pittsburgh, here are three charts overlaying the velocity of money and the Federal surplus/deficit. The charts display the three common measures of money: M1, M2 and MZM. From the St. Louis Federal Reserve site: 
M1 includes funds that are readily accessible for spending. M1 consists of: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) traveler's checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs). 

 

M2 includes a broader set of financial assets held principally by households. M2 consists of M1 plus: (1) savings deposits (which include money market deposit accounts, or MMDAs); (2) small-denomination time deposits (time deposits in amounts of less than $100,000); and (3) balances in retail money market mutual funds (MMMFs). 

 

Money Zero Maturity (MZM) is M2 less small-denomination time deposits plus institutional money funds.

 

The correlation of deficit spending and money velocity is especially striking in the chart of M2 velocity. ...
Hal's insight:

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Tajikistan buys 1.1 tons of Gold in 2012

The former soviet state's total gold reserves climbed to 11 tons with the purchase of 1.1 tons of gold in 2012.

 

DUSHANBE(BullionStreet): Tajikistan's gold and forex reserves grew nerarly 22 percent to $972 million last year.

 

According to country's central bank, National Bank of Tajikistan, gold and foreign currency reserves of Tajikistan amounted to $972 million in 2012, up by 21.25% compared to 2011. ...

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US Downgrade: No Stomach to Do the Right Thing - Karl Denninger

http://usawatchdog.com/usa-going-to-get-downgraded-karl-denninger/ Karl Denninger of Market-Ticker.org says don't expect politicians to do the right thing just yet when it comes to solving America's financial problems. Denninger says, "There is no stomach to put their jobs on the line . . . We need statesmen who will say I will get fired over this. . . . That's the price the country has to pay." Join Greg Hunter as he goes One-on-One with financial analyst Karl Denninger.

Hal's insight:

Hat tip to www.jsmineset.com 

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The Incredible Roadmap To $25,000 Gold

The Incredible Roadmap To $25,000 Gold | Gold and What Moves it. | Scoop.it

Today 40-year veteran, Robert Fitzwilson, lays out the incredible roadmap for $25,000 gold.  Fitzwilson, who is founder of The Portola Group, wrote the following piece exclusively for King World News which contains a powerful chart that he believes points to a staggering, “... long-term value of over $25,000 per ounce of gold.”


... “The US has devoured its reserves of the metal since the end of WWII, while at the same time the uses have mushroomed in electronics and medicine.  Silver tends to be used in small quantities which are not to be recycled.  We rely on annual production and reclamation for what we consume.  You can reach this conclusion simply by looking at burgeoning demand and struggling supply, although the debasement of paper currencies and continuing accumulated debts add to the extreme undervaluation. ...

Hal's insight:

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This Exploding Grenade Will Create A Gold & Silver Surge

This Exploding Grenade Will Create A Gold & Silver Surge | Gold and What Moves it. | Scoop.it

After a solid advance last week for gold and silver, today Michael Pento has written exclusively for King World News to let readers know about the exploding grenade which is going to send, “... increasing money flows into both gold and silver.”  Here is Pento’s piece:  “Japan has already suffered through 25 years of an economic malaise because they have refused to allow the free market to work its reconciliation magic.  Their reliance on government borrowing and spending to rescue the economy has proven to be a miserable failure.


Because of this fact, Japanese politicians have succeeded to increase the debt to GDP ratio to 237%, which should have already caused a collapse in Japanese Government Bonds (JGBs) and the Yen.  However, JGBs have held their value for two reasons: The Japanese own 92% of their sovereign debt; And, up until now, deflation has reigned over the island. ..."

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Sarkozy's plans 'to dodge new 75% French tax rate by moving to London with wife Carla and setting up £1bn private equity fund'

Sarkozy's plans 'to dodge new 75% French tax rate by moving to London with wife Carla and setting up £1bn private equity fund' | Gold and What Moves it. | Scoop.it
Details of the planned to move to London were uncovered during a raid by fraud police on Nicolas Sarkozy’s Paris mansion last June.
Hal's insight:

Isn't that just so nice. I wonder if the rest of the French citizen's will do the same? Oh, wait, they probably don't have the funds to escape their government.

 

Hat tip to www.drudgereport.com 

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Pacific Group to Convert 1/3 of Hedge-Fund Assets to Gold

The Pacific Group Ltd., founded by a former PaineWebber Inc. trader, is converting one-third of its hedge-fund assets into physical gold, betting that prices will go up as governments print more money to pay off debt.
Hal's insight:

Hat tip to http://www.caseyresearch.com/gsd/edition/worried-about-gold-confiscation-buy-silver-instead

 

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In The News Today « Jim Sinclair's Mineset

In The News Today « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

The Fed increases QE. The Fed and the Chinese central bank move to more stimulus. The Fed minutes spread the outrageous MOPE that just as they vote to increase QE they really don’t want to. The Fed spokesman speaks about the "To Big to Fail" bank concept.

 

There is something on the horizon that effort to restrain gold and support the dollar must be systemic. Please note the comment on Russia examining the same situation.

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Silver Is Setting Up For A Stunning 56% Surge

Silver Is Setting Up For A Stunning 56% Surge | Gold and What Moves it. | Scoop.it

On the heels of India raising import duties on gold by 50% in an effort to reduce surging demand, top Citi analyst Tom Fitzpatrick now believes silver may be set up for a stunning 56% surge.  Fitzpatrick provided King World News with seven powerful charts which covered the gold, silver, palladium and platinum markets.   Fitzpatrick has been incredibly accurate regarding his forecasts for both gold and silver, so pay attention silver bulls. 

Hal's insight:

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Guest Post: 2008 Again? | Zero Hedge

Guest Post: 2008 Again? | Zero Hedge | Gold and What Moves it. | Scoop.it
The so-called recovery is built on sand, and as stock markets climb and climb, and more traders and investors turn bullish, we come ever-closer to a new 2008-style collapse. Soaring markets, and soaring speculation.
Hal's insight:

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WHY NOW IS THE TIME TO BUY SILVER - The Prospector Blog

WHY NOW IS THE TIME TO BUY SILVER - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

I’m not sure who said it but it’s worth repeating. The best time to buy silver was ten years ago, the second best time is now. This week TPS (The Prospector Site) received our share of emails asking if now is a good time to buy or wait in hopes of a silver price dip. I understand the thinking but to me personally the risk doesn’t out way the return. Over the next few hundred words I’ll explain why I feel now is the time to buy silver. ...

Hal's insight:

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Most markets that matter...and the U.S. financial system can control...are rigged seven ways to heaven - @EdSteerGSD

Most markets that matter...and the U.S. financial system can control...are rigged seven ways to heaven - @EdSteerGSD | Gold and What Moves it. | Scoop.it

Ed Steer:

 

"Most markets that matter...and the U.S. financial system can control...are rigged seven ways to heaven...and this certainly includes the precious metals, with yesterday's price action being another case in point.

 

I have no idea as to when all this madness will end, but I would think that we'll find out sometime after the presidential inauguration coming up on Monday.

The way that gold and silver bullion are flying off the shelves at the U.S. Mint is only one of many canaries in the coal mine that are singing their lungs out at the moment.  "Currency Wars" is another.  And as I've said on many occasions, one of the first things that the powers that be can do to instill higher inflationary expectations in the general population, would be to allow the precious metals to run up a significant amount.  Time will tell whether my thoughts are anywhere close to the mark. ..."

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US Mint Out Of Silver Coins - Suspends Sales | Zero Hedge

As we noted earlier this month, the demand for both gold and silver 'physical' coins has been record-breaking as 2013 began.
Hal's insight:

Well, well, well. Can't they just print some more? Can't they just offer some paper version? haha.

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