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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Gold futures confined to narrow range

Gold futures confined to narrow range | Gold and What Moves it. | Scoop.it
Gold futures continue to trade in a narrow range bouncing between $1650 to the downside and $1700 to the upside as the consolidation channel in which they are trapped becomes ever more well defined...
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Ben Stein on money, gridlock & more

CNN's Christine Romans talks with Ben Stein about Congress, gun control, and President Obama's cabinet picks.
Hal's insight:

hat tip to http://twitter.com/Goldtwatter

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Casey Research Panel Discussion - Moderated by Doug Casey

Marin Katusa, Louis James and Jeff Clark are all featured on this Casey Research panel discussion about gold, the economy and junior miners. It is moderated by Doug Casey. Taped in January 2013 at the Vancouver Resource Investment Conference.http://www.cambridgehouse.com

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hat tip to http://www.mining.com

 

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CBS Anti-Constitution Network | Greg Hunter’s USAWatchdog

CBS Anti-Constitution Network | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it

By Greg Hunter’s USAWatchdog.com   

This past Sunday, CBS ran an op-ed segment on its morning show called, “Let’s give up on the Constitution.”   It was written and delivered by Georgetown law professor Louis Michael Seidman.  Professor Seidman gave a longer version of this in print at the end of 2012 in the New York Times.  There, he said, “As someone who has taught constitutional law for almost 40 years, I am ashamed it took me so long to see how bizarre all this is.”  Really, it took 40 years to see the light?  On the CBS version, Seidman said, “I’ve got a simple idea: Let’s give up on the Constitution.  I know, it sounds radical, but it’s really not.”  Really?  It’s not a radical idea when the President of the United States just swore an oath to“uphold the Constitution” in his second term inauguration?  (Click here for the CBS version of Seidman’s op-ed.)  (Click here for the NYT version.) 


I don’t question professor Seidman’s knowledge of constitutional law.  What I question is his timing and his new awakening after a “40 year” haze.  I also question the decision CBS made to put this op-ed on the air.  Not because of what was said, but because CBS put this on without any rebuttal. ...

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Ed Steer reports on 7,420,000 Silver Eagle coin sales year to date in his Gold & Silver Daily

Ed Steer reports on 7,420,000 Silver Eagle coin sales year to date in his Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer reports on U.S. Mint sales:

 

"... The U.S. Mint had a long-anticipated sales report.  They sold 8,000 ounces of gold eagles...5,000 one-ounce 24K gold buffaloes...and a very chunky 1,413,000 silver eagles.  That new silver eagles sales figure puts the year-to-date sales number at 7,420,000 coins.  That is, of course, a new monthly record high sales figure.  We'll see if they add any more during the last two days of the month. ..."

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Kaye - Expect A Massive Silver Short Squeeze

Kaye - Expect A Massive Silver Short Squeeze | Gold and What Moves it. | Scoop.it

“What caused that hasn’t gone away.  The main problem with the global financial system is there is far too much debt.  And because of the excessive debts that couldn’t be serviced, we almost had a systemic breakdown just a few years ago.

 

The total debt levels around the world have not shrunk since that time, in fact they have increased.  What has happened is a very minor amount of private sector debt contraction has been far more than offset by the sovereign sector.  It’s the governments that have been levering up over the last 4 to 5 years.

 

But the total debt in the system that has to get serviced has not shrunk.  Therefore, the problems that almost caused a total meltdown have not gone away.  They’ve (actually) gotten worse.  So exactly as you are saying, Eric, a prudent investor should not be at risk and should not have his gold at risk in the global financial system.  It is not safe.

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Trader Dan's Market Views: The Punch Bowl Runneth Over

Trader Dan's Market Views: The Punch Bowl Runneth Over | Gold and What Moves it. | Scoop.it

Fear not ye despairing lads and lassies. Surely thou wert fearful that said supply of spirits to enliven yonder punch bowl wert in peril of being dried up. Hark - the sum of all economic activity in the realm didst verily sink a fortnight plus ago. This turn of events must surely bring forth the purveyors of joy and bliss to aid thee.

Okay - I got a bit carried away - the big news, and I do mean "BIG" news this morning that has gotten the commodity sector excited and is in the process of pushing the US Dollar lower, is the fact that 4th quarter 2012 GDP actually managed to SHRINK! Yes, you got that right - it shrank! As a matter of fact, the reading was the worst since Q2 2009! Remember that we were back in an official recession during that time frame.

Ironically, and this to me is a big deal, government spending decreased and that is perhaps one of the biggest reasons for the reduction in growth. I have mentioned previously on this site that government spending was a large factor behind recent improvements in the rate of growth in this nation and that were it subtraced from the numbers, we would be showing very little in the way of actual growth. Lo and behold, I did not expect the growth rate to actually shrink were it removed from the equation.

Here is the ironic part - ...

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India to bring back IIB's to keep investors away from Gold

RBI governor D.Subbarao said the central bank had introduced IIBs some years ago but it did not take off due to some design flaws.

 

NEW DELHI(BullionStreet): India's central bank has decided to reintroduce the inflation-indexed bonds (IIBs) with slight changes and also to allow banks to buy back gold.

 

The move is part of a series of efforts by authorities in the world's largest gold consumer to cut down imports and to keep investors away from gold.

RBI governor D.Subbarao said the central bank had introduced IIBs some years ago but it did not take off due to some design flaws.

 

The most important change is that both principal as well as the coupon rate on the bond will be indexed to inflation, he added. ...

Hal's insight:

So exchange your gold for our paper. Right. That makes sense.

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Germans want Gold reserves returned

Germans want Gold reserves returned | Gold and What Moves it. | Scoop.it
Germany has been facing mounting pressure to audit its national gold holdings from various political groups.

 

BERLIN(BullionStreet): The Germans are demanding their gold reserves be returned to them, and economist, columnist, radio host and international conference speaker Jerry Robinson says on his Follow the Money Weekly program this week that is bad sign for America. 

Robinson explains in the opening part of this week’s FTM Weekly program that the move appears to be the leading edge of a “similar breakdown of global trust in the U.S .government’s ability to handle its finances.”

Robinson explains more fully that Germany has been facing mounting pressure to audit its national gold holdings from various political groups. Some leaders also want all of the nation’s gold brought back home, so Germany’s Bundesbank last week publicly revealed its plans to repatriate half of its gold. ...

Hal's insight:

Well, of course they do. If you can't lay your hands upon it, you don't really have it.

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The Golden Truth: Are The Currency Wars For Real?

The Golden Truth: Are The Currency Wars For Real? | Gold and What Moves it. | Scoop.it

I thought it appropriate to start this piece with a quote from Ludwig Von Mises regarding the global system of "flexible" currencies:

A general acceptance of the principles of the flexible [currency] standard must therefore result in a mutual overbidding between the nations. At the end of this race is the complete destruction of all nations' monetary systems. LINK

That was written in 1949 and essentially prophesied the eventual global currency war that Von Mises visualized unfolding, as countries used currency devaluation strategies in a desperate attempt to prop up their own crumbling economic systems and "protect" their relative export power.


I am not alone in thinking that we entering a very real and very dangerous global currency war. The highly regarded Comstock Partners issued their view on this four days ago: "If we are correct, the U.S. and global economies will contract and there will be a race to the bottom with "competitive devaluations" rampant. All the countries that need exports for economic growth will be very aggressive in the race to the bottom..." ...

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Two Chess Moves Away from Capital Controls - Casey Research

Two Chess Moves Away from Capital Controls - Casey Research | Gold and What Moves it. | Scoop.it
Bundesbank's explanation for moving to repatriate some of its gold reserves from the US and France serves as a clarion call for investors to internationalize their holdings.

 

By Jeff Clark, Senior Precious Metals Analyst

The best indicator of a chess player's form is his ability to sense the climax of the game.

–Boris Spassky, World Chess Champion, 1969-1972

 

You've likely heard that the German central bank announced it will begin withdrawing part of its massive gold holdings from the United States as well as all its holdings from France. By 2020, Bundesbank says it wants half its gold reserves stored in its own vault in Germany.

 

Why would it want to physically move the metal from New York? It's not as if US vaults are not secure, and since Germany already owns the gold, does it really matter where it sits?

 

You may recall that Hugo Chávez did the same thing in late 2011, repatriating much of his country's gold reserves from London. However, this isn't a third-world dictatorship; Germany is a major ally of the US. So what's going on?

Pawn to A3

On the surface, it may seem innocuous for Germany to move some pallets of gold closer to home. Some observers note that since Russia isn't likely to be invading Germany anytime soon – one of the original reasons Germany had for storing its gold outside the country – the move is only natural and no big deal. But Germany's gold stash represents roughly 10% of the world's gold reserves, and the cost of moving it is not trivial, so we see greater import in the move.

 

The Bundesbank said the purpose of the move was to "build trust and confidence domestically, and the ability to exchange gold for foreign currencies at gold-trading centers abroad within a short space of time." It's just satisfying the worries of the commoners, in the mainstream view, as well as giving themselves the ability to complete transactions faster. As evidence that it's nothing more than this, Bundesbank points out that half of Germany's gold will remain in New York and London (the US portion of reserves will only be reduced from 45% to 37%).

 

Sounds reasonable. But these economists remind me of ...

Hal's insight:

This game isn't going to end in a stalemate.

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Charles Hugh Smith: Why Employment in the U.S. Isn't Coming Back

Charles Hugh Smith: Why Employment in the U.S. Isn't Coming Back | Gold and What Moves it. | Scoop.it

If we understand the simple dynamics of value creation, total compensation costs and the cost-basis of doing business (general overhead), then we understand why employment isn't coming back in the U.S.


It is impossible to understand job creation without understanding value creation and labor/overhead costs. People hire other people when their labor creates more value than it costs to hire them.
When labor costs are high, the value created must also be high; it makes no sense to hire someone if doing so generates a loss.
When labor is cheap, the bar of value creation is lowered, and so the risk of hiring a worker is also lower: they don't have to add much value to be worth their wage.
This is why you see many low-value jobs in developing-world countries. There are night watchmen on duty in virtually every parking lot and building in urban Thailand, for example; these workers are providing a fundamental value, "eyes on the street," but it is a low-value proposition: no special skill is required other than being a light sleeper. The cost of their labor is equivalently low, but in a low-cost basis economy such as Thailand's, a very low wage is still a living wage.

In a self-employment example, many vendors in urban Thailand set up their informal food stall (a cart or a tent) for a few hours a day. Their net income is low, because what they provide--readymade food and snacks ...
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Dollar Sell Off Within 4 Months-John Williams

http://usawatchdog.com/may-2013-end-of-the-road-john-williams/ If Congress does not get its financial house in order by the new deadline in mid-May 2013, John Williams of Shadowstats.com predicts, "It will be the end of the road . . . . They are not going to have another opportunity . . . they are pushing the limit as it is now." Williams says he expects, ". . . a negative reaction in the next 3 or 4 months to the dollar." Williams adamantly calls for hyperinflation to the U.S. dollar by the end of 2014. Join Greg Hunter of USAWatchdog.com as he goes One-on-One with economist John Williams.

Hal's insight:

Hat tip to www.jsmineset.com 

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Norcini - Silver Now Very Close To A Major Short Squeeze

Norcini - Silver Now Very Close To A Major Short Squeeze | Gold and What Moves it. | Scoop.it

On the heels of some wild trading in gold and silver, today acclaimed trader Dan Norcini told King World News that the silver market is now approaching key levels which will set off major short covering if breached.  Norcini also provided two key charts.  Here is what the acclaimed trader had to say:  “If silver decisively breaks $32.50 we will see momentum-based buying come into the market.  This is what is necessary to fuel a sharp uptrend in silver of the type of nature that we’ve seen in palladium and platinum.  A break of $32.50 on silver would also signal a shift in sentiment regarding inflation.”

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Swiss banks hike charges to store gold in their vaults 20% | MINING.com

Swiss banks hike charges to store gold in their vaults 20% | MINING.com | Gold and What Moves it. | Scoop.it
Move prompted by new banking rules.

 

FT.com reports UBS and Credit Suisse, which dominate the Swiss physical gold market have reportedly hiked their charges for holding the yellow metal – typically around 0.05-0.1% of the value – by as much as 20%.

 

The move by the Swiss banking giants whose clients include not only the world's wealthy but also other banks, hedge funds and institutions is aimed at compliance with new banking rules that require greater capital reserves.

 

FT explains UBS and Credit Suisse want their clients to opt for so-called 'allocated' accounts which allows the banks to act as custodians of the gold only. With 'un-allocated' accounts which are the norm at the moment, the banks have to include the bullion on their ...

Hal's insight:

New banking rules... :-) 

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Chart of Annual Chinese Gold Accumulation Since 2000 « Jim Sinclair's Mineset

Chart of Annual Chinese Gold Accumulation Since 2000 « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it
Hal's insight:

Not much one need add to that chart. 

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How To Effectively Defend Yourself In The Gold Market « Jim Sinclair's Mineset

If you wish to be effective in the gold market there is a very simple way. The gold price is not attacked just for some pleasure of seeing the quote down. From simple shorts to complex 2nd and higher derivative positions it requires somebody to do something to profit on lower price. It requires you to panic to accomplish the downside among the paper gold traders.

 

To frustrate the short do nothing at all. When the gold market rallies you can doubly frustrate the short if again at the beginning of the rally you do nothing.

 

You need only not to trade the paper gold market to thwart at least your contribution to panic. You need only to hold your fully paid shares in a gold or silver entity if it qualifies as sound to frustrate the short hedge fund.

 

You can defend yourself effectively by doing absolutely nothing.

 

Gold will ...

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Charles Hugh Smith: America's Four Socioeconomic Classes

Charles Hugh Smith: America's Four Socioeconomic Classes | Gold and What Moves it. | Scoop.it

A titanic political battle is brewing between the parasitic aristocracy, the dependent class and the two classes creating value with their labor.


In the conventional view, America's socioeconomic classes are divided by income and wealth into various layers of Wealthy, Middle Class and Poor.
If we extend the analysis presented in Why Employment in the U.S. Isn't Coming Back (January 29, 2013) and Why Employment Is Dead in the Water (January 28, 2013), we get an entirely different framework that breaks naturally into four classes:
1. Parasitic financial Aristocracy (creates no value, skims national surplus)2. High value creation (employed, heavily taxed)3. Low value creation (employed/informal economy, lightly taxed)4. No value creation (unemployed, dependent)
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'France is totally bankrupt': French jobs minister Michel Sapin embarrasses Francois Hollande with shocking statement on state of the country's economy

'France is totally bankrupt': French jobs minister Michel Sapin embarrasses Francois Hollande with shocking statement on state of the country's economy | Gold and What Moves it. | Scoop.it
'France is totally bankrupt': French jobs minister Michel Sapin embarrasses Francois Hollande with shocking statement on state of the country's economy

Unexpected news came during a radio interview yesterday and calls into further question Hollande's controversial 'tax and spend' policies

 

France’s employment minister Michel Sapin has admitted the country is “totally bankrupt”.

 

The unexpected news came during a radio interview yesterday and is thought to have sent the country’s business leaders into a state of shock.

 

“There is a state but it is a totally bankrupt state,” Mr Sapin said. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.”

 

Mr Sapin’s “totally bankrupt” statement is likely to cause huge embarrassment for President Francois Hollande, who will be left to undo the potential damage to his socialist government’s reputation. ...

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Hat tip to www.jsmineset.com

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Doug Casey interviews Peter Schiff

Casey Research chairman Doug Casey interviews financial pundit and author Peter Schiff. Their conversation covers a range of issues: gold, the validity of the US dollar, the Federal Reserve system and the Schiff family's fight with the IRS.http://www.caseyresearch.com

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(Hong Kong) Kaye - We Will See A Global Financial Meltdown

(Hong Kong) Kaye - We Will See A Global Financial Meltdown | Gold and What Moves it. | Scoop.it

Today acclaimed hedge fund manager William Kaye told King World News that despite the move in global stock markets, another financial crisis is staring the world in the face.  He is predicting an increase in interest rates that will create “... a very high likelihood of a global financial meltdown.”  

 

Kaye, who 23 years ago worked for Goldman Sachs in mergers and acquisitions and who is the founder of Pacific Group in Hong Kong, strongly believes the central planners have put the world in the frightening position where once again the financial system will freeze up.  Below is part II of a three part series of written interviews that will be released today with the outspoken hedge fund manager from Hong Kong.


Eric King:  “Bill, we’ve seen runs on banks, we’ve (also) seen that during the Great Depression, and banks just failed.  You are basically talking about a run on gold here that is going to cause this entire paper Ponzi scheme that’s out there in the gold market to completely unravel and for gold to skyrocket.”

 

Kaye: “Yes.  That’s exactly what we see happening.  The key question is what will be the catalyst?  As we return, and ultimately we will return, to what would be a much more normal level of interest rates around the world, the stock of debt that currently exists in the world cannot and will not be serviced.  That is what people (and investors) need to focus on....


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Navitas Systems wins A123's government, research side

Navitas Systems wins A123's government, research side | Gold and What Moves it. | Scoop.it
The Obama administration approved the sale of most of bankrupt battery maker A123 Systems' assets to Chinese firm Wanxiang Group Corp.
Hal's insight:

Well, I guess it's better than stealing tech.

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Gold imports soar in India as wedding season approaches

Gold imports soar in India as wedding season approaches | Gold and What Moves it. | Scoop.it

by Shivom Seth:


MUMBAI (MINEWEB) - 

 

Bullion traders across the country are one step ahead of the Indian government. Even as the government was pondering a proposal to hike customs duty on the import of gold this month, gold imports soared by 15% to 75 tonnes in January.

 

Though the government did go ahead and ultimately raise duties by 50% from 4% to 6% on January 21, bullion traders cornered most of the precious metal in the first three weeks of the month in anticipation of the hike in customs duty.

 

India's gold imports climbed to $56 billion from $21 billion between 2009 and 2012, despite an 81% price hike in domestic prices. The country's Finance Minister has also indicated that the government is considering stringent measures to curb gold imports. ...

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Updating Gold’s Structure and Key Inflection Level

Updating Gold’s Structure and Key Inflection Level | Gold and What Moves it. | Scoop.it

In simplest terms, the upside resistance barrier exists from $1,680 to $1,700 while the downside support level trades from $1,630 to $1,640.

Starting with the upside chart-based resistance, we note the falling 50d EMA at $1,685 and the upper Daily Bollinger Band at $1,697.

Beyond that, we can easily see a price-based resistance high (the most recent swing high) at the $1,700 “Round Number” level.

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Charles Hugh Smith: Why Employment Is Dead in the Water

Charles Hugh Smith: Why Employment Is Dead in the Water | Gold and What Moves it. | Scoop.it

Employment is dead in the water because opportunities for organic expansion are few and the cost basis of doing business in the U.S. keeps rising.


Let's start by reviewing the basics of employment in the U.S. Courtesy of the St. Louis Federal Reserve, here is the non-institutional civilian population of the U.S. (Note that the Civilian Non-institutional Population With No Disability, 16 years and over (LNU00074593)--roughly speaking, the workforce of the nation-- is 215 million).
Here is the percentage of the population with some kind of job: note this could be self-employment that earns $1,000 a year or a job with 4 hours a week; recall that 38 million American workers earn less than $10,000 per year, 50 million earn less that $15,000 a year and 61 million earn less than $20,000 annually. All these numbers are drawn directly from Social Security Administration payroll data. ...
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