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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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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Tax cuts on 'Paper Gold' may trim India Gold import by 70%

Tax cuts on 'Paper Gold' may trim India Gold import by 70% | Gold and What Moves it. | Scoop.it
India's gold imports could fall much further, by 60% to 70% if the government also presses ahead with plans for gold bonds and a controversial proposed tax amnesty on such investments.

 

NEW DELHI(BullionStreet): Any further hike in gold import duty could trim India's imports by 25 percent this year, according to All India Gems and Jewellery Trade Federation.

 

Federation chairman Bachhraj Bamalwa said he believes import duty on gold will be hiked to 6% in the budget scheduled for Feb. 28.

 

The basic customs duty on standard gold bars is 4 percent and the levy on non-standard gold is 10 percent.

 

He added that if the government also presses ahead with plans for bullion-backed paper investment products such as gold bonds and a controversial proposed tax amnesty on such investments, imports could fall much further, by 60%-70%.

 

Increase in duty will make gold costlier and at this price investors will not be interested,he warned. ...

Hal's insight:

Manipulation in the open.

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Rosen - Expect Stunning $233 For Silver As It Begins To Soar

Rosen - Expect Stunning $233 For Silver As It Begins To Soar | Gold and What Moves it. | Scoop.it

On the heels of the US Mint suspending sales of silver eagles, today 56-year market veteran and analyst Ron Rosen sent King World News exclusively two outstanding charts and commentary for our global readers.  This will give KWN readers an important snapshot of of the extraordinary roadmap he sees going forward for silver. ...

Hal's insight:

Click over for charts and comments. It will be quite stunning if silver hits 233. Earth shattering even.

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The Significance Of $1650 « Jim Sinclair's Mineset

Jim Sinclair makes an insteresting point in answer to an eMail that: 

 

"... I believe it will begin later this year as gold begins to take on the mantle of the only tool that can be used to balance the balance sheets of the major deficit nations with the largest economies. This will occur by default as there simply is no other tool to restructure world finance. This will occur in the cash market for gold. The key to timing is the US Treasury market."

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David Morgan: Debt Insanity | The Victory Report - Precious Metals Media and More

David Morgan: Debt Insanity | The Victory Report - Precious Metals Media and More | Gold and What Moves it. | Scoop.it
Gold and Silver News Daily

 

You CAN’T Solve a Massive DEBT Problem by Adding to the DEBT!

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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:

You'll need to click over for the rest of his post.

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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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Gold May Now Be Poised For A Staggering $600+ Surge

Gold May Now Be Poised For A Staggering $600+ Surge | Gold and What Moves it. | Scoop.it

On the heels of the announcement of Germany seeking to repatriate their gold, today top Citi analyst Tom Fitzpatrick told King World News gold may now be set up for a staggering $600+ move.  Fitzpatrick has been incredibly accurate regarding his forecasts for both gold and silver. 

Hal's insight:

Click over for the charts and comments King World News has posted.

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Gold remains in tight range

Gold remains in tight range | Gold and What Moves it. | Scoop.it
Gold rallied back and hard to reach 1687 - facing resistance at the top of the Bollinger band and as shorts covering happened, more buying emerge.

 

By Robert Jillies
Short Term: Gold was initially down by $ 10.00 after the jobless claim data that was widely anticipated as the Fed tied QE with the unemployment rate. The biggest shock came from the negative reading of the Philly Fed Manufacturing and other market indicator shows that the Fed actually prop more liquidity.

Gold rallied back and hard to reach 1687 - facing resistance at the top of the Bollinger band and as shorts covering happened, more buying emerge. Our guesses were for tomorrow is as good as the Chinese GDP numbers. Short term gold powered to 1697 and resisted 1700 and that could either mean more range trading as it consolidate the recent Bull Run. We look for support at 1670 area again. Failing that we see 1665 and 1650.

Medium Term: Note on the 4 hourly chart, prices are currently at the top range and the bull camp are roaring again. It was lifeless until a quick reversal and now it’s testing to break 1700. Our assumption that prices should find support before moving higher was proven. We view that gold is well ...

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Gold is setting up for a massive breakout in 2H - 2013

Gold is setting up for a massive breakout in 2H - 2013 | Gold and What Moves it. | Scoop.it
The current consolidation is most similar to the 2004-2005 consolidation. It is 17 months old and will last two years unless it can blast through $1800 on the next try.

 

By Jordan Roy-Byrne, CMT
If Gold is able to firm up here and now then it has a good shot to rally back to $1750-$1800 over the next few months. If we get the bullish scenario and a fundamental catalyst shift then expect gold to break past $1800 in Q3. That would mean that Gold consolidated for two years which would be its longest consolidation on record. The longer the consolidation, the more explosive the breakout.

Various sentiment indicators continued to look favorable even as the market began to make some progress. For example, the daily sentiment index for Gold touched 6% yet Gold didn’t make a new low. At the same time we saw a continued reduction in speculative long positions. Bloomberg reported that hedge fund long positions in Gold were reduced to the lowest level since August.

Technically, take a look at the weekly chart. Gold seemed at risk below $1630 yet it closed above $1650 in each of the past four weeks. Now that Gold is starting to turn bullish all time frames ...

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Gold closes higher for the week in Asia on China data

Gold is estimated to have achieved a near two percent gain this week though official figures are available only after Europe and US trade finishes.

 

BEIJING(BullionStreet): Stronger than expected Chinese economic growth, especially in the fourth quarter last year, helped gold to finish higher for the week in Asian trade.

 

Gold is estimated to have achieved a near two percent gain this week though official figures are available only after Europe and US trade finishes.

 

Gold for February delivery was seen trading at $1692.18 an ounce in electronic trade on the Comex division of the New York Mercantile Exchange at 6.30 p.m Singapore time. ...

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