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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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Embry - This War In Gold & Shorts Getting Overrun

Embry - This War In Gold & Shorts Getting Overrun | Gold and What Moves it. | Scoop.it

Today John Embry told King World News, “We are literally witnessing a war between the physical buyers (Eastern central banks), and the paper manipulators (commercials or bullion banks), and that is why there is such a fierce battle being waged in gold between $1,735 and $1,800.” Embry also stated, “If the commercials run into trouble (with their massive short positions), KWN readers will see a move in gold that will leave them breathless.”

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UNSUSTAINABLE

UNSUSTAINABLE | Gold and What Moves it. | Scoop.it

"... Sadly, all of this government debt is just about the only thing holding up our economy at this point. Since Barack Obama has been in the White House, the U.S. national debt has increased by about 5.5 trillion dollars. Of course the Obama administration has spent a lot of that money on incredibly stupid stuff, but it still gets into the pockets of average Americans that in turn spend it on food, gas, mortgage payments, etc.

 

"If we could go back in time and suck that 5.5 trillion dollars of extra spending out of the economy we would be in a horrible economic depression right now.

 

"But that does not mean that borrowing and spending all of that money was the right thing to do. We have stolen it from our children and our grandchildren and we are going to stick them with the bill.

 

"That is highly immoral and it is a national disgrace. ..."

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oftwominds-Charles Hugh Smith: The Pursuit of Happiness and the Sociopathology of Prosperity

oftwominds-Charles Hugh Smith: The Pursuit of Happiness and the Sociopathology of Prosperity | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Life, liberty and the pursuit of happiness have been distilled into a sociopathology of consumption and unrealistic expectations of "prosperity" that do not lead to happiness or well-being

 

"What's the point of prosperity?

 

"Though few people ever voice this question openly, the general assumption is that prosperity and wealth increase happiness. The pursuit of happiness (famously grouped with “life” and “liberty” in the Declaration of Independence as an inalienable right) has become the pursuit of prosperity and wealth.

 

"That physical comfort and security grease the skids of happiness is self-evident; living a hand-to-mouth existence inside a cardboard box is not as conducive to human happiness as having a comfortable home and secure income.

 

"But it is equally self-evident that a secure dwelling and income do not guarantee happiness; rather, they provide the physical foundation for the much more elusive qualities of happiness. We can make the same distinction between the civil liberties that underpin the pursuit of happiness and the actual pursuit of happiness. The first is a political system devoted to safeguarding liberty; the second is a messy, dynamic process that continues through all of life.

 

"If the basic political and material foundations for the pursuit of happiness are in place, we might anticipate a broadly happy society. If prosperity and wealth are causally linked to greater happiness, we might expect to find that prosperous people are generally happy.

America has great material wealth, but is happiness as abundant as wealth? And if not, why not? ..." click through for the rest.

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Greece: Unemployed Will Overthrow Useless Government

Greece: Unemployed Will Overthrow Useless Government | Gold and What Moves it. | Scoop.it

"... Economist Shayne Heffernan expects to see a return to riots in the streets and a change in Government, “the Greek Government has done nothing to protect the people from the mindless push for austerity by the ECB, IMF and World Bank”

 

"The jobless percentage among people 15 to 24 anni hit 54.2%, according to the official data.

 

"Labor unions argue that the jobless rates, which are linked partly with the austerity program implemented to counter the debt crisis, are higher than those recorded officially.

 

"Supporters and critics of the program agree that the outlook is negative and unemployment will increase in the coming months, as the government pushes for more austerity in return of European Union/International Monetary Fund bailout loans. ..."

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The Bump In The Night | ZeroHedge

Via Mark J. Grant, author of Out of the Box,“How many times have we stood here, you and I, surveying the field before the battle? How many times have we won? How many times must we lose to have lost all those victories and promises of victory?

 

"... The dream is about over. Soon everyone will be waking up. It will not be a good morning.

 

"After all of the horses and all of the King’s men have met, convened and had one more council of war; the bills are still unpaid. We have no solution for Cyprus, no answer for Spain and no plan for Greece as the IMF has made two things quite clear. Number one is that they will not give Greece any more money and number two is that they expect Europe to take the unavoidable financial hit and that it will not be them that is going to get left holding the proverbial bag. Now the public bondholders of Greece have already been whacked and even with a modest extension of two years in payments Greece would need $25-40 billion in new funding as Austria and the Netherlands have said they are done providing money. All of this is on one side of the equation with other being that Greece will be out of money sometime in November. This, my friends, is what is known as “Crunch Time” because there is no open door that does not lead to pain. ..."

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TSA to install molecular body scanners

TSA is introducing the new full body scanner system to the American airports. The scanners will be capable of detecting every tiny trace of any substance of ...

 

Hat tip to www.jsmineset.com

 

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Hathaway - Gold To Hit New All-Time Highs, Despite Pullbacks

Hathaway - Gold To Hit New All-Time Highs, Despite Pullbacks | Gold and What Moves it. | Scoop.it

By John Hathaway, Tocqueville Asset Management L.P.

 

October 10, 2012 (King World News) - Gold and precious metals stocks rallied sharply in the third quarter. The rally suggests that the lengthy correction which began in August of 2011 has been completed, setting the stage for a powerful new leg in the bull market for precious metals and related mining shares. During the quarter, the metal rose 10.9% to $1,772/oz. while the XAU index rose 21.7% to 191. Since mid-May, precious metals shares as measured by the XAU have outperformed gold bullion, with the XAU index rising 35.9% against a 14.8% advance for the metal. Outperformance by the shares over the metal has historically coincided with the strongest advances in both absolute and relative terms for the precious metals complex.

 

The trigger for the strong advance was the overt resumption of quantitative easing by the Fed and ECB in late August. The resumption of aggressive monetary easing, in our opinion, had been foreshadowed by the failure of gold to make new lows after repeated denials by the Fed during the first half of 2012 that such action was “off the table.” As we opined in 1Q12 and 2Q12 quarterly commentaries, as well as our web site article Gold, Gold Mining Shares, and QE; gold’s resilience in the face of superficially “bad news” was signaling that repeated Fed disavowals of the need for more monetary stimulus would prove to be misguided and misleading. ...

 

Click through for the rest and the charts

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UPDATE 2-Striking S.Africa gold miners reject pay offer - Reuters

AFPUPDATE 2-Striking S.Africa gold miners reject pay offerReutersUnion says options in gold dispute now "exhausted". * Platinum output falls 1.9 pct in August. * One man burnt to death in protest (Adds man killed, trucker strike latest).
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John Williams On Lies, Damned Lies And The 7.8% Unemployment Rate

John Williams On Lies, Damned Lies And The 7.8% Unemployment Rate | Gold and What Moves it. | Scoop.it

"Shadowstats.com Author John Williams wonders if politics are at play behind the latest jobs report, which shows 114,000 new U.S. jobs since September and a 0.3% drop in unemployment since August. Investors need to know how seasonal factors and month-to-month volatility affect the Bureau of Labor Statistics' reports. In this exclusive interview with The Gold Report , Williams explains why he doubts that we are in a recovery. The take-away? Look at the unadjusted figures before you sell your gold.

 

"The Gold Report: John, as Mark Twain famously quipped, "There are three kinds of lies: lies, damned lies and statistics." The Bureau of Labor Statistics [BLS] just came out with new jobs numbers that show the country added 114,000 jobs since September and the unemployment rate dropped to 7.8%, down from 8.1% in August. On Shadowstats.com, you argue that the numbers are wrong and pointed to politics as a possible reason for the incorrect figures. Are unemployment statistics being manipulated and if so how?

 

"John Williams: I normally put out a commentary on the numbers, and, in this one, I raised the possibility of politics as a factor. The problem is very serious misreporting of the numbers and the result is what appears to be a bogus unemployment rate. The BLS reported a drop in the unemployment rate from 8.1% to 7.8%, three-tenths of a percentage point, which runs counter to what is being experienced in the marketplace.

 

"What few people realize is that the headline unemployment rate is calculated each month using a unique set of seasonal adjustments. The August unemployment rate, which was 8.1%, was calculated using what BLS calls a "concurrent seasonal factor adjustment." Each month the agency recalculates the series to adjust for regular seasonal patterns tied to the school year or holiday shopping season or whatever is considered relevant. The next month, it does the same thing using another set of seasonal factors. Rather than publish a number that's consistent with the prior month's estimate, it recalculates everything, including the previous month, but it doesn't publish the revised number from the previous month. ..." 

 

Hat tip to www.jsmineset.com 

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Jim Sinclair gets an question from a reader regarding a what-if scenario where Romney wins and how gold would be affected « Jim Sinclair's Mineset

Jim Sinclair gets an question from a reader regarding a what-if scenario where Romney wins and how gold would be affected:

 

"Jim,

 

"How will gold be affected if Romney wins the election and the Fed becomes less pro-active with monetary stimulus? Obviously the markets would have a honeymoon rally which would have a pull on gold, but would a new Federal Reserve President potentially lower the targets for gold’s climax if he has a more conservative approach than helicopter Ben?

 

"Thank you for your time. My family and children have a secure financial future because of your efforts.

 

"CIGA Mark

 

"Mark,

 

"Then the stock market craps out a few thousand points. There is a short term dollar rally. Gold falls $100-$200 and the Fed has to turn harder on the expansionary side to prevent a worldwide depression of size and scope never before imagined. The Banker Romney knows this, and would be most unlikely to have his honeymoon trashed instantly. Gold then goes to $14,800. Please have faith in my knowledge that once you have taken the path of Debt Monetization, both publicly and privately know as QE, there is no practical way to get off that train. The operative word is practical. I know of what I speak. 

 

"Jim ..."

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Fedex to cut thousands from workforce

Fedex to cut thousands from workforce | Gold and What Moves it. | Scoop.it

AFP - Fedex, the global delivery company, said Wednesday it was planning to cut "several thousand" people from its workforce via a voluntary departure program beginning early next year.

 

Company chairman Fred Smith said at an investment conference in Memphis, Tennessee, that the cuts would come in the company's Fedex Express global express delivery service, and in the US unit, Fedex Services.

 

The cuts are part of a plan to boost profits by $1.7 billion by 2016, mainly through intensified cost reductions.

 

They also come in the wake of the company's warnings that its business is being hit by the global economic slowdown.

 

The company gave no specific number on the staff reductions, but emphasized they would be voluntary. ...

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Gold & Gold Stocks Readying for Upturn Against Equities

By: Jordan Roy Byrne

 

"In the wake of the Fed’s announcement of open-ended or as I like to call it, permanent quantitative (QE) easing, mainstream advisors and pundits have found another way to promote stocks. Recently I heard one popular media pundit say based on QE buy stocks but not gold stocks. Also, pundits are instructing followers to buy Apple based on QE. What nonsense. This stuff practically writes itself. Next, when inflation takes hold we’ll hear about how stocks are an inflation hedge. The reality is the cyclical bull market in equities is approaching its end and will give way to the bull market in Gold and gold stocks which is set to move into the recognition phase. ..."

 

click over for the charts 

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Why are we bailing out the banks? Part One. The Simple Answer.

Why are we bailing out the banks?  Part One. The Simple Answer. | Gold and What Moves it. | Scoop.it

"We’ve all seen the film ‘Groundhog Day’. Well, we’re in it. Every morning the radio plays a song which has the chorus, “I rob you babe”. And sure enough when the news comes on, they have. A full five years of pumping money in to the banks and still our leaders will not even consider that they might be wrong. They still insist, as they have from the start, that “There is no alternative’. Call it bail outs, call it QE, call it monetary policy, rescue or suicide, it doesn’t matter. What matters is we’re still doing it.

 

"When our leaders embarked on their policy of bailing out the banks’ private debts, even those of us like me, who believed our rulers were hideously wrong to do so, still harboured a hope that they were at least sincere; that they really were, as they claimed, trying to fix things for all of us. I find this impossible to believe now. If any of the bankers, their experts and our politicians ever were sincere when they claimed we would all be in this together, it now seems terribly clear that none of them has any intention of being with us in what is being forced upon us now.

 

"Just this morning George Osborne and his lick spittle coalition partners have agreed to another £10 billion in cuts to welfare, health, education and the rest while saying that imposing any further taxes on the wealthier will have to wait. They promise to look at that …soon. Promise.

 

"The problem with discussing why we are bailing out the banks is that in the 5 years since the bank debt implosion began, ‘saving’ the banks has now become enmeshed in – and in the headlines replaced by – what the banks and our rulers absolutely insist is an entirely separate ‘crisis’. The financial world and their political friends in all parties have spent two years trying to brainwash us, that the problem is no longer the banks but is a ‘crisis’ of public, sovereign overspend and indebtedness. Putting money in to the banks is now seen as a technical matter rather than anything the public should concern itself about.... "

 

Click through for the rest and check out his Part two post at 

 

Why are we bailing out the banks? Part two. Theory, Ideology and Failure.

 

http://www.golemxiv.co.uk/2012/10/why-are-we-bailing-out-the-banks-part-two-theory-ideology-and-failure/?utm_source=rss&utm_medium=rss&utm_campaign=why-are-we-bailing-out-the-banks-part-two-theory-ideology-and-failure

 

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Greece's Biggest Company Quits Country

Greece's Biggest Company Quits Country | Gold and What Moves it. | Scoop.it
Greece's biggest company is leaving the country, drinks bottler Coca Cola Hellenic said on Thursday in announcing it will move to Switzerland and list its shares in London, dealing a blow to the debt-crippled Greek economy.

 

The material impact on Greece may be limited — its Greek plants will go on working and CCH said the five percent of its business that the world's second-ranked Coke bottler has in Greece will be unaffected. But analysts quickly saw it as bad news for a nation struggling to compete inside the euro zone.

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28 Questions The Mainstream Media Should Be Asking

"The following are 28 good questions that the mainstream media should be asking….

 

"1. Why is the IMF warning that there is an “alarmingly high” risk of a deeper global economic slowdown?

 

"2. Why is Switzerland preparing for “major civil unrest” throughout Europe?

 

"3. If the Spanish financial system completely collapses, what is that going to mean for the rest of Europe and the rest of the globe?

 

"4. Is Turkey about to drag the rest of NATO (including the United States) into a war with Syria?

 

"5. Why aren’t people screaming in outrage about the fact that the U.S. national debt increased by more than a trillion dollars for the fourth straight year in 2012?

 

"6. Should we be concerned that the U.S. government added more to the U.S. national debt on the first day of fiscal year 2013 than it did from 1776 to 1941 combined?

 

"7. If temporary refinery problems can cause some gas stations to shut down and cause gas prices in California to skyrocketto all-time highs, what would a real crisis do?

 

"8. Why are some analysts predicting that a “rapid collapse” is coming for the U.S. dollar? ..."

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The Golden Truth: Will The Real Jobless Benefit Claims Number Please Step Forward?

The Golden Truth: Will The Real Jobless Benefit Claims Number Please Step Forward? | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"... Once again, the Government leaves out facts in reporting the headlines and most of the financial media analysts choose to debate the headline number, which is clearly a false number, rather than dig for and discuss the truth. Although, I'm told that, Steve Liesman, CNBC's obsequiously ubiquitous apologist for all headline economic reports was uncharacteristically speechless over this headline report. Liesman is one of those guys with whom it is apparent that his brains fell out of head along with his hair.

 

"Interestingly, the "unadjusted" claims number for the reporting week showed an increase of 25,990 claims vs. the previous week. I would argue that the unadjusted number would be a lot more relevant since the headline number did not include from California a big piece of data that is used for the "seaonal adjustments" calculation and we have no earthly idea how the BLS calculates its "seasonal adjustments" OR even if the theories underlying the calculations for these adjustments make any rational sense. Here's the BLS report: LINK

 

"I've been dragging this article around from the Washington Post so I decided to post it today. It discusses the degree to which members of Congress have - on average - managed to increase their wealth by a substantial amount over the last 8 years, while the 99% class in this country has seen its wealth decline and the its average personal income decline. ..."

 

click over for the full piece.

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Physical gold and silver needed to weather the coming financial tsunami - Levenstein

Physical gold and silver needed to weather the coming financial tsunami - Levenstein | Gold and What Moves it. | Scoop.it

David Levenstein says the only way to survive the coming financial tsunami is to hold physical gold and silver.

 

by David Levenstein:

 

JOHANNESBURG -


"After trading within a hair of $1800 an ounce last week, gold prices have met with some resistance and have pulled back slightly. As the yellow metal struggled to break through this key level of resistance, it notched up new record highs in euros and Swiss Francs. And, in South Africa as the gold price has risen, the Rand fell by around 10% in a month due to the on-going strikes at the various gold and platinum mines as well as general unrest throughout the country. This pushed the prices of Krugerrands on the domestic market to above R16, 000 each for the first time ever.

 

"Although it is evident that we are still in a major bull market in gold, which is unlikely to peak for a long time to come, and despite the fact that South Africa has a long history with gold, having been a major producer for decades, thanks to the local radio and TV business channels, so much misinformation has been propagated about gold, it is unbelievable. During the run up in prices from $700 an ounce to $1900 almost all of the so called experts who appeared on CNBCA continually denigrated gold as an investment as they were totally incapable of distinguishing between gold bullion and gold mining shares. And, as the presenters concurred with their unbelievable wisdom, very few individual investors were given the correct information about the importance of holding gold in one's portfolio. During 2010 seventeen analysts who appeared on CNBCA shared one thing in common; their total rejection of gold. One regular who would appear in the morning and with a smirk on his face would advise viewers that holding gold was a total waste of money and time because the market was primarily dependent on a few housewives in India. I wonder what this genius would say now especially since the price of Krugerrands has doubled in the last 3 years. ..."

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Did COMEX Gold Futures 'Glitch' Hint At The Future Awaiting Us? | ZeroHedge

Did COMEX Gold Futures 'Glitch' Hint At The Future Awaiting Us? | ZeroHedge | Gold and What Moves it. | Scoop.it

Call it a fat-finger, or a deus ex 'aurum' machina, but during this morning's COMEX gold futures trading, we wonder if the obvious 'glitch' gave us a premonition of things to come?

 

[Ever feel like you're Truman Burbank]

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Turk - Expect A Massive Short Squeeze In Gold & Silver

Turk - Expect A Massive Short Squeeze In Gold & Silver | Gold and What Moves it. | Scoop.it

Today James Turk told King World News, “This is a battle between the sellers of paper-gold and the buyers of physical gold.” Turk also warned, “... we could soon be seeing a massive short squeeze in gold and silver.” Here is what Turk had to say: “Gold and silver are getting very close to an all-important upside breakout, Eric. When gold breaks above $1780 and silver hurdles over $35, both metals will rocket higher. I think we are getting very close to that moment, and I expect that the jump in precious metal prices will be something spectacular. ...”

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Gold Firmer on Bargain Hunting, Bullish Outside Markets - Forbes

Gold Firmer on Bargain Hunting, Bullish Outside Markets - Forbes | Gold and What Moves it. | Scoop.it
ForbesGold Firmer on Bargain Hunting, Bullish Outside MarketsForbesComex gold prices are trading modestly higher in early trading Thursday. Some light bargain hunting interest has again surfaced following this week's selling pressure.
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The 362.5 tonnes of silver, along with the 56.5 tonnes of gold, are what would need to be added to these ETFs to reduce their short positions to zero - Ed Steer's Gold & Silver Daily

The 362.5 tonnes of silver, along with the 56.5 tonnes of gold, are what would need to be added to these ETFs to reduce their short positions to zero - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"... The shortsqueeze.com Internet site provided updated short position data for both GLD and SLV late Tuesday evening for both ETFs as of the end of September. The short position in SLV declined by 1,518,700 shares/ounces...or 11.53%. SLV still has a reported short position of 11.66 million shares/troy ounces, or 362.5 tonnes of silver.

 

"The short position in GLD declined by 1,778,500 shares...or 8.91%. That works out to 177,850 ounces of gold. The current short position [as of the end of September] in GLD was 1.82 million ounces, or around 56.5 tonnes.

 

"The 362.5 tonnes of silver, along with the 56.5 tonnes of gold, are what would need to be added to these ETFs to reduce their short positions to zero...and ensure that every share outstanding actually has all the metal backing it that it's supposed to. Finding 56.5 tonnes of gold would not affect the price much, but sourcing that much silver would certain have an immediate and upwards price effect on silver.

 

"The Comex-approved depositories showed that 853,272 troy ounces of silver were delivered on Tuesday...and most of that disappeared into JPMorgan's depository, which is now up to 22.59 million ounces. There was also a withdrawal of 12,000 ounces of silver on Tuesday as well. The link to the Tuesday's numbers are here. ..."

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Great Asset Repositioning Gold and Silver Q4 Update | Greg Hunter’s USAWatchdog

Great Asset Repositioning Gold and Silver Q4 Update | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Greg Hunter’s USAWatchdog.com

 

"Since this site went on line three years ago, more than a dozen readers either emailed or commented they cashed out of their IRAs or 401-Ks, paid the tax and penalty, and invested in physical gold and silver. One reader, in particular, told me he did this when gold was at the outrageous “bubble” price of around $800 per ounce. With the latest announcement of “open-ended” QE (unlimited money printing) by the Fed, it sure looks like everyone who did that made the right choice. I am sure there are many more who bought gold at $300 to $400 per ounce and silver at $10 to $15 per ounce, but those were the early birds. You might call them visionaries. What has been going on in the last few years is what I call the “Great Asset Repositioning,” and it is now fully underway.

 

"Farmland, gems, oil wells and rare art are also in the category of hard assets, but it is gold and silver that are at the center of this move out of paper and into real assets. This trend includes everyone from the small investor to central banks. ..."

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Europe & The Major Breakout For Gold Is Still In Front Of Us

Europe & The Major Breakout For Gold Is Still In Front Of Us | Gold and What Moves it. | Scoop.it

Caesar Bryan tells King World News:

 

"Gold is still in a holding pattern, but investors should use these quiet times to accumulate physical gold. Gold is the ultimate way for investors to maintain their purchasing power. People have to remember that many of the surplus countries, especially in the Far East, have a very low weighting of gold relative to their fiat currency holdings.

 

“This is something these central banks have been trying to remedy through continued purchases of gold, and they will continue to do that. Many of the central banks of the West have significant holdings of gold, at least on paper, and they are the ones who are debasing their currencies.

 

"One catalyst for gold could be what is happening in Europe. Today the IMF said that European banks have to sell assets, possibly as much as $4.5 trillion worth. ..."

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Lost Confidence Can’t Be Restored & Gold’s Final Move

Keith Barron tells King World News:

 

“... Gold is going to keep going up until the US dollar is finished. So the reign of the US dollar will come to an end, and we will see a new currency. But in the meantime, you could see gold go to $3,000, $5,000, $7,000, $10,000, who knows? It’s not really an appreciation in the price of gold, it’s a drop in the currency.

 

"This is something people don’t really understand. Gold is going up because the global fiat currencies are becoming worth less and less all the time. If you look at a chart of the US dollar over the last century, the Fed has virtually destroyed the US dollar already, and this will just accelerate going forward.

 

"So all we need to see here is for major pension funds to begin to move into gold, and you will see some real fireworks because the availability of physical gold is already tight in this market. ..."

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oftwominds-Charles Hugh Smith: Energy Higher, Earnings Lower

oftwominds-Charles Hugh Smith: Energy Higher, Earnings Lower | Gold and What Moves it. | Scoop.it

Charles Hugh Smith:

 

"As we all know, what matters isn't our nominal earnings, it's what our earnings can buy that counts. If it takes an hour of labor to buy four gallons of gasoline, it doesn't really matter if we're paid $1.60 an hour and gasoline costs 40 cents a gallon or we're paid $16 an hour and gasoline costs $4 per gallon. Ditto $16,000 an hour and $4,000 per gallon.

 

"What matters is if our hourly wage once bought eight gallons of gasoline and now it buys only four gallons. This is called purchasing power, and rather naturally the Status Quo has worked mightily to cloak the reality that our purchasing power of the bottom 95% of wage earners has been declining for decades. More recently, 2011, real median household income was 8.1 percent lower than in 2007.

 

"So even as nominal earnings rise, earnings lose purchasing power. ..."

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