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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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Space Helmets on Captain Video – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Space Helmets on Captain Video – Market, Economic, Social, Political and Life Commentary by Peter Grandich | Gold and What Moves it. | Scoop.it

Peter Grandich writes on this week's gold slam.

 

"Like all previous bear raids on the Crimenex, this one shall remain in the unsolved file (even though GATA has demonstrated to me and a growing number of others who, what and where is behind this once formidable cartel).

 

"The bottomline is no one in their right mind (short mind is another story) sells that amount of contracts at that time of the day in the manner in which they did unless they have a motive more than to simply liquidate a position. ..."

 

 

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European debt crisis a bigger global threat than US fiscal cliff, says OECD

European debt crisis a bigger global threat than US fiscal cliff, says OECD | Gold and What Moves it. | Scoop.it
Report says 'intensified euro area crisis' could destroy growth in Europe and also wipe out US recovery, causing recession...

 

by Dominic Rushe:

 

"Europe's debt crisis remains a far bigger threat to the world's economy than the "fiscal cliff", according to the Organisation for Economic Co-operation and Development (OECD).

 

"In its latest twice yearly report the OECD warned the world's major economies could all got back into recession if euro-zone and US policy makers fail to tackle their fiscal crises. The organisation believed an escalation in the ongoing European crisis poses the biggest threat to global economies and could drag Europe into a deep recession in the next two years and the US along with it.

 

"The economic think tank warned the world economy is at risk of a fresh contraction and slashed the forecast growth rate for its 34 member nations to 1.4% in 2013, downward from a forecast of 2.2% made just six months ago.

 

"After five years of crisis, the global economy is weakening again," said Pier Carlo Padoan, the OECD's chief economist. "The risk of a new major contraction can't be ruled out."

 

"The report comes as politicians in Washington are increasingly focussed on the fiscal cliff – the year end expiration of wide-ranging tax cuts and the imposition of draconian spending cuts. The crisis has rattled investors and business leaders around the world.

 

"A series of reports from the Congressional Budget Office and the White House have emphasised the threat the fiscal cliff poses as Europe's woes seem to have dropped off Washington's agenda.

Padoan said the US's budget spat posed ..."

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The Giant Currency Superstorm That Is Coming To The Shores Of America When The Dollar Dies

The Giant Currency Superstorm That Is Coming To The Shores Of America When The Dollar Dies | Gold and What Moves it. | Scoop.it
By recklessly printing, borrowing and spending money, our authorities are absolutely shredding confidence in the U.S.

 

"Most Americans don't realize that there are far more dollars in use in the rest of the world than in the United States itself. The following is from a scholarly article by Linda Goldberg...

 

"The dollar is a major form of cash currency around the world. The majority of dollar banknotes are estimated to be held outside the US. More than 70% of hundred-dollar notes and nearly 60% of twenty- and fifty-dollar notes are held abroad, while two-thirds of all US banknotes have been in circulation outside the country since 1990

 

"For decades we have been exporting gigantic quantities of our currency.

 

"So what would happen if that process suddenly reversed and massive piles of dollars started coming back into the country? ..."

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LearCapital: Year-End Spot #Gold Giveaway!

LearCapital: Year-End Spot #Gold Giveaway! | Gold and What Moves it. | Scoop.it
The Lear Capital Year-End Spot Gold Giveaway will award one ounce of gold (in the form of bullion or coins) to the statistically closest guess to the closing Spot Gold price* at the end of the US trading day on December 31, 2012.
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Jesse's Café Américain: Comex Open Saw 24 Tonnes of Paper Gold Dumped at Market - Sharks, with Laser Beams

Jesse's Café Américain: Comex Open Saw 24 Tonnes of Paper Gold Dumped at Market - Sharks, with Laser Beams | Gold and What Moves it. | Scoop.it

Jesse's Café Américain writes:

 

"I am open to more data and other possibilities, but it certainly looks like the infamous Dr. Evil strategy being employed for the Comex post-option expiration in which a large number of call options are turned into active December futures contracts, and then hit hard with a manipulative price effort the next day. I suggested that this might happen given the way in which the option market closed on Tuesday. Such phenomena are like old friends now in these markets.

 

"Funny too how roughly the same thing happened in the Silver futures about the same time. Silver is also post option expiration today.

 

"As you know I used to track the big price drops around key option expiration dates on the precious metal charts. ..."

 

Click through for the chart and the rest of what he writes.

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Shakeout | TF Metals writes about this morning's gold smash

Shakeout | TF Metals writes about this morning's gold smash | Gold and What Moves it. | Scoop.it
In hindsight, I'm mad at myself for not seeing this coming.

 

TF Metals writes about this morning's gold smash:

 

"... Monday, I tried to warn you by using The Godfather as a reference. Yesterday, we discussed the possibility again. I didn't expect a huge selloff so I only gave you preliminary support levels. Boy, was I wrong. They came after it hard this morning with the deliberate intention of smashing price. Here are your 1-minute charts. Note that the sole focus, at least initially, was gold. It was hit right at the Comex open. Silver, which doesn't open until 8:25 just saw some spillover selling, initially. Silver then became the target later once The Forces of Evil saw the opportunity to attack it and drop price below the 50-DMA. ..."

 

click over for the charts and the rest.

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Rosen - Key Targets For Gold, Silver, Miners & Common Stocks

Rosen - Key Targets For Gold, Silver, Miners & Common Stocks | Gold and What Moves it. | Scoop.it

Ron Rosen tells King World News:


"... If you look at the gold chart below, you will see that gold has been in a bull market ever since the Dow and the S&P peaked (in real terms) in the year 2000. So the Dow has essentially gone nowhere since it peaked in the year 2000, while gold has advanced roughly 580%. All you have to do is look at the quarterly chart for gold and you will know that we have been and continue to be in a bull market for gold. ..."

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Turk - Current Financial System To Implode Within 24 Months

Turk - Current Financial System To Implode Within 24 Months | Gold and What Moves it. | Scoop.it

Today James Turk spoke with King World News about steps which are being taken by the LBMA and Western central planners to cover up the corruption and manipulation in the gold and silver markets. This is the third and final in a series of interviews with James Turk which reveals what is going on behind the scenes of the desperate Western central bank gold and silver price suppression scheme. ...

 

... Eric King: “By 1971 we had abandoned the gold standard. So when say we are getting very close to the end of the system blowing up, what should we expect going forward? You’re saying within 24 months the system may very well blow up here?”

 

Turk: “Yes, but it could happen (even) sooner. My long-term view, Eric, has been that sometime between 2013 and 2015 we are going to see $8,000 on gold. This goes back to an interview I did in Barrons back in 2003.... " click through to read the rest.

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Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph

Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph | Gold and What Moves it. | Scoop.it
Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.

 

by Robert Winnett:

 

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

 

"This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

 

"The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.


"It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes. ..."

 

Does this really surprise anyone? Taxes that are overly burdensome tend to make people react.

 

hat tip to www.drudgereport.com 

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The New Religion Consumerism: Consuming ones Self.

The New Religion Consumerism: Consuming ones Self. | Gold and What Moves it. | Scoop.it
The past holiday really sickened me. Not because the cranberry salad was bad or the turkey under cooked.  No, it was the way so many in our society, from Main Street to Wall Street, willingly bowed...
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No Growth Means Market Crash, Regardless of Fiscal Cliff Deal - TrimTabs Money Blog

No Growth Means Market Crash, Regardless of Fiscal Cliff Deal - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it
TrimTabs' Charles Biderman explains why the fiscal cliff will not save the stock market and takes a look at inefficient government spending.
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Chinese miners to pour $7.4bn into Peru | MINING.com

Chinese miners to pour $7.4bn into Peru | MINING.com | Gold and What Moves it. | Scoop.it

by Frik Els:

 

"Lima daily Gestion reports Chinese mining companies Minmetals, Chinalco, Shougang and Zijing Mining Group are planning to invest $7.4 billion in Peru over the next five years, making up a substantial part of overall mining investment projects expected through 2017.

 

"Shougang already works an iron mine in Marcona and recently announced an investment of $1.2 billion over the next five years to expand operations.

 

"Zijing Mining Group, which is advancing the Rio Blanco copper project in Piura, will spend $1.5 billion for the same period, while Minmetals will invest around $2.5 billion in the gold and copper project El Galeno, located in the Cajamarca region.

 

"Aluminum Corporation of China (Chinalco) has also announced an investment of $2.2 billion in the Toromocho copper project in the region of Junin.

 

"China's positive stance is in contrast to other foreign investors ..."

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Colorado experiencing a ‘weekend-only’ gold rush | MINING.com

Colorado experiencing a ‘weekend-only’ gold rush | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"Driven by several recent Discovery Channel shows dedicated to prospecting and steady gold prices, weekend placers — how they like calling themselves — have been wading into the state of Colorado's streams in numbers never seen before.

 

"Most people know of the California gold rush and the historic 49'ers, but few are aware of the fact that Colorado also has a very storied gold rush of its own. Placer was actually discovered in the region in 1849 and 1850 by prospectors heading to the California gold rush. .."

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Blackout: Syria vanishes from Internet

Blackout: Syria vanishes from Internet | Gold and What Moves it. | Scoop.it
An outage at 10:26 a.m. UTC, or 5:26 a.m. ET, shut down all Syrian access to the Web. Phone lines also appear to be down, and airlines are canceling flights. Read this article by Shara Tibken on CNET News.
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oftwominds-Charles Hugh Smith: The Fiscal Cliff and the Grand Bargain

oftwominds-Charles Hugh Smith: The Fiscal Cliff and the Grand Bargain | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"The Grand Bargain is unraveling, and a new arrangement will take the place of the Status Quo--whether we like it or not.

 

"Correspondent Arnold suggested that I address the fiscal cliff, so here goes.


"The first step is to set aside ideological blinders and confirmation bias, i.e. only looking for data that supports our current beliefs.

 

"The second step is to look at the foundation of everything: household income.Household income is the foundation of taxes paid, consumption (spending) and savings/investment. If household income is declining, that means the pie of money that can be divided up into taxes paid, consumption and investment is shrinking.

 

"If taxes go up, there is less pie left for spending or investment. And since the economy ultimately depends on private-sector spending and investment, then reducing those to fund government spending means there will be less private spending and investment.

 

"If the government spent the taxes on investments that yielded a higher return than private investments, higher taxes would not devastate the economy. But the problem is that there are no feedbacks on government spending that favor efficiency or high yields. ..." click through for the rest.

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Eric De Groot: The Managing of Gold

Eric De Groot: The Managing of Gold | Gold and What Moves it. | Scoop.it

Eric De Groot writes:

 

"The window of opportunity to transfer control from the weak to strong hands doesn't last long. This means the invisible hand must work fast under the cover of fear and doubt.

 

"Managing gold's trend is all about timing the paper supply. Well-time paper supply holds critical resistance, usually previous C-wave highs, while the invisible hand redistributes control. This supply revealed by negative spikes ..." click through for the rest.

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Gold Price to Rally on FIscal Cliff

Gold Price to Rally on FIscal Cliff | Gold and What Moves it. | Scoop.it

BY Paul A. Ebeling, Jnr.

 

"Quantitative Easing aims to stimulate the economy by injecting the financial system full of liquidity via asset purchases that push down interest rates to encourage investing and job demand.

 

"Side effects include a weaker USD and fears inflation rates will soar once the economy gains steam, a recipe for rising Gold prices.

 

"With President Obama facing another term in office, expect the Fed to keep its foot on the gas and keep pumping the economy full of liquidity until the labor market shows marked improvement.

 

"A lack of political will to narrow deficits and pay down debts will keep the USD weak, a weaker USD leads to rising Gold prices.

 

"Most Americans are not ready for belt-tightening fiscal reforms. Folks in the USA are concerned with just simply getting by. Just looking at the huge US food-stamp program signals Bullish for precious metals. ..."

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Gold’s role increasingly important – Levenstein

Gold’s role increasingly important – Levenstein | Gold and What Moves it. | Scoop.it

According to David Levenstein, it is clear that gold is being recognized as alternative to the global fiat currencies and it will only gain in importance within the global financial system.

 

David Levenstein writes:

 

JOHANNESBURG -

 

"Since the middle of October the price of gold has been building some solid support above the $1700 an ounce level. However, it continually came into selling resistance at the $1720 an ounce level and then again at the $1740 an ounce level. All of this selling pressure can be attributed to the action of traders, especially those on Comex, meaning none of the selling was for hedging purposes and none of it had anything to do with an increase in the supply. Nevertheless, traders were able to influence prices using massive sell orders in this paper market.

 

"The gold market then went on hold as it waited for an outcome of the US election. Then, there was constant talk about an imminent attack on Iran by Israel, and then it was the strikes at the gold mines in South Africa. But, none of these issues are the real driving force behind the gold price at the moment. ..."

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Fresh US sanctions to target Iran-Turkey Gold deal

Analysts said Iranians are buying Turkish gold with the Turkish Lira, which is deposited into their bank accounts in exchange for Turkey's natural gas purchases.

 

ANKARA(BullionStreet): "Days after Turkey confirmed Gold for Oil deal with Iran, irritated US is all set to announce fresh sanctions against Iran.

 

"The fresh sanctions, third in line, are aimed at reducing global trade with Iran in the energy, shipping and metals sectors.

 

"The package seeks to ban financial transactions with any person or organization blacklisted for their association with the Iranian government, as well as sales of metallurgical coal and precious metals, a congressional aide said, speaking on condition of anonymity. ..."

 

I can't help but laugh at the thought that the US is trying to stop Iran and Turkey from trading with gold.

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Profit taking, fat finger or take-down? – gold crashes again

Profit taking, fat finger or take-down? – gold crashes again | Gold and What Moves it. | Scoop.it

Big 24 tonne gold futures sales designed to put the frighteners on gold investment but may just be providing opportunities for those with a more long term outlook.

 

Lawrence Williams writes:

 

LONDON (MINEWEB) -

 

"Reports of a massive 24 tonne sale of gold futures at precisely 8.20 am New York Time this morning just ahead of market opening there, saw a drifting gold price fall off a cliff with a $26 drop in a couple of minutes and a further downwards slip thereafter. If profit taking, offloading that kind of quantity of gold at one shot seems a strange way of doing so – or inept as Ross Norman of Sharps Pixley puts it. The fat finger possibility (keyboard error), which has been used to explain similar falls in the past when gold looks to be beginning to regain its lustre, seems, as ever, unlikely and we are left with the intentional take-down of the gold price by persons or institutions unknown as seemingly the most likely answer to what has happened.

 

"We have seen this happen in silver and in gold from time to time – talk about ammunition for those who suggest the gold price is being suppressed or manipulated by Central Banks and allied bullion banks. There seems to be little other logical explanation for this kind of activity. It could even turn long term suppression-deniers into GATA adherents – and believe me, if you do start trending towards this viewpoint, the few and far between GATA–organised conferences are much more fun and interesting than the mainstream gold ones, even if some of the views expressed by audience members (and the odd speaker) may stretch credulity in the other direction. ..."

 

Click through for the rest.

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Turk - Gold Shortage Forcing Drastic Steps By Central Planners

Turk - Gold Shortage Forcing Drastic Steps By Central Planners | Gold and What Moves it. | Scoop.it

Eric King interviews James Turk on India and gold: “There is a move to dematerialize gold in India because they can’t continue to feed the gold into India (and the rest of the world) out of the Western central bank vaults.”

 

Turk: “That’s exactly right, Eric. It sort of reminds me of what happened back in 1969 when they tried to dematerialize gold at that time when there wasn’t enough (available) gold, and they (the IMF) created a thing called the SDR...." click through for the rest.

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Twitter / jvogler: Comex Open Saw 24 Tonnes of ...

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SA's 3Q growth worse than expected due to strikes | MINING.com

SA's 3Q growth worse than expected due to strikes | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"South Africa’s economy continues to struggle as a consequence of the widespread strikes that have hit its mining sector since August, weighing more heavily on the economy in the third quarter than what economists had predicted.

 

"According to data published Tuesday by the country's statistical agency, South Africa's economy grew 1.2% in the third quarter compared with the previous three months of the year. Analysts had predicted a growth of 1.7%, as reported Monday by All Africa.com.

Stats SA showed the immediate impacts of labour unrest in the country’s economy earlier this month, when it published data that showed mine output dropped 8.3% on the year in September.

 

"The fall was sharper than the 4.5% economists had forecasted as strikes crippled the industry. ..."

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THE MADNESS OF A LOST SOCIETY 3

Another 'Black Friday' has come and gone. And it has left us with further evidence of the complete madness of the populace of our nation. America has been dealt a fatal blow by corporate greed, Bankster malfeasance and the insidious nature of collectivism -- and it's all been done to us by design.

 

The once proud and independent people of the United States have, in large part, been reduced to servants of the State. As Aldous Huxley famously noted, "People can actually be made to LOVE their servitude."

 

Featuring Mike Krieger, Rob Kirby, Chris Duane, Gerald Celente, Bill Murphy and many others, 'Madness 3' offers one last 'fair warning' for those with the eyes to see and the ears to hear.

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Sudan and Saudi Arabia to mine the Red Sea by 2014 | MINING.com

Sudan and Saudi Arabia to mine the Red Sea by 2014 | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"On Tuesday the Arab states of Sudan and Saudi Arabia unveiled plans to start mining for gold, copper, silver and other riches along the Red Sea basin between the two countries as early as 2014, reports NOWLebanon.com.

 

"Sudan's mines minister, Kamal Abdel Latif, said production at a project with Saudi Arabia’s Manafa International Trade Company is underway and that the estimated reserves at the Atlantis II project are “huge” —150 tons of gold and over 1 million tons of copper.

 

"The joint venture partner, Diamond Fields International (TSX:DFI), has however reported estimated copper reserves at less than half that amount. ..."

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