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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 and silver encouraged by China`s long-term demand

Gold and silver encouraged by China`s long-term demand | Gold and What Moves it. | Scoop.it

The longer-term growth of China's economy remains healthy, supporting both gold and silver.

 

by Adrian Ash:


"... Two-thirds of Chinese businesses reporting quarterly results to the stock market have seen a sharp rise in unpaid bills according to the Financial Times.

 

"The People's Bank of China has this week pumped a record $60 billion-worth of liquidity into its domestic money market.

 

"Gold has been finding support on approach of $1700," says today's note from Standard Bank's commodities team.

 

"Our Standard Bank Gold Physical Flow index has risen substantially in the past few days," says Standard, with demand to buy gold in Asia and India "pick[ing] up."

 

"Looking further ahead, and "supported by the continual income growth of [China's] emerging middle-income class, investment as well as gold products will benefit," says Albert Cheng, managing director for the Far East at market-development organization the World Gold Council. ..."

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Don Coxe - A Gold Bull, Bond Bear & Commodity Supercycle

Don Coxe - A Gold Bull, Bond Bear & Commodity Supercycle | Gold and What Moves it. | Scoop.it

Don Coxe tells King World News:

 

“... What’s fascinating to me is we’ve had this tremendous bull market in gold, against a bond bull market. Now I told you the two things are inversely correlated. So you can immediately say, ‘Well, how is this possible because since the year 2000 there has been nothing but a bond bull market, and yet we’ve taken gold from $250 all the way to $1,720 now?’

 

"The reason for that is back then we just looked at inflation as being the factor. What’s happening now is that gold is being treated as a quasi-monetary asset, and what we have is this incredible expansion of money supplies. And even more importantly, of financial assets that are pinned to monetary assets in some way, so that the amount of liabilities in the world is growing incredibly faster than the amount of global GDP. So something has gone wrong with all of this. ..."

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Rick Rule - There Is Spectacular Demand For Gold Right Now

Rick Rule - There Is Spectacular Demand For Gold Right Now | Gold and What Moves it. | Scoop.it

With that as the backdrop, Rule spoke about global gold demand to Eric King of King World News:

 

“... There is spectacular demand for gold. I think it’s a function of people around the world exercising their own common sense.

 

"It would appear to be retail distribution of gold. I noticed a headline the other day from the British (Royal) Mint, they are sold out of sovereigns. They have no more 2012 sovereigns. That’s just sort of an anecdotal example.

 

"I know from conversations with a very good client of mine that the infrastructure for delivering gold to retail investors in China is being built out rapidly. I think it’s probably being built out because the central government in China would like to see Chinese people diversify the nature of their savings, into savings products which include gold. ..."

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More than 1,500 #Gold shops end business in Saudi Arabia

Gold sales have dropped by 40% to 50% in the kingdom, with sales seen falling further this year.

 

“RIYADH(BullionStreet): With the closing of 500th gold shop this year, number of gold shops closed down in Saudi Arabia in the last five years climbed above 1500.

 

"According to Makkah Chamber of Commerce and Industry, more than 1,500 from a total 4,000 gold shops in the Kingdom have left the market due to the unfavorable situation.

 

"Most of these shops were closed down due to losses resulting from the rise in the international prices of the yellow metal and decreasing demand for jewelry. ..."

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Gold Confiscation Rumor Control « Jim Sinclair's Mineset

From the desk of Jim Sinclair:

 

"My Dear Extended Family,

 

"This is major rumor control that I feel you must understand if you are to know gold.

 

"I am sick of all this confiscation talk of gold and even gold companies. It emanates from gold people who do not know or understand the history of gold. We condemn MSM for inaccurate, false and misleading news. I condemn gold writers who practice sensationalism, who offer their opinions as if they were facts and simply make things up out of thin air as if they were insiders privy to things that no one else is. Right now leaders of this community are printing stuff as misleading as MOPE or MSM ever have.

 

"Apparently the Scottish hedge fund manager Hendrey, who is by his own admission "short some gold shares," is warning about confiscation without remuneration of gold companies above gold $3000. Either he has never studied gold history, or totally misunderstood its role in the 1930s.

 

"Eric De Groot put what I have been trying to teach you perfectly today. In the 1930s gold was to the monetary system what QE is today, a means of increasing the supply of money for Fed and Treasury discretionary use. The US Secretary of the Treasury and President Roosevelt set the gold price higher at their daily breakfast together arbitrarily. Higher because to create money then the system required a higher value of gold to have more money outstanding. This is why Roosevelt ordered the confiscation of gold in order to unfold his type of monetary stimulation, his QE. This is what confiscationophiles simply do not know. ..." click over for the rest of the letter.

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Nation of Denial | Greg Hunter’s USAWatchdog

Nation of Denial | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com 

 

"... Countries around the world are shunning the dollar in trade. The biggest blow to the buck came earlier this year with a trade agreement between China and Japan. These are the second and third biggest economies in the world behind the U.S. Other countries such as Russia, India and Brazil are just a few more countries moving away from the dollar in trade. As the dollar loses world reserve currency status, it will decline in value. Its buying power will be reduced. The only question is how much will it fall? Will we see $8 a gallon gasoline or $18? Remember, the Fed’s money printing policies are “open-ended.” In 2011, the Fed bought 61% of America’s debt. At a rate of $85 billion a month, it will be buying more than $1 trillion a year. How long will this go on?

 

"Forget all the rigged government numbers on unemployment. If calculated the way Bureau of Labor Statistics did it in 1994 and earlier, it would be near 23% (according to Shadowstats.com). Don’t look for an improvement there because business spending just took a nose dive. Last week, the Associated Press reported “. . . equipment and software likely declined 4.9 percent in the July-September quarter, economists noted. It would represent the first drop in that category since the recession. Corporate investment helped the U.S. economy emerge from the Great Recession three years ago. But businesses have grown more cautious since spring, seeing tepid growth in consumer spending and declines in exports.” (Click here for the complete AP story.) A slowdown in business spending and exports spells future layoffs. ..."

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Yamada - Here Are The Key Levels To Watch On Gold & Silver

Yamada - Here Are The Key Levels To Watch On Gold & Silver | Gold and What Moves it. | Scoop.it

By Louise Yamada Technical Research Advisors, LLC ("LYA")

 

October 31 (King World News) - "Gold spot price (GOLDS-1,711.30) moved toward our next resistance at 1,800 before taking an expected breather (see Figure 13), and has moved below 1,750 toward 1,700-1,680 where price may stabilize above the 200-day MA. The daily momentum (not shown) is negative reflecting the consolidation underway but does not preclude further risk. The weekly momentum (not shown) remains positive but is rolling over, suggestive of a consolidation in progress unless a renewed Sell signal comes into place. ..."

 

Click through for the full analysis and charts.

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Greece finishes talks with Troika, but still split over reforms — RT

Greece finishes talks with Troika, but still split over reforms — RT | Gold and What Moves it. | Scoop.it

"Greece will postpone the vote on austerity measures by a week, after finishing marathon talks with the ‘Troika’ of creditors over its €31.5bln aid package. The coalition government can’t agree over the demanded reforms.

 

“Today we finished talks on the austerity measures and the budget. We did everything possible,” Greek Prime Minister Antonis Samaras said on Tuesday. "Should the agreement be approved [by the Parliament], and the budget adopted, Greece will remain within the Eurozone and will go out of the crisis.”

 

"Samaras added that Athens had achieved “significant improvement” in the deal on offer, and warned of “chaos” if the measures were rejected by MPs.

 

"However, Greece’s coalition government has delayed the vote until next week, as the three parties in power appear split over the new austerity measures. ..."

 

Greece will continue to draw things out untill everything collapses. 

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Gold: Possible Short-Term Base Formation | MIG Bank | Safehaven.com

Gold: Possible Short-Term Base Formation | MIG Bank | Safehaven.com | Gold and What Moves it. | Scoop.it

By: MIG Bank

 

Gold has successfully tested its previous low at 1699 (24/10/2012 low). A possible short-term base formation could be underway. Monitor the hourly resistance at 1718 (26/10/2012 high, see also the declining trendline). A short-term resistance is at 1732 (23/10/2012 high).
The strong resistance area between 1791 and 1803, coupled with overbought conditions, favours a corrective phase. The strong support at 1647 is expected to hold though.

 

Gold is in a secular uptrend with strong support at 1523.

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Big Money Is Bullish On Gold

Big Money Is Bullish On Gold | Gold and What Moves it. | Scoop.it

"Big money managers are bullish on gold according to the pros interviewed in Barron's latest fall survey. A resounding 69% of big money managers are bullish on gold and 22% forecast that precious metals will be the best performing asset class over the next six to twelve months. ..."

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How does the US achieve a sustained recovery if “the 99%” continues to suffer perpetual decline in real income?

How does the US achieve a sustained recovery if “the 99%” continues to suffer perpetual decline in real income? | Gold and What Moves it. | Scoop.it
By: Eric Sprott & David Baker

 

"Other than some obligatory arrests for disorderly conduct, the Occupy Wall Street movement celebrated its one year anniversary this past September with little fanfare. While the movement seems to have lost momentum, at least temporarily, it did succeed in showcasing the growing sense of unease felt among a large segment of the US population – a group the Occupy movement shrewdly referred to as “the 99%”. The 99% means different things to different people, but to us, the 99% represents the US consumer. It represents the majority of Americans who are neither wealthy nor impoverished and whose spending power makes up approximately 71% of the US economy. It is the purchasing power of this massive, amorphous group that drives the US economy forward. The problem, however, is that four years into a so-called recovery, this group is still being financially squeezed from every possible angle, making it very difficult for them to maintain their standard of living, let alone increase their levels of consumption.

 

"One of the central themes that arose out of the Occupy movement was the growing sense of unease among the average American citizen with regard to growing imbalances in wealth within the US. The rich are getting richer while the poor get poorer. That feeling is entirely legitimate. According to the US Census Bureau, in 2011 the median income of US households, adjusted for inflation, fell to $50,054. This is 4.9% below its 2009 level, and 8.9% below its all-time peak of $54,932 in 1999. This is not encouraging data. It implies that the average American household is almost 9% poorer today than it was thirteen years ago. ..."

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The Incredible Shrinking Half-Life Of Central Bank Action | ZeroHedge

The Incredible Shrinking Half-Life Of Central Bank Action | ZeroHedge | Gold and What Moves it. | Scoop.it

This post from Tyler Durden is very interesting:

 

"It seems the market - or the collection of pre-programmed heuristic biases that make up the equity investing public (and machines) - is slowly but surely realizing the confidence trick that is the Fed's Quantitative Easing programs. The following chart should clarify - to anyone placing their gambling chips on the hopes of another round of easing from the Fed - why the game is up. ..."

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Time to Pull the Lever – On Gold - Casey Research

Time to Pull the Lever – On Gold - Casey Research | Gold and What Moves it. | Scoop.it
The one candidate you should vote for will not be on the November ballot.

 

By Alena Mikhan, Metals Team Researcher

 

"Gold closed at $1,716 per ounce last Friday, almost $80 below the peak of $1,791.75 it reached three weeks ago. The drop was widely attributed to continuing global economic uncertainty and speculators taking profits – which means the experts have no idea what really happened. We don't try to second-guess short-term fluctuations here at Casey Research, but instead keep our focus on the bigger picture.

 

"In the greater scheme of things, a 4.2% decline is not a significant drop for gold; for a savvy investor, it's another chance to buy bullion cheaper. We're not alone in thinking that way: Reuters reports that gold holdings of metal-backed exchange-traded funds grew over this period. There are indications that Indians preparing for their festival season pushed demand higher as well. ..."

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Trader Dan's Market Views: Monthly Gold charts

Trader Dan's Market Views: Monthly Gold charts | Gold and What Moves it. | Scoop.it

Dan Norcini gives his analysis on gold:

 

"October is the first month since May that gold has posted a monthly loss.

 

"Initial resistance still begins near the $1720 - $1725 level. Above that, selling will show up near $1740.

 

"The market remains rangebound with a bit of a near term friendly bias. ..."

 

click through for the full piece with charts.

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US to hit borrowing ceiling at year-end: Treasury

US to hit borrowing ceiling at year-end: Treasury | Gold and What Moves it. | Scoop.it

"AFP - The United States will hit its statutory borrowing limit near the end of 2012, just as a new Congress gears up to do battle over the country's huge debt burden and fiscal deficits.

 

"The country's current debt is around $16.2 trillion, and continued borrowing needs to finance the budget shortfall will send the government past the fixed $16.39 trillion sometime in the final days of the year.

 

"The limit will be struck between the November 6 presidential and congressional elections and the time when the new Congress is sworn in in early January.

 

"If Republican Mitt Romney defeats President Barack Obama in the White House race, it would also come while Obama serves as a lame duck president before his successor takes office on January 20.

 

"That raises the prospect of a possible political battle spanning ..."

 

hat tip to Jim Sinclair at www.jsmineset.com

 

You know they'll just punt and raise it again and muddle along.

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Comex Silver Inventories - Ed Steer's Gold & Silver Daily

Comex Silver Inventories - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Check out the charts that Nick Laird sent to Ed Steer on his website. Ed references them:

 

"... I have three new charts for you today...and all are courtesy of Nick Laird, for which I thank him on your behalf. They show the Comex silver inventories of the 'Big 3' bullion banks. I haven't posted the charts for the other three depositories, as they are privately owned...and are not part of the silver and gold price management scheme. The charts are for HSBC USA, Bank of Nova Scotia/Scotia Mocatta...and JPMorgan Chase. If you want to put names to the biggest of the short holders in both silver and gold, it's my opinion that these three banks are it...with Citigroup in a very distant fourth place. ..."

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Is This The Black Swan That Will Make Gold Skyrocket

Is This The Black Swan That Will Make Gold Skyrocket | Gold and What Moves it. | Scoop.it

King World News has put out a series of interviews demonstrating that large chunks central bank gold are missing from central bank vaults. Today KWN is releasing statements from two 40-year veterans, Bill Haynes, President of CMI Gold & Silver, and John Hathaway, the prolific manager of the Tocqueville Gold Fund.

Remarkably, in 2001 Hathaway stated, “What is going on here? A decline equating to 227.7 million ounces, or 87% of the US gold reserve demands a more than perfunctory explanation ... The US government may have already expended considerable resources to hold the gold price in check.”

 

There is more from Hathaway below, but first, here is what Haynes had to say: “Eric, that is a black swan type of thing (if the entire German gold hoard is gone). The plan right now is for future currency debasement. But if it turns out that some official, some whistleblower comes forth from the Bundesbank and says the gold is gone. The bullion banks used it, they sold it into the market.

 

“They used it in the 90s to suppress the price of gold. It’s not there and the German people are waiting for it to come back. That’s a black swan that could really make prices skyrocket. Don’t know that anyone is going to come forth to validate what Turk is saying, but let’s remember that Turk wrote about this in 2001, and he’s not backing off of what he said.

 

"He’s saying that gold was leased, and that the vaults could very well be empty. ..."

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Banks in Turkey help spur remonetizing of Gold

Banks in Turkey help spur remonetizing of Gold | Gold and What Moves it. | Scoop.it

by Mark O'Byrne:

 

"... Some Turkish banks are now offering customers the ability to use their gold based deposits for collateral on gold backed loans according others are allowing access to Turkish Lira or for access to credit cards.

 

"Isbank and Turkiye Garanti Bankasi AS, the country’s biggest lender by market value, offer gold-backed loans, where customers can bring jewellery or coins to the bank and take out loans against their value. Garanti also has a credit card linked to gold deposit accounts.

 

"Government efforts to help ease the nation’s current account deficit are encouraging householders to bring their gold coins which it is estimated that there are $302 billion of hidden gold stashed in homes.

 

"This hidden gold is second only to the US, and Turkish gold based deposit accounts have grew 15% this year calculated until the end of July, which is a 3 fold increase in standard savings accounts according to the Turkish Central Bank.

 

"The gold accounts give customers an amount in Turkish lira equivalent to the weight of the precious metal they deposit in the bank. Bank customers can then withdraw cash or take out loans, while the bank is able to sell or hold onto the gold. ..."

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India bans bank loans for Gold purchase

India's central bank has asked banks not to give loans for purchasing gold ornaments and coins.

 

NEW DELHI(BullionStreet):

 

"Further tightening it's 'fight against excessive usage of gold', India's central bank, the Reserve Bank of India (RBI) banned banks from lending for purchase of gold by jewellers.

 

"The banking regulator has asked banks not to give loans for purchasing gold ornaments and coins. The move will also put an end to the tie-ups between jewellers and banks to fund your jewellery purchase.

 

"However banks can continue to lend against jewellery.

 

"In it's half-year review of the monetary policy, RBI said no advances should be granted by banks against gold bullion to dealers or traders in gold if, in their assessment, such advances are likely to be utilised for purposes of financing gold purchase at auctions or speculative holding of stocks and bullion. ..."

 

It's funny to me how so many governments are doing things to discourage their citizens from owning gold.

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Vietnam to stop using Gold for commercial transactions

Vietnam said it has no plan to import gold any time soon since the metal is neither an essential item nor benefits the economy.

 

HANOI(BullionStreet):

 

"Vietnam ruled out any immediate gold import as the country decided to stop using gold for commercial transactions.

 

"Vietnam's central bank the State Bank of Vietnam said it has no plan to import gold any time soon since the metal is neither an essential item nor benefits the economy.

 

"SBV Deputy Governor Le Minh Hung said the government had decided not to stabilise gold prices or spend foreign exchange to import it also to discourage the practice of investing in gold.

 

"Hung said the Government's new policy was to treat gold similar to foreign currency. He said the SBV decided to ban gold deposits because it was a very high-risk business. ..."

 

Currency Wars continue.

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oftwominds-Charles Hugh Smith: The Fiscal Cliff and Peak Government

oftwominds-Charles Hugh Smith: The Fiscal Cliff and Peak Government | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"Six critical dynamics will trigger the devolution of Peak Government.

 

"With the fiscal cliff looming, it's time to check in on the Peak Government thesis.

 

"Chris and Adam at peakprosperity.com asked me to revisit my Peak Government thesis, which describes how the expansive Central State has come to dominate both private society (i.e., the community) and the marketplace, to the detriment of the nation’s social and economic stability.

 

"Let's start by examining the six critical dynamics that lead to the inevitable devolution of Peak Government.

 

"Massive Borrowing ..."

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The Unadulterated Gold Standard | Keith Weiner | Safehaven.com

The Unadulterated Gold Standard | Keith Weiner | Safehaven.com | Gold and What Moves it. | Scoop.it

by Keith Weiner:

 

"The choice of the word "unadulterated" is not accidental. There were many different kinds of gold standard, including what we now call the Classical Gold Standard, the Gold Bullion Standard, and the Gold Exchange Standard. Each contained flaws; each was adulterated. ..."

 

"... The government should not attempt to force a price onto the market. In the unadulterated gold standard, the market is allowed to set the price of silver, copper, oil, wheat, a fine wool suit, and everything else. It allows people to use gold, or silver, or seashells as money if they wish (the market has not chosen seashells in modern history). ..."

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Richard Russell - Big News For Silver & Frankenstorm In Stocks

Richard Russell - Big News For Silver & Frankenstorm In Stocks | Gold and What Moves it. | Scoop.it

Richard Russells tells King World News:

 

"... I've been so busy moaning about the lagging gold mining stocks that I totally forgot about the silver stocks. I've been saying repeatedly that silver is “dirt cheap” but I neglected to look at the silver stocks that were selling at prices that were cheaper than dirt.

 

"But wait -- why have silver stocks been rocketing higher? Some shrewd operators must believe that silver is about to make a big move skyward. And if silver is going to surge, then the silver move should rub off on gold. One ounce of gold now buys a fat 53.4 ounces of silver.

 

"Silver is still selling on the bargain table, and the silver stocks were selling below bargain table prices. But look at the silver stocks now. Something BIG could be brewing. Maybe it's time to buy GDX and GDXJ or even SLV. Silver, the “forgotten” commodity, is coming into its own. How do we know that? The silver stocks are telling us so. ..."

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The Bank Always Wins: Justice Is Done In France | ZeroHedge

The Banks own the Government and Courts of the world it would seem:

 

Wolf Richter   www.testosteronepit.com   www.amazon.com/author/wolfrichterOn 

 

"On October 24, a French appeals court threw the book at former junior trader Jérôme Kerviel who, in 2008, had been hung out to dry by his employer, French mega-bank Société Générale, for having—so alleged the bank—blown €4.9 billion of its money in just about no time. He’d risked up to €50 billion with trades the Banking Commission later called “simple,” far beyond his limit of €125 million. Kerviel never denied that. And he’d done so without its knowledge, the bank alleged, using trick and device to conceal these gigantic trades for years. The crux of the case. And a lie, according to Kerviel.

 

"The French mainstream media have been solidly on the side of the bank on which they depend for funding, and which they can’t afford to antagonize. So they gloated when the court affirmed the 2010 conviction: a five-year prison sentence—three in the hoosegow and two suspended—and €4.9 billion in damages. But now, Kerviel and his lawyer, Me David Koubbi, showed up on France 2 TV and lambasted the proceedings that had been rigged, they claimed, from the outset.

 

"Even the loss of €4.9 billion is uncertain. “No one knows anything,” Koubbi said. Two successive courts accepted Société Générale’s number without even a cursory glance from an outside expert. An “unprecedented dysfunction,” he said. But as new evidence piled up after the first trial, it became clear, Koubbi asserted, that “Société Générale had willfully aggravated the loss by adding the losses of other traders. ..."

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Silver prices set to rise in 2013 thanks to China

Silver prices set to rise in 2013 thanks to China | Gold and What Moves it. | Scoop.it

Consumption in China, the world's second largest user, could climb to record 7,700 metric tonnes next year.

 

by Shivom Seth:

 

MUMBAI (MINEWEB) - -


"Investors in China are seeking out silver as an alternative value investment with the economy cooling for a seventh quarter. Research from Beijing Antaike notes that demand for silver is set to jump as much as 10% in 2013, with investors seeking to preserve their wealth.

 

"Consumption may climb to 7,700 metric tonnes after gaining 6-8% in 2012, Shi Heqing, an analyst at Beijing Antaike, told Bloomberg recently. Even for China, this would be a record level. China is the world's second biggest user of the metal.

 

"Silver soared 15% and holdings by exchange traded funds jumped 6.5% in 2012. The research firm said demand for silver is coming from jewellery and coins, which accounts for 33% of demand, and electrical appliances and solar panels.

 

"A possible solar industry recovery is also expected to help the white metal's demand, with the government targeting 21 gigawatts of solar power installations by 2015. This compares to an installation of 2.6 gigawatts in 2011. ..."

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