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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A Move Of Desperation By The Fed « Jim Sinclair's Mineset

Great letter from the Desk of Jim Sinclair:

 

My Dear Friends,

 

You cannot fix the problems of the Western Economic system by breaking the telltale thermometer, which is the price of gold.

 

There is not one professional who does not know sales in extreme volume at a time of low activity internationally have but one purpose, and that is to reduce the price of gold.

 

Charts and TA in such a manipulated, manufactured market, as understood by you, are totally useless. This is a move of desperation by the Fed via the gold banks based on the false premise that attacking symptoms without meaningful economic intervention is going to cure the problem.

 

Gold is going to $3500 and above. The US dollar is headed to .7200 and lower.

 

We are once again giving away greatness by driving gold into the coffers of Asia at bargain process that a powerful academic bureaucrat has selected. It is just that simple.

 

Nobody said survival from the onslaught of the demons would be easy, but it will be successful.

 

Respectfully, 
Jim

Hal's insight:

I do believe he is right.

 

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oftwominds-Charles Hugh Smith: The Last Christmas in America?

oftwominds-Charles Hugh Smith: The Last Christmas in America? | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

The end of work and the end of mass affluence: welcome to The Last Christmas in America (TLCIA).


As unemployment rose toward 10%, the January 1975 cover of Rampartsmagazine blared: The End of Affluence: The Last Christmas in America. (TLCIA)
The government responded quickly to unemployment, high inflation and rising budget deficits: it started manipulating data to mask the politically inconvenient realities of rising inflation, unemployment and deficits by playing switcheroo with Social Security Trust Funds, inflation data, etc.--games it continues to play to cloak reality from the media-numbed public. ...
Hal's insight:

Click through for the rest and all his charts.

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Rosen: Most Important & Informative Chart Available Anywhere

Rosen: Most Important & Informative Chart Available Anywhere | Gold and What Moves it. | Scoop.it

Ron Rosen tells King World News:

 

"... Everything is on schedule.  This includes the decline in gold, silver and their shares into the month of December 2012.  Nothing has changed.  Once the DJIA and the S&P 500 begin their collapse, gold, silver, and their shares should begin a rise bigger than any rise we have seen to date and that includes the precious metals bull market of the 1970’s.  ..."

Hal's insight:

Nothing has changed. The course hasn't diverged from the path of destruction the people in charge have put us upon. 

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Trader Dan's Market Views: Rising Economic Powerhouse Brazil Hungry for Gold

Trader Dan's Market Views: Rising Economic Powerhouse Brazil Hungry for Gold | Gold and What Moves it. | Scoop.it

Reports coming out of the IMF indicate that Brazil has DOUBLED its holdings of gold since the end of August of this year. It is now officially holding 2.18 million ounces compared to 1.08 million ounces at the end of August. IMF data reveals that Brazil purchased 472,000 ounces in November.

Also, the World Gold Council is reporting that it expects official sector gold demand (Central Banks) to reach 500 tons this year, eclipsing last year's reported 457 tons of the metal. 

It is evident that these up and coming economic powerhouses such as Brazil are moving to begin diversifying their burgeoning reserves. ...

Hal's insight:

Not surprising. The BRIC's have been on this course for a while now.

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The Great Train Robbery in Gold and Silver « Jim Sinclair's Mineset

Dear CIGAs,


We were discussing gold over dinner. It sure looks like the elitists are about to attempt the great train robbery in gold.

 

All the rumors are crap. This is the biggest manipulative play in gold ever. The only good part is as soon as the criminals have their positions filled, we are off to $3500 and above. - Jim Sinclair

Hal's insight:

Stackers rejoice. ;-)

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Twitter / TheDailyBail: Dont Blink! U.S. National Debt ...

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Eric De Groot: Invisible Hand Pushing Hard, Again

Eric De Groot: Invisible Hand Pushing Hard, Again | Gold and What Moves it. | Scoop.it

Eric writes:

 

"Fear of the fiscal cliff, -of an economic recovery that will not happen, -of the mailman around the holidays etc. when combined with Asian interests willing to look the other way in exchange for a significant discount on whatever physical the West will delivery them provide the invisible hand with significant short-term price clout around holidays. ..."

Hal's insight:

Yup. Put a bow on it.

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Aussie scientists say termites may lead to Gold

The researchers found the termite nests contained high concentrations of gold, with levels five to six times higher than concentrations found more than 16 feet away from the mounds.

 

PERTH(BullionStreet): Australian scientists made a stunning revelation that could help increase global gold production in a big way.

 

Scientists at Australia's Commonwealth Scientific and Industrial Research Organization suggested that termites could reveal where miners might strike gold because of their nest.

 

They said using termite nests could help exploration companies narrow down the area that they need to drill and it has the potential to save a lot of money. ...

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Whistleblower - $3.5 Billion Of Paper Used To Smash Gold Price

Whistleblower - $3.5 Billion Of Paper Used To Smash Gold Price | Gold and What Moves it. | Scoop.it

Today renowned silver market whistleblower Andrew Maguire spoke with King World News about the state of the physical gold market and said that several billion dollars of paper selling from government agents was used to smash the gold price yesterday.  Here is what whistleblower Maguire had to say:  “Gold is actually a currency, and it’s (the gold market is) intervened (in) by the government agents, which are the bullion banks.  Yesterday, clearly they (the bullion banks) sold gold in defense of the dollar.


“Keep in mind that $3.5 billion of paper gold was actually cleared in London yesterday.  This selling was coordinated by the same bullion banks that are also active in the Comex.  At the same time, they are rigging enough of a decline to cover shorts into capitulating longs on the Comex market.

 

"But the Eastern central banks are simply sitting back and allowing this defense of the dollar to occur.  They know what’s going on. ..."

Hal's insight:

Ain't it all fun!?!

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Chinese State Media Demands US Citizens Be Disarmed

Chinese State Media Demands US Citizens Be Disarmed | Gold and What Moves it. | Scoop.it
The official Chinese government news agency, Xinhua, has demanded the US immediately adopt stricter gun control measures to reduce the number of firearms the US populace is permitted to possess.
Hal's insight:

LOL Says the spider to the well armed fly.

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oftwominds-Charles Hugh Smith: Santa, Please Let This Be the Last Christmas in America That "Saves" the U.S. Economy

oftwominds-Charles Hugh Smith: Santa, Please Let This Be the Last Christmas in America That "Saves" the U.S. Economy | Gold and What Moves it. | Scoop.it

Santa, please, please, please strangle the idiotic fantasy that Americans buying a bunch of junk (or gift cards for after-Christmas purchases of junk) will "save" the imploding U.S. economy.


My Christmas wish to Santa: please let this be the last Christmas in America that is dominated by the propaganda that holiday retail sales have any more impact on the $15.8 trillion U.S. economy than a moldy, half-eaten fruitcake left over from 2009.
Hal's insight:

Amen. 

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Jewelery still accounts for 75% of total India Gold demand

Gold investments accounted for 23 percent while industrial and decorative purposes accounted for the rest of 2 percent.

 

NEW DELHI(BullionStreet): India's love affair with gold is unlikely to have any negative impact in the near future despite government efforts to reduce imports of the yellow metal.

 

According to India's leading industrial body Assocham, India accounts for nearly one-third of the total world demand for gold. Gold jewelery accounted for around 75 per cent of total Indian gold demand.

 

Gold investments accounted for 23 percent while industrial and decorative purposes accounted for the rest of 2 percent. Growing demand for gold purchases in the country is an indication that households with high levels of savings are looking at options available to invest their savings. ...

Hal's insight:

It's the culture folks. The women understand that gold is a great safety and so they chose to have it in a form that is attractive and functional as jewelery.

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Japanese pension funds break with tradition by turning to gold | MINING.com

Japanese pension funds break with tradition by turning to gold | MINING.com | Gold and What Moves it. | Scoop.it
Shinzo Abe's demand for "unlimited easing measures" from central bank justifies shift into precious metal

 

by Marc Howe:

 

Japanese pension funds are investing in gold for the first time in n effort to hedge against economic upheaval.

 

The Wall Street Journal reports that a small number of pension funds in Japan are breaking with precedent, shifting from holdings comprised almost exclusively of stocks and bonds to invest in gold and other physical assets.

 

The bonds and stocks heavy composition of Japan's pensions funds has led to dismal performances of late. Bond yields are at historic lows, while stocks have either plunged during crisis periods or simply languished in the doldrums.

 

Japan's Government Pension Investment Fund is the most prominent example, shedding 7.6% during the 2008 fiscal year as a result of the GFC, and 0.3% in 2010 when markets were perturbed by the Eurozone's debt woes. ...

Hal's insight:

Not sure that's a break with tradition as gold has a very long tradition of being money. So maybe, Goes back to tradition would be a better title.

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All that glitters in 2013 is gold – PwC predicts soaring prices | MINING.com

All that glitters in 2013 is gold – PwC predicts soaring prices | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

Gold is the favoured commodity of 2013 with more than 80% of gold executives expecting to see a rise in the price of gold, which will drive increased spending on exploration and merger and acquisitions says the latest 

 

After analyzing the 46 largest Toronto-listed gold mining companies, the firm found that more than 20 of these miners have cash reserves greater than $500 million.

 

"Gold miners are adamant about proving to the market that they're once again a good investment – not just for the interim, but for the long-term," says John Gravelle, Mining Leader for Canada and the Americas, PwC.

 

"Receiving investors' approval will involve establishing cost effective management strategies, increasing dividend payments and responsibly investing in production growth – all on the back of a strong gold price." ...

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Diplomat Admits China Is Accumulating Gold To Back The Yuan

Diplomat Admits China Is Accumulating Gold To Back The Yuan | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News:


"... There is a ritual we see in overnight trading.  Gold is usually up $4 or $5 at around midnight or 1 AM east coast time.  I’ll be watching gold trade at this time and I can’t count the number of times that in just a minute or two, instead of gold being up $4 or $5, it’s now down $20.  No one is trading at 12 or 1 or 2 in the morning.  Somebody is doing this and it always happens when there is no liquidity.  So you have a game of desperation going on here and the Chinese are aware of this.  

 

"I was just speaking to a Chinese diplomat and I said to their diplomat, ‘Your two most important commodities are water and gold.’  And this diplomat said to me, ‘Yes, we need gold to back up the yuan.’  Well this diplomat realized very quickly they had made a terrible mistake in admitting that and began to back off and stated, ‘No, it’s not to back the yuan.  It’s because of jewelry.’  But it was too late, the horse had left the barn so-to-speak.

 

"So the Chinese get this in spades. ..."

Hal's insight:

They're going to be picking up a boat load today I bet.

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Some Charts

Some Charts | Gold and What Moves it. | Scoop.it

TF Metals writes:

 

... there is no reason to think that it's over, that the 12-year PM rally is kaput. I'm sure that the metals will stop and reverse, just like last year. The only question is, where? Since nothing has changed and the fundos are, in fact, even stronger than last year at this time, why would we expect prices to break any lower than they did a year ago? (Keeping in mind that the last sentence was typed by a guy who didn't see this selloff coming.) Sometime soon, the metals will reverse with a sharp, short-covering rally. That rally will likely stall and the momo-shorts will be emboldened to take another stab at the downside. Then, after failing to take things markedly lower, a bottom will form and price will begin to recover. If compelled to trade paper in this environment, here are some charts that show a striking similarity to the action of a year ago. ...

Hal's insight:

Click through for his full analysis and charts.

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Trader Dan's Market Views: Macro Trade Day

Trader Dan's Market Views: Macro Trade Day | Gold and What Moves it. | Scoop.it

Trader Dan notes:

 

"... For whatever reason, hedge fund longs are dumping commodities across the board. I find that rather interesting to say the least, especially with another $1.02 TRILLION in QE coming our way next year. Some are blaming the sell off in gold and silver on the stronger-than-expeced GDP number this morning, but once you get through the headline number, you realize that the feds used a highly dubious inflation number for their "deflator". The chatter on this number was that it "was so much better than expected that it casts doubt about the longevity of the Fed's QE program". Try to stop laughing here. ..."

Hal's insight:

Click over for his full analysis.

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Maguire - Physical Silver Market Has Now Diverged To Extremes

Maguire - Physical Silver Market Has Now Diverged To Extremes | Gold and What Moves it. | Scoop.it

Today renowned silver market whistleblower Andrew Maguire spoke with King World News and said the physical silver market has now diverged to extremes.  This is the second in a series of interviews with Maguire lifting the curtain on what is going on behind the scenes in the gold and silver war. 


But first, here is what whistleblower Maguire had to say about what the commercial traders are up to:  “Eric, I’m looking at the action on Thursday and what really strikes me is we’ve discussed the backwardation.  Backwardation is clear evidence that both gold and silver futures are oversold.  Essentially there are no willing sellers of physical to exchange for a cheaper, further-out-dated futures contract.”

 

“There is zero relationship between the fundamentals and the current status of the entire US-centric wash-and-rinse cycle which we are seeing right now in the paper market.  We are seeing very large physical buying, and it’s based on that discounted fix we discussed.  

 

The commercials and the bullion banks, they’ve been buying all that’s being capitulated by the jettisoning longs....

 
Hal's insight:

This is an interesting read. Click through for the rest.

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Gold’s decline can continue, but will it?

Gold’s decline can continue, but will it? | Gold and What Moves it. | Scoop.it

By Thomas H. Kee Jr.

 

"There are a variety of factors that have come together to help depress gold, and it’s very possible several of them may turn positive for the metal. But right now, we see no reason to think that gold won’t continue to drop in price. ...

 

... Fundamentally, nothing seems to have changed. The government is printing $85 billion a month out of thin air, but a material change has actually occurred, and this has skewed investors’ interest in gold. Interest rates have begun to increase even in the face of these endless stimulus programs, global weakness has kept the dollar strong when it otherwise would have been devalued considerably, and although anyone trying to buy a new car, groceries, or anything else for that matter, might argue with me, inflation also is not serious enough for gold to react positively. These three catalysts not only are keeping a lid on gold prices but they may also be exactly what are causing gold prices to decline.

 

How long will this last? ...

Hal's insight:

He goes on to say that the market is always right. Only answer I have to that is, Yes, when it's free to act in liberty. But it's arguable that isn't the case at the moment when you have a FED printing 85 million a month to float the system.

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John Williams: We're Going to be in a New Recession in 2013

http://usawatchdog.com/were-going-to-be-in-a-new-recession-john-williams/ - John Williams of Shadowstats.com has long contended the Fed is really just using ...

 

Economist John Williams thinks the economy is in worse shape than most people think.  In 2013, Williams predicts, “As this goes forward, you’re going to see we’re going to be in a new recession.”  The Federal Reserve announced last week it is now printing a total of $85 billion every month to reduce unemployment and stimulate the economy.  Williams says, “That’s nonsense. . . . There’s nothing they can do to stimulate the economy.”  Williams has long contended the Fed is really just using the weak economy to continue to prop up the banking system.  Williams says, “If the Fed wasn’t doing what it’s doing . . . I’d presume you’d be on the road to a banking system collapse.  The banking system is still in trouble.”  Williams warns the “open-ended” printing of $85 billion a month “. . . will be part of what will eventually become hyperinflation.”   And if there is no deal on the so-called “fiscal cliff,” then Williams expects “heavy selling pressure on the U.S. dollar.”  Join Greg Hunter as he goes One-on-One with John Williams of Shadowstats.com.


hat tip to www.jsmineset.com


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Risk versus reward

Risk versus reward | Gold and What Moves it. | Scoop.it
For more than a decade demand has outpaced supply and that is one reason why gold has posted ten straight yearly gains, and 2012 will be the eleventh.

 

By Robert M. Williams
Whenever you invest there are two things you want to keep in mind. The first is whether or not you will get your capital back and the second is how much can you make considering the risk you have to take. With respect to the second, the possible return on capital must always be greater than the risk you are going to have to accept.

In today’s world of “too big to fail”, quantitative easing to infinity, and debt expansion at an almost exponential rate, it's hard to judge risk. Markets are being manipulated by central banks across the board. Look at the Libor scandal! The English justice system will put mid level employees of some UK financial institutions in jail for doing what the Bank of England requested, i.e. manipulate the Libor rate. Meanwhile, the “big fish” will swim free.

Hal's insight:

He hit it on the head with "it's hard to judge risk" in this QE world.

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Japan to subsidize underwater rare earth venture | MINING.com

Japan to subsidize underwater rare earth venture | MINING.com | Gold and What Moves it. | Scoop.it
Tokyo’s new governor, Naoki Inose, announced the city would subsidize companies joining a project to mine rare earth elements from the seabed off Minami-Torishima Island, to the southeast of Tokyo.

 

by Cecilia Jamasmie:

 

Tokyo’s new governor, Naoki Inose, announced the city would subsidize companies joining a project to mine rare earth elements from the seabed off Minami-Torishima Island, to the southeast of Tokyo.

 

The Asahi Shimbum reports the measure aims to help local businesses and the national industry by reducing Japan’s dependence on China as a leading source of rare earths imports.

 

Experts estimate the Minami-Torishima island seabed holds rare earth deposits equivalent to more than 200 years of the amount Japan needs a year. But the extraction of those resources from the sea floor requires technology and funding. ...

Hal's insight:

Interesting. This has been developing for a while now what with China's grip on this market.

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Dr. Marin Scodone's curator insight, March 5, 10:37 PM

Interesting. This has been developing for a while now what with China's grip on this market.

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The Twelve Pains of Turdville

The Twelve Pains of Turdville | Gold and What Moves it. | Scoop.it
The Twelve Pains of Christmas could easily be The Twelve Pains of Turdville. Hmmm...there's an idea.
http://www.youtube.com/watch?v=yasSkqJBytk

 

... this current action in the metals is nothing but another wash, rinse and repeat cycle to which we've sadly all grown accustomed. The Cartels accumulated massive short positions in both metals ahead of the announcement of QE∞. They capped price in the days following and have been desperately trying to force long capitulation and the attendant HFT momo selling in the weeks since. All of this so that the banks can cover a bunch of their shorts before the next, big UPleg. They are finally being successful this week and, frankly, their success should come as no surprise to any of us.


None of this changes the long-term picture, however. The metals are still going to be charging higher in 2013 based upon the fundamentals and my long-awaited "historic" changes.

 

And I should probably, once again, remind you of the consequences of all this "fiscal cliff" nonsense. All outcomes are precious metal positive. ...

Hal's insight:

Exactly. Nothing is going to change. Long term gold outlook remains on course.

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Gold to crash to $1200 in 2013 : Saxo Bank outrageous prediction

The bank attributed the forecast on faster US growth and a stronger US dollar despite the overhang of Fed's easy monetary policy.

 

COPENHAGEN(BullionStreet): Danish online multi-asset trading and investment specialist Saxo Bank in it's ten Outrageous Predictions for 2013 said gold will fall by around $500 to $1,200 per ounce.

 

The bank attributed the forecast on faster US growth and a stronger US dollar despite the overhang of Fed's easy monetary policy.

 

This is Saxo Bank's annual exercise in rooting out relatively extreme market and political events for which the probability is perhaps low, if still vastly under-appreciated. ...

Hal's insight:

Let the gold bubble popper start their moonlight dancing. The more the dance the more I'll smile.

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London gold 19/12 - small recovery from New York downgrade - FAST NEWS - Mineweb.com Mineweb

London gold 19/12 - small recovery from New York downgrade - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Jim Rogers sees "overdue correction" hitting gold as unleveraged money buys at 3-month lows, but Japanese pension funds reportedly moving into the yellow metal


by Adrian Ash:


The dollar gold price rallied from its lowest levels since late August on Wednesday morning in London, recovering 0.7% from yesterday's drop to $1662 per ounce.

 

The drop came as Greece was upgraded Tuesday by the S&P ratings agency from "selective default" to "junk" status, following payment of the latest €34.3 billion in new loans from Greece's Eurozone partners.

 

Versus the Dollar the Euro leapt to its highest level since May. The gold price for Eurozone investors sank to €1255 per ounce – a 6-month low almost 10% beneath October's new record high.

"Gold on any kind of historic market basis is overdue for a nice correction," CNBC was told by investment author and commodities-fund manager Jim Rogers overnight. ...


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