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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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Global Gold Production Is Poised To Fall Off A Cliff

Global Gold Production Is Poised To Fall Off A Cliff | Gold and What Moves it. | Scoop.it

Keith Barron tells King World News.

 

"... I would just like to add that the Barrick CEO just discussed how difficult it is to go out and find gold deposits right now. I have actually given a couple of speeches about this recently. Maybe some of my remarks filtered back to him. I’ve been addressing something I like to call ‘Peak Gold.’

 

"I think we are just about at ‘Peak Gold’ right now. This is basically the point at which the rate of new gold discovery will start to diminish from here on out. The Western gold companies have not been producing the gold discoveries, but the emergence of China as a producer has temporarily saved the day.

 

"Over the last five years, China has been the number one producer. ..."

 

Click through for the rest.

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Fiscal cliff likely a non-event « Jim Sinclair's Mineset

Fiscal cliff likely a non-event « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

"As Jim suggests below, the fiscal cliff despite all the hype will likely be non-event that affords the invisible hand the opportunity to reposition for the 2013 equity market rally to new highs.

 

"Nobody can be so irresponsible and crazy that they would walk into this one without at the least a kick of the can down the road in time, Jim Sinclair. ..."

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Nigel Farage - This Is My Single Greatest Fear

Nigel Farage - This Is My Single Greatest Fear | Gold and What Moves it. | Scoop.it

Nigel Farage tells King World News:

 

"... I think the biggest worry is that we get some kind of total breakdown of confidence in society. Of trust, in not just the government, but the police force and the army and everything else. I genuinely fear that we are going to see very large scale confrontation in Southern Europe with an awful lot of people getting hurt or killed. That’s my biggest fear.”

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daily gold forecast and market analysis | Anna Coulling

daily gold forecast and market analysis | Anna Coulling | Gold and What Moves it. | Scoop.it

Anna Coulling on gold, "... From a technical perspective the key level of price resistance remains in the $1760 per ounce region, and for any sustained move higher, this level will have to be breached. If this is cleared, then $1800 per ounce is the next psychological level and should this level be breached then we can expect to see gold prices continue to climb higher with this solid platform of price support below. ..."

 

click over for her full analysis.

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Gold – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Despite the seemingly never-ending bear raids from you know who (space helmets on Captain Video), gold is once again positioned to challenge stiff resistance in the $1,800 area. Two consecutive closes above its 50-Day M.A. would do the trick IMHO

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’87 Market Crash & Stocks Today, Apple, Gold, Silver & the VIX

’87 Market Crash & Stocks Today, Apple, Gold, Silver & the VIX | Gold and What Moves it. | Scoop.it

Here is what top Citi analyst Fitzpatrick had to say, along with some very powerful charts: “The downside action in stocks, both from a medium-term perspective as well as what we’ve been seeing over the last 24-to-48 hours, is confirming that stocks are indeed breaking down here. This may indeed be the start of a much more significant move to the downside.

 

"Our view since April/May of this year has been that we were setting up for quite an aggressive move down in the equity markets. At that time, we then saw a close to 10% down-move, followed by marginal new highs. But this is looking like a platform which which is setting up global equities for a 20%+ plunge [see host of charts on website by clicking over]. ..."

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Bulgarian archaeologists discover 2,400-year-old golden treasure

Bulgarian archaeologists discover 2,400-year-old golden treasure | Gold and What Moves it. | Scoop.it
Archaeologists say they have unearthed an almost 2,400-year-old golden hoard in an ancient Thracian tomb in northern Bulgaria.
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Gold and silver price behaviours showing market influence

Gold and silver price behaviours showing market influence | Gold and What Moves it. | Scoop.it

The silver price is driven mainly by U.S. investors, whereas gold is driven by global forces.

 

Julian Philips

 

"... Gold and silver price behaviors are showing the influence of their respective markets. The silver price is driven mainly by U.S. investors, whereas gold is driven by global forces. Silver's performance is more volatile as a result, with U.S. influence on gold dominated, over time, by heavy Asian and central bank demand, very different forces. We have seen that in the last two days prices as gold moved up in the euro instead of alongside it. That may continue, but traders and dealers will try to turn it today as it hits overhead resistance. Precious metals are acting as a currency counters, not with them now. This is of importance to investors as it signals that precious metals are not sliding as normal with the euro, but have broken away from all currencies showing a sense of worry in all currency markets ..."

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Dollar Index vs. the Gold Price going back about thirteen years - Ed Steer's Gold & Silver Daily

Dollar Index vs. the Gold Price going back about thirteen years - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes in his daily:

 

"I have three charts for you today. The first was from a colleague of Australian reader Wesley Legrand. It's the Dollar Index vs. the Gold Price going back about thirteen years. Wesley's colleague had this to say about the relationship between the two...

 

"There are periods were there has been an obvious inverse correlation, but then there are also extended periods where both gold and the USD index have risen together including the last 1.5 years (this is a monthly chart)."

 

"Of particular significance, over the last eight years when the price of gold starting rising more rapidly, the price of gold rose from $400 to $1,700 and the USD has been in a trading range, but has ended up exactly where it started eight years ago, at 80."

 

"So the USD index is unchanged after eight years during which the price of gold quadrupled."

 

"I think the relationship is more psychological than anything else."

[He would be right about that! - Ed]

 

click over for the full size charts.

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Trader Dan's Market Views: Gold Chart and Comments

Trader Dan's Market Views: Gold Chart and Comments | Gold and What Moves it. | Scoop.it

Trader Dan writes in analysis of gold:

 

"Gold continues to stage an impressive recovery off of the spike low which looks more and more like it was a bear trap. Trying to read these markets, both in front of and now coming off of a major election, has been difficult due to the severity of the price movements but it does appear that the buying down below $1700 was of sufficient size and scope that it has forced many a bearish trader to reconsider their bet. Reports continue to come in of strong physical market offtake which limits downside price action and results in enough valued-based buying to absorb speculative selling from either stale longs or fresh shorting.

 

"The market has now pushed into a zone (near $1740) where it is garnering additional selling pressure. However, if the bulls can eat through those offers and push it out past $1750, they stand a very good and very real chance of taking it first to $1780 and then on to major overhead resistance at $1800 once again. ..."

 

click through for the charts and the rest.

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PICKET: Companies plan massive layoffs as Obamacare becomes reality - Washington Times

PICKET: Companies plan massive layoffs as Obamacare becomes reality - Washington Times | Gold and What Moves it. | Scoop.it
Freedom Works has put together a list of companies that will be laying off employees as a result of President Barack Obama's health care law.

 

Is it an over-reaction by these companies or the new normal?

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Australian miners find new ways of getting buzzed | MINING.com

Australian miners find new ways of getting buzzed | MINING.com | Gold and What Moves it. | Scoop.it
Australian miners in the western part of the country are allegedly turning to a new version of the synthetic drug known as Venom, which is made with chemicals imported from China.

 

Great. As if mining wasn't hard and dangerous enough.

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Notes From Underground: Elections Are Over; Time To Focus On …

"Give the pollsters their due. They were virtually perfect in the predictions of electoral outcomes. Can the electoral algos now reduce all that data and tell us the policies that will be produced to deal with the problems that plague the U.S.? The Obama victory was greeted by a market selloff as the investment world woke up to the possibility of tax increases and spending cuts leading to a recession and decreased profits. The elections were widely anticipated as the bookies in London and worldwide had predicted. I am left scratching my head, wondering what caused the steep decline in the U.S. equity and commodity markets? The EURO currency was not sold hard enough to think that the Greek situation was the catalyst. Besides, the Greek parliament passed the austerity budget tonight. There is no way that Europe will not provide the Greeks with the promised funds as the outcome would not be worth the 30 billion euros that are in question. If the Obama victory and coming government standoff should have led to a selloff in the BONDS for one would have to be insane to purchase U.S. bonds priced at FED manipulated risk levels.

 

"Do investors really want to receive 1.6% interest on a 10-year note when the only way out of the fiscal cliff may be more FED money printing? The Republicans in the HOUSE may ..."

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Twitter / goldseek: Ron Paul: "The deception is ...

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Some Gold Investors Want Their Own Fort Knox

Some Gold Investors Want Their Own Fort Knox | Gold and What Moves it. | Scoop.it
It’s possible to own gold through an exchange-traded fund, but some investors want the real thing: shiny bars stashed in a vault.

 

By Paul Sullivan:

 

"THE last time the world as we knew it seemed likely to end, Dan Tapiero thought about buying gold.

 

"He didn’t tell his wife; they didn’t talk about things like that. In fact he didn’t tell anyone for a while. He just tried to figure out how he was going to buy physical gold as the financial markets collapsed at the end of 2008.

 

"Mining stocks were not for him, and neither was buying gold on the futures exchange. That was financial gold, meaning it existed on account statements but was not tangible. He wanted the real thing, gold in the form of bullion that he could hold in his palms, smudge with his thumbs.

 

"But Mr. Tapiero, a portfolio manager at several hedge funds over the last two decades, realized quite quickly that it was harder to fulfill his desire than he had thought. When he called up one bank he patronized in his day job, he learned it had a minimum purchase amount of $20 million worth of physical gold. Even at that amount, he could not have access to it; it would have to stay at the bank. ..."

 

The system is broke, folks.

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#China to boost #Gold reserves under Xi Jingping

According to International Financial Statistics said China's gold reserves have climbed to 1,054 tons after importing 582 tons of the precious metal in the first nine months of this year.

 

BEIJING(BullionStreet): "As Xi Jingping set to become China's new leader, most analysts said China will definitely boost it's gold reserves under the new leadership and might slowdown processes to globalize yuan.

 

"They said Xi Jingping clearly knows the situation that the Chinese currency cannot replace the US dollar as global currency even as the dollar remained on the receiving end for most of the last decade.

 

"Xi Jingping will definitely boost gold and bargain with it for China, they added.

 

"Meanwhile a top official with China's foreign affairs ministry said country needs to add to its gold reserves to ensure national economic and financial safety. ..."

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#Gold discovery rate shrinks last year despite $8 billion spending

#Gold discovery rate shrinks last year despite $8 billion spending | Gold and What Moves it. | Scoop.it
Gold is poised for a 12th annual gain, driven by increased investor and central-bank purchases as governments around the world boost stimulus to revive their economies.

 

HONG KONG(BullionStreet): "Gold mining industry spent a whopping $8 billion last year for gold explorations globally but discovery rates are decreasing, according to Barrick Gold, the world's largest producer.

 

"Barrick Gold chief executive Jamie Sokalsky said there were three discoveries last year, compared to 11 in 1991, and none of those can be described as 'supergiant', or holding more than 20 million ounces.

 

"Speaking at a conference here he said breakeven costs were rising but predicting gold's bull market shows no signs of ending. ..."

 

What do you think that will mean for the future of gold's spot price? hmmm? Supply and demand.

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Gold hits 3-week highs on U.S. fiscal fears - FAST NEWS - Mineweb.com Mineweb

Gold hits 3-week highs on U.S. fiscal fears - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Since the U.S. elections on Tuesday investors have become worried that Washington may struggle with a looming "fiscal cliff" that could slash U.S. public spending.

 

David Brough

 

"Gold hit a three-week high on Friday, boosted by expectations U.S. monetary policy would remain loose after President Barack Obama's re-election and a looming "fiscal cliff" that could slash U.S. public spending.

 

"Since the U.S. elections on Tuesday investors have become worried that Washington's politicians may struggle to find a compromise to cut the budget deficit before nearly $600 billion worth of spending cuts and tax increases kick in early in 2013.

 

"Markets are also watching the debt ceiling, which needs to be raised to avoid a government shutdown.

 

"Spot gold was at $1,732.09 an ounce by 1150 GMT, up 0.12 percent, having earlier touched a three-week peak of $1,737.60, while U.S. gold edged up 0.39 percent to $1,732.70.

 

"A stronger dollar offset further upside in gold by making the yellow metal more costly in other currencies. ..."

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Vietnam plans luxury tax on Gold, extends deadline

Vietnam plans luxury tax on Gold, extends deadline | Gold and What Moves it. | Scoop.it
According to reports, State Bank of Vietnam said imposing the luxury tax on gold might prompt people to bring out their gold hoardings.

 

HANOI(BullionStreet):

 

"Days after taking responsibility for an uncertain gold market in Vietnam, country's central bank put forward another plan to impose luxury tax on gold.

 

"The State Bank of Vietnam had earlier ordered banks to stop raising physical gold deposits starting November 25.

 

"But now, to avoid forcing banks to repay a large amount of gold to depositors and putting pressure on liquidity, the deadline has been extended to mid 2013.

 

"According to reports, State Bank of Vietnam said imposing the luxury tax on gold might prompt people to bring out their gold hoardings. ..."

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Japan Gold reserves drop to $42.29 billion

World's second largest forex reserves holder Japan's gold and foreign reserves dropped for the first time in four months.

 

TOKYO(BullionStreet):

 

"World's second largest forex reserves holder Japan’s gold and foreign reserves dropped for the first time in four months.

 

"According to country's finance ministry, Japan's gold reserves stood at $42.29 billion as total foreign exchange reserves fell for the first time in four months to $1.274 trillion at the end of October, down USD 2.84 billion from the previous month.

 

"As of October 31, foreign currency reserves stood at $1.196 trillion, IMF reserves at $14.57 billion, IMF special drawing rights at $19.95 billion and gold at $42.29 billion.

 

"The drop in foreign exchange reserves was mainly due to the declining market value of its US government bond holdings and gold prices, the ministry said. ..."

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Iran also bans Gold import as inflation climbs near 25%

Analysts termed the move as he most sweeping measure so far to batten down the Iranian economy, although the move is not likely to leave showrooms and store shelves empty.

 

TEHRAN(BullionStreet):

 

"Sanctions hit Iran,which banned gold exports last week, also banned gold and 75 other luxurious items as country's inflation climbed near 25 percent.

 

"According to Central Bank of Iran, inflation rate rose by 1.4 percent in the sixth Iranian calendar month of Shahrivar, which ended on September 21, reaching 24.9 percent.

 

"The bank said inflation rate has been rising since the beginning of the current year. The rate was 21.8 percent in the first calendar month of Farvardin.

 

"Meanwhile Iran's commerce ministry imposed a ban on imports of gold and 75 so-called luxury products ranging from high-end cars to coffee to toilet paper as part of efforts to promote domestic products and stem the outflow of dollars and other foreign currency as Western economic pressures increasingly choke off Iran’s commerce and critical oil revenue. ..."

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Some Germans want to see gold stored in U.S.

Some Germans want to see gold stored in U.S. | Gold and What Moves it. | Scoop.it
The fact that Germany has so much of its gold reserves in the U.S. is a legacy of the Cold War. To keep its gold well beyond the Soviet reach, Germany lodged the bullion with the U.S.

 

By Stephen Beard

 

BullionStreet(BERLIN):

 

"Peter Gauweiler has a pet obsession. The conservative politician from Bavaria admits he has a bee in his bonnet about Germany’s gold reserves. In his office in the parliament in Berlin, he frets about the 1,500 tons of German gold - $80 billion worth - officially held by the New York Federal Reserve.

 

"The German central bank is required to count and weigh the gold it holds every year," he says. "But our gold reserves that are kept in the U.S. have not been weighed or counted once in three decades. That is rather unsettling."

 

"Gauweiler wants an audit of Germany’s bullion held in the U.S. Better still, he would like it repatriated. ..."

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The Greatest Fear Of A $100 Billion Asset Mgr. Going Forward

The Greatest Fear Of A $100 Billion Asset Mgr. Going Forward | Gold and What Moves it. | Scoop.it

When asked about his biggest fear going forward, Arnott responded [to King World News], “My biggest concern is that as a nation we seem to be moving away from a commitment to confidence, self-reliance, entrepreneurialism, and those who create wonderful ideas, and wonderful businesses, should garner the dominant rewards from their successes. We’re creating an entitlement society and I think that will unravel.

 

"I don’t think it merely should (unravel), I think it will. We can’t afford the entitlement programs we (already) have. So the first step is likely to be means testing. If you have income, if you have assets in the bank, you don’t get to draw on the entitlement programs until you are broke.

 

"That transforms them into welfare for the indigent elderly. ..."

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Ron Paul: We're Broke and Already Over Fiscal Cliff: Video

Ron Paul: We're Broke and Already Over Fiscal Cliff: Video | Gold and What Moves it. | Scoop.it
U.S. Representative Ron Paul, a Texas Republican, talks about U.S. fiscal policy, and the prospects of political compromise on the nation’s budget defict.
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$100 Silver! Yes, But When? | GE Christenson | Safehaven.com

$100 Silver! Yes, But When? | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it

By: GE Christenson

 

"... This expansion in the national debt is a simple proxy for expansion of the money supply and the devaluation of the dollar. The exponential growth rate for the national debt averaged over this period is 9.7% compounded annually, while the rate averaged over the last five years is 12.3%. The exponential growth rate for silver is a bit larger - about 20% per year compounded annually. I attribute this larger rate, in excess of 12.3%, to the realization that silver is a competing currency, mining supply is growing slowly, most governments are aggressively "printing money," industrial demand is increasing, and some investors are actively buying silver. In short, demand is increasing while the realization that silver is still an undervalued investment and cannot be "printed" at will (like dollars and euros) has reached the awareness of individual investors. I believe it is very likely that national debt and the price of silver will continue their 11 year exponential growth trend.

 

"Since silver correlates relatively closely with national debt, we can use national debt as a clear, objective, and believable proxy to model the future price of silver. Extend national debt and silver prices forward for the next six years based on the exponential increase from the last five years, and the result is the following table. Bracket silver prices, high and low, based on past annual volatility of roughly +60% and -35%. You can see from the graph that silver prices are very erratic - silver rallies too far and too fast, and then crashes to absurdly low levels. These stunning rallies and crashes have happened for at least 35 years and probably will continue throughout this decade. ..."

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