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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it was a big sales day over at the U.S. Mint on Monday

it was a big sales day over at the U.S. Mint on Monday | Gold and What Moves it. | Scoop.it

... it was a big sales day over at the U.S. Mint on Monday.  They sold 6,000 ounces of gold eagles...a very chunky 10,500 one-ounce 24K gold buffaloes...and an eye-watering 3,937,000 silver eagles.  I'm guessing it will be a record January for gold and silver bullion coins at the mint this month. ...

Hal's insight:

That's an amazing day.

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New dating tip: wear this $25,000 gold shirt | MINING.com

New dating tip: wear this $25,000 gold shirt | MINING.com | Gold and What Moves it. | Scoop.it
Wealthy 32-year-old Indian man expects to dazzled the ladies

 

While gold is not always used for monetary purposes or in jewellery, sometimes its “applications” are quite the oddity. A case in point: a $25,000 solid gold shirt created for a wealthy 32-year-old Indian man..

Hal's insight:

Sure... You wouldn't get mugged in that. 

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Gold regains lost ground on strong physical demand

Gold regains lost ground on strong physical demand | Gold and What Moves it. | Scoop.it

Prices rose above $1,655 an ounce, with dealers reporting signs of strong demand from India and China, the world's two biggest gold buying nations.


WHOLESALE gold bullion prices ended Tuesday morning in London at $1655 per ounce, regaining ground lost yesterday to climb back to where it started the week, with dealers reporting signs of strong demand from India and China, the world's two biggest gold buying nations.

 

Silver climbed to $30.40 an ounce, slightly up on the week so far, while stocks and commodities also edged higher and US Treasuries fell.

 

The Shanghai Gold Exchange Monday reported record trading volumes equivalent to 19.5 tonnes for its Au9999 contract, which represents gold bullion of 99.99% purity. Tuesday's Au9999 volume fell to just under 9.3 tonnes, still significantly above the last year's daily average.


Hal's insight:

The buying continues for physical, so no surprise to me.

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Trader Dan's Market Views: Gold Looking for a Catalyst

Trader Dan's Market Views: Gold Looking for a Catalyst | Gold and What Moves it. | Scoop.it

With a growing number of pundits calling the 12 year bull market in gold as coming to an end, the large money flows that are necessary to drive gold higher have recently been lacking. If you look at the S&P 500 and look at the gold chart, it is not hard to see where the bulk of investment flows have been going; namely equities. ...

Hal's insight:

Dan has a number of charts for you as well so be to follow over there and if you haven't already done so, grab his RSS feed.

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Richard Russell - The 60-Year Shocker, Silver Shorts & Gold

Richard Russell - The 60-Year Shocker, Silver Shorts & Gold | Gold and What Moves it. | Scoop.it

With 2013 now under way, the Godfather of newsletter writers, Richard Russell, told his subscribers that after being in the business for 60 years, he has never seen anything like this (described below).  Russell also discussed the massive silver short position and gold’s eternal value.  Here is what Russell had to say: “Bull market or bear market?  Below we see a listing of the year-end cost of gold denominated in Federal Reserve Notes (these notes are now commonly called “dollars”).  From a market standpoint, we're looking at one of the greatest bull markets in history.  But ironically, referring to “dollars alone,” this is one of the worst bear markets I've ever seen.”


“Bear market?  Sure, back in the year 2000, for only 273 dollars you could buy one ounce of gold.  But by 2012, you needed over 1600 dollars to buy the same one ounce of gold.  The eternal value of gold doesn't change.  It's the purchasing power of the Federal reserve note that has changed. ...

Hal's insight:

Click through for the full piece by Russell.

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QE has to go to infinity, or put simply the world economy will collapse « Jim Sinclair's Mineset

QE has to go to infinity, or put simply the world economy will collapse « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

... QE is between a really hard rock, and a very bad place. Politics have run business and will continue to. There is no political willingness to accept the results of a broken US Treasury market sure to happen if Fed buying was curtailed or stopped. Look what happened at the Financial Cliff if you really believe there is any willingness to accept the hardest of hard times.

 

Fed bond buying is better known as QE. ...

Hal's insight:

Jim has more to say and an article that prompted his statment, so click through for it.

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Eric De Groot: Gold, Interest Rates, and Faltering Confidence

"Gold will NEVER rise until there is a real crisis. That begins ONLY when interest rates turn. The same with those constantly preaching 10 cents on the dollar for the Dow. To get that kind of move requires interest rates at a peak, not a low."


Gold will NEVER rise until there's a real crisis? The trouble with words is that meaning with context. Many see the word NEVER and assume gold can't rise without the support of rising interest rates.  This is not true.

Perhaps NEVER in this case implied that gold wouldn't accelerate to absurd levels, e.g. ten cents on the dollar for the Dow, as long as interest rates continue probing to new lows rather than highs. While this argument finds support in the long-term chart below, it doesn't mean gold and bonds prices can't rally together. 

Gold is rising not because of a single crisis (event) fixed in time rather a tendency of system to trend towards chaos (from order to disorder) without the input of energy. This includes monetary systems in need of reform. Human behavior also says NO WAY are we going to accept immediate pain to prevent a crisis of uncertain timing.  When this bias combines with long-term cycles, it suggests that chaos despite the best efforts of politicians controls the trend. ...

Hal's insight:

Click through for the rest of Eric's thoughts and charts.

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Tom Cloud: The Pieces Are In Place For A Gold Rally | John Rubino | Safehaven.com

Tom Cloud: The Pieces Are In Place For A Gold Rally | John Rubino | Safehaven.com | Gold and What Moves it. | Scoop.it

In this week's talk with Tom Cloud of National Numismatic Associates, he explains why the upcoming debt limit negotiations are a bigger deal than the fiscal cliff for precious metals.

 

DollarCollapse: Hi Tom. How's business? Specifically, what are your customers thinking about?


Tom Cloud: The phone is ringing off the hook. Our customers are less concerned with the fiscal cliff being kicked down the road than with the fact that the debt ceiling is just a couple of months away. I'm also hearing a lot of complaints about president Obama cutting the fiscal cliff deal and then immediately charging taxpayers $3 million to take him and his family to Hawaii.

One other thing that's leading a lot of people to look at precious metals is the recent announcement that Japan is buying almost as many US Treasury bonds than China, and now has over $1 trillion worth. When those two decide to sell, which they will eventually, it will be a nightmare.


DC: Didn't we just raise the debt ceiling?


TC: The last debt ceiling battle was in August of 2011, and they said it would last two-plus years. And now they're having to raise it again already. A Korean economist named Dr. Yoo published a chart showing an almost perfect correlation between the debt ceiling and gold. If this relationship holds, raising the debt limit by another $2 trillion would put gold at $2,000 an ounce. ...

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Low E (enthusiasm)

... the end of The Great Keynesian Experiment is upon us and we all need to prepare accordingly. The politicians are all corrupt. The U.S., and the world for that matter, is ruled in favor of the very few, particularly the international bankers. The global economic system is about to collapse and morph into something completely different from what we've all known our entire lifetimes.

 

But, I'd like to have hope. Hope that I'm wrong. Hope that I simply have an overactive imagination. Hope that I am just channeling Russell Crowe playing John Nash, seeing clearly nothing but make-believe conspiracies and foolishly connecting the dots. ...

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Switzerland and Britain are now at currency war – Telegraph Blogs

Switzerland and Britain are now at currency war – Telegraph Blogs | Gold and What Moves it. | Scoop.it
It seems you can’t debase your coinage these days even if you try. The Bank of England is straining every sinew to drive down sterling with quantitative easing, and what happens?
Hal's insight:

2013 The year of the currency wars.

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Charles Hugh Smith: The United States of Delusion

Charles Hugh Smith: The United States of Delusion | Gold and What Moves it. | Scoop.it

The irony is that clinging to delusion rather than face the necessity of deep cuts in borrow-and-squander budgets will lead to the involuntary reset of the entire system, depriving every vested interest of their share of the swag.


We are living in the United States of Delusion. The delusion has four key sources:1. We can borrow-print-and-spend our way to prosperity when debt and fiscal/monetary stimulus are yielding ever more marginal returns:

The Dangerous Blindspots of Clueless Keynesians (January 2, 2013) The Keynesian model is a Cargo Cult, mired in a distant, romanticized past where Central Planning, intervention and manipulation were solutions rather than the root of the economy's fatal disease.

2. The risks of this fatal fiscal delusion are masked by a complicit Mainstream Media and a perception-management, manipulation-dependent Central State and Federal Reserve.

Spoiled Teenager Syndrome (January 3, 2013) Masking risk, cost and consequence creates an illusory world that eventually crashes on the unforgiving rocks of reality. ...
Hal's insight:

I wish that DC would read and heed this man.

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Trader Dan's Market Views: Commodity Index Back to Where it Started the Year

Trader Dan's Market Views: Commodity Index Back to Where it Started the Year | Gold and What Moves it. | Scoop.it

Don't you just love the Fed? Are you not glad they provide such a calming, soothing, effect on our finanical markets? Are you not glad they are there to provide balance to the unruly animal spirits that send prices careening wildy in one direction or the other?

The above questions are obviously meant to be highly sarcastic, filled with a strong measure of contempt and disgust towards these pestilential meddlers.

I submit that the Federal Reserve is the source of the all the wild volatility and the cause of these nearly incessant mad buying and selling binges that have left the general public suspect of the US stock market and opting against investing in it.

The Fed simply cannot keep its mitts off of the market ...

Hal's insight:

Dan is a voice of reason. Click over for the rest of his thoughts.

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Turk - A Black Swan Event, Global Monetary Reset & Chaos

Turk - A Black Swan Event, Global Monetary Reset & Chaos | Gold and What Moves it. | Scoop.it

Today James Turk spoke with King World News about a “Black Swan” event, the coming global monetary reset, and the incredible price action that KWN readers can expect to see in gold and silver over the next 60 days.Here is what Turk had to say in this fascinating and powerful interview:  “What we saw in 2012, Eric, is a good example of what I have been calling a ‘managed retreat.’  The central planners were out in force - particularly in the fourth quarter - trying to keep a lid on precious metal prices, and they managed to accomplish that to some extent.  Nevertheless, despite their best efforts, last year gold rose 7.0%, and silver climbed 8.2% in US dollar terms.


“In fact, gold and silver were higher against all the world's major currencies last year, which is an important point.  National currencies are being destroyed by misguided government policies.  So while the purchasing power of these currencies is being eroded, the best governments can do and the most they can expect is to try keep the gold price from rising faster than the rate at which the purchasing power of currencies is being debased.  

 

"This battle is what the phrase ‘managed retreat’ is all about, and it is indeed a retreat.  The central planners are losing the war, as evidenced by the fact that gold has now risen twelve years in a row at an average annual rate of 16.8% per annum. ...


Hal's insight:

Turk see's a monetary reset coming in a year or two. Won't that be fun.

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Dear 2013, What Will Gold Do This Year? - Casey Research

Dear 2013, What Will Gold Do This Year? - Casey Research | Gold and What Moves it. | Scoop.it
Is the bull market in gold running out of steam?

 

... So what does the gold price do in 2013?

 

I think that's the wrong question. Since gold is the best and longest-lasting way to store wealth ever adopted in history, and not technically an investment, the more accurate query is: will gold continue to protect my purchasing power?

 

Worded that way, we begin to see gold its proper light: real money. If we're holding gold as money, the question then becomes: how much is our purchasing power in dollars or other alternatives to gold likely to decrease this year? And in future years?

 

If there's one thing we're certain of, it's that the current path of debt accumulation, deficit spending, and money printing will continue to devalue dollars and other unbacked currencies – and probably at an accelerating speed in the not-too-distant future. That makes gold a must-own asset despite its 500+% advance since 2001 ...

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oftwominds-Charles Hugh Smith: Why Austerity Is Triggering a Crisis

oftwominds-Charles Hugh Smith: Why Austerity Is Triggering a Crisis | Gold and What Moves it. | Scoop.it

We have created an economy with an extremely high cost-basis, and as a result it is brittle, fragile and vulnerable to cuts as modest as 4%.


In economies dependent on ever-rising consumption, austerity had a negative connotation even before its politically charged meaning commandeered the public debate. When the entire Status Quo depends on discretionary consumption not just for "growth" but for its survival, austerity is welcomed with approximately the same enthusiasm Superman reserves for Kryptonite. This is of course a contradiction: an economy based not just on consumption of all net income but debt-based consumption is an economy devoid of savings, i.e. capital to invest in productive assets. An economy without capital is lacking a key component of classic capitalism. "Austerity" also suggests a preference for simplicity and productive work, another contradiction sociologist Daniel Bell explored in his 1988 book, The Cultural Contradictions of Capitalism: the narcissistic consumption promoted by Neoliberal Capitalism erodes not just the work ethic that powers productive capitalism but also the ethic to save and invest that is the foundation (along with credit and transparent markets) of capitalism. (I have explored narcissism and the cultural contradictions of capitalism in Narcissism, Consumerism and the End of Growth (October 19, 2012) which also mentions Christopher Lasch's 1979 book The Culture of Narcissism: American Life in an Age of Diminishing Expectations.) No wonder austerity is the equivalent of Kryptonite to the global consumption-dependent Status Quo. But there is another dynamic behind ...
Hal's insight:

Click over for the rest. 

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Congressman To Introduce Law To Ban The Trillion Dollar Platinum Coin « The Financial Physician

Congressman To Introduce Law To Ban The Trillion Dollar Platinum Coin « The Financial Physician | Gold and What Moves it. | Scoop.it

The campaign to get around the debt ceiling by using a Trillion Dollar Platinum Coin has reached a new level of intensity today.

 

Earlier today, Paul Krugman hopped on board and said Obama must be ready to mint the coin if the GOP decides to try to force the country into defaulting on its obligations.

 

And now a US Congressman has come out against the coin idea and is proposing a law to ban it (via Matthew O’Brien). Ironically, this action actually legitimizes the coin option.

 

To take a step back, the US is about to hit the debt ceiling limit that Congress set in 2011, at which point it will be illegal for the country to issue more debt to pay its bills–unless the Congress agrees to hike the ceiling again.

In the past, hiking the debt ceiling was pretty painless, but some in the GOP are staunchly opposed to doing it, raising the specter that the US will default on its obligations.

 

It’s because of this that some people are getting more excited about the “Platinum Option,” which refers to a technical loophole in the law that allows the Treasury to create platinum coins in any denomination, theoretically up to a trillion and beyond.

 

The “Platinum Option” would allow the Treasury to temporarily print money to pay the country’s bills, thus getting around the debt ceiling. ...

Hal's insight:

Can things get any more strange in DC? It's interesting to note that the writer of the Business Insider article notes the irony of how it legitimizes the coin option.

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Frank Talk - In 2013, Resolve to Follow the Money - U.S. Global Investors

Frank Talk - In 2013, Resolve to Follow the Money - U.S. Global Investors | Gold and What Moves it. | Scoop.it

In 2013, Resolve to Follow the Money

During these first days of January, many adopt an “out with the old, in with the new,” approach to shed bad habits or extra pounds. Washington opted for its same ol’ strategy when averting the “fiscal cliff,” as the addictive nature of “can-kicking is a transatlantic sport,” according to The Economist. The magazine suggests that the deal made in the 11th hour is “disturbingly similar to the eurozone’s.” The short-term fix did “nothing to control the unsustainable path of ‘entitlement’ spending on pensions and health care … nothing to rationalize America’s hideously complex and distorted tax code... and virtually nothing to close America’s big structural budget deficit.”

 

In the end, politicians agreed to end the payroll tax cut and raise taxes on the top earners; altogether, tax increases will total $162 billion in 2013. ...

Hal's insight:

hat tip to www.grandich.com

 

Interesting read. 

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Job stats: Don’t let arithmetic get in the way

Job stats: Don’t let arithmetic get in the way | Gold and What Moves it. | Scoop.it

If you aren’t confused yet about what the economy is doing, you haven’t been paying close enough attention to recent news reports.

 

Take, for example, last Friday’s employment report in which the Labor Department announced the nation’s unemployment rate in December was “unchanged at 7.8 percent” from November’s level. That’s easy enough to understand — until you look back at the November report when “the unemployment rate edged down to 7.7 percent.”

 

How, you might be asking, can December be unchanged at 7.8 percent when November was 7.7 percent? Didn’t the jobless rate go up 0.1 percent from one month to the next?

 

Well, here’s the way the Labor Department explained it: “Seasonally adjusted household survey data have been revised using updated seasonal adjustment factors, a procedure done at the end of each calendar year.”

Got it? Well, of course you don’t. ...

Hal's insight:

Good read. Hat tip to www.grandich.com

 

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This Will Cause Oceans Of Paper Money To Panic Into Gold

This Will Cause Oceans Of Paper Money To Panic Into Gold | Gold and What Moves it. | Scoop.it

Michael Pento tells King World News www.kingworldnews.com 

 

... The government believes their economic troubles emanate from stable prices and a currency that is too strong.  Therefore, an all-out effort is underway to crumble the currency and boost inflation.  This would be great news for the Japanese economy if it all hadn’t been tried before and proven to fail miserably.  In fact, the yen has already lost 11% of its value in the past twelve months and is at its lowest level against the dollar since August of 2010.  


But that hasn’t helped boost exports or manufacturing at all.  Industrial production dropped 1.7% in November, which was the worst reading since the earthquake in March of 2011.  That’s because domestic prices rise in commensurate fashion with the decline of the currency.  Hence, there is no benefit to manufacturing and exports due to a drop in the value of a money.

 

Japan has adopted the Keynesian mantra of, “The economy suffers from a lack of demand and government can and must supplant the private sector.”  However, the problem is that demand must be based on the prior production of goods and services, which allows an individual, corporation or government the ability to use their production for consumption. It cannot be generated artificially by printing money beforehand.  If genuine growth and prosperity could come from government-induced demand, Cuba would be a global economic giant. 

 

When a government tries to create demand by disseminating money that is printed by a central bank; all you get is a falling currency, faltering GDP, soaring debt levels and inflation ...

Hal's insight:

Click through for the full post. One wonders of course what the time table will be. So many have thought that this crisis would already have happened. My thoughts remain that nothing has changed. Right now the managers are doing a great job of smoke and mirrors and hiding the truth. How long this suspension of reality can last is beyond me.

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TOO MUCH SILVER? - The Prospector Blog

TOO MUCH SILVER? - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

... The question is how can we accurately compare silver availability to demand? In other words, is physical silver demand greater than mining output or potential output? Plus, is mining output supplemented by an increasing supply of scrap silver, as well? More importantly, how will production and demand effect the value of your stack of silver bullion, rounds or bars?

 

All great questions, all worthy of an answer, too. Unfortunately, not one person walking God’s green earth knows the answers to the above questions since even those spending a lifetime researching such issues disagree. So, this leaves us with only one last option but fortunately it’s the best option.  This is why we’ll do our best to answer the above questions by evaluating the facts.

Fact #1. Silver demand is very relative. Even so-called experts can only estimate future demand. These experts usually base such demand on trends more than anything else, and for one reason. You, my friend, are hard to figure out….monetarily speaking.

 

Demand is relative to so many things. I would have never believed America would re-elect a president (regardless political affiliation) who approved increasing the national deficit nearly as much in one term as all previous presidents…..impossible. This only proves how quickly opinions change once a society reaches a point of spending addiction. ...

Hal's insight:

Click over for the rest of his analysis.

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Discovering the Correct Path in Investing

Discovering the Correct Path in Investing | Gold and What Moves it. | Scoop.it

... I don’t know what it is about human nature, but people see the future in broad terms, and they will defend that point of view in the face of all evidence. So you have the “Great Depression” crowd that has been predicting a stock market collapse for years now. People always assume I think stocks are going to crash because I’m a bear, but regular readers know I’ve said stocks are going to explode, as they have. These stock market bears fail to account for the change in our monetary system from a gold standard to the floating exchange rate system. They fail to account for our good friend Helicopter Ben who has been balancing out the natural deflation that occurred in real estate with new money. From a social perspective, people in general don’t account for the fact that all these entitlements are a product of the Great Depression- they did not precede it. So in terms of civil unrest, it will be a lot worse than the Great Depression because if people are promised something and don’t get it, they get pissed off.

 

The “we will grow our way out of this crowd” is arguably worse. Debt at this point is interconnected, and since banks are getting nationalized, the situation will ironically get worse. Basically all the failed investments that went on in the private sector ends up on the government balance sheet. The whole point of getting interest on a bond is to hedge against the risk that the bond will default. If the government makes everyone whole, bankers are the only ones celebrating. The average person is the one who suffers under the weight of higher taxes and austerity. So trust me, if you talk to anyone in the investment community, they will have blinders on, especially if they are a low-level employee (people my age). The people who actually investment successfully in all environments understand a lot better how things are interconnected, and they will just ride whatever wave the government creates.

 

Debt is also growing globally at a much faster rate than revenue ...

Hal's insight:

Click over for the ful piece and charts.

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Gold, silver futures tumble after Fed minutes « The Financial Physician

Gold, silver futures tumble after Fed minutes « The Financial Physician | Gold and What Moves it. | Scoop.it

So gold falls $60 in less than 24 hours because some members of the Fed believe QE should end by the end of 2013 but the stock market is down only mildly. Typical gold market shenanigans. There is no way the Fed will stop QE, unless they want the bond market to crash and drive the economy into free fall. Who is going to buy the $3 trillion in Treasury bonds being issued this year ($1.5 trillion budget deficit, $2 trillion in maturing bonds)? The Fed is the only buyer and will continue to monetize the debt with QE funny money. The buying opportunity of the century may be upon us for gold and silver.-Lou

Hal's insight:

Sounds about right.

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December 2012 American Eagle Silver Coin Sales 3rd Highest in History - Ed Steer's Gold & Silver Daily

December 2012 American Eagle Silver Coin Sales 3rd Highest in History - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

As long as the concentrated short position of JPMorgan in COMEX silver exists, the manipulation of the price of silver will exist. Under that circumstance, the price of silver will fluctuate much as it has over the past few years’ trading range; say between $25 to $50. Since all price manipulations must end and because the silver manipulation is of the short-side variety...so when it ends, the price must react violently higher; say over $100 or more. Therefore, at current levels the potential long-term risk/reward investment equation for silver is excellent, better than for any other alternative asset I can think of. The timing comes down to when the silver manipulation ends. - Silver analyst Ted Butler...02 January 2013

 

Although it's certainly possible to pin a small part of yesterday's price decline in gold and silver on the Fed minutes, it would be a real stretch to attribute it all to that.  Silver's sell-off was out of all proportion to gold...and platinum and palladium showed few signs of a sell-off based on that news.  It's rare to see gold get hit...and silver not get hit much harder at the same time...and yesterday's price action was a case in point.

 

The above is especially true when you consider what happened once trading began when the Globex opened at 6:00 p.m. last night in New York, as all four precious metals came under selling pressure at the same time in the most thinly traded of all time periods...and that continued through early Far East trading...and then into the 8:00 a.m. GMT London open earlier this morning.

 

The Fed minutes gave JPMorgan et al the opportunity to launch a bear raid on all the precious metals...and they took full advantage of it...negating all the gains from this week, and then some.  They rang the cash register real good, as the tech funds were forced to cough up their futures contracts as sell stops were hit...and all the fees that these new longs paid out since the tiny rally that began just before Christmas, got transferred into "da boyz" bank accounts yesterday...and that process continues as of this writing. ...

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Kicking the Can

Kicking the Can | Gold and What Moves it. | Scoop.it

Ground Hog Day. Kicking the can. ...

 

... But in many cases, the can is kicked because no decision can be made. The kicking of the can we are seeing right now in Washington according to my sources is a result of the lack of political will to make the tough choices. Over the course of the next eight weeks the rhetoric will heat up on the fiscal fight. “In America, today they are just bickering about peanuts instead of getting together and discussing other changes that they can make, and find a common ground. But right now, they’re not doing anything, and now things are getting worse and worse.” said Jacob Stolt-Nielsen, Founder of Stolt-Nielsen. ...

Hal's insight:

Click over the rest.

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Billionaire Eric Sprott - Fed Has No Exit Plan & There Is No Exit

Billionaire Eric Sprott - Fed Has No Exit Plan & There Is No Exit | Gold and What Moves it. | Scoop.it

Here is what Sprott, who is Chairman of Sprott Asset Management, had to say:  “The Fed is trying to suck and blow at the same time because they are suggesting the rates are going to stay low out to 2015, unless the unemployment rate gets down.  They come out with this statement about the minutes, which means nothing because it’s not policy.


What I found most striking about it is if people really imagined that the Fed was not going to buy bonds, what should happen to interest rates?  What should happen to the stock market?  What should happen to the homebuilders?  What should happen to gold?    

 

The only thing that really got smashed (out of those asset categories) was gold and silver. ...


Hal's insight:

Suck and blow at the same time. Have to laugh at that comment, don't you?

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