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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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Metals and Mining Shares – The Good, the Bad, the Ugly – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Metals and Mining Shares – The Good, the Bad, the Ugly – Market, Economic, Social, Political and Life Commentary by Peter Grandich | Gold and What Moves it. | Scoop.it

by Peter Grandich:

 

"... Gold is money. There’s no Central Bank printing it like it’s going out of style. There’s no government(s) borrowed up to their eyeballs in it. Where you find real growing wealth in the world you find those people acquiring it are using gold as a storer of their wealth. ..."

 

click over for his full thoughts on the mining sector.

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The Golden Truth: Friday Thoughts

The Golden Truth: Friday Thoughts | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"... Unless the o/i report is wrong, sometimes it is and they make adjustments reflected two days later, yesterday's gold o/i went up 912 contracts. To me this increase isn't the cartel shorting into momentum- buying by black box funds, it's dip buyers making fundamental buys. The computer hedge funds do not buy on days like yesterday. That's bullish. Second, yesterdays silver smash was all about the liquidation of the July contract ahead of 1st notice today. Silver o/i in July dropped 6268 down to 3952. Interestingly 6704 bought/rolled into Sept silver. My bet is that buying occurred late in the day after the SPX rallied back huge. This too is bullish. Furthermore, and I'm sure July o/i wall fall a bit today, but as of yesterday there were still 19.7 million ounces of silver which are funded for potential delivery. Those contracts can still be sold, but it's a lot of silver standing for delivery. I wouldn't read much into yet, but it's definitely something to keep an eye on. Finally, today's action shows what happens when cartel manipulation wakes up the physical buying world in the eastern hemisphere. Indian import ex-duty premiums were as high as $15 last night which means India was buying physical gold on the sell-off driven by the paper Comex very aggressively. China and Japan were also active buyers last night. When these buyers buy, the physical supply disappears. ..."

 

you should click over for the rest and grab Dave's RSS feed while there.

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17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012

17 Reasons To Be EXTREMELY Concerned About The Second Half Of 2012 | Gold and What Moves it. | Scoop.it
What is the second half of 2012 going to bring?  Are things going to get even worse than they are right now?
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Jesse's Café Américain: US Supreme Court Upholds Affordable Healthcare Act

Jesse's Café Américain: US Supreme Court Upholds Affordable Healthcare Act | Gold and What Moves it. | Scoop.it

from Jesse:

 

"... I remind the reader that 'Obamacare' with its private sector 'mandate' is in reality a long-standing Republican proposal, originally conceived in the conservative Heritage Foundation think tank, to use the private sector to try to manage healthcare costs, rather than the 'single payer' option. Prior to Obama the largest implmentation of this approach was achieved and lauded in Massachusetts by guess who. ..."

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15 Reasons Why The Obamacare Decision Is A Mind Blowing Disaster For America

15 Reasons Why The Obamacare Decision Is A Mind Blowing Disaster For America | Gold and What Moves it. | Scoop.it
You can almost always count on the Supreme Court to do the wrong thing.  In fact, just about every major decision by the U.S.

 

"... The following are 15 reasons why the Obamacare decision is a mind blowing disaster for America....

 

#1 According to the U.S. Supreme Court, the federal government has the power to force you to buy private goods and services. Now that this door has been opened, what else will we be forced to buy in the future?

 

#2 Obamacare is another step away from individual liberty and another step toward a "nanny state" where the government dominates our lives from the cradle to the grave.

 

#3 The IRS is now going to be given the task of hunting down and penalizing millions of Americans that do not have any health insurance. In fact, the Obama administration has given the IRS 500 million extra dollars "outside the normal appropriations process" to help them enforce the provisions of Obamacare that they are in charge of overseeing. ..."

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Healthcare Explained

A breakdown of why healthcare costs are soaring in America and how Obamacare is going to impact things going forward. by Omid Malekan www.omidmalekan.com @ma...

 

ht to ZeroHedge.com 

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A ‘Lehman Moment' Will Ensure Gold and Silver Will Soar Again - Ed Steer's Gold & Silver Daily

A ‘Lehman Moment' Will Ensure Gold and Silver Will Soar Again - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer had this to say today in his daily:

 

"... The new short interest numbers for both SLV and GLD were posted over at the shortsqueeze.com website earlier this week. The short position in SLV declined by 3.80% to 13,476,900 shares/ounces. In GLD there was a smallish increase of 1.48%...and the short position there stands at 18,962,600 shares, or 1.90 million ounces. None of these shares have any physical metal backing them at all. ..."

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Sprott - We’re Being Lied To, Even The 1% Is Having Problems

Sprott - We’re Being Lied To, Even The 1% Is Having Problems | Gold and What Moves it. | Scoop.it

Eric Sprott told King World News:

 

“... There’s no business. There’s no IPO business, there is no merger and acquisition business. In fact, I would suggest as much as we knew the 99% was having a problem, I can guarantee you the 1% is having a big problem today, particularly over in Europe.

 

"It (the big money over in Europe) should be frightened. We have bank runs going on over there. If anybody took the time to look at the balance sheet of a bank or a country in Europe, there’s no other conclusion to make other than they won’t be able to meet their obligations. Those are easy conclusions to come to.

 

"Just as it was easy for me, back in 2007, to say the following companies are broke, GM, Fannie Mae, Freddie Mac, Citigroup, you just take a look at the balance sheet. You can’t make it. You’re beyond a Minsky moment, and most countries are in that situation today. They (central planners) just keep printing more money all the time. ..."

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What's Next After the Obamacare Ruling? | Downsizing the Federal Government

What's Next After the Obamacare Ruling? | Downsizing the Federal Government | Gold and What Moves it. | Scoop.it

"With the Supreme Court ruling on President Obama’s health care law, everyone is wondering what’s next for big government. Here are some ideas for federal policymakers to consider:

 

"Federal Broccoli Act of 2013: Eat your broccoli, else pay the IRS $1,000.

 

"Federal Recycling Act of 2014: Fill your blue box and put on the curb, else pay the IRS $2,000.

 

"Federal Green Car Act of 2015: Make your next car battery powered, else pay the IRS $3,000. ..."

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oftwominds-Charles Hugh Smith: Priced Out of the Middle Class

oftwominds-Charles Hugh Smith: Priced Out of the Middle Class | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"As rising costs have outpaced incomes for decades, households have been priced out of the middle class.

In Why the Middle Class Is Doomed (April 17, 2012) I listed five "threshold" characteristics of membership in the middle class:

 

1. Meaningful healthcare insurance
2. Significant equity (25%-50%) in a home or other real estate
3. Income/expenses that enable the household to save at least 6% of its income
4. Significant retirement funds: 401Ks, IRAs, income property, etc.
5. The ability to service all debt and expenses over the medium-term if one of the primary household wage-earners lose their job
I would now add a sixth:
6. Reliable vehicles for each wage-earner
Author Chris Sullins suggested adding these additional thresholds:
7. If a household requires government assistance to maintain the family lifestyle, their Middle Class status is in doubt. ..." Click through for the rest.

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The Black Hole of Deflation and Gold and Silver - Part 2 | Julian D. W. Phillips | Safehaven.com

The Black Hole of Deflation and Gold and Silver - Part 2 | Julian D. W. Phillips | Safehaven.com | Gold and What Moves it. | Scoop.it

by Julian D. W. Phillips:

 

"In Part I of this series we looked at the decaying state of confidence and how this is assisting in the deflationary process that is slowly, inexorably, moving forward, with limited action from central bankers and very little action at all from politicians. We looked at Christine Legarde's comments that highlighted the need for value and measures of value to keep the monetary system under control. And then we looked at the loss of money velocity, deflation and the damage it's doing to the solvency of banks and nations.

 

"Since then the process has moved forward with 28 Spanish banks downgraded by Moody's ratings Agency, while the Spanish government has formally asked for financial assistance from the E.U. Cyprus now makes the fifth E.U. member to put its hand out for a bailout. Italy's borrowing cost jumped to new highs too.

 

"What are we really looking at in the Eurozone crisis? We ask this question knowing that this story is being played out in Europe first, to be followed by the U.S. then the rest of the world in time, as they are part of the same global monetary system. The Eurozone crisis is a confidence crisis among banks and nations, followed by asset and debt deflation, as the loss of confidence is priced in.

 

"Filling Money Holes Isn't the Answer ..."

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Hathaway - Confidence Severely Damaged, Chaos to Accelerate

Hathaway - Confidence Severely Damaged, Chaos to Accelerate | Gold and What Moves it. | Scoop.it

John Hathaway tells King World News:

 

"... Unfortunately, the thing that brings gold back into the picture is usually something bad in the financial markets. Certainly that was the case in 2008, and that’s where we’re headed again. Let’s face it, the euro is a lot bigger deal than Lehman Brothers and the subprime credit mess.

 

"One thing that came out of 2008 was that the default reaction of policymakers to that kind of market environment is to print. We’ve seen Bernanke deny, on several occasions, that he would ever extend quantitative easing, and then low and behold, at the last Fed meeting we extended QE in the form of Operation Twist.

 

"So these guys (central planners) are scrambling and they don’t really know what they are doing. They are making it up as they go along, that’s clear to me. When this does get worse, you can be sure the bazookas (printing money) are going to be lined up and firing at high speed. But when the smoke clears, on the other side of that, gold is going to be the high ground. ..."

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Sitting on the Metals and Painting the Tape Into the Close

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Sitting on the Metals and Painting the Tape Into the Close | Gold and What Moves it. | Scoop.it

from Jesse's Café Américain:

 

"Stocks were weak after the morning GDP report which was flat but a nice increase in the chain deflator from 1.7% to 2.0%.

 

"They took a dive as the US Supreme Court upheld the Affordable Healthcare Act, contrary to expectations. Robert Reich called this one and I think his reasoning is substantially correct. There were a few more political angles in that one that he allowed, but it was good enough to trade.

 

"The stocks rallied in late afternoon, almost unmistakably driven by algo buying centered in the SP futures. It was a tape painting exercise for the end of the second quarter as I had cautioned. They have struck a level and will seek to hold it into Friday's close.

 

"The wiseguys sat on the metals to lessen the damage to their results from their naked short positions while they drove up prices on stocks in their portfolios. ..."

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Have a great weekend everyone.

Wishing you all a great weekend everyone.

 

If this week is any indication, I think the rest of 2012 is going to be very interesting.

 

So be sure to take advantage of the free Adobe Air app Exact Price and keep your eye on the gold, silver, and platinum action:

 

http://www.learcapital.com/exactprice ;

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Biderman's Daily Edge: Why Does the Market Still Believe in Something for Nothing?

Follow TrimTabs' research on Twitter https://twitter.com/#!/charlesbiderman - log on to TrimTabs Money Blog http://trimtabs.com/blog/ - and 'Like' TrimTabs o...
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oftwominds-Charles Hugh Smith: Why The Debt-Dependent Status Quo Is Doomed in One Chart

oftwominds-Charles Hugh Smith: Why The Debt-Dependent Status Quo Is Doomed in One Chart | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"The global economy is now addicted to debt. Once debt stops expanding, the economy shrivels. But expanding debt forever is unsustainable. Welcome to the endgame.

 

"Regardless of whether you call it debt saturation or diminishing return on new debt, the notion that taking on more debt will magically enable us to "grow our way out of debt" is not supported by data. Correspondent David P. recently shared this chart of Total Credit Market Debt Owed and GDP and this explanation: ..."

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Peter Schiff: The Supreme Court is wrong: ObamaCare is UNCONSTITUTIONAL

The Schiff Report - 6/28/2012 Two wrongs do not make a right. The fine for not buying health insurance is not a tax, its a penalty. And even if it is a tax, ...
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How Does Gold Fare During Hyperinflationary Periods? by Jeff Clark

How Does Gold Fare During Hyperinflationary Periods? by Jeff Clark | Gold and What Moves it. | Scoop.it

by Jeff Clark:

 

"Inflation is a natural consequence of loose government monetary policy. If those policies get too loose, hyperinflation can occur. As gold investors, we'd like to know if the precious metals would keep pace in this extreme scenario.

 

"Hyperinflation is an extremely rapid period of inflation, but when does inflation (which can be manageable) cross the line and become out-of-control hyperinflation? Philip Cagan, one of the very first researchers of this phenomenon, defines hyperinflation as "an inflation rate of 50% or more in a single month," something largely inconceivable to the average investor.

 

"While there can be multiple reasons for inflation, hyperinflation historically has one root cause: excessive money supply. Debts and deficits reach unsustainable levels, and politicians resort to diluting the currency to cover their expenses. A tipping point is reached, and investors lose confidence in the currency.

 

"Confidence" is the key word here. Fiat money holds its purchasing power largely on the belief that it is stable and will preserve that power over time. Once this trust is broken, a flight from the currency ensues. In such scenarios, citizens spend the money as quickly as possible, typically buying tangible items in a desperate attempt to get rid of currency units before they lose value. This process increases the velocity of money, setting off a vicious cycle that destroys purchasing power faster and faster. ..."

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#Gold gets shot in the arm from EU leaders

#Gold gets shot in the arm from EU leaders | Gold and What Moves it. | Scoop.it

by Ben Traynor:

 

"... Resistance [for gold prices] is at the top of the past week's range in the $1587-88 area," says technical analysts at bullion bank Scotia Mocatta, who add that further resistance is seen at $1625.

 

"News of an agreement among European leaders on the use of bailout funds ""has been positive for the Euro and positive for confidence in general," adds Scotia's head of precious metals Simon Weeks.

 

"[This] means that equities and commodities, including gold for the time being, have all received a shot in the arm."


"European leaders meeting in Brussels have asked the European Council to consider proposals for the creation of a single Eurozone banking supervisor "as a matter of urgency by the end of 2012", an summit statement issued early on Friday said. ..."

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Peter Schiff - Europe, Gold & The Health Care Bill

Peter Schiff - Europe, Gold & The Health Care Bill | Gold and What Moves it. | Scoop.it

... When asked about the Supreme Court decision on the health care bill, Schiff responded, “Well, it’s a horrible decision. The minority (dissenting view) was 100% correct. The whole thing should have been thrown out.

 

"In the end, they basically said it was a tax. There wasn’t even an enforcement mechanism in there. There was a tax, but if you didn’t pay it, the government couldn’t come after you for the money.

 

"They essentially said that even though the intent may have been to punish people for not buying insurance, the effect is that they don’t get punished because it’s really just a tax. They basically said it’s constitutional because it’s not going to work.

 

"But it’s not a tax because a tax is there to raise revenue. This is not there to raise revenue, it’s there to punish you. It’s there to make you buy health insurance. So even though the Supreme Court said it’s not going to work, it doesn’t mean it’s constitutional just because it’s not going to work. ..."

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USDA suggests food stamp parties, games to increase participation

USDA suggests food stamp parties, games to increase participation | Gold and What Moves it. | Scoop.it
While spending on the food stamp program has increased 100 percent under President Barack Obama, the government continues to push more Americans to enroll in the welfare program.
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Precious Metals: Keep it Simple | The Daily Gold

Precious Metals: Keep it Simple | The Daily Gold | Gold and What Moves it. | Scoop.it

by Jordan Roy-Byrne, CMT

 

"This weekend I had a conversation with a fund manager friend who I admire. He lives in the Asia-pac region and has tremendous knowledge of and insight into markets. I asked him what his advice would be. He told me it’s simple. My advice for the next three months is patience. My advice for the next three years is precious metals. People often feel the need to complicate things by over-trading and over-thinking the situation. In this piece, we want to keep it simple for Gold and Silver and the mining shares. ..."

 

Interesting read and analysis. click through for full piece.

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European Leaders Put Bond Buying on Table at Crisis Summit

European Leaders Put Bond Buying on Table at Crisis Summit | Gold and What Moves it. | Scoop.it

"European Union leaders focused on immediate help for Spain and Italy at the start of a two-day summit intended to chart a path out of their financial crisis.

 

"The 27 government chiefs will discuss buying Spanish and Italian government bonds to bring down borrowing costs that are near euro-era records, Finnish Prime Minister Jyrki Katainen said. He also proposed that bailout funds buy collateralized government debt in primary markets.

 

"The Finnish proposal joined discussion of whether the euro area’s rescue fund should aid banks directly and the role of the European Central Bank, which has already bought more than 200 billion euros ($249 billion) of government bonds and pumped more than 1 trillion euros of three-year loans into the banking system. It shelved its bond-purchase program earlier this year amid growing resistance to the policy on the ECB Governing Council.


"European Union Economic and Monetary Affairs CommissionerOlli Rehn said the ECB’s actions have prevented the crisis from worsening. He also called for “concrete measures” to help Italy and Spain and more debate about mutualized public debt. ... " 

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Bears Can’t Convince Gold and Silver ETF Holders - Got Gold Report

Bears Can’t Convince Gold and Silver ETF Holders - Got Gold Report | Gold and What Moves it. | Scoop.it

HOUSTON -- Bears in gold and silver have been especially active and vocal over the past while. We have come to expect that when gold or silver or both are flirting with obvious important technical support levels ($1,525 for gold and $26 for silver). But the bear’s dour salesmanship that the precious metals Bull Run is “over” is not a convincing story to the largest holders of precious metals exchange traded funds (ETFs).

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Just A Very Visible Fat Finger? | ZeroHedge

Just A Very Visible Fat Finger? | ZeroHedge | Gold and What Moves it. | Scoop.it

from Tyler Durden:

 

"Equities did it again - and no matter what narrative a mainstream media channel needs to comprehend the monkey-hammering that occurs every second in our 'market', it seems a fat-finger 50k block of S&P 500 e-mini futures (or around $3.3bn notional equivalent) was enough drive the nominal price index up 1% to close the day-session almost green (and rather notably right at yesterday's closing VWAP). All the highly correlated sectors of the equity market surged with them (led by Energy and leaving financials just in the red) and while Treasury yields did leak higher and EURUSD did rally, the moves were miniscule in comparison to someone's desire to own $3.3bn equivalent equity market risk into the close. Silver and Oil plunged early but recovered some into the close as stocks surged but tracked each other tick for tick for tick in general. ..."

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