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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PwC : Majority Gold executives see bullish Gold next year

Underpinning higher gold prices has been central bank buying, a reversal from the last two decades in which nations were net sellers of gold, according to the report.

 

TORONTO(BullionStreet): Despite some recent negative reports, more than 80 percent of gold executives believe gold is going to rise again next year, according to PricewaterhouseCoopers Gold Price Report.

 

Michael Cinnamond, partner and leader of the B.C. mining practice at PricewaterhouseCoopers said lofty gold prices since 2000 add weight to the gold executives’ optimism.

 

“Gold as a metal isn’t actually used for that many things. Gold is primarily jewelry or a store of wealth. I think that’s why they’re bullish on gold, with the uncertainties that exist in the world on the economic side and uncertainty over what’s going to happen in Europe,” Cinnamond said. ...

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Iraq now holds 31.07 tons of Gold in reserves

IMF said the West Asian nation made its first major move in years to boost its gold reserves in recent months.

 

WASHINGTON(BullionStreet): War torn Iraq holds 31.07 tons of gold as official reserves with a huge addition in August this year, International Monetary Fund said.

 

According to IMF's monthly statistics report, over the course of three months between August and October this year, Iraq's gold holdings quadrupled to 31.07 tonnes.

 

In the first change in its reserve in years, the country added some 23.9 tonnes in August, bringing the total to 29.7 tonnes. That was followed by a 2.3-tonne rise in September to 32.09 tonnes and then by a cut of 1.02 tonnes in October to 31.07 tonnes.

 

There was no data for November. IMF said the West Asian nation made its first major move in years to boost its gold reserves in recent months, joining central banks from emerging market economies such as Brazil and Russia in diversifying its foreign reserves. ...

Hal's insight:

Well, I guess even they know what solid money is all about.

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Eric De Groot: The Inevitable Fiscal Cliff Solution Will Ignore The Real Problems At Hand

Eric De Groot: The Inevitable Fiscal Cliff Solution Will Ignore The Real Problems At Hand | Gold and What Moves it. | Scoop.it

No fiscal cliff solution, either plan A, B, C, D, and so on, solves the problem of contracting credit around the world.  There's an old saying in the US, you can lead a horse to water (credit), but you can't make it drink.  As long as the horse refuses to drink from the credit fountain that includes commercial, real estate, and consumer loans (see table), the downward economic spiral controlled only by constant liquidity injections will only intensify as time (today's larger cycle) runs out.

Hal's insight:

Click over for Eric's obersvations and a large table.

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Whistleblower: CBs Buying, Who’s Supplying & Is Paulson Selling

Whistleblower: CBs Buying, Who’s Supplying & Is Paulson Selling | Gold and What Moves it. | Scoop.it

On the heels of another smash in the gold and silver markets, today renowned silver market whistleblower Andrew Maguire addressed rumors that Paulson is being forced to sell his gold.  Maguire also spoke with King World News about the amount of tonnage that central banks have been buying over the past few days and who he suspects is actually supplying the gold.  


This is the third in a series of interviews with Maguire lifting the curtain on what is going on behind the scenes in the gold and silver war.


Eric King:  “Andrew let’s just look at today, and we’re speaking on a Thursday, but what kind of tonnage or offtake are we seeing in these markets right now by the central banks?”

 

Maguire:  “I can say that over the last few days we’ve order sizes of 6 tons, 12 tons, and today I’m still getting reports but it looks like between 20 and 25 tons (of physical gold being purchased by central banks)....

 


Hal's insight:

You know they are buying today.

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Peter Schiff: Fed Will Keep Printing Money Until Economy Collapses - CNBC 12/17/2012

CNBC's Rick Santelli speaks to Peter Schiff, CEO of Euro Pacific Capital about the Fed, and whether the U.S. has a structural unemployment problem. "The gove...

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‘Asian countries are best prepared for fiscal cliff’ — RT

‘Asian countries are best prepared for fiscal cliff’ — RT | Gold and What Moves it. | Scoop.it
Asian creditor nations such as China, Korea and Japan will be less badly affected by the US recession which is inevitable in the next year or two despite any fiscal cliff deal, according to the legendary American investor Jim Rogers.

 

“Asia has huge amounts of money saved here for rainy days. The largest creditor nations such as China, Korea, Japan, and Russia…all have been saving money. They will be affected – but less badly affected,” Jim Rogers who is now based in Singapore told RT.

 

He adds that any tax hikes by Washington will lead to recession in the US in the next year or two. ...

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Why Gold must go higher

Why Gold must go higher | Gold and What Moves it. | Scoop.it
There are always plenty of opinions about gold. And right now they're clearly making the market. Just not in the way you would think.

 

by Adrian Ash:

 

Markets are made of opinions, some better than others.

There are always plenty of opinions about gold. And right now they're clearly making the market. Just not in the way you would think.

"There are too many bulls, including me," warned hedge-fund and commodities legend Jim Rogers to CNBC overnight. He advises caution if you're buying gold on this drop. Unlike most everyone else.


Swiss bank UBS last week kept its 2013 forecast for gold to average $1900 per ounce - a rise of 14% from the 2012 average so far - while fellow London market-maker Barclays now sees gold averaging $1815 next year, a snip off its previous 2013 forecast.

Investment bank Morgan Stanley takes "a bullish view", as does Bank of America. It thinks gold will average $2,000 next year, rising to $2,400 in 2014. Whereas Capital Economics (who have an opinion on pretty much anything and everything) predict a peak of $2,200 in late-2013, some 10% above their previous guesstimate.

Never mind that 2013 used to mean $2,500 per ounce for the London-based consultancy. That was back in 2011. And like many a gold bull right now, Capital Economics reckons the treatment of gold under the world's banking rules - aka, Basel III - could "provide an important psychological lift to the market."

Hal's insight:

This week's action is just a blip.

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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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oftwominds-Charles Hugh Smith: The Upside of the Fiscal Cliff

oftwominds-Charles Hugh Smith: The Upside of the Fiscal Cliff | Gold and What Moves it. | Scoop.it

Facing reality is positive. That's the upside to the fiscal cliff.


There are two definite upsides to the fiscal cliff:
1. We are finally starting a national discussion of spending-taxation trade-offs 2. We are at last starting to (grudgingly) accept there is no free lunch, what I call the Free Lunch Fantasy of limitless borrowing at near-zero interest rates: taxes for upper-income wage-earners will revert to previous levels while those drawing Federal dollars must accept reductions in spending. The last decade's fantasy that we could borrow our way to prosperity while lowering taxes on upper-income earners (because it's so cheap to borrow trillions at near-zero interest rates) is finally running into reality-based resistance: interest on all that debt is starting to squeeze the spending everyone wants, and long-term rates might rise despite the Federal Reserve's constant intervention. ...
Hal's insight:

He's right and it's one of the primary reasons that I thought it would be better to let the big banks fail. Click through for the rest of his thoughts.

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Trader Dan's Market Views: Silver Chart and Notes

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

With all the recent selling occuring in the silver market, the chart informs us that metal still remains mired within a very broad trading range that has contained price for the better part of 15 months now.

The top of range is from $35 - $35.50 while the bottom of the range is between $27.0 - $26.50. Within that range silver had put in what appeared to be the beginning of an attempt to start a trend back in October with that strong upside reversal week but it then seemed to run out of steam as it approached $35 and now is sinking lower once again. ...

Hal's insight:

Click through for the rest of Dan's analysis.

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This puts things into a much better perspective as to the present economic situation – Peter Grandich

Lesson # 1:

* U.S. Tax revenue:        $ 2,170,000,000,000
* Fed budget:                 $ 3,820,000,000,000
* New debt:                    $ 1,650,000,000,000
* National  debt   :        $ 14,271,000,000,000
* Recent budget cuts:  $        38,500,000,000

 

Let’s now remove 8 zeros and pretend it’s  a household budget:

 

* Annual family income:                                        $  21,700
* Money the family spent:                                     $  38,200
* New debt on the credit card:                             $  16,500
* Outstanding balance on the credit  card:         $142,710
* Total budget cuts so far:                                    $     38.50

 

Got It ?

 

OK now,


Lesson # 2:

Hal's insight:

Kind of puts a good perspective on it. Click through for Lesson #2.

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Jesse's Café Américain: Gold and Silver Smackdown: Same Time Last Year

Jesse's Café Américain: Gold and Silver Smackdown: Same Time Last Year | Gold and What Moves it. | Scoop.it

The takedown in gold and silver is fairly obvious, so much so that all but a career bureaucrat might have trouble not noticing it.

So how does one explain it away.

Who is selling this time? Soros? Paulson? And for what reason? Liquidation, redemptions, profit taking, tax selling?

Tax selling is fruitless unless you see a big change in the position coming anyway and are going to sell in the short term, because you sell and then have to buy back in.

Its possible to do it for pure capital gains considerations, but you have to be able to time/set the market price to suit yourself to allow a buy back in without losing on the price. Or you could shift assets from one market to another more adeptly without incurring the wash rule, that is, derivatives and stocks, playing the same fundamental direction if the regulators are asleep at the switch and don't have a look across your positions. ...

Hal's insight:

Click through for the rest of his analysis and charts.

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The Humiliation of Greece

Author of THE DEBT GENERATION

 

It’s not often we get to witness the moment when a leader sells his nation for money. Such a moment occurred in Athens last week.

 

At the behest and on the authority of Prime Minister Samaras and President Papoulias, an amendment to Greek law was drawn up last week. There was no debate in parliament, the vote is still to be purchased. But unless this amendment is challenged or changed, the change it will bring in will alter the future of Greece and its people every bit as much as the day Greece joined the Euro, perhaps even as much as the day Democracy was re-instated after the long rule of the Generals. Only this change will be a giant step away from Democracy and towards subservience to an unelected elite.

Hal's insight:

click through for the rest.

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TRUE SILVER CONCERNS - The Prospector Blog

TRUE SILVER CONCERNS - The Prospector Blog | Gold and What Moves it. | Scoop.it

TheProspectorSite.com:

 

... I would like to take a moment and do something I rarely do. I want to make a prediction, a silver prediction that is, and I’m asking each reader to, well, read closely. By the way, this prediction has everything to do with my concern of the day.

 


While paper silver sells down…. physical silver disappears at near record pace. Because of this I’m concerned something “big” will cause a sleeping society to awaken to our fiscal reality. This reality has the potential to dry silver inventories nearly overnight.

 

For those new to physical silver I want to share a fact or three.  The majority of silver on the market today is newly minted silver in the form of bullion, rounds and bars. The number of mints making silver bullion, rounds and bars are few. Most of you that own silver bought it through a third party (online bullion broker) and not from the mint itself.

 

Your source, the bullion broker, in all probability isn’t sitting on a huge inventory of silver in hopes you call for more. The price of silver fluctuates too much for silver sellers (brokers) to risk anything other than placing a “buy” order only after you ask for more. This means those brokering silver sales are limited to what’s produced or allocated from the few minting silver.


We will soon see days of silver rationing meaning those wanting to buy silver will be limited to a few ounces, at best, or only the highest premium and less desirable forms of physical silver ...

Hal's insight:

click through for the full piece.

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India Jewelery body demands import duty cut on Gold, Silver

The Federation has appealed for reduction of import duty on gold from four per cent to two per cent and that in silver from six per cent to three per cent.

 

NEW DELHI(BullionStreet): As India trying hard to reduce gold imports by imposing more taxes, a leading jewelry body urged the government to reduce import duties to help the industry.

 

All India Gems and Jewellery Federation has urged the government to reduce import duty on gold and silver to help the industry and put an end to smuggling of the precious metals.

 

The Federation has appealed for reduction of import duty on gold from four per cent to two per cent and that in silver from six per cent to three per cent. Federation chairman Bachhraj Bamalwa said steep increase in the import duty in the last budget has resulted in the increase in smuggling activities in the country.

 

If this is allowed to continue, the trade will go into wrong hands and there is a fear of dis balance in the overall economy. Urging the government to 'change' its alleged 'negative approach' towards the gem and jewellery industry, ...

Hal's insight:

And you wonder why India demand has been down. Taxes perhaps?

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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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