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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Trader Dan's Market Views: Safe Havens Jettisoned

Trader Dan's Market Views: Safe Havens Jettisoned | Gold and What Moves it. | Scoop.it
Apparently we now live in world in which lawmakers squabbling over how to avert tripping over an anthill instead of plunging down into the abyss gives reason to buy stocks while selling nearly anything that appears to be a safe haven.

I find it ironic to say the least that the market analysts continue to be so fixated on the non-sensically named, 'fiscal cliff', when the country is on track to have a national debt of over $20TRILLION by the end of the next 4 years and how many more trillions in unfunded liabilities. Economic growth is so anemic that the Fed will be conjuring the sum of $1.02TRILLION into existence over the course of the next year in order to buy mortgage backed securities and US Treasury obligations with the sole purpose of keeping interest rates ultra low so as to encourage additional debt. Yet everything is okay now because Obama and Boehner are talking and moving closer.

Oh well, it is what it is and there is not much sense in even looking at things in bewilderment anymore. The new era of "PRINT YOUR WAY TO PROSPERITY" apparently is now fully entrenched in this generation. ...
Hal's insight:

Click through for the rest of his analysis and charts.

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Gold revenue helps sustain Sudan economy

The bank said the newly inaugurated gold refinery could export $5 billion worth of gold once it starts working at full capacity.

KHARTOUM(BullionStreet): Revenue from gold exports is helping Sudan to pay for imports of basic commodities such as wheat, medicine and gasoline as well as defense and security.

According to country's central bank, gold exports, which reached $2 billion have enabled the government to somewhat reduce the gap between imports and exports.

The bank said the newly inaugurated gold refinery could export $5 billion worth of gold once it starts working at full capacity. ...
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New Gold Fever Spurs Reopening of Big Calif. Mine - KQED (blog)

New Gold Fever Spurs Reopening of Big Calif. Mine - KQED (blog) | Gold and What Moves it. | Scoop.it
KQED (blog)New Gold Fever Spurs Reopening of Big Calif. MineKQED (blog)SUTTER CREEK, Calif. (AP) — The gold miners who made California famous were the rugged loners trying to shake nuggets loose from streams or hillsides.
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Nearly 90 pieces of gold and silver found in English historical site | MINING.com

Nearly 90 pieces of gold and silver found in English historical site | MINING.com | Gold and What Moves it. | Scoop.it
About 90 new pieces of gold and silver have been discovered in the field close to Lichfield, in Staffordshire, England, where the Staffordshire Hoard of Anglo-Saxon treasure was found three years ago.

The new findings include what is thought to be a part of a helmet and an eagle-shaped object, reports The Express and Star.
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Turk: The West Can’t Stop The Flow Of Gold Into India & China

Turk: The West Can’t Stop The Flow Of Gold Into India & China | Gold and What Moves it. | Scoop.it
James Turk tells Eric King of King World News:

... It is a scam trying to make people believe that paper gold is the same thing as physical gold. At the end of the day, people in Asia understand from their culture that something they can hold in their hand is very different from some little piece of paper saying they own something.

So governments can try to stop the free market. They can try to stop humans from acting the way humans want to act, but at the end of the day governments never learn from history. People are going to continue accumulating gold and what will happen in India is what’s happened in the past.

When the government (of India) tries to stop the legal import of gold, by putting up barriers of one sort or another, the illegal activity starts. The smuggling (of gold) from Dubai into India has been existing for decades and decades. If the government starts to prevent the importing of gold, illegal smugglers will satisfy the demand of the Indian people. ..."
Hal's insight:

China, China, China (in my best Jan Brady voice). China continues to be the big player in my mind. Though I will add that Russia is also a player along with, of course, India.

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New Year could see immediate recession at worst, slower growth at best - TrimTabs Money Blog

New Year could see immediate recession at worst, slower growth at best - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it
By Charles Biderman

Here we are two weeks to year end. Before I can make any kind of prediction about the economy and the stock market in 2013 I need to know the results, if any, of the fiscal cliff battle that is going on in Washington. I do know enough to predict that whatever happens will, at worst, mean an immediate recession in 2013, or, at best, much slower growth. And that, to put it mildly, will not be good for the stock market.

If we do go off the cliff, taxes will go up by over $500 billion next year. To put that in context, take home for all who pay taxes grew about $300 billion this year to $6.6 trillion in aggregate. In other words, if we go off we will automatically be in a recession. A real world recession, ignoring GDP nonsense, is a year over year decline in after tax income.

My reading of the tea leaves says the Obama Administration will settle for a $140 billion per year tax hike. If a deal gets done reducing incomes by $140 billion, and then adding about $50 billion in new Obama care taxes, overall taxes will go up by around $200 billion. That is two words of this year’s gain in after tax income. The best deal I can imagine the Obama folk agreeing to is at least a $100 billion tax hike. Add Obama care that would be a $150 billion hit to after tax income.

To recap, at best US economic growth will slow by at least half the already current anemic pace and at worst, we go into recession. Unfortunately I see no way things better early next year. ...
Hal's insight:

click over for the rest and his video.

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Lear Capital: Mum’s the Word – Silence is Golden | Lear Capital Blog

Lear Capital: Mum’s the Word – Silence is Golden | Lear Capital Blog | Gold and What Moves it. | Scoop.it
by David Engstrom:

Ever wonder why, in the midst of a global debt crisis, you never here about gold as a potential source of funds to bailout any portion of a country’s debt?

Even Greece, who sits on some 111 tonnes of gold does not inkle one bit about offering up gold reserves as collateral against money borrowed. In fact, reports suggest the opposite. Greece is in trouble so its citizens are cashing out savings to buy gold not sell it.

And so it is with Central Banks of the world. As the commercial goes, “Central Banks are flooding the world with printed money.” But what you don’t hear is the rest of the story. It goes something like this, “Central Banks are flooding the world with printed money and then buying gold in record amounts.”

According to the World Gold Council, Central Bank gold purchases, this year, will top 500 tonnes, up from 465 tonnes in 2011. The further in debt the world goes, the more gold the world buys. This is a story that should be hollered from the satellites to every roof top. Go ahead I dare you (mainstream financial news) to run a story about central bank gold purchases. Let me hear you explain why BRIC nations are buying or keeping all the gold they can get their hands on. Let me hear someone – Anyone! — link Central Bank gold purchases to rising global debt. ...
Hal's insight:

Click through for the rest. It does appear to me that the world's central banks are set on a course of resetting the global currency system and gold is going to be key.

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Gold and Silver | Florian Grummes | Safehaven.com

Gold and Silver | Florian Grummes | Safehaven.com | Gold and What Moves it. | Scoop.it
Nothing has changed: Precious Metals bull market continues and is moving step by step closer to the final parabolic phase (could start in 2013 and last for 2-3 years or maybe later) ...

"... Gold has been oscillating around US$1,700.00 for 8 weeks and managed to hold important support at US$1,696.00. Many have given up on gold due to this price action. I personally think that we are now very close to the breakout. This triangle consolidation will be finished if Gold closes above US$1,725.00. From there Gold will move to US$1,800.00 pretty fast. ..."
Hal's insight:

Click through for the full analysis. I am pretty much of the same mindset for the long term outlook.

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Bernanke's Balance Sheet Ensures Disaster

Bernanke's Balance Sheet Ensures Disaster | Gold and What Moves it. | Scoop.it
Michael Pento writes:

As expected, Ben Bernanke officially launched QE IV with his announcement last week of $85 billion dollars worth of unsterilized purchases of MBS and Treasuries. In unprecedented fashion, the Fed also tied the continuation of its zero interest rate policy and trillion dollars per annum balance sheet expansion to an unemployment rate that stays above 6.5%. Now, pegging free money and endless counterfeiting to a specific unemployment figure would be a brilliant idea if printing money actually had the ability to increase employment. But it does not.

The Fed recently celebrated the fourth anniversary of zero percent rates and massive expansion of its balance sheet. However, even after this incredibly accommodative monetary policy has been in effect since 2009, the labor condition in this country has yet to show significant improvement. Last month's Non-Farm Payroll report showed that the labor force participation rate and employment to population ratio is still shrinking. Goods-producing jobs continue to be lost and middle aged individuals are giving up looking for work. This is the only reason why the unemployment rate is falling. I guess if all those people currently looking for work decide it's a better idea to stay home and watch soap operas instead, the unemployment rate would then become zero. ...
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Afghanistan faces airborne gold exodus | MINING.com

Afghanistan faces airborne gold exodus | MINING.com | Gold and What Moves it. | Scoop.it
Marc Howe writes:

Bullion sent via commercial plane flights to the money-laundering center of Dubai

Gold bullion is flying out of Afghanistan in increasing volumes under suspicious circumstances, with both Afghan and US officials concerned that they are witnessing a fresh wave of money laundering.

The New York Times reports that gold bullion is being taken out of Afghanistan via commercial plane flights with increasing frequency, with couriers sequestering staggering amounts of bullion in carry-on luggage or jacket pockets.

One courier recently brought 60 pounds of gold bars on board an early morning flight, whose total value is estimated to be in excess of USD$1.5 billion. Airport security forms indicate that 560 pounds of gold, valued at around $14 million, was removed from Afghanistan via passengers on commercial flights during the final two weeks of October alone. ...
Hal's insight:

My guess is that, like Marc notes, this has a lot to do with Iran and sanctions.

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China slashes rare earth mining rights in half | MINING.com

China slashes rare earth mining rights in half | MINING.com | Gold and What Moves it. | Scoop.it
China seeks to strengthen pricing ability on rare earth market

China's Ministry of Land and Resources has slashed its rare earth mining rights by around a half from 113 to 67 points.

The Morning Whistle reports that a new report by the research institute Jufeng Info Co., says that the new policy will raise the price of rare earths and is part of a bid to both strengthen China's pricing ability and reduce industry-wide irregularities. ...
Hal's insight:

China is going to start flexing some muscle.

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What has happened with gold in the last 11 years is not about gold, it is about the US paper dollar melting « Jim Sinclair's Mineset

What has happened with gold in the last 11 years is not about gold, it is about the US paper dollar melting « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it
CIGA Mike wrote an eMail to Jim Sinclair that's worth reading. Here's a snippet:

"... Perspective is all important for SEEING what is happening right before your eyes BEFORE it is too late. What has happened with gold in the last 11 years is not about gold, it is about the US paper dollar melting away right before your eyes. What I am afraid will probably and unfortunately happen sometime in the next 11 years is the demise of the US paper dollar as we know it today. In my opinion, at that time when the mass population finally sees the truth, it will be all but too late. I would fully expect at that time the yearly trading range of gold could easily be equal to the total price of gold today and that would signal the demise of the paper dollar is within a year or two from that point. One should be able to see from all of this and from world history that here in America we are already over the “cliff” without a parachute. ..."
Hal's insight:

Click through for the full piece.

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We Are Headed To A Historic Collapse Of The Financial System

We Are Headed To A Historic Collapse Of The Financial System | Gold and What Moves it. | Scoop.it
Robert Fitzwilson tells King World News:

"... There are two likely resolutions to this death-defying monetary show. The first is that we experience an historic, catastrophic, global, monetary collapse caused by an unpredictable failure in the system. In that case, the central bank acrobatic team flies the global economy into the ground while never doubting the wisdom of their ways. Our monetary pilots, focused on maintaining formation with the Fed, plow us all into the economic terra firma.

"The second is that the academics and bureaucrats take us into a post-sovereign, post-money world. In so doing, they show us that central planning was the correct way all along. Past attempts were just bungled. Control is maintained, and a new world financial order emerges. The accrued obligations on the books vanish. The distribution of resources and wealth are controlled and allocated by a central power, not markets. ..."
Hal's insight:

So which side of the  paper money will land face up do you suppose?

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Turk - Why Did They Send In The Queen Instead Of Auditors?

Turk - Why Did They Send In The Queen Instead Of Auditors? | Gold and What Moves it. | Scoop.it
Today James Turk spoke with King World News about desperate steps and increased propaganda which are being undertaken by the Western central planners in an attempt to keep the gold and silver markets subdued. This is the second in a series of interviews with Turk that will be released today which reveals the increasingly desperate moves and propaganda we are now seeing emanate from the West.

Eric King: “I’m going back to this Indian situation, James, because I don’t think people fully understand what a desperate sign this is by the cartel. We had been asking, where is this gold going to come from? We can’t keep emptying the Western central bank vaults and they know they can’t keep up with this falloff in production we are going to see. So in total desperation now, the attempt is to smash gold imports from going into India because they don’t have a choice. This is truly desperation on their part.”

Turk: “Yes, absolutely. And isn’t it curious that somehow they got the Queen of England to go through the bank vault to proclaim how much gold is actually being stored there in the Bank of England? The unfortunate thing is we don’t know how much of that has been double, triple, or even quadruple times hypothecated and re-hypothecated?....
Hal's insight:

Why? Because it's better than sending in the clowns. /tongue in cheek/

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Mining company pours its first molten gold - Sacramento Business Journal

Mining company pours its first molten gold - Sacramento Business Journal | Gold and What Moves it. | Scoop.it
San Francisco ChronicleMining company pours its first molten goldSacramento Business JournalCrews at Sutter Gold Mining's Lincoln Mine poured about 3 ounces of molten gold produced from the mine as part of a test.
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Richard Russell - The Ring Of Fire, QE Forever & Gold

Richard Russell - The Ring Of Fire, QE Forever & Gold | Gold and What Moves it. | Scoop.it
Richard Russell tells King World News:

... Meanwhile, The Fed continues with its “QE forever” easing program. But something new has been added. The Fed now wants the unemployment rate to be at 6.5%, and they'll keep rates around zero until that happens.

Bill Gross is founder and co-CEO of Giant PIMCO. Gross is a member of BARRON'S Roundtable and is highly respected on Wall Street. Gross is a bond-man, and I don't ever remember him saying anything about gold.

Bill Gross says only gold and real assets will thrive in fiscal ‘ring of fire. ...
Hal's insight:

I think I will have to go listen to the Burning Ring of Fire. ;-)

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How To Read The Negative Pressure Over Gold And Gold Stocks « Jim Sinclair's Mineset

Jim Sinclair answers a reader's question about the take down in precious metals today:

This is capitulation everywhere. This event has been a manufactured market move since $1800, with clearly planned and executed intervention. The gold price take downs during low volume periods internationally is a known price moving only tactic.

I simply shut off the machine because all the regular causes for the gold price will make themselves effective with time. A manufactured market event will not change the trend. Even the most professional can be reduced to sheeple by their emotions.

I refuse emotions and emotional people in a market context. To save yourself from all this that has happened and will continue to happen requires commitment and courage.

You have it or you do not. Admit who you are and act accordingly.

Like every mistake made by Westerners, what you see today is simply driving gold into Asian control.

Jim
Hal's insight:

I was eating my lunch today (literally - chili fyi) and I got a text from a buddy that gold was getting crushed. At that time is was down $20+, something I didn't consider "crushed". However I recognized the action when I pulled up the widget http://www.learcapital.com/exactprice and knew from past experience that volume was likely low and the powers that be were on the move to accomplish exactly what Jim notes here.

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Turkey says Iran buys $7.14 billion Gold till Nov this year

Turkey says Iran buys $7.14 billion Gold till Nov this year | Gold and What Moves it. | Scoop.it
60 percent of Turkey's gold exports accounted for Iran, 30 percent to UAE, the remaining 10 percent to European countries, especially Switzerland.

ANKARA(BullionStreet): Contrary to earlier reports, Turkey again denied gold payments to Iran but said the Islamic Republic accounted for 60 percent of it's gold exports till November.

Turkish Economy Minister Zafer Caglayan said gold is exported from Turkey in the same way as exports of other goods. Export of gold is not payment for natural gas or oil products.

60 percent of Turkey's gold exports accounted for Iran, 30 percent -- the UAE, the remaining 10 percent -- the European countries, especially Switzerland, Caglayan said.

He said from January to November 2012 Turkey exported gold worth $11.9 billion and $7.14 billion of that to Iran.He also underlined that during this period, Turkey's total exports amounted to $151.5 billion. ...
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John Embry - Chinese Demand For #Silver Has Exploded

John Embry - Chinese Demand For #Silver Has Exploded | Gold and What Moves it. | Scoop.it
John Embry tells Eric King:

"... Right now there is infinitely more demand than there is supply in the silver market. I was just reading a study talking about how much the Chinese demand for silver has exploded in the last ten years. Chinese demand for silver has literally skyrocketed.

"When you put that together with everything else that’s been going on in the rest of the world, and the fact that inventories have declined dramatically, you can only arrive at one conclusion which is the supply of silver is really limited. The question arises, where are they getting enough in the near-term to carry out their paper shenanigans? That I can’t seem to answer. ..."
Hal's insight:

China has a long history with silver and culturally I can see this exploding again.

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oftwominds-Charles Hugh Smith: The Two Charts You Should See Before Risking a Dime in the Market in 2013

oftwominds-Charles Hugh Smith: The Two Charts You Should See Before Risking a Dime in the Market in 2013 | Gold and What Moves it. | Scoop.it
by Charles Hugh Smith:

"Don't fight the Fed," blah blah blah. Really? What did the market do after QE3 and QE4 were duly announced? It tanked.

What if the Fed is out of tricks? It's not really a question; Fed chairman Ben Bernanke said as much in his press conference. It's not clear if the Ibogaine was wearing off or just kicking in, but the Chairman had an apologetic deer-in-the-headlights look of, "Gee, we're out of tricks and I'm sorry to have to tell you what is painfully obvious to everyone who isn't stoned silly on Delusionol (tm)."


Now that the Fed's magic hat is visibly out of rabbits, there are all sorts of complexities we could hash over such as the effects of bank charge-off rates on GDP or the Theater of the Absurd "fiscal cliff" play-acting, but why waste all that time and energy when a number of charts forecast trouble for the stock market in 2013?
Hal's insight:

Click through for the charts and rest of his piece.

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Goodbye to Liberty | Alasdair Macleod | Safehaven.com

Goodbye to Liberty | Alasdair Macleod | Safehaven.com | Gold and What Moves it. | Scoop.it
by Alasdair Macleod:

The human race, in its advanced economic form, is committing euthanasia. The US, UK, Europe and Japan are all implementing economic policies that must ultimately result in the complete destruction of their currencies; and if you destroy the means of exchange of goods and services, your people will starve. The political class and government establishments have drifted in incremental steps into this tragedy. Far from being the guiding hand for society, they are its destroyers.

We all look to government to supply what we used to provide for ourselves, in the naïve belief that it is our servant, it has our interests at its heart, and that it can deliver. Collectively we have chosen not social co-operation, but the disintegration and ultimate destruction of society itself. We labour under so many misconceptions about where our true interests lie that we have completely lost our bearings. We have in our time witnessed other nations destroy their own economic and social structures and do not see it happening to ourselves. ...
Hal's insight:

Interesting op-ed from Macleod. Click through for the rest.

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Gold fever strikes German retail investors | MINING.com

Gold fever strikes German retail investors | MINING.com | Gold and What Moves it. | Scoop.it
69% of Germans have invested in gold, with around half of them keeping bullion in their own homes

by Marc Howe:

"'Despite the relative health of the German economy compared to its beleaguered Mediterranean peer states in the EU, average Germans are investing in physical gold en masse due to concerns over their fiscal well-being.

"The Local reports that a new study by the Steinbeis Research Center for Financial Services has discovered that 69% of Germans have invested in gold, with around half of them keeping bullion in their own homes. 48% stash their gold in bank vaults, while 9% sequester their precious metals at the premises of specialized gold traders.

"The Teutonic enthusiasm for gold is also increasing, with the number of Germans who have a net monthly income in excess of EUD4,000 and express an interest in gold investment having doubled in the current year.

"On a per capita basis Germans own around 117 grams of gold each, while including gold securities the average German owns around EUD5,750 of gold. ..."
Hal's insight:

Somebodies getting worried.

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India to promote 'Paper Gold' to curb climbing imports

More and more gold based schemes were being planned by government to encourage investors to join schemes without investing in the physical commodity.

NEW DELHI(BullionStreet): Asia's third largest economy India is trying everything now to stop excessive gold imports, accounted for the high current account deficit of the country.

More and more gold based schemes were being planned by government to encourage investors to join schemes without investing in the physical commodity.

According to India's Mid-Year Economic Analysis tabled in Parliament Monday, gold-backed products will help the investor enjoy benefits of investment in the metal without investing in the physical commodity.

India is considering schemes like gold deposits, accumulation plans, gold-linked accounts and pension products to curb demand for the precious metal. ...
Hal's insight:

A sneaky form of removing gold from the hand's of the citizens.

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Our Path To Collapse Will Impact Everyone Around The World

Our Path To Collapse Will Impact Everyone Around The World | Gold and What Moves it. | Scoop.it
Dan Norcini tells Eric King:

"When you look at the decline in the value of the currency there in Rome. A common denominator in all of these civilizations is you first see it in morality. The moral structure or virtue of that empire declines.

"Its ethics begin to decline and decadence comes into society. That reveals itself in all aspects of society. It also reveals itself in the monetary system of those societies. During the days of Rome, what the authorities did, in order to counteract some of the decay in the civilization, was they began to resort to ‘coin clipping.’

"The reason they did that was they found a way to multiply the amount of money that was in circulation by shaving off tiny bits and pieces of the silver coins that were there. They could then (take those clippings) and mint more coins. ..."
Hal's insight:

The Fed and Gov think they can avoid the fates of past empires, past governments, I don't think so. Man's heart is still the same.

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Calif. Woman To Inherit $7 Million In Gold Coins - NPR

Calif. Woman To Inherit $7 Million In Gold Coins - NPR | Gold and What Moves it. | Scoop.it
Calif. Woman To Inherit $7 Million In Gold CoinsNPRA cleaning crew found the coins after the death of a reclusive man in Carson City, Nevada, earlier this year.
Hal's insight:

Now that's a nice inheritance.

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