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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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Russia Sends Three Warships To Syria Carrying Hundreds Of Marines | ZeroHedge

Russia Sends Three Warships To Syria Carrying Hundreds Of Marines | ZeroHedge | Gold and What Moves it. | Scoop.it
There have been various rumors floating around over the past 2 weeks that Russia would do everything in its power to establish its foothold in Syria once and for all, with the local regime closer to the edge with every passing day.

 

[The parties are amassing for some kind of shindig in Syria. Did you get an invite?]

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Baffle With BS Continues: Non-Manufacturing ISM Better Than Expected As Employment Drops To Lowest Since 2011 | ZeroHedge

Baffle With BS Continues: Non-Manufacturing ISM Better Than Expected As Employment Drops To Lowest Since 2011 | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"The strategy to keep everyone utterly confused and merely chasing momentum and trends continues. After the surge in this morning's NFP report, driven entirely by statistical fudging and part-time jobs, which has sent the market higher by well over 1%, we next get a Services ISM update for July according to which the US non-manufcaturing sector improved modestly, to 52.6, on expectations of an unchanged print at 52.1, making the case for NEW QE even more distant. But wait, just to keep everyone totally baffled with BS, the ISM says that the employment index dipped below 50 for the first time since 2011, printing at 49.3 from 52.3: in other words, the employment in the US services sector is now contracting, something which the NFP number roundly denied. Confusion? Mutual exclusivity? It doesn't matter to algos, who are confident that the Fed will certainly launch more QE with the S&P at 2012 highs no matter what the facts say. ..."

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Gold firms with Euro, awaits direction from U.S. data

Gold firms with Euro, awaits direction from U.S. data | Gold and What Moves it. | Scoop.it

by Jan Harvey:

 

"Gold prices rose a touch in Europe on Friday, recovering some ground lost in four straight sessions of declines as the dollar eased versus the euro, but struggled for traction ahead of a key U.S. jobs report due later in the day.

 

"A weaker-than-expected reading of the non-farm payrolls data, one of the most closely watched barometers of the U.S. economic climate, could support expectations the Federal Reserve will have to take steps to further boost growth.

 

"These could include another round of quantitative easing, which is seen as gold-supportive due to the pressure it would exert on long-term interest rates - which would keep the opportunity cost of holding bullion at rock bottom - and the dollar.

 

""If there is a strong disappointment, there could be a positive reaction in gold, because that would revive speculation that in their September meeting the Fed will implement new measures," Peter Fertig, a consultant at Quantitative Commodity Research, said.

 

"However, a very positive figure could also boost gold if it sparks a broad-based rally in financial markets, he added.

 

"It could be a win-win situation for gold if it comes significantly above or below consensus," he said. "If it comes at consensus, that could be a negative factor. That would indicate that we would have to wait longer for the Fed to move. ..."

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Gold & Why We Are Facing A Real Catastrophe Going Forward

Gold & Why We Are Facing A Real Catastrophe Going Forward | Gold and What Moves it. | Scoop.it

Today Stephen Leeb, who is Chairman of Leeb Capital Management, spoke with King World News about the dreadful warning legendary value investor Jeremy Grantham’s recently issued: “This is a guy that has come to the view of resource shortages over the last 2 or 3 years. He’s becoming much more vehement about it, saying we could have real catastrophes in the food market, in water, etc., and energy could be right behind.”

 

The acclaimed money manager also discussed gold, but first, when asked about the dire situation the ECB faces, Leeb responded, “They’ve got to start buying bonds, period. It’s very simple, Spain cannot survive with bond yields over 7%. I doubt they can survive with bond yields much over 5%, when you’ve got no growth and 25% unemployment.”

 

“25% unemployment is the kind of unemployment we had during the (Great) Depression. It surprised me (that the ECB did not take significant action), and it makes me think, what is going on behind the scenes? My guess is we are putting tremendous pressure on Germany.

 

"Every other country in Europe, including Great Britain, is ready to ease and buy bonds.... "

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USFED QE3 VS FINANCIAL MARKET BEGGERS | The Daily Gold

USFED QE3 VS FINANCIAL MARKET BEGGERS | The Daily Gold | Gold and What Moves it. | Scoop.it

snippet from Jim Willie CB, editor of the “HAT TRICK LETTER”:

 

USFED QE3 VS FINANCIAL MARKET BEGGERS

 

"Since 2008, a queer pathetic phenomenon has shown itself. The broken financial markets and their captains of futility seek constant and regular aid (if not sustenance) from the official offices. The call for more Quantitative Easing with its attendant destructive bond purchases in direct monetization initiative are heard more frequently. No calls for the system to remedy itself through proper pricing and seeking equlibrium due to supply versus demand, during a vast liquidation process. The desperation is evident and thick. Whenever the S&P500 stock index falters too much, the calls are heard louder for more intervention. Heaven forbid the move to proper pricing of assets, or even of the USDollar arbiter. The fund managers, the big investors, even the Wall Street office managers appear in regular pop-up interviews calling for urgent USFed bond monetization, to feed the badly needed liquidity infusions. Two or three years ago the conversation centered upon the many alphabet soup facilities devised by the USFed to accommodate the liquidity needs. Nowadays the facilities have folded like tributaries into the primary channel of QE. Little does the investment community realize that QE was followed by QE2, and Operation Twist was actually QE3, which morphed into QE4, while the entire nest of central bankers engaged in Global QE. In fact, the pathetic fact of financial life is that QE to Infinity is the working theme. That or collapse.

 

"In my view, QE to Infinity assures the destruction. It is an implicit admission of central bank failure brought about by debt saturation. The group of major central bankers has failed in full view and in front of governmental panels. Chairman Bernanke is a bagholder. The modern nobility of economists is unspeakably incompetent, having lost their chapters on capital formation, having replaced them with chapters on controls and hidden intervention tools, with an appendix of banking system diagrams that appears like a perpetual motion machine (or vast money laundering system). The pressures are building for the hidden tools to work their way to the surface, much like pus does from a giant boil on the skin. The toxic condition of the banking system has proved to be prevalent acne on the body economic. The system strives toward more equilibrium in market price structures. In my view the stock market and bond market and currency market for the United States should be priced 50% lower across the board. Panic is nigh it seems. The lower potential energy from a lower priced asset structure is sought. The conflict and pressure will grow until the pressure spills over."

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IMF warns Russia as economy heats up — RT

IMF warns Russia as economy heats up — RT | Gold and What Moves it. | Scoop.it

"Russia needs a tougher budget and tighter monetary policy to rein in inflation, the International Monetary Fund said in a statement.

 

"In recent days the IMF has repeatedly warned that it fears Russia's economy is in danger of overheating – implying that demand is growing quicker than potential output, driving up inflation.

 

"Although inflation has stabilized in recent months, the fund's estimate of Russia's core inflation remains high at around 6.5%, which means the country's central bank is likely to miss its 5-6 % inflation target for 2012, which was set after 2011's record-low price growth. It was the 2011 growth problem that raised pressure on the central bank to increase interest rates. ..."

 

Isn't it interesting how the IMF continues to tell other countries they are in trouble? Kind of queer how they seem to hold sway.

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WHEN OWNING PRECIOUS METAL IS NOT ENOUGH - The Prospector Blog

WHEN OWNING PRECIOUS METAL IS NOT ENOUGH - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com

 

"Sometimes just owning silver and gold is not enough, it wasn’t for me. The goal of precious metal ownership is to create an independent life no longer relying on agencies and assets that will continue to decline as our economy weakens. Most have not connected the level of societal unrest or personal wealth loss and still truly believe one more trillion dollars borrowed will fix decades of monetary mistakes. These same folks simply fail to recognize what their local community will become as budgets decline to the point unrecognizable. At such a time owning precious metal is not enough. ..." 

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Vietnam’s new war

Vietnam’s new war | Gold and What Moves it. | Scoop.it

by Jan Skoyles:

 

"Back in April we wrote about Vietnam and gold investment, a brief look at the Vietnamese government’s attempts to ‘stabilize’ the economy through a series of restrictions on the gold market.

 

"These restrictions included banning gold as a medium of exchange and issuing 7 ‘solutions’ which were designed to reduce ‘goldization’ the practice of replacing the dong with gold in transactions.

 

"As many readers already know, Vietnam has a huge affinity with gold. So much so that house prices are priced in both dong and gold. According to Ronald Stoerferle’s ‘In Gold We Trust’ 2012 report, ‘Overall gold demand amounts to roughly 3.1%of GDP’ Stoerferle also notes that by comparison it is less than 0.5% in China.

 

"These moves by the government aren’t so much to change the behaviour of citizens but also their psyche. Further measures have been put into place in the last month in order to reduce the dependency on gold.

 

"Ban on gold mobilisation and gold lending

 

"To ‘prevent gold speculation’ the State Bank of Vietnam (SBV) has issued a directive ordering credit institutions to halt gold mobilisation and lending in gold from November 25 2012.

 

"Gold speculation is popular in the country, namely in Ho Chi Minh which accounts for nearly 76% of the national total. Banks mobilise capital in the public’s gold to sell for Dong in order to settle liquidity problems.

 

"Prior to July, commercial banks reportedly rushed to raise gold deposit interest rates in an effort to improve their liquidity – they used mobilized gold ..."

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How long can they keep the prices capped, you ask? - Ed Steer's Gold & Silver Daily

How long can they keep the prices capped, you ask? - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"... How long can they keep the prices capped, you ask? Well, as long as they are instructed to, would be my guess. You can pretty much rest assured that any major breakout in the price of the precious metals will happen only if 'da boyz' allow it.

 

"As silver analyst Ted Butler pointed out in his comments to clients yesterday, it appears that we've been in some sort of holding pattern in both gold and silver since the take-down in late May...and both metals have only been allowed to trade in a very narrow range...a sort of forced 'summer doldrums'...a phenomena that I've mentioned a few times myself.

 

"But one thing did stand out yesterday...and that was the performance of the precious metal equities...and undoubtedly they would have done much better if they hadn't run into a not-for-profit seller shortly after the press release following the FOMC meeting.

 

"Could we go lower in price from here? Sure, but there's not a lot of speculative long contracts left to flush out. They may get the price lower for psychological effect, but there won't be much volume with it, or big improvements in the Commercial net short positions in either silver or gold. ..."

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UPDATE 2-South Korea buys gold; c.bank purchases set to rise

* S.Korea raises gold reserves by nearly 30 pct to 70.4tonnes * S.Korea's third gold purchase since last June * Stabilising markets in July allow it to pursue purchase (Adds comments, background)...
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BNP Furious That Draghi "Jumped The Gun" | ZeroHedge

"Ken Wattret who is chief Euroarea economist for BNP is quite furious with Draghi: the reason? Precisely what we warned last week: that Draghi is posturing and attempting to bluff the Bundesbank into accepting his "conditions." End result, Buba called the bluff and the ECB blew it in a fashion so spectacular that Draghi actually had to defend himself from reporter who were mocking him and the ECB with questions if the ECB won't get its inflation call wrong "again." It also prompted the head of the Central Bank to spin off Mario Draghi FX trading advisory, of which he is the sole employee, and issue the following Series 7 and 63 unauthorized advice: not to short the EUR, which incidentally was the dumbest thing he could say, because the one thing that can save Europe is if its currency keeps sliding (much to the benefit of Germany) in the process boosting Europe's manufacturing sector. That he openly warned against this is perhaps precisely why the EUR tumbled just after he said it. Trust us: the Chairsatan would love if investors were shorting the USD. Anyway, back to Draghi and the biggest French bank which realizes all too well one simple thing: Draghi no longer has credibility, and all those European banks which rely on the ECB for their day to day operations (like BNP) are suddenly far more exposed than ever before. ..."

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Turk - Gold To Explode Higher As US Debt To Be Downgraded

Turk - Gold To Explode Higher As US Debt To Be Downgraded | Gold and What Moves it. | Scoop.it

On the heels of the Fed decision and continued volatility in gold and silver, today King World News interviewed James Turk out of Europe. Turk stunned KWN by saying that US debt is about to be downgraded once again. Turk also warned, “The reality is the Fed is losing control,” and the Fed is now being “overwhelmed.” He went on to say that all of this means right now we are going to see an “upside explosion” in both gold and silver.

 

Here is what Turk had to say: “The Federal Reserve has made another announcement, Eric, and each one of their proclamations makes it more obvious that the Fed is no longer in the driver's seat. It is just rehashing the same stuff. The reality is the Fed is losing control. It is slowly but surely being overwhelmed by events, and particularly, the reality that US government finances are out of control.

 

"The 800-pound gorilla in the room is the US government's horrendous deficits and addiction to debt. The Fed is keeping interest rates low to sustain the illusion that the US government is solvent, while hoping that low rates will also jump-start the US economy and thereby increase federal tax revenue to service the mountain of debt.

 

"But despite all of the money printing by the Fed from buying government paper, the economy remains in the doldrums, so the US government's financial position is becoming increasingly precarious. .. "

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Russell also writes on King World News about living through the Great Depression as a teenager

Russell also writes on King World News about living through the Great Depression as a teenager | Gold and What Moves it. | Scoop.it

Russell also writes on King World News about living through the Great Depression as a teenager: “I'm walking down Broadway with my collar turned up around my frozen ears. It's a hellish winter morning during January of the year 1939. Manhattan is beset by a blustering, freezing wind. I'm strolling down the west side of the avenue -- Broadway, past Jack Dempsey's, past the record shop, past Lindy's, past the spaghetti and meatball joint, past the Automat, past -- wait, I duck down stairs into the Automat.

 

"I've still got three nickels in my pocket, and I'm freezing my ass off. I walk up to the hot chocolate booth, and I drop a nickel into the slot. I yank the handle down and a stream of steaming hot chocolate fills my cup. A scraggly-looking bearded old guy walks up to me and groans, "Hey, young fellah, can you spare a coppla nickels? I've got a case of walking pneumonia, and I gotta stay warm." I shake my head, no, and shuffle off to sit at an empty table. Next to me is another empty table.

 

"There's a plate on the table with what looks like a half-eaten sausage on it. A few seconds later another old guy wearing a French beret hat sits down at that table. He's got a fork in his hand. He scarfs the sausage down, looks at me and winks as if nothing has happened.

 

"I nod to the old guy. I've got a job designing and selling piece goods. So I feel entitled to goof off at the Automat and have a cup of chocolate. And so far today, no luck -- not one lousy sale. I had a job with the George W. Button Co. up near Harlem but they laid most of us off when things got slow. It was a union job paying $18.75 a week, six days a week including Saturdays. My job was loading trucks with Max Factor women's cosmetics and the cases were heavy as the devil.

 

"Now I'm a salesman and proud as hell to have a real job. As I'm walking, I pass an employment agency, and there's a long line of grizzled men, hands tucked into their overcoats, all waiting outside the agency. Most are stamping their feet to keep warm. They're hoping that maybe some ..."

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The Fed's Gold Is Being Audited... By The US Treasury | ZeroHedge

The Fed's Gold Is Being Audited... By The US Treasury | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"When we started reading the LA Times article reporting that "the federal government has quietly been completing an audit of U.S. gold stored at the New York Fed" we couldn't help but wonder when the gotcha moment would appear. It was about 15 paragraphs in that we stumbled upon what we were waiting for: "The process involved about half a dozen employees of the Mint, the Treasury inspector general's office and the New York Fed. It was monitored by employees of the Government Accountability Office, Congress' investigative arm." In other words the Fed's gold is being audited... by the Treasury. Now our history may be a little rusty, but as far as we can remember, the last time the Fed was actually independent of the Treasury then-president Harry Truman fired not one but two Fed Chairmen including both Thomas McCabe as well as the man after whom the Fed's current residence is named: Marriner Eccles, culminating with the Fed-Treasury "Accord" of March 3, 1951 which effectively fused the two entities into one - a quasi independent branch of the US government, which would do the bidding of its "political", who in turn has always been merely a proxy for wherever the money came from (historically, and primarily, from Wall Street), which can pretend it is a "private bank" yet which is entirely subjugated to the crony interests funding US politicians (more on that below). But in a nutshell, the irony of the Treasury auditing the fed is like asking Libor Trade A to confirm that Libor Trader B was not only "fixing" the Libor rate correctly and accurately, but that there is no champagne involved for anyone who could misrepresent it the best within the cabal of manipulation in which the Nash Equilibrium was for everyone to commit fraud. ..."

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Sprott Physical Silver Trust offer underwriters take up additional units

Sprott Physical Silver Trust offer underwriters take up additional units | Gold and What Moves it. | Scoop.it

by Lawrence Williams:

 

"Suggesting institutional confidence in the future of the silver price, the underwriters in the recent $200 million offering of new units in the Sprott Physical Silver Trust have taken up $20 million in additional units.

 

"The recent fully subscribed $200 million offering of new units by the Sprott Physical Silver Trust has received an additional boost by the offer underwriters - Morgan Stanley and RBC Capital Markets - taking advantage of an option that enables them to buy additional units on their own accounts. The two underwriters have between them taken up1.8 million units, in addition to the 18.1 million units on offer at US$11.15 each, bringing the amount raised by the Trust to a little over $220 million.

 

"As previously noted here, Sprott plans to use the proceeds to purchase, and take delivery of physical silver to the value of the amount raised, which at current silver prices would amount to some 8 million plus ounces of physical metal.

 

"It should be recalled that when Sprott launched the Physical Silver Trust securing 15 million ounces for it took a full three months before delivery of the metal was received and, according to Sprott, some of the delivery had not even been mined when the order was put in.

 

"What impact the purchases of another 8 million ounces of physical metal ..."

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Remove Third Parties From Holding Your Assets « Jim Sinclair's Mineset

Jim Sinclair writes in response to a reader:

 

"I cannot understand why any reader is failing to take delivery of their certificates, their metals and there monies as getting anything back from a clearinghouse is a pure gamble on the unknown. The only reason I can see is dumbed downed laziness.

 

"You are all involved in third parties holding your assets. This is madness and self destructive.

 

"Audits are no good. Insurance is not funded to cover all the risk out there.

 

"Why do you hold securities with a clearing firm? Why do you own any public gold company that will not direct register or deliver certificates for you? Why are you long paper gold and think you really own gold? How do you hold ETFs and really believe you own gold? You do not! How do you buy gold anywhere you never will see or touch.

 

"It is raving madness that affects 9.9 out of 10 people reading this. The system is BROKEN and all the King’s men cannot put it back together again.

 

"Your tax accounts are traps set for you. You are sitting targets that already know that your fiduciary, like all so called fiduciaries, is not worth a lead nickel because that is what your assets will be – worthless.

 

"What can I do for you if the most simple act you need to do you continue to fail to do? Wake up, damn it!

"Jim'

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Company's software trading glitch cost it $10 million per minute

Company's software trading glitch cost it $10 million per minute | Gold and What Moves it. | Scoop.it

by Cyrus Farivar:

 

"Remember Knight Capital Group’s algorithm-driven stock trading glitch from yesterday?

 

"Turned out that 45 minute mistake, the company said in a statement, "has resulted in a realized pre-tax loss of approximately $440 million."

 

"In other words, about $10 million per minute, which makes it a ridiculously expensive mistake.

 

"In Q2 2012, the company took in $289 million in revenue—meaning this single’s day loss could possibly drive the company out of business. Investors agreed, dumping the stock as fast as possible. Trading of KCG stock closed on the day at $2.58 per share, a single-day loss of over 60 percent. ...."

 

 hat tip to www.twitter.com/mikecane

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Russian and US drought sparks fears on a new food crisis — RT

Russian and US drought sparks fears on a new food crisis — RT | Gold and What Moves it. | Scoop.it

"Wheat prices have jumped more than 50% and corn prices more than 45% since mid-June as drought in Russia, the US and Australia have partly destroyed crops. Experts warn that a looming food crisis could hit global growth.


"Russian grain prices reached record levels last week after the Government cut its 2012 harvest forecast to 86.5 million tons from an earlier estimate of 94 million tons. The move sparked fears the country could impose export restriction as it did in 2010.

 

"Reduced crops could not only hit Russia’s exports, but it also speeds up the inflation rate, which the Russian Central Bank is struggling to bring down, says a report from HSBC. The inflation rate could reach 8% from the currently estimated 3.6%, HSBC analysts warn. It could force RCB to revise its interest rate by 100 points.

 

"Russia, the world's second largest wheat exporter after the United States, plans to export between 13.5 million to 13.8 million tons of wheat for the season 2012-13. That's compared with an estimated 21 million tons in 2011-12, according to the Institute for Agricultural Market Studies (IKAR). ..."

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3 Reasons to Be Bullish on Gold | Uncommon Wisdom Daily

3 Reasons to Be Bullish on Gold | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it

"Hi, this is Sean Brodrick for Uncommon Wisdom Daily.

I’ve been watching gold very closely, and three big factors are telling me that the precious metal could soon move much higher.

 

"The first reason for my bullishness is the negative sentiment among other investors. The amount of gold in the SPDR Gold ETF recently fell to its lowest level in nearly nine months, and there is a large short position in the Comex gold market. Eventually, those shorts will have to cover, and when they do, it will produce a big rally.

 

"The second bullish trend I’m seeing is increased money-printing by global central banks. The central banks of Europe, Great Britain, China and Australia, as well as parts of South America and Asia, are all trying to pump up their economies with liquidity injections and/or cuts to their benchmark interest rates.

 

"All that money has to go somewhere, and I believe much of it will go into the gold market. In addition, the creation of paper money makes hard assets such as gold look that much more attractive.

 

"The third bullish factor ..."

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We Are Now Just Weeks Away From A European Bombshell

When asked what investors should be doing in this environment, Pento tells King World News:

 

“I am telling my clients, I am gearing them towards the inevitable inflation. But I think it’s silly to go ‘all-in’ right now. We have significant holdings in precious metals and we have written covered calls against that strategy. Then, we are ready to go all-in once we have a firm commitment on the part of these two central bankers to massively monetize the debt.”

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The Golden Truth: Central Bank Monkey Business

The Golden Truth: Central Bank Monkey Business | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"The thing about the Fed non-action is that every meeting they don't do something increases the likelihood they'll HAVE to do something at a subsequent meeting. - Dave in Denver


"We wouldn't have the extreme volatility in the markets that surrounds Central Bank policy-decision meetings if analysts and traders bothered to think through the process of what happens if the Fed, ECB and Bank of England do not start the printing presses back up in a major way. I don't know of anyone, who if asked point blank how the western world solves its debt problem without extreme currency devaluation either by printing or default - and printing is in fact a de facto default - doesn't come to understand that the likely solution will be more printing. And a lot of it, quite frankly.

 

"Hell, even yesterday it didn't take a painstaking syllable by syllable dissection of the FOMC statement released to realize that the Fed is firmly on track to print a lot more if the economy doesn't recover. Recover? LOL. On a real inflation-adjusted basis, the GDP never climbed out of a recession. Just ask the millions of people who have either gone on social security disability or took down student loans and went back to "school" since 2008. ..."

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U.S. Mint American Gold Coin Sales Retreat to Lowest Since April

by Debarati Roy:

 

"U.S. Mint sales of American Eagle gold coins slumped to the lowest in three months in July. Silver-coin sales also declined.

 

"Sales of gold coins dropped 49 percent to 30,500 ounces from 60,000 ounces in June, data on the Mint’s website showed. That’s the lowest amount since April. In the first seven months, sales slipped 42 percent to 374,000 ounces from a year earlier.

 

"Investors postponed purchases as they await monetary policy decisions from the Federal Reserve and the European Central Bank, according to Scott Carter, the chief executive officer at Los Angeles-based Lear Capital. The Fed concludes a two-day meeting today and the ECB convenes tomorrow. The U.S. Dollar Index gained 1.2 percent in July as gold rose 0.6 percent.

 

“Purchases are on hold as people are waiting to hear from Europe and the Fed,” Carter said in a telephone interview. ..."

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China Recovers 1,000 Tonnes of Illegally Mined Rare Earths, 50 Detained

China Recovers 1,000 Tonnes of Illegally Mined Rare Earths, 50 Detained | Gold and What Moves it. | Scoop.it

by Esther Tanquintic-Misa:

 

"China had recovered some 1,000 tonnes of illegally mined rare earths in two separate police crackdown operations last week as it continued to intensify and strengthen the management of the sector. At least 50 individuals were detained because of the operations.

 

"A report by China Daily on Thursday said the government of Lianping county in Guangdong province discovered two warehouses and a factory in two villages in Zhongxin town that were illegally mining and storing the precious rare earths. Four were arrested from Zhongxin town.

 

"A second operation, this time in Heyuan city that was led by the Longchuan county, busted nine outlets. Seized were more than 100 tonnes of fully or partly processed rare earths products.

 

"The police arrested 45 suspects and one official who was alleged to have been protecting the illegal mining activities, the China Daily reported.

 

"Other cases of illegal rare earths mining in the cities of Shaoguan and Meizhou were earlier discovered this year. ,,,"

 

China is not going to let such things slide. They need their metals.

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Guest Post: We Should All Love Fed Transparency | ZeroHedge

Guest Post: We Should All Love Fed Transparency | ZeroHedge | Gold and What Moves it. | Scoop.it
Submitted by John Aziz of Azizonomics,Ron Paul’s signature Audit the Fed legislation finally passed the House; on July 25, the House bill was passed 327 to 98. But the chances of a comprehensive audit of monetary policy — including the specifics of...

 

"... Well, the Fed doesn’t seem to want the sunshine. Critics including the current Fed regime claim that monetary policy transparency would politicise the Fed and compromise its independence, and allow public sentiment to interfere with what they believe should be a process left to experts dispassionately interpreting the economic data. Although the St. Louis Fed makes economic data widely available, monetary policy is determined behind closed doors, and transactions are carried out in secret. ..."

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Gold moving to expectations of central bank actions

Gold moving to expectations of central bank actions | Gold and What Moves it. | Scoop.it

Adrian Ash writes:

 

"... Increased or decreased prospects of [central-bank] intervention seem to be the rationale for any move in precious metals at the moment," says a London analyst in a note.

 

"Ahead of Wednesday's Fed decision, "Gold's $50 gain since Mario Draghi's pledge to 'do whatever it takes' last week suggested high expectations were priced in," he adds.

 

"Italy's prime minister Mario Monti yesterday told reporters that a banking license for the European Stability Mechanism "will in due course occur" - meaning that the €500 billion ($615bn) bail-out fund could buy government debt using money borrowed from the European Central Bank.

 

"But "a banking license for the ESM rescue fund is absolutely not our way," said German spokesman Georg Streiter after a cabinet meeting in Berlin.

 

"German Bundesbank chief Jens Weidmann - a member of the ECB meeting together with the 16 other national Eurozone central bank heads today - is also against such a move.

 

"If the ECB doesn't do something today, there will be disappointment," reckons Japanese conglomerate Mitsubishi's precious metals analyst Matthew Turner, speaking to CNBC.

 

"But they will have to do something at some point. The situation...will force them," says Turner, pointing to support for gold investment prices at the June and July lows around $1550 per ounce. ..."

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