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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Surprised?…… NOT! – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Peter Grandich writes:

The “managed” decline on the Crimenex comes as no surprise to yours truly and whoever listened to my comments earlier this month. I said not only to expect this to occur but for it to stick around until the New Year.

As noted multiple times, the markets would get especially thinner beginning this week and moves would be even more enhanced by the lack of liquidity. ...
Hal's insight:

Click through for the rest.

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Gold banking climbs up in South Korea

More and more banks in the East Asian nation are planning new schemes to attract investors as they see gold banking to gain more popularity in the coming years because the value of gold is expected to rise continuously.

SEOUL(BullionStreet): Gold banking is climbing in South Korea amid worries over economic slowdown and few investment choices.

More and more banks in the East Asian nation are planning new schemes to attract investors as they see gold banking to gain more popularity in the coming years because the value of gold is expected to rise continuously.

South Korea's third largest bank Shinhan Bank said it will provide new gold based schmes for customers who have few investment choices amid the economic downturn.

In an official statement, Shinhan said gold banking is still a ‘Blue Ocean’ opportunity in the investment market. The value of gold will increase gradually at this time of low interest rate. ...
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The End Game Approaches | Captain Hook | Safehaven.com

The End Game Approaches | Captain Hook | Safehaven.com | Gold and What Moves it. | Scoop.it
In attempting to capture the pulse of what is (or should be) at the heart (of increasing numbers) of questioning and concerned minds out there these days, I could not help but be struck by this essay entitled Anatomy Of The Endgame ...

... And what's happening in Spain right now is just a glimpse into the future for America. All the crap you hear on TV is just a mind trick - really. That's right. Because the economy is really collapsing, bubbles are popping (including China's), and the consumer is deleveraging because they are poor - and getting poorer. Increasing numbers are of course 'getting it', slowly, but most are putting their money in the bank - believe it or not. Of course with precious metals inventories so low and evaporating (expect this tactic system wide at some point) due to just the few already enlightened who wish to escape the financial repercussions of democratic socialism (think wealth confiscation), this bodes well for prices in the future, because when the public finally figures out attempting to preserve wealth in the bank is a fools game, they will in turn rush to gold and silver, which is already be happening.

The powers that be want investors solely focused on the fiscal farce so they ignore everything else that's going on in the economy. And the media is doing its job in this regard, conditioning the easily influenced masses into thinking once this ruse is 'fixed', undoubtedly billed as the US avoiding tragedy (going over the ominous cliff to feared), a relief rally in the stock market will result, and the economy will be just fine. Of course those paying attention know nothing could be further from the truth, and that in fact the pace of decay of the economy / system is accelerating. Along this line of thinking (considering we have a fiat currency economy) it's important to realize key global credit markets (again, including China's) are contracting at an alarming rate presently, and the next big landmine is set to roll over at anytime as well.

The end game can come very quickly in fiat currency based economies once money supply growth rates roll over, taking even those expecting such an outcome by surprise. And although this is not the situation right now (although if capital spending deceleration continues it will be), if all of the tax increases and spending cuts that comprise the 'fiscal cliff' were to go through (some $560 billion annually), the Fed would be challenged to make up the difference via currency debasement alone, which is ...
Hal's insight:

The govs and the MSM are practicing the illusionary arts at the moment. 

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The Golden Truth: The Gold/Silver Hit Is A Trap - This Too Shall Pass

The Golden Truth: The Gold/Silver Hit Is A Trap - This Too Shall Pass | Gold and What Moves it. | Scoop.it
Dave in Denver writes:

... Bottom line: Gold and silver are going a lot higher, as are the mining stocks. Just like in late 2008. In the context of big price corrections that we get in this sector, this one isn't close to being as severe as the one in 2008. That one took silver down almost 60% from top to bottom. This one so far has been 47% top to bottom for silver. In the context of duration, this one so far isn't as long as the one in 2008, which lasted over 2 years before silver climbed over its 2008 peak.

BUT, the undisputed fact remains that, If you had bought silver at the top of the 2008 market ($21) and held til now ($32.20), you are still up 53% over 4 years. That's worst case. Unless the Fed and the Govt have decided to address the real deficit spending variables and will stop printing money and issuing debt, the smart money is buying the metals here and will be holding when the metals make another run at a new all-time high. ...
Hal's insight:

Indeed it will pass.

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Silver Deceptions: Large Surpluses & Low Production Cost

Silver Deceptions:  Large Surpluses & Low Production Cost | Gold and What Moves it. | Scoop.it
OK, that's not really the title but it should be. Today, our pal and diligent researcher, SRSrocco, takes Jeff Christian and Ned Schmidt to task for peddling their misinfo all over the internet. Well done, Steve.
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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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The 12 Gold Bugs of Christmas - Casey Research

The 12 Gold Bugs of Christmas - Casey Research | Gold and What Moves it. | Scoop.it
Why banks, governments, and prominent investors are loading up on gold.

By Jeff Clark, Senior Precious Metals Analyst

While the price of gold has languished in a trading range much of the year, leaving some investors scratching their heads, many have been buying – and in some cases, really loading up.

It's a tad puzzling that gold hasn't broken into new highs, despite enough catalysts to move a herd of stubborn mules. But that's the hand we're dealt right now. We can't get up from the table until the game reaches its conclusion. Besides, I think the stall in prices is giving us one last window to buy before prices break permanently into higher levels for this cycle.

At least that's how a number of prominent investors and institutions are viewing the price action right now. Here's a sampling of this year's "gold bugs" and what they've been doing about precious metals recently. ...
Hal's insight:

click through for the list. 

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Russia ‘amid creeping de-privatization’ — RT

Russia ‘amid creeping de-privatization’ — RT | Gold and What Moves it. | Scoop.it
The Rosneft-TNK-BP deal indicates Russia’s privatization program is in reverse according to former Finance Minister Aleksey Kudrin. Other experts also point to the state’s increasing involvement in the economy despite promises to decentralize.
Hal's insight:

Not surprised. Are you?

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Why Things Are Falling Apart...and What We Can Do about It | Gordon Long | Safehaven.com

Why Things Are Falling Apart...and What We Can Do about It | Gordon Long | Safehaven.com | Gold and What Moves it. | Scoop.it
To understand the reasons why our financial system, our economy and our present policies are unsustainable, we need to come to grips with two simple truths. First, the economy and government are an interconnected system. As such the party attempting to steer it does not have controlling power over it. The second fact is that "faster, better, cheaper" always wins, replacing the inefficient and unsustainable. This is the reality within which the system operates.

The present foundation of the system, and our economy, is Financialization. This is not by design but rather by Darwinian evolution. It has unfortunately, become the basic engine of consumer growth through its' leveraging of collateral into debt and phantom assets, such as derivatives and bubble valuations. The limiting fact to this system is that ever-rising debt and leverage is unsustainable, once household assets and incomes stop rising.

Uncontrolled financialization & unsound money, without historic exception, consistently leads to:

Malinvestment in the Private sector - In the private sector cheap money will naturally flow into high-risk, low-return investments. This leads to "McMansions in the Middle of Nowhere"

Crony Capitalism in the Public sector - In the public sector, crony capitalism secures low risk, high-return investments. This leads to "Bridges to Nowhere." ...
Hal's insight:

Click through for the rest and the interview with Charles Hugh Smith.

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Chart Of The Day: The Death Of America's Middle Class | ZeroHedge

Chart Of The Day: The Death Of America's Middle Class | ZeroHedge | Gold and What Moves it. | Scoop.it
There is one chart that everyone should see that is part of Reuters' must read special series: The Unequal State of America: Redistributing Up - it is the chart we have said over the past 4 years is the only one that matters for America - that...
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Stackers Rejoice!!

Stackers Rejoice!! | Gold and What Moves it. | Scoop.it
While JPM et al continue to gouge those still hopelessly trading paper metal, we stackers delight in the opportunity presented to us again today. ...

... Witness today. The manipulation is now so bald-faced and clear to see that it is obvious that The Cartels no longer care about appearances and plausible deniability. The bought-and-paid-for regulators at the CFTC are accomplices in these crimes. Regardless of the evidence presented to them, they sit idly while The Criminals perform their dirty deeds. Their dishonesty knows no bounds and they must, in the end, be held equally accountable.

Again, in what has become modus operandi, do you see any correlation below? Of course not. Stocks and crude continue to rally while the metals are raided. ...
Hal's insight:

Click through for the full analysis from TF Metals.

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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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