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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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$150 Silver & An Ocean Of Paper Money To Flood The System

$150 Silver & An Ocean Of Paper Money To Flood The System | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb told King World News, “There is no doubt that the Fed is going to print hundreds of billions of additional dollars.” Leeb also said, “They (the Fed) will have created multiple trillions of dollars and it won’t stop.” Leeb also said that in this environment, “... silver is easily going to $150.”

 

But first, here is what Leeb had to say about the situation in Europe: “I think the German high court decision was expected. It won’t have any effect on Europe’s ability to reflate. Bond purchases will take place, and Europeans now recognize they are all interrelated. If something happens to any of those big economies, Spain, Italy, etc., they all go down. ...”

 

"... Investors should ask themselves, how much do I have to invest in gold, silver, and the quality junior gold and silver shares, so that I can cover up all of the other investment mistakes I might make? And to make sure I have plenty left over if inflation does go to 10% or 15% per year. That is the question all investors should pose to themselves at this point. ..."

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Double Down: Vladimir's Putin Billions Into Gold In Anticipation of Global Upheaval

Double Down: Vladimir's Putin Billions Into Gold In Anticipation of Global Upheaval | Gold and What Moves it. | Scoop.it

Mac Slavo writes:

 

"... Russia’s President Vladimir Putin has been aggresively investing into the precious metal over the last five years – spending some $500 million monthly as he diversifies his country’s assets out of Dollars and Euros. Currently, 9% of Russia’s reserves are held in gold. ..." 

 

hat tip to www.grandich.com 

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PRIVATE Debt Is the Main Problem | The Big Picture

PRIVATE Debt Is the Main Problem | The Big Picture | Gold and What Moves it. | Scoop.it
138 Years of Economic History Show that Keen and Minsky Are Right … And the Mainstream Economists Are Wrong The National Bureau of Economic Research has...

 

"... The study shows that excessive private debt is a much more accurate and consistent predictor of financial crisis than the amount of public debt. (However, high levels of public debt exacerbate the problems caused by massive private debt, since governments which are already “in the red” have little ammunition left with which to help out the economy.)

 

"The NBER study validates what Steve Keen has been saying for years: excess private sector debt is the main driver of deep recessions and depressions. And yet Ben Bernanke and all other mainstream economists literally believe that the amount of private debt doesn’t matter and isn’t even important to quantify. ..."

 

hat tip to http://economicsignsofthetimes.blogspot.com/2012/09/monday-roundup-09-10-12.html ;

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Central Bankers and Politicians are Running Out of Ideas | Alasdair Macleod | Safehaven.com

Central Bankers and Politicians are Running Out of Ideas | Alasdair Macleod | Safehaven.com | Gold and What Moves it. | Scoop.it

by Alasdair Macleod:

 

"My father, who at one time was an education minister in the Kenyan government, used to tell a story of a long-forgotten crisis when the leaders in the educational establishment could only turn to him and ask: "minister, what shall we do?" The point of the story is that these were all highly qualified senior academics, while my father had left school at 16 with no qualifications at all. It amused him.

 

"We have perhaps in the last week seen three instances of the same thing: expert committee men exhausted of ideas, despite their towering intellects. I refer to Ben Bernanke's Jackson Hole statement which said nothing; David Cameron's statement at Prime Minister's Questions, when he was reduced to that old stand-by "cure" for economic stagnation (building more houses); and then on Thursday we had Mario Draghi resorting to buying time by talking borrowing costs for Spain and Italy down on the conditional promise of some bond buying. None of them had anything new to offer.

 

"The Federal Open Market Committee, the senior civil servants in Whitehall, and the Governing Council of the European Central Bank are all intellectually at sea. They have deluded themselves with Keynesian fallacies, believing animal spirits must be revived. "Animal spirits" is code for not understanding the fundamental purpose of free markets. Instead, governments and central banks blame market irrationality and seek to manage them to promote economic growth. They then wonder why it all goes wrong.


"Here is the true situation: unrealistic asset valuations, the result of zero interest rates, have strangled progress. Note progress, not growth: this is deliberate. The result is that markets no longer work effectively, so it is impossible for the economy to advance. Governments and central banks cannot face up to this reality, because over-valued assets are collateral for record levels of debt that have accumulated over the last 50 years, the result of government-sanctioned expansion of bank credit. .."

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Rob McEwen: gold should be in your portfolio and it`s going to $5,000 - JUNIOR #MINING

Rob McEwen: gold should be in your portfolio and it`s going to $5,000 - JUNIOR #MINING | Gold and What Moves it. | Scoop.it

In an upbeat presentation at the Denver Gold Forum, Rob McEwen forecast that gold is going to $5,000, while setting out the path forwards for the company which now bears his name - McEwen Mining.

 

Author: Lawrence Williams
DENVER (MINEWEB) -

 

"This year's Denver Gold Forum kicked off yesterday morning and one of the early speakers was Rob McEwen of McEwen Mining. He has a great name in the industry due to his long term stewardship of Goldcorp, which was largely responsible for building the gold mining major to the strong position it holds today. Nowadays he runs McEwen Mining - a U.S. headquartered and quoted developing gold producer for which he has the avowed intent of bringing into the S&P 500 by 2015 - and with one gold/silver mine in production, a second just starting up with its first gold pour expected in a matter of weeks, a third in permitting and a very significant copper/gold/silver project at the exploration stage he may be well on his way to achieving this aim.

 

"But it is perhaps as an avowed believer in gold that McEwen attracts a strong following at a conference of this type, perhaps the most significant annual gold event in the calendar- and he opened his presentation with a strong statement of his beliefs in this respect.

 

"Understand This! Gold is Money ..."

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South African mining: an urgent need for cool heads - POLITICAL ECONOMY - Mineweb.com Mineweb

South African mining: an urgent need for cool heads - POLITICAL ECONOMY - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Author: Christy Filen


JOHANNESBURG (MINEWEB) -


"Bobby Godsell, a member of the South African government's National Planning Commission and a long-time previous head of miner AngloGold Ashanti, has said that the dialogue in the country should shift to one where a household's needs for a decent life are debated.

 

"We talk about decent work but what does a family need? Two breadwinners, be generous, what do you need to pay rent, put food on the table, contribute something to your school kids, takkies, school fees, what do you need? And that number isn't R3000 and it's not R4000, we know that" said Godsell at the Gordon Institute of Business Science panel discussion entitled ‘Insights into Marikana' last night.

 

"The real challenge for mining said Godsell was to reflect on whether or not the industry had realised a post-apartheid dividend. ..."

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Malema calls for nationwide South African mine strike - POLITICAL ECONOMY - Mineweb.com Mineweb

Malema calls for nationwide South African mine strike - POLITICAL ECONOMY - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

"The former head of the ANC Youth League is demanding the resignation of all National Union of Mineworkers leadership ...

 

"Expelled ANC Youth League president Julius Malema called for a national strike at all mines on Tuesday until the National Union of Mineworkers (NUM) leadership steps down.

 

"There must be a national strike at all the mines until Frans Baleni and the NUM leadership step down with immediate effect," Malema told a packed stadium at the Gold Fields KDC West gold mine near Carletonville, where 15,000 workers are on strike.

 

"The problem is not NUM. The problem is the leadership who take money from mlungu (whites). ..."

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Rick Rule - The Big Picture On Gold, Currencies & Key Markets

Rick Rule - The Big Picture On Gold, Currencies & Key Markets | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:

 

“The dollar was viewed as a safe trade, which absolutely mystified me. I keep saying I’m not an economist, but I am a credit analyst and I wouldn’t loan the US government any money. So it doesn’t surprise me to see the dollar breaking down.

 

“I also wouldn’t be surprised to see the dollar rebound in the near-term because you have to look at what it’s competing against. The joke that we’ve been saying at hard money conferences for years is that the dollar is the worst currency in the world, except for all of the others.

 

"So I would expect that a whole basket of currencies would wobble against each other. ...

 

“But I would suggest to your readers that they consider diversifying their cash holdings, as we’ve always asked them to do, into some form of physical gold, silver or platinum ownership. ...”

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Turk - No Time To Wait For A Pullback, Gold To Hit New Highs

Turk - No Time To Wait For A Pullback, Gold To Hit New Highs | Gold and What Moves it. | Scoop.it

James Turk tells Eric King of King World News:

 

"The Fed has set the stage for another round of Quantitative Easing, which of course will be inflationary, and therefore bullish for gold and silver. But what the Fed always tries to do is control expectations. They place greater emphasis on the notion that inflation is not a result of how much currency is actually in circulation or how rapidly the quantity of currency grows, but rather, whether people think inflation will worsen.

 

"Like many things that come from central banks, it is a silly notion. It is another one of those things that seem okay in theory and the halls of academia, but never works out in the real world. The reason, as Milton Friedman and others have pointed out, is that a currency's purchasing power will be eroded if the quantity of money increases. ..."

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Georgia flouts federal order, withholds lunch ladies' unemployment benefits

Georgia flouts federal order, withholds lunch ladies' unemployment benefits | Gold and What Moves it. | Scoop.it
States nationwide are trying to cut costs by reining in unemployment benefits, but Georgia has taken a bold step by refusing to pay seasonal workers. The Obama administration is concerned.

 

By Patrik Jonsson | 09/10/12

 

"Georgia has set up a showdown with the Obama administration over how deeply states can cut jobless benefits by refusing to give school bus drivers and lunch ladies unemployment benefits during their summer breaks.

 

"The issue echoes beyond Georgia because other states including Pennsylvania, Michigan, Missouri, and Arizona have trimmed unemployment benefits in various ways to rein in costs. Florida, for example, has a proposal to require drug tests for recipients to be eligible for benefits, while other states have reduced the total number of weeks that benefits can be received.

 

"For its part, the Georgia unemployment insurance fund is broke, owing Washington more than $700 million for money it borrowed during the recession — adding to Georgia Labor Commissioner Mark Butler's sense of urgency. ..."

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Truman Show, Jim Grant, Gold & Economies Close To Meltdown

Truman Show, Jim Grant, Gold & Economies Close To Meltdown | Gold and What Moves it. | Scoop.it

Robert Fitzwilson writes telling King World News:

 

“Jim Grant made the astute observation that the world we live in is akin to a movie called the Truman Show. In the movie, the main character is unaware that he is living an artificial life as entertainment for an audience. It was a charade.

 

"As we await the two big events of the week, the German high court decision on the ratification of the ESM and the announcement from the Fed on Thursday about further monetary stimulus, it does indeed feel like a variant of the movie. The main difference is that the audience is also part of the charade.


"It is most likely that we will get more of the same. There really is no other choice, and it has been so for quite some time. As economic activity declines in the major economies of the world, one would have to try really hard not to see what is unfolding. ..."

 

[I like the analogy. I think it fits]

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Gold rallies after U.S. credit warning knocks dollar

Gold rallies after U.S. credit warning knocks dollar | Gold and What Moves it. | Scoop.it
LONDON (Reuters) -

by Amanda Cooper

 

"Gold rose towards six-month highs on Tuesday, helped by the weakness in the dollar after a warning from a ratings agency on U.S. creditworthiness and after holdings of the metal in exchange-traded products reached a record high.

 

"The euro's rise towards four-month highs against the dollar has been fuelled in part by growing expectations the U.S. Federal Reserve will employ fresh measures to stimulate the economy, which in turn has encouraged investor demand for gold, which tends to profit from weakness in the U.S. currency.

 

"Gold relies more heavily on shifts in the dollar and U.S. monetary policy for direction and the focus for the market is squarely on the Fed's next policy meeting that ends on Thursday.

 

"The dollar sold off broadly after Moody's Investor Service warned the United States may lose its triple-A credit rating if next year's budget talks do not cut the country's level of debt relative to the size of the economy. ..."

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Top Fund Manager - Gold Should Already Be Above $1,900

Top Fund Manager - Gold Should Already Be Above $1,900 | Gold and What Moves it. | Scoop.it

Today one of the premier gold fund managers in the world told King World News, “Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic.” Here is what Caesar Bryan, of the $33 billion strong Gabelli & Company, had to say: “Having regard to what the monetary authorities, both in Europe and the US, are doing, you could argue that the move in gold has been pretty mild. Yet we’ve come from, in the middle of August, $1,600 to $1,730. Gold should be at a new high. Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic.”

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Hamburger flipper jobs - Fairfield - Minuteman News Center

Outlook By Vincent Giandurco


"... Amid all the excitement of the two conventions, a report released the previous Friday highlighted the job market gloom. The liberal National Employment Law Project data (gleaned from the Census Bureau) showed that of the much-talked-about 4.5 million jobs gained since 2009 (more on this later), 58 percent were categorized as “low-wage” such as tourism or restaurant jobs. (Indeed, “restaurant” was the top new-jobs category in last week’s report, too.) 60 percent of the jobs lost during the recession were “medium-wage.” Only 20 percent of jobs created since then have been “medium-wage.” Only 46 percent of workers have been re-hired at or above their previous salary. Over a third of workers have taken a pay cut of 20 percent or more. (All of this impacted the loss in household income discussed here three weeks ago).

 

"During the Reagan years, the US created over 20 million jobs, and Reagan’s critics from the Left always insisted these were just “hamburger-flipper” jobs, meaning entry-level, low-wage posts. This was untrue, but I have not heard one pundit note that the majority of jobs created under this President are in fact “hamburger-flipper jobs.” Guess that’s just too old school.

 

"I’ll tell you what’s not: “Arithmetic,” as Bill Clinton put it more than once. Obama’s team bragged about the so-called “4.5 million new jobs” all week. As detailed here previously, we still have 275K fewer jobs than we did on Inauguration Day 2009. So there are no “new jobs,” as we haven’t even gotten back to where we were before. In addition, the market needs about 100K jobs a month to keep up with population growth, so one could say we are at least 5 million jobs short of even a weak job recovery.

 

"I have a personal anecdote that echoes this woeful data. I needed part-time assistance for a project in Manhattan, and posted an ad on Craig’s List. $150 a day, two days. I received 120 calls in two hours. Many of these applicants are college graduates desperately seeking work. Some offered to work for half that. There is a jobs crisis in America. It is underreported, but as my single ad proves, it is real. ..." 

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Consumer Debt Declines, Even as Student Loans Grow

Consumer Debt Declines, Even as Student Loans Grow | Gold and What Moves it. | Scoop.it
By Sarah Portlock and Kristina Peterson

 

"U.S. consumer credit shrank in July for the first time in nearly a year.

 

"Consumer credit declined from June by a seasonally adjusted $3.28 billion to $2.705 trillion, a Federal Reserve report showed Monday. Consumer credit declined at a 1.45% annualized rate during July, its first contraction since a 3.95% decline in August 2011.

 

"Economists surveyed by Dow Jones Newswires had forecast a $7.0 billion expansion in credit during July.

 

"The decline was primarily due to a 6.8% decrease in revolving credit, which includes credit-card debt. That fell by $4.82 billion in July to $850.73 billion.

 

"Nonrevolving credit, which includes student loans and auto financing, rose by a seasonally adjusted $1.55 billion to $1.854 trillion in July. That is 1.0% higher than the previous month.

 

"The pullback of consumer credit could reflect growing uncertainty by shoppers about jobs and future earnings, making them less willing to finance big-ticket items. Last week, the Labor Department said the U.S. economy added fewer jobs in August than economists had expected. U.S. payrolls increased by a seasonally adjusted 96,000 jobs last month, compared with a forecast of 125,000. ..."

 

hat tip http://economicsignsofthetimes.blogspot.com/2012/09/monday-roundup-09-10-12.html 

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There Is “A Limited Amount of Gold, An Unlimited Amount of Paper Money”

There Is “A Limited Amount of Gold, An Unlimited Amount of Paper Money” | Gold and What Moves it. | Scoop.it

"... According to Bill Gross, the bullish outlook for gold rests on the endless expansion of credit by central banks. Gold has a considerable store of value that paper money does not and there is a "limited amount of gold, an unlimited amount of paper money."


"When world central banks engage in a long term period of money printing and start writing checks in the trillions, it is best to have something that's tangible and can't be reproduced like gold. Gross expects that central banks, which have trillions of dollars in reserves, will continue to expand their holdings of gold rather than invest in 10 year government bonds that pay a paltry 1% interest. ..."

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Gold coins on discount in India

Gold coins on discount in India | Gold and What Moves it. | Scoop.it

by Shivom Seth:

 

"Gold prices may have ended at a five-month high, marking their biggest monthly gain since January this year, but in India discounts are on offer. India Post has announced a 6.5% discount on the sale of gold coins on the occasion of Pushya Nakshatra which falls on September 12, this year.

 

"The word 'Pushya' means to strengthen, to fortify. The word etymologically means 'to nourish', and traditionally a person cannot think beyond gold investments on this day. Pushya Nakshatra is considered the most auspicious day to make valuable investments and purchases.

 

"It is a customary practice for people to purchase gold and, by observing tradition, increasing their good karma and good efforts.
On the occasion of Pushya Nakshatra, a special discount is being offered, said Chief Postmaster General Poornachandra Rao. Gold coins, sold in association with Reliance Money Infrastructure, are available in denominations ranging from 0.5 grams to 50 gram denomination coins, he added.

 

"Given the day's meaning to nourish or to replenish, multiply and strengthen, consumers are wont to go overboard by buying gold in any form. The price of gold does not make a difference at this time,'' said Pushkarna Sharma, bullion retailer. ..."

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Gerald Celente - #Gold, #Silver & A Major October Surprise

Gerald Celente - #Gold, #Silver & A Major October Surprise | Gold and What Moves it. | Scoop.it

Gerald Celente tells Eric King of King World News:

 

"... They (central planners) are going to destroy the money, and they are going to do everything to try to keep the gold and silver markets down. You see what’s going on in India, how they are making it more and more difficult for people to buy gold because the rupee is collapsing.

 

"So the governments around the world are going to do everything they can to stop people from buying (gold). Anything could happen at any time. There are a lot of wild cards, and in a wild card environment like this, I want gold and I want silver. And I have to tell you, on Friday, I just bought (gold) again.”

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Pento - Gold To Hit New All-Time Highs & Continue To $2,300

Pento - Gold To Hit New All-Time Highs & Continue To $2,300 | Gold and What Moves it. | Scoop.it

Michael Pento told Eric King of King World News:

 

“I would expect that we are going to march our way to a new nominal high. I give it a 99% chance that QE3 will be announced on Thursday. There will be some form of quantitative easing announced on Thursday. That will be some combination of ceasing to pay interest on excess reserves or an outright schedule of monetary purchases.

 

“If that occurs, I think gold approaches its nominal high of $1,920 an ounce, and it inexorably rises close to $2,300 an ounce by early 2013. I do not measure the value of the US dollar against another flawed fiat currency like the euro. The ECB has already announced a ‘sterilized version’ of unlimited purchases of sovereign debt.

 

"Now as I went into my (latest) piece on King World News, these purchases will not be completely sterilized. ..."

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Gold, the Dollar, and the Euro – The Bottom Line - Casey Research

Gold, the Dollar, and the Euro – The Bottom Line - Casey Research | Gold and What Moves it. | Scoop.it
Investors who sell gold because the dollar appears to rise are stuck in a dangerous trading paradigm.

 

By Louis James

 

"One of the points we've made several times over the last year is that traders stuck in an old paradigm are frequently selling gold for the wrong reasons. The most egregious (or just plain silly) example is that gold often drops when the euro drops.

 

"This happens, not because there's anything wrong with gold at such times, but because gold is priced in dollars. Instead of being thought of as a store of value in many investors' minds, gold is viewed as a hedge against weakness in the dollar.

 

"But what are dollars priced in? Nothing, actually. Purchasing power is the underlying reality any "price" for dollars should get at, but that's hard to measure – and the government can't be trusted to report the truth about this. Unfortunately, in today's world currencies are valued in many people's minds by their "strength" in foreign exchange markets.

 

"Maybe that's in part because nobody believes CPI statistics anymore. At any rate, the dollar is frequently valued in relation to its main competitor for reserve currency status. In other words, to many players in the market, the dollar is priced in euros. ..."

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Name The New Reserve Currency: China Imports More Gold In 2012 Than All ECB Holdings | ZeroHedge

Name The New Reserve Currency: China Imports More Gold In 2012 Than All ECB Holdings | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden writes at www.ZeroHedge.com:

 

"The last time we looked at monthly Chinese imports of gold from Hong Kong in 2012, the comparable country in question was Portugal (whose citizens, if not central bank, incidentally have run out of gold to sell), because that is whose total gold holdings (at 382.5 tons) Chinese imports had just surpassed. Fast forward a month later, and the update is even more disturbing. In July, Chinese gold imports from HK, after two months of declines, have picked up once more and hit a 3-month high of 75.8 tons. While it is notable that this number is double the 38.1 tons imported a year prior, and that year-to-date imports are now a record 458.6 tons, well over four times greater than the seven month total in 2011 which was 103.9 tons, what is far more important is that in the first seven months of 2012 alone China has imported nearly as much gold as the total holdings of the hedge fund at the heart of the Eurozone, elsewhere known simply as the European Central Bank, and just as importantly considering the import run-rate has hardly slowed down in August, which data we will have in a few weeks, it is now safe to say that in 2012 alone China has imported more gold than the ECB's entire official 502.1 tons of holdings. ..."

 

Click through for the rest and the graphs.

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Gold importers on sidelines eyeing U.S. Fed | Reuters

Gold importers on sidelines eyeing U.S. Fed | Reuters | Gold and What Moves it. | Scoop.it

MUMBAI (Reuters)

 

"Indian gold importers preferred to stay on the sidelines as prices hovered near its peak, and traders waited for U.S. Federal Reserve's decision on possible measures to stimulate the economy.

 

"At 1:05 p.m., the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.06 percent higher at 31,925 rupees per 10 grams, very near to previous session's peak of 32,043 rupees.

 

"We are waiting for the FOMC (U.S. Federal Open Market Committee) to speak tomorrow... everybody is on wait and watch," said Ketan Shroff, director, Pushpak Bullion, a Mumbai-based wholesaler.

 

"The chances that the Fed would launch another round of quantitative easing this week have jumped after disappointing U.S. employment data, which pushed up spot gold on Friday to above $1,740 for the first time since the end of February. ..."

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Germany Says 'Great Uncertainty' About US Debt

Germany Says 'Great Uncertainty' About US Debt | Gold and What Moves it. | Scoop.it

"German Finance Minister Wolfgang Schaeuble questioned on Tuesday how the United States could deal with its high levels of government debt after November's presidential election. 

 

"In a speech to the Bundestag lower house of parliament to open a debate on the 2013 German budget, Schaeuble said worries about U.S. debt were a burden for the global economy, hitting back at Washington which has criticized Europe for failing to get a grip on its own debt crisis.

 

"In private, German officials often express concern about U.S. debt levels and the inability of politicians there to reach a consensus on how to reduce it, but Schaeuble's public remarks underscore the extent of the worries in Germany. ..."

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Gold could hit $2,500: Citi analyst

"Gold has had a good summer, rising more than 9 percent, but that move may be just the start, according to a bullish Citi precious metal analyst.


"Tom Fitzpatrick believes autumn will be golden in the beginning of a run-up that he says will culminate with the yellow metal hitting $2,500 an ounce in the first quarter of next year. The price now stands at $1,736 an ounce.

 

"In his client note this week, Fitzpatrick compares this upcoming rally to gold’s huge move higher in 2007. The report is based on technical analysis of precious-metals market moves that could cause a six-month gain of more than 60 percent, just like the bull run five years ago. ..."

 

Read more: http://www.nypost.com/p/news/business/gold_could_hit_citi_analyst_mUxaGUr2Pu3oRrBkkabBwI#ixzz26AvLa8uQ

 

hat tip to www.grandich.com

 

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Gold Firmer amid Consolidation; Key Events This Week Awaited - Forbes

Gold Firmer amid Consolidation; Key Events This Week Awaited - Forbes | Gold and What Moves it. | Scoop.it

"Comex gold futures prices are trading slightly higher Tuesday morning on some more chart backing and filling, and as traders and investors look forward to major news events this week. Gold and silver bulls remain technically strong on the charts. December gold last traded up $2.10 at $1,733.90 an ounce. Spot gold was last quoted up $6.90 an ounce at $1,732.25. December Comex silver last traded down $0.033 at $33.60 an ounce.

 

"Focus of the market place is not only on this week’s meeting of the Federal Open Market Committee of the U.S. Federal Reserve, but also on a German constitutional court ruling Wednesday on the validity of the European Stability Mechanism. There was a last-minute effort on Tuesday by some EU politicians to delay the court ruling, but those efforts quickly failed and the ruling will occur Wednesday. Dutch elections are also slated for Wednesday. The FOMC meeting starts on Wednesday and ends on Thursday with Fed Chairman Bernanke holding a press conference. Last week’s downbeat U.S. jobs report likely opened the door wider for a fresh U.S. monetary stimulus announcement by the FOMC. Such would be at least initially bullish for the stock and commodity markets. ..."

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