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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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Greyerz: We’re Dealing With Government Lies & Misinformation

Greyerz: We’re Dealing With Government Lies & Misinformation | Gold and What Moves it. | Scoop.it

Care to be shocked?

 

Egon von Greyerz tells King World News:

 

"... The US, like many parts of the world, has had a false prosperity built on debt. The total debt including government, private, banking, etc., is at least $60 trillion. When you add to that the unfunded liabilities, together they will be at least $70 trillion. So now you are up to $130 trillion of debt and liabilities.

 

"US derivatives, the official figures for the largest banks in the US, the total is roughly $250 trillion. If the numbers were correctly reported, I believe the derivatives figure would be closer to $400 trillion.

 

"So when you add in derivatives, the US has over a staggering $500 trillion of risk. You have to remember that’s at zero interest rates. Just look at the recent JP Morgan fiasco, the enormous risk that these derivatives represent. So you are talking about $500 trillion against a GDP of around $15 trillion.

 

"The leverage and debt in the US system is absolutely massive. The risk is enormous. The US has just been fortunate to have the focus be on Europe for quite some time. Soon the US will have the spotlight shined on it, and one day these derivatives will unravel. ..."

 

Be sure to click over for the full piece.

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The Biggest Financial Scam In World History | ZeroHedge

"There have been numerous big banking scandals recently.

 

"But the Libor scandal is the biggest financial scam in world history. See this and this.

 

"The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis . ..."

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“No Americans Need Apply” Jobs Ads Exposed By It Advocate Group; Demands ... - San Francisco Chronicle (press release)

“No Americans Need Apply” Jobs Ads Exposed By It Advocate Group; Demands ... - San Francisco Chronicle (press release) | Gold and What Moves it. | Scoop.it
“No Americans Need Apply” Jobs Ads Exposed By It Advocate Group; Demands ...San Francisco Chronicle (press release)these companies go to EEO-Rehab, Dice must step in and remove all job ads that even have a hint of discrimination, said Conroy,...
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Trader Dan's Market Views: Live or Die by the QE Sword

Trader Dan's Market Views: Live or Die by the QE Sword | Gold and What Moves it. | Scoop.it

from Trader Dan Norcini:

 

"... I do not know about you readers but I am more and more disgusted with what is happening to the trading/investing community in this modern financial system. They seem to have lost their collective minds and their ability to reason.

 

In a most perverse manner, (perverse is about the only word that I can find to express the sickness that pervades the financial system), the worse the economic data has become, the better the stock markets of the world seem to do. Rotten economic data out of China - why let's just buy copper and increase the price $0.25/pound in less than two weeks. After all, China is sure to lower interest rates and that will certainly ramp up demand once again. ..."

 

Preach it, Mr. Norcini!

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A central bank’s stock and trade is to engage in a legalized form of counterfeiting

A central bank’s stock and trade is to engage in a legalized form of counterfeiting | Gold and What Moves it. | Scoop.it

Michael Pento tells Eric King of King World News:

 

"... A central bank’s stock and trade is to engage in a legalized form of counterfeiting....

 

“But counterfeiting doesn’t do a very good job of encouraging businesses into expanding the amount of goods and services available for purchase; especially if the process has been well advertised.

 

"Bernanke believes in embracing Glasnost at the Fed. He wants everyone to know and understand the motives behind every action at the central bank. However, if everyone is aware that a massive round of counterfeiting is underway, it makes no sense for the economy to hire new workers or increase productivity.

 

"It is much easier to simply raise prices. If the newly created money isn’t backed by anything and does not represent any increase in goods and services in the economy, rising prices will result. ..."

 

[And showing up they are. Have you gone to the store lately and tried to buy those necessities for a family of four?]

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Yamada - Gold & Silver at Critical Points in This Cycle

Yamada - Gold & Silver at Critical Points in This Cycle | Gold and What Moves it. | Scoop.it

From King World News:

 

By Louise Yamada Technical Research Advisors, LLC ("LYA")

 

July 5 (King World News) - Gold spot price (GOLDS-1,597.40) is little changed over the month, unable to hold definitively above 1,600, yet still failing to break below critical support at 1,539 (see Figure 9). A more neutral range may continue for a time as the weekly momentum remains on a Sell, though the angle of decline has moderated. Sideways action could establish a shelf of repair for a renewed attempt to rise at a later date. Parameters remain the same as last month, awaiting either a break to a new low below 1,539, or a move up through 1,641 (price resistance) and then through 1,700 (downtrend line) to suggest an advance may sustain.

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Detroit to be hit by flesh and brain-eating zombie apocalypse (but only if live-action terror theme park plan is pushed through)

Detroit to be hit by flesh and brain-eating zombie apocalypse (but only if live-action terror theme park plan is pushed through) | Gold and What Moves it. | Scoop.it
Entrepreneur Mark Siwak wants to create live-action terror theme park 'Z World' on Motor City's run-down and abandoned streets.

 

So... Fleshing eating once-people to save Detroit. Yeah. It'll probably work. Free bath-salts for every customer.

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PRECIOUS-Gold gains on stimulus hopes after bleak data

PRECIOUS-Gold gains on stimulus hopes after bleak data | Gold and What Moves it. | Scoop.it

By Rujun Shen
SINGAPORE, July 3 (Reuters) - Gold gained half a percent on Tuesday, after weak global manufacturing data rekindled hopes for more easing from central banks to support recovery.


Gold thrives on abundant money supply and low interest rates, which increases inflation outlook and benefits bullion that is seen as a hedge against rising prices.

 

U.S. manufacturing shrank in June for the first time in nearly three years, following a string of data from Europe and Asia that suggested the euro zone debt crisis was reverberating throughout the global economy.

 

"You can take it as a sign that chances of QE (quantitative easing) are improving," said Dominic Schnider, an analyst at UBS Wealth Management in Singapore.

 

But this does not mean that a QE will come anytime soon, he cautioned, given the Fed just recently extended its "Operation Twist" programme which involves selling short-term securities to buy longer-term ones to keep long-term borrowing costs down.

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oftwominds-Charles Hugh Smith: Dear Person Seeking a Job: Why I Can't Hire You

oftwominds-Charles Hugh Smith: Dear Person Seeking a Job: Why I Can't Hire You | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Potential employers have to respond to the incentives and disincentives that exist in today's world, and those do not favor conventional permanent employees.

 

"I know you're hard-working, motivated, tech-savvy and willing to learn. The reason I can't hire you has nothing to do with your work ethic or skills; it's the high-cost Status Quo, and the many perverse consequences of maintaining a failing Status Quo.

 

"The sad truth is that it's costly and risky to hire anyone to do anything, and "bankable projects" that might generate profit/require more labor are few and far between. The overhead costs for employees have skyrocketed. So even though the wages employees see on their paychecks have stagnated, the total compensation costs the employer pays have risen substantially.

 

"Thirty years ago the overhead costs were considerably less, adjusted for inflation, and there weren't billboards advertising a free trip to Cabo if you sued your employer. (I just saw an advert placed by a legal firm while riding a BART train that solicited employees to sue their employers, with the incentive being "free money" for a vacation to Cabo.) ..."

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UK recovery unsustainable as economy stays weak - Reuters

UK recovery unsustainable as economy stays weak - Reuters | Gold and What Moves it. | Scoop.it
BBC NewsUK recovery unsustainable as economy stays weakReutersBy Jonathan CableLONDON, July 3 (Reuters) - Britain's economy is too weak toproduce a sustainable recovery, the British Chambers of Commercewarned on Tuesday, as a survey showed construction...
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Gold surges slightly in Vietnam

Gold surges slightly in Vietnam | Gold and What Moves it. | Scoop.it

"Saigon Jewelry Company, the biggest gold processer and trader in Vietnam, bought gold at VND41.81 million, and sold at VND41.96 million in HCMC; and VND41.98 million in Hanoi and the central city of Da Nang at 10.00am Vietnamese time.

 

"Sacombank quoted price at VND41.89 million for buying and VND41.93 million for selling at 10.30am Vietnamese time.

 

"Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND41.89 million for buying, and at VND41.95 million for selling at 10.53am Vietnamese time.

 

"Internationally, gold may gain as manufacturing in the U.S. trailed estimates, boosting prospects of further stimulus by the Federal Reserve to spur growth and increase demand for bullion as a haven. ..."

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IMF warns on U.S. economy

IMF warns on U.S. economy | Gold and What Moves it. | Scoop.it

NEW YORK (CNNMoney) -- "Boost the U.S. economy now and worry about cutting deficits later, the International Monetary Fund recommended Tuesday.


"The U.S. recovery remains "tepid" and according to the IMF, is expected to grow only 2% this year. Meanwhile, the fiscal cliff looms in 2013, threatening to reduce the economy's growth to only 1% next year.

 

"Amid that weakness and threats from slower growth abroad, the IMF recommended U.S. policymakers spend more on infrastructure, worker training programs, extended unemployment benefits and fixes for the housing market.

 

"Continued policy action is needed to boost the recovery," IMF Managing Director Christine Lagarde said at a news conference. "We believe the U.S. authorities do not have a lot of space available to act, but they should use it to support the recovery in the near term."

 

"The IMF also urged lawmakers to raise the debt ceiling as soon as possible. ..."

 

[Just kind of have to LOL at this kind of thing coming from the IMF. It's true of course in the sense that they see that things aren't good in the US economy, though one wonders at the effectiveness of the suggested ways to fix it.]

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Gold prices gather steam and rise above $1,600

Gold prices gather steam and rise above $1,600 | Gold and What Moves it. | Scoop.it

"... The European Central Bank (ECB) could be leading on the monetary front, with wide expectations for rates to hit a record low later this week. The run of poor data has boosted the case for U.S. policy stimulus further out.

 

"Gold typically gets support in a low interest rate environment as that cuts the opportunity cost of holding metal, with holders relying on rises in its outright value for returns.

 

"Over the last few weeks U.S. numbers have worsened a lot and this has brought about the probability of QE3 - which is probably the most important reason for the market to believe in gold," Commerzbank analyst Eugen Weinberg sa i d. ..."

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Unemployment To Remain High Through 2016: Report

Unemployment To Remain High Through 2016: Report | Gold and What Moves it. | Scoop.it

by Jeremy B. White:

 

"... Most of the 32 economists polled in an Associated Press Economy Survey forecast that the unemployment rate will remain above 6 percent for at least the next four years, significantly higher than the 6 percent or lower that would mark a robust economy.

 

"Unemployment has hovered stubbornly around 8 percent for months now, and economists predicted it will still be there come election day. That could spell bad news for Obama, but it might not change under a Romney administration.

 

"The election isn't going to be a miracle cure for the unemployment rate -- that's for sure," Sean Snaith, an economics professor at the University of Central Florida, told the AP. ..."

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Central Banks Move to Fuel Economy on 3 Fronts - New York Times

Central Banks Move to Fuel Economy on 3 Fronts - New York Times | Gold and What Moves it. | Scoop.it

by KEITH BRADSHER and MELISSA EDDY:

 

"In the span of less than an hour on Thursday, China’s central bank and the European Central Bank cut interest rates and the Bank of England stepped up its economic stimulus program.

 

"While the moves were not coordinated, they emphasize the concern financial officials have about a global economic slowdown and highlight the role central banks are playing in seeking to bolster growth.

 

"China’s central bank unexpectedly cut regulated bank lending rates by nearly a third of a percentage point and made a rule change that could reduce borrowing rates for companies with good credit by an additional three-fifths of a percentage point. ..."

 

 

The actions may not be coordinated, though the jury is still out, but the reaction is. 

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Central Banks Helpless As Denmark Goes NIRP, Cuts Deposit Rate To NEGATIVE 0.2% | ZeroHedge

Central Banks Helpless As Denmark Goes NIRP, Cuts Deposit Rate To NEGATIVE 0.2% | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"A few days ago we noted that the ECB may well be contemplating the monetary neutron bomb, which would see it lower rates to below zero, ushering in a Negative Interest Rate Policy. Today, Mario Draghi cut such speculation short promising the ECB has not discussed this. Yet one bank which certainly has is the Danish Central Bank, which just lowered its Discount Rate to 0%, joining China, England, the ECB, and, of course, Kenya in easing, but also went one step further and cut its deposit rate to negative 0.2%. Keep a note of this: NIRP is coming to a central bank, and shortly thereafter to a bank deposit branch, near you very soon. ..."

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The Rig Is Up... The battle to stop gold has been lost « Jim Sinclair's Mineset

from the desk of Jim Sinclair:

 

"My Dear Friends,

 

"Gold will go to and above $3500. This is the most important message I have sent you since 2001.

 

"There are very few of us dynamic thinkers that see everything as a trend constantly in motion. Anyone can be a static thinker, quoting recent economic figures or news headline (MSM), and coming up with a usually wrong opinion.

 

"The change today is that the "Rig Is Up."

 

"The Bank of England turning their backs on Barclays, the company who did their bidding, will be the event in time marking the trend change. ..."

 

Click through to read the rest if you care.

 

Jim Sinclair is a must follow as he has consistently been right and he, I believe, genuinely desires to alert people to the dangers ahead.

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'The mob learned from Wall Street': Eliot Spitzer on the 'cartel-style corruption' behind Libor scam

Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate-rigging scandal eng...

 

hat tip from Peter Grandich

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The Smartest Man is a Firedancer - Byron Wien

From Market Commentary

by Byron Wien:

 

“... In the short term interest rates should keep rising because debt is increasing faster than GDP. This should be true in the United States also, but capital is moving there for perceived safety reasons. After the defaults occur, there will be slow growth. The defaults will ultimately create a banking crisis, and that will result in a World Economic Conference where the leaders will agree on an objective of 7% nominal growth made up of the 2% real growth and 5% inflation.

 

“The Federal Reserve has to keep printing money to prevent a recession. Europe is already in a recession and the ECB will keep printing money, but the Fed may be more aggressive and that could weaken the dollar further. What we are experiencing is an accumulation of bad decisions. The worldwide banking system was able to work together effectively to deal with the financial crisis of 2008 but hasn’t done so well since then. The banks need more capital. Their loans are being written down. Their government bond holdings are declining in value. On top of this, Basel III is imposing additional capital requirements. How does that make sense? It’s impossible. I don’t know whether a default or an economic conference comes first, but in democracies, a crisis usually causes a conference. In the meantime, capital in Europe will continue to flee to Germany, Finland and the Netherlands. ..."

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If One Storm Can Turn D.C. Dark For Several Days, What Would A Massive EMP Burst Do?

If One Storm Can Turn D.C. Dark For Several Days, What Would A Massive EMP Burst Do? | Gold and What Moves it. | Scoop.it

[Good question]

 

"Sometimes we all get a little reminder of just how completely and totally dependent we are on the power grid. Massive thunderstorms that ripped through Ohio, West Virginia, Maryland, Washington D.C. and Virginia left millions without power over the weekend. At this point it is being projected that some people may not get power back until the end of the week. The "super derecho" storm that pounded the Washington D.C. area on Friday night with hurricane-force winds is being called unprecedented. But the truth is that there are other events that could happen that would be far more damaging to our power grid. For example, a substantial EMP burst over a major U.S. city would fry virtually all of the electronics in the city and take the power grid in the area down indefinitely. A gigantic EMP burst over the entire country (caused by a massive solar storm or a very large nuclear explosion high in the atmosphere) could theoretically take down the entire national power grid. Just try to imagine a world where nobody has any electricity, nobody can pump gas, nobody can use their credit cards or get any more money, where most vehicles won't start, where nobody has the Internet, where all cell phones are dead and where nobody can heat or cool their homes. That is how serious an EMP burst could potentially be. We are talking about an event that could be millions of times worse than 9/11. ..."

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Tom L's comment, July 4, 2012 4:27 AM
This is nothing but good, in an unfortunate way, for the forces of decentralization. You will note just how inept the whole thing is because there really is no incentive to get the power back on.
Hal's comment, July 5, 2012 9:57 AM
No incentive? Oh so? I understand your comment about decentralization, but hey, going without heat and ac is good incentive for me.
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WHEN TODAY’S EMPIRES FALL | The Prospector Blog

WHEN TODAY’S EMPIRES FALL | The Prospector Blog | Gold and What Moves it. | Scoop.it

"History tells of no other time or place as promising as the Roman Empire. We often refer to the fall of Rome but actually the fall was more like a long decline ending in a very poor dwindled down version of itself deeply divided into two parts. I can’t help but watch the United States (actually the entire world) follow the same mistakes that buried Ancient Rome and like the Roman Empire history will divide the blame according to wealth and social status. My goal is not to argue why Rome fell but simply compare its fall with ours today. Some readers continue to question gold’s worthiness but fail to connect historical dots proving why real money sustains monetary mistakes, like Ancient Rome and like America 2012. ..."

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Gold and DNA Could Create New Dark Matter Detector

Gold and DNA Could Create New Dark Matter Detector | Gold and What Moves it. | Scoop.it
By Olivia Solon, Wired UK

 

"A combined team of physicists and biologists aim to build a directional dark matter detector using strands of DNA and gold.

 

"Dark matter is a hypothesized type of matter which accounts for much of the mass of the universe. It cannot be seen, but its existence is inferred from its gravitational influence on visible matter and the structure of the universe. Some of the most popular models of dark matter suggest that it exerts itself on galaxy clusters and surrounds the Earth like a sea as it travels around the Sun, which in turn is slowly traveling towards the constellation Cygnus as it rotates around the galactic center.

 

"If this is the case, Earth should experience a “headwind” of dark matter in front of it (coming form the direction of Cygnus) for half of the year and a tailwind for the other half of the year, depending on where it is on its orbit around the Sun. ..."

 

"... They have created a detector using a thin gold sheet with many single strands of DNA hanging from it. The theory is that a particle of dark matter will smash into the heavy gold nucleus, pushing it out of the gold sheet and through into the DNA “forest”, knocking the strands out as it travels. ..."

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The Sovereign-Debt Crisis Is Coming to Asia | Uncommon Wisdom Daily

The Sovereign-Debt Crisis Is Coming to Asia | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it

Video with Tony Sagami:

 

"... The sovereign-debt crisis in Europe continues to dominate the news, after Cyprus became the fifth country to beg for a bailout. I’m sure more member nations will need rescuing before all is said and done, but there’s one country halfway around the world that may be in even worse debt trouble than anyone in Europe.

 

"The country in such danger isn’t some tiny emerging market, but Japan! Its debt-to-GDP ratio is 229%, nearly double that of Italy, nearly quadruple that of Spain, and by far the highest balance of any country in the world!

 

"Meanwhile, Japan’s benchmark stock index is still 77% below its peak in 1986. Can you imagine if your investments were worth a fraction of their value 25 years ago?

 

"The problem is that Japan, like Europe and the United States, thought it could borrow and spend its way to prosperity. But not surprisingly, all that strategy has done is expand Japan’s debt load at an alarming pace. ..."

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Jesse's Café Américain: Banker Fraud Is Undermining Confidence in the Markets

Jesse's Café Américain: Banker Fraud Is Undermining Confidence in the Markets | Gold and What Moves it. | Scoop.it

From Jesse:

 

"People forget, but there are times in history when the financial markets fall out of favor with investors because they lose confidence..

 

"And they now have very good reasons to doubt just about anything that Wall Street says.

 

"I think the low volumes indicate that the Wall Street wiseguys are pushing their luck. Once trust is lost, it is difficult to get it back.

 

"And if justice long denied comes in a rush to Wall Street, hell may come with it. History shows us that. ..."

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Euro Crisis Breakthrough Breakdown - Nigel Farage

Donate to UKIP: http://www.ukip.org/donations | http://www.ukipmeps.org | http://twitter.com/#!/Nigel_Farage • European Parliament, Strasbourg, 3 July 2012 •...

 

"The wheels are coming off."

 

hat tip to http://www.zerohedge.com/

 

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