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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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Paradigm Collapse - Casey Research

Paradigm Collapse - Casey Research | Gold and What Moves it. | Scoop.it

David Galland writes:

 

 

"Though Webb's analysis was excellent, it was near the end of his presentation, when he got into his reasons for moving his trading business to Sweden, that the audience visibly sat up in their seats. So much so that when he ran over his allotted time and the moderator tried to gently urge him from the stage, members of the audience began shouting out to let Webb continue.

 

"The reason for his move to Sweden, you see, is that Webb has carefully studied recent court cases and regulatory rulings. Taken together, it is clear that we as individual investors have lost pretty much all the important protections against brokers and bankers making off with our funds á la Corzine at MF Global. Thus, even though no one disputes that MF Global shifted funds from segregated accounts to cover losses elsewhere in the business – the new regulatory and legal regime makes that perfectly okay. So, no, Corzine isn't going to jail. And yes, it means your money is not safe in any US financial institution.

 

"Making matters worse, Webb pointed out, the pyramid of derivatives hanging over the world's financial institutions is now greater than $600 trillion (I think that was the number, but maybe it was $600 quadrillion – at this point, does it really matter?). As a consequence, these institutions are at risk of getting wiped out in the literal blink of an eye.

 

"What's an investor to do to protect themselves? While I am only skimming the surface in this piece, solutions suggested by various faculty members typically revolved around diversification. If you do nothing else, spread your assets among various accounts, including placing funds outside of the US (Canadian banks were mentioned) and diversifying into real estate, metals, etc. In Webb's case, he picked up his business and moved to Sweden where the game is not rigged as it now is in the US. ..."

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Embry - We Are Seeing Mounting Shortages Of Gold & Silver

Embry - We Are Seeing Mounting Shortages Of Gold & Silver | Gold and What Moves it. | Scoop.it

With gold on the move once again, today John Embry told King World News, “I’m still of the mind that we will be in record territory before year end.” Embry also said, “We did our bit by buying another $392 million worth of gold for the Sprott Physical Gold Trust.” Embry spoke about silver, “I’m wildly bullish on silver. I don’t think the physical market has ever been this tight.”

 

Here is what Embry, who is Chief Investment Strategist at Sprott Asset Management, had to say: “I think the action is positive, but at the same time I’m infuriated by the continued interference with the markets by the powers that be. There is tremendous manipulation going on in both gold and silver right now. Two days before the QE announcement they dropped the price of silver about $1.50 in a nanosecond.”

 

“It’s the same games being played by the same people, and it’s going to end horribly because all the manipulation is doing is creating wonderful buying opportunities for the Chinese, the Russians, and the rest of the central banks that know full well what’s going on.

 

"In the fullness of time, this group of manipulators will be seen to have eclipsed the blunders and the folly of the original London Gold Pool.... "

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Aquarius Platinum and Xstrata halt operations in S.Africa | MINING.com

Aquarius Platinum and Xstrata halt operations in S.Africa | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"Aquarium Platinum (LON,ASX, JSE:AQP) and Xstrata (LON:XTA) are the latest casualties of the ongoing labour unrest in South Africa. Both companies announced Friday they have suspended operations, as police swooped on striking protesters.

 

"Aquarius Platinum Limited advises that the company had decided to temporarily suspend mining operations at the Kroondal Platinum Mine," said the company in a statement. ...

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oftwominds-Charles Hugh Smith: We Need a New Stock Market

oftwominds-Charles Hugh Smith: We Need a New Stock Market | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"We need a new stock market exchange that is a transparent, retail-trader friendly alternative to the manipulated HFT-dominated pseudo-market we now put up with.

 

"As I noted in The Stock Market Is an "Attractive Nuisance" and Should Be Closed, the stock market now bears little resemblance to traditional markets. Today's market has as much in common with the market of the 1960s as a horse-drawn carriage has with a Formula 1 race car. Most of the trading on the market is done by computers that hold shares for perhaps 11 seconds before skimming a slice from investors who lack the high-speed data flows from the exchanges, warp-speed processing power and sophisticated algorithms.

 

"Can the current pseudo-market be restored to a true open market? To explore this question I contacted financial reporter Scott Patterson, author of the new must-read book Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System (print) (Kindle).

 

"CHS: Your book poses this question: what can we do to restore the integrity of our stock markets? ..."

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QE, Zimbabwe, And The Surreptitious 30% Haircut Every Decade | ZeroHedge

Wolf Richter   www.testosteronepit.comDizzying QE gobbledygook is upon us once again.

 

"... Its Zero Interest Rate Policy will stay in place indefinitely, the Fed reassured us, as it pushed its ZIRP horizon from mid-2014 to mid-2015, to be extended ad infinitum. Make it up with higher wages? Um, no. Wage increases must lag behind inflation ... to make wages competitive with those in China or Mexico. And that’s been happening since 2000 [read.... The Pauperization of America].

 

"That’s the kind of inflation modern central banks collude to create. When it gets out of hand, they know how to slow it down. These folks are smart and powerful, and unlike the guys in Zimbabwe, they know what they’re doing. Governments, the financial industry, and large corporations benefit from “contained” inflation as it pays off part of their massive debts. They’re the constituents of central banks. Others benefit as well, such as homeowners, but they’re just bystanders. And anyone who owns that crappy debt gets a haircut.

 

"Once inflation edges towards 10% per year, even the Fed’s constituents no longer benefit from it, but are threatened by it. And a consensus forms among central bankers to act, however painful it will be for everyone else—and suddenly, the “maximum employment” mandate is out the window.

 

"So here’s a thought: Gold! ..."

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UPDATE: Lonmin workers reject R5,500 pay offer - PLATINUM GROUP METALS - Mineweb.com Mineweb

UPDATE: Lonmin workers reject R5,500 pay offer - PLATINUM GROUP METALS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Author: Mish Molakeng

 

MARIKANA, SOUTH AFRICA (REUTERS) -

 

"Wildcat strikers at Lonmin's Marikana mine rejected a pay offer on Friday, dashing any hope of ending five weeks of industrial action that has swept through South Africa's platinum sector and laid bare the power struggle in the ruling ANC.

 

"Workers camped on a rocky outcrop at the mine, where police shot dead 34 protesters last month, dismissed the offer as way below the 12,500 rand ($1,500) they have been demanding.

 

"We are not interested," striker representative Molifi Phele said as hundreds of stick-waving demonstrators chanted and danced around him on the sun-bleached grass in the heart of the 'platinum belt', 100km (60 miles) northwest of Johannesburg.

 

"What he is offering cannot buy you anything. All we want is 12,500. ..."

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Gold edges higher on QE, but correction expected

Gold edges higher on QE, but correction expected | Gold and What Moves it. | Scoop.it

by Eric Onstad:

Reuters:

 

"... After the move we had, not just yesterday, but over the last two or three weeks I think it would be natural to look for a period of consolidation," said Tom Kendall, an analyst at Credit Suisse in London.

 

"But certainly going into the back end of this year, I would be looking for gold to be getting towards at least the $1,850 level. ...."

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Trader Dan's Market View on QE3: Which One would You Want to Own???

Trader Dan's Market View on QE3: Which One would You Want to Own??? | Gold and What Moves it. | Scoop.it

Dan Norcini on the QE3 announcement:

 

"Now that the Fed has made it abundantly clear that they intend to further debauch the US Dollar so as to keep Wall Street happy, watch for gold to once again begin outperforming against US Treasuries. Notice that each previous round of QE, has sent the yellow metal higher against the price of the long bond as the latter appropriately responds to an increase in inflation expectations by such activity. ..."

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In The News Today « Jim Sinclair's Mineset

In The News Today « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

From Jim Sinclair:

 

"My Dear Friends,

 

"In the last few weeks you have gotten coordinated international central bank action of an unprecedented nature. The reaction is to an extremely severe international financial problem beyond even what we suspect. It is without any question QE to infinity. It will spur something, but not what is expected by MSM.

 

"Regards,
"Jim"

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Peter @Grandich on #QE3 and #Gold

Peter @Grandich on #QE3 and #Gold | Gold and What Moves it. | Scoop.it

by Peter Grandich:

 

"The Fed’s “All-In” move may keep the house of cards from folding until 2013 and greatly help Obama limp over the finish line, but it shall prove to be the last silver bullet before a long period of economic, social, political and spiritual upheaval grips America for years to come. ...

 

"... While we can see a period of consolidation on either side of $1,800, the upside remains wide open. Go back and look and see what was being said when gold was in the low $1,500’s. Bears were running wild and the vast, vast, vast majority of gold commentators had turned very cautious, if not outright bearish. Let it not be said that at a critical point, yours truly was willing to bet $2 million reasons why gold was going over $2,000.

 

"Any and all excess was washed out in the almost year-long correction/consolidation so it shall likely be a long period before we get seriously overbought again. The perma-bears have never grasped the earth-shattering changes to the gold market and much of the financial media shall continue to follow these pied-pipers over the cliff as gold marches towards and over $2,000 ...."

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Twitter / alexdgn: @reinman_mt Millionaire nation! ...

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The One Big Problem With QE To Infinity | ZeroHedge

The One Big Problem With QE To Infinity | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"There is one big problem with the Fed's announcement of Open-Ended QE moments ago: it effectively removes all future suspense from FOMC announcements. Why? Because the Fed has as of this moment exposed its cards for all to see from here until the moment it has to start tightening the money supply (which may or may not happen; frankly we don't think the Fed tightens until hyperinflation sets in at which point what the Fed does is meaningless). It means easing is now effectively priced into infinity ..."

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Trader Dan's Market Views: The Fed and the ECB determine to Destroy the Middle Class

Trader Dan's Market Views: The Fed and the ECB determine to Destroy the Middle Class | Gold and What Moves it. | Scoop.it

Trader Dan writes:

 

"While Wall Street cheers the actions by the Fed to further enlarge its already bloated Balance Sheet, those of us who live on Main Street should get accustomed to further increases in our food and energy costs. What I find rather perverse, is the statement by the FOMC that "longer term inflation expectations remain stable". Yeah, maybe on the salaries and wages front but sure as hell not on the raw materials front.

 

"Take a look at where hedge fund money is now flowing - right back into the hard or tangible assets category again. Get used to higher gasoline and heating oil prices and brace yourself for the food sticker shock you are going to experience in the weeks and months ahead. ..." click through for the rest and the graphs.

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Guest Post: Get Ready For An Epic Fiat Currency Avalanche | ZeroHedge

Guest Post: Get Ready For An Epic Fiat Currency Avalanche | ZeroHedge | Gold and What Moves it. | Scoop.it
From Brandon Smith of Alt-Market

 

"What is it that makes Keynesians so insanely self destructive? Is it their mindless blind faith in the power of government? Their unfortunate ignorance of the mechanics of monetary stimulus? Their pompous self-righteousness derived from years of intellectual idiocy? Actually, I suspect all of these factors play a role. Needless to say, many of them truly believe that the strategy of fiat injection is viable, even though years of application have proven absolutely fruitless. Anyone with any sense would begin to question what kind of madness it takes to pursue or champion the mindset of the private Federal Reserve bank…

 

"Quantitative easing has shown itself to be impotent in the improvement of America’s economic situation. Despite four years of free reign in central banking, employment remains dismal in the U.S., the housing market continues its freefall, and, our national debt swirls like a vortex at the heart of the Bermuda Triangle. Despite this abject failure of Keynesian theory, the Federal Reserve is attempting once again to convince you, the happy-go-lucky American citizen, that somehow, this time around, everything will be “different”.

 

"Sadly, as I discussed in August of this year, not only has the Fed announced a new and UNLIMITED round of stimulus measures, but the European Central Bank has also devised its own bond buying free for all ..."

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Russia raises interest rates by 0.25% — RT

Russia raises interest rates by 0.25% — RT | Gold and What Moves it. | Scoop.it

"The Russian Central Bank raised all of its key interest rates by a quarter point on Thursday, in a surprise move that is hoped will tame inflation which stands at 6%, in close proximity to the Economy Ministry's annual forecast of 7%.

 

"This is the first hike since December 2011.

 

"Last week the bank said inflation had reached 6.3% year-to-year, the upper limit of the central bank's target for year-end inflation; caused by higher food prices due to a poor harvest this year, and a planned rise in utility rates.

 

"In other countries slowing growth is putting pressure on central banks to keep rates low, or cut them – as has been done recently in Brazil, India and China.


"Russia’s GDP growth has slowed following a fall in European demand for oil and gas. The Economy Ministry now predicts 3.5% growth for the full year, with second-half growth below 3%.


"Despite an economic slowdown, the Russian government is more concerned about rising prices, leading to the central bank’s failure to meet its inflation target of 5-6 percent for 2012. ..."

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GCS Business Studies's curator insight, September 19, 2014 8:03 AM

Read this A2 students

Merle Schenk's comment, March 16, 10:30 AM
By increasing interest rates the monetary banks increase the incentive to save and the MPS grows and since savings are a leakage, AD decreases, hopefully leading to disinflation. Problem is that Russia is not working at full capacity, so national output will decrease as well. It is a desperate measure of Russia to stabilize the Rubl which is very unlikely to work and Russia today is a very biased newspaper and doesn't mention sanctions against Russia for instance weakening the Rubl.
Leo H.'s comment, March 20, 4:31 AM
Why is Russia targeting to increase interest rates and what could be the negatives of that policy? Thanks for answering my question Merle.
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Dollar no longer primary oil currency as China begins to sell oil using Yuan

Dollar no longer primary oil currency as China begins to sell oil using Yuan | Gold and What Moves it. | Scoop.it

BY: KENNETH SCHORTGEN JR

 

"On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, announced the most significant event to affect the U.S. dollar since its inception as a currency. For the first time since the 1970's, when Henry Kissenger forged a trade agreement with the Royal house of Saud to sell oil using only U.S. dollars, China announced its intention to bypass the dollar for global oil customers and began selling the commodity using their own currency.

 

"Lindsey Williams: "The most significant day in the history of the American dollar, since its inception, happened on Thursday, Sept. 6. On that day, something took place that is going to affect your life, your family, your dinner table more than you can possibly imagine."

 

"On Thursday, Sept. 6... just a few days ago, China made the official announcement. China said on that day, our banking system is ready, all of our communication systems are ready, all of the transfer systems are ready, and as of that day, Thursday, Sept. 6, any nation in the world that wishes from this point on, to buy, sell, or trade crude oil, can do using the Chinese currency, not the American dollar. ..."

 

hat tip to http://twitter.com/roohaaneealou

 

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THE EPICENTER OF A GLOBAL ECONOMIC CORRECTION - The Prospector Blog

THE EPICENTER OF A GLOBAL ECONOMIC CORRECTION - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com

 

"Many years from now very smart academics will attempt to pinpoint the spark that ignited the greatest currency correction known to man. They will dig through layers of information but only the ones willing to accept a hard truth will diagnose this epicenter correctly. When defining history it’s sometimes easier to clip its corners than to admit a failed monetary system trickled wealth away from under the noses of so many. It is painful for this writer to watch history unfold one news headline at a time. All the hoping, and blogging, changes little when compared to the magnitude of economic ignorance that allows central bankers around the world to dish out cash to a chosen few while the rest watch their currency turn to dust.


"I personally watch this global economic correction with mixed emotions as a person faithfully storing my children’s wealth in gold & silver. ...."

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Consumer Confidence Soars On Inflation Expectations... Dropping | ZeroHedge

by Tyler Durden on www.zerohedge.com

 

"There was a time when it took at least some digging to cut through the manipulated headline data. Not so much any more. The latest UMichicagn consumer confidence data point is out, and it being an election year and all, and there needing to be some immediate validation of the massive stock surge in the aftermath of our own Gideon Gono going full retard, posted the biggest positive surprise to expectations in well... ever, printing at 79.2, on expectations of 74.0, up from 74.3. This was the highest print since May, which occurted not on the conditions component, but the expectations, which soared from 65.1 to 73.4. And here is the punchline: why did consumers get more confident? Because in the period from the last month they priced in more... drumroll... deflation! 1 and 5 year inflation expectations declined from 3.6% and 3.0%, to 3.5% and 2.8%. And that's how we know they don't even bother to mask the lies any more."

 

click through for graphs and charts.

 

It really is amazing anymore how numbers are manipulated so blatantly. I suppose it's because the one's in power really have no fear of consequences if they are found out.

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Watch platinum as it closes the gap on gold - PLATINUM GROUP METALS - Mineweb.com Mineweb

Watch platinum as it closes the gap on gold - PLATINUM GROUP METALS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

"Platinum prices are being boosted by the ongoing labour problems affecting the major producers in South Africa coupled with a rising trend for gold and the other precious metals that tend to move with it."

 

Author: Lawrence Williams

 

LONDON (MINEWEB) -


"The platinum double-whammy is already beginning to take effect as it closes the big price gap on gold, and given the ongoing labour problems in South Africa one shouldn't be too surprised if the difference narrows even further. Indeed, perhaps platinum could even return to its normal position of commanding a premium over gold should the unrest on the platinum mines continue. And there's certainly no end in sight yet.

 

"The big dip in the platinum price, which took it down below gold in the second half of last year, where it has stayed since, has largely been due to a perceived substantial production surplus as demand has been affected by the global economic downturn given that nowadays platinum is primarily an industrial metal, although with jewellery overtones. With the South African mines hugely dominant in terms of global supply, this side of the equation is being drastically reduced with serious production disruptions at all three of the world's top producers - Anglo Platinum (Amplats), Impala Platinum (Implats) and Lonmin. Last year's platinum surplus was estimated at around 400,000 ounces and the loss in South African production through the ongoing labour problems, which have turned extremely nasty, has to be already approaching this figure - indeed it may even have exceeded it with Lonmin's big Marikana mine still at a standstill and the No. 1 producer, Amplats, having had to suspend operations at its massive Rustenburg operations for worker safety reasons given intimidation by other striking workers in the area, as well as by political agitators. Implats too has not been immune from disruptions - and indeed was the original seat of the labour difficulties in the area with major loss in production as a result early this year, and new pay rumblings within its workforce.

 

"Double whammy? However illogical it may be platinum group metals are affected by the gold price and broadly if the latter rises, pgm prices do too. The U.S. Fed's latest stimulus announcement has not only thus seen a substantial jump in the gold price, but an even larger one in platinum in percentage terms with the latter closing the gap ...."

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Ed Steer's Gold & Silver Daily on QE3

Ed Steer's Gold & Silver Daily on QE3 | Gold and What Moves it. | Scoop.it

Ed Steer:

 

"... Well, we have officially passed the event horizon...and there's no turning back. We knew that fiat currencies were doomed, but now it's official. It has now become a death watch, not only for the U.S. dollar...but all the world's currencies...and yesterday was just the opening shot across the bow...."

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We Are Now Beginning The Last Wave Of Gold’s Major Uptrend

We Are Now Beginning The Last Wave Of Gold’s Major Uptrend | Gold and What Moves it. | Scoop.it

Paul Brodsky tells King World News:

 

“...We see the $40 billion a month in mortgage backed securities purchases as being a way to put your thumb in the dyke. We think it’s only going to get larger. There is much more of this to come. The frequency of further QE announcements is going to be greater, and it’s ultimately going to lead to much higher resource and precious metals prices.

 

"Gold was up today, but what I really think we are looking at is a fundamental shift in investor psychology in that there is only so much central banks can do in terms of real economic stimulation. Meaning they can’t. So, again, what we are looking at is a deleveraging process that has to take place. There is nothing that fiscal policy can do about it.

 

"We also think we are beginning the next and last wave of gold’s uptrend. In reality, the move today was muted. ..."

 

 

[Keep an eye on where gold is going with the free real time Adobe Air Widget Exact Price at http://www.learcapital.com/exactprice ; ]

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Norcini - A Violent Wave Of Short Covering In Gold & Silver

Norcini - A Violent Wave Of Short Covering In Gold & Silver | Gold and What Moves it. | Scoop.it

Dan Norcini told King World News:

 

"... But people have to remember that wages are still relatively flat in both Europe and the US. The jobs environment in the West is dreadful. This means that the already stressed consumers in the West are going to be hit with another round of inflation at a time when they can least afford it.

 

"So we will continue to see the middle class being wiped out on both sides of the Atlantic. Having said that, from an investment perspective, this is the type of stagflationary environment where gold and silver can continue to soar, just as they did in the 70s.”

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This is the END GAME email « Jim Sinclair's Mineset

Email to Jim Sinclair I thought worth noting in regard to the FED's QE3 announcemnt:

 

Jim,

 

LET’S THE GAMES BEGIN!

 

The Fed announced the beginning of QE3 with $40B in purchases of Mortgage Backed Securities PER MONTH without stating any end date or dollar amount. Here is the statement:

 

http://www.federalreserve.gov/newsevents/press/monetary/20120913a.htm

 

"the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month."

 

"If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability. "

 

No limits. No end date. This is QE to INFINITY!

 

Make no mistake… this is all on purpose. This is the END GAME and the blame for the global meltdown will be placed, rightfully, on the shoulders of the Federal Reserve.

 

Basically, the Fed has chosen to FALL ON IT’S OWN SWORD!

 

The Gold and Silver move upward has caught all the shorts off guard. The Bad Guys are in deep, deep trouble as they took their cues from the likes of Jeffrey Christian and Jon Nadler who were advising EVERYONE to short gold and silver.

 

Now it gets exciting!

 

PS – Ron Paul just happens to be speaking tomorrow night at the Liberty Political Action Conference. If you think that is a coincidence then I have some lovely swamp land to sell you in Florida!

 

The world is about to change.

 

May the Road you choose be the Right Road.

Bix Weir
www.RoadtoRoota.com

 

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How long before money collapses and what will it mean for gold?

How long before money collapses and what will it mean for gold? | Gold and What Moves it. | Scoop.it

Adrian Ash writes:

 

"... Can the Money System Collapse?


"The thought seems unrealistic to people because it's what we use every day. But the money we use is entirely reliant on government and its central bank. If their performance does not meet the criteria required by money then confidence in that money will collapse eventually. It's clear that all currencies are not performing well at the moment as the balance sheet of most nations (except China) gets weaker and weaker. If most nations were individuals, then they would have been bankrupted by now.

 

"A look back in history shows that not one paper currency system has lasted throughout the centuries, with the exception of those based solely on gold and silver which remain as money assets all the way.

 

"Not today, you may well answer! We say oh, yes, today too. Despite all the rhetoric since 1971, gold remains in the bulk of the world's leading reserves for that rainy day when something else is needed other than the currency issued by the nation's central bank.

 

"How Does Money Collapse?

 

"Look back at Argentina in the 1990's and you see it using the U.S. dollar, but the economy of Argentina could not support the use of the dollar so it reverted to the Peso after savaging its citizen's dollar savings in exchange for that Peso. That was a ‘collapse' of their currency. If the Greeks return to the Drachma ..."

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US Economy To Grow 2% Or Less This Year: Fed

US Economy To Grow 2% Or Less This Year: Fed | Gold and What Moves it. | Scoop.it

"The Federal Reserve lowered its expectations for U.S. economic growth this year, according to minutes from the latest meeting of the U.S. central bank's interest rate-setting panel, but the bank stood by its forecast on 2012 unemployment.

 

"Further, the Fed boosted its outlook for GDP growth in 2013 and 2014.

 

"The Fed's "central tendency" projection for the nation's GDP this year is for it to grow in a range of 1.7 percent to 2 percent, according to minutes released Thursday. That's down from the bank's June projection of 2012 GDP growth of 1.9 percent to 2.4 percent. "Central tendency" projections omit the three highest and lowest forecasts contributed by regional bank presidents and Fed governors.

 

"The bank also expects inflation of personal consumption expenditures to rise this year to a range of 1.7 percent to 1.8 percent, up from its June projection of 1.2 percent to 1.7 percent.

 

"The central bank continues to estimate that unemployment this year will average 8 percent to 8.2 percent. ..."

 

I guess the lowered expectation is the new normal. 

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