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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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$2200 is a realistic target for gold in 2013: Hug | MINING.com

$2200 is a realistic target for gold in 2013: Hug | MINING.com | Gold and What Moves it. | Scoop.it

by Marc Howe:

 

"Kitco's head of precious metals Peter Hug says gold prices are on track to hit the $2200 level next year.

 

"In an interview with Daniela Cambone Hug says that although he does not see gold reaching such lofty heights prior to the year's end as optimistically envisaged by financial institutions such as Deutsche Bank, $2200 at some stage in 2013 nonetheless remains a "realistic target."

 

"According to Hug once the key psychological threshold of $2000 is overcome the $2200 target should be well within reach.

 

"Hug further observes ..."

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China banks snubbing IMF, World Bank events | The Japan Times Online

China banks snubbing IMF, World Bank events | The Japan Times Online | Gold and What Moves it. | Scoop.it
AFP-Jiji


"Chinese banks have pulled out of events linked to annual meetings of the International Monetary Fund and World Bank in Japan next week, according to a report, as Tokyo and Beijing remain locked in the vicious diplomatic clash over the Senkaku Islands.

 

"Dow Jones Newswires reported Tuesday it is just the latest sign that the festering territorial dispute is having a wider impact on bilateral, and now multilateral, ties.

 

"Quite frankly, it's Japan-China relations," Dow Jones quoted an official at the Tokyo branch of the Agricultural Bank of China as saying about the bank's withdrawal from IMF-related events in Tokyo.

 

"The bank is still sponsoring and participating in a meeting of the Institute of International Finance, a global association of financial institutions, that will take place on the sidelines of the main IMF meeting, the report said, citing another official.

 

"The Bank of Communications also has pulled out from IMF-related events, Dow Jones reported, adding that the China Construction Bank is claiming its officials have scheduling problems that will prevent them from taking part. The Bank of China has not decided whether its representatives will attend the IMF meetings, according to the report. ..."

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Eye on Equities: Gold Bears Head For the Hills - Ed Steer's Gold & Silver Daily

Eye on Equities: Gold Bears Head For the Hills - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

I would contend that the effort to force the CFTC to end the silver manipulation (and their continued silence) has legitimized the allegations. Let’s face it, in making public allegations about [and to] the CFTC, JPMorgan and the CME Group, we are at the very top of the financial hierarchy. That these entities can’t respond to the allegations openly, is empowering. - Silver Analyst Ted Butler, 03 October 2012

 

Grabbed from Ed Steer's Gold and Sivler Daily. Something to chew upon.

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Strong rupee to support India Gold buyers

Strong rupee to support India Gold buyers | Gold and What Moves it. | Scoop.it

MUMBAI(BullionStreet): "A strong rupee gave India's gold buyers a reprieve, pushing local gold prices to a five-week low and luring gold importers to stock up bullion for upcoming festivals, Reuters reported.

 

"India's festival and wedding season will start in late October and will peak at next month's Diwali and Dhanteras, traditionally marked by a frenzy of purchases of gold as gifts and dowry.

 

"The most-active gold for December delivery on the Multi Commodity Exchange (MCX) struck an intra-day low of Rs 30,969 per 10 grams, the lowest since August 31.

 

"There is heavy demand, because the rates have come down on rupee appreciation," said Ganesh Agarwal, director of Shiv Sahai and Sons India Limited, a Chennai-based wholesaler, adding that investors were also among recent gold buyers. ..."

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QE Is Working And Will Continue To Do So « Jim Sinclair's Mineset

QE Is Working And Will Continue To Do So « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Jim Sinclair writes:

 

"QE works and It will continue to work if you understand the tool and the target of the tool. All those that so righteously declare that QE does not work are dead wrong and making public jerks of themselves among those that know.

 

"It works alright, but employment and general economic activity are not the primary focus of this tool. The primary focus of QE is to prevent bankruptcy in financial entities and countries so far. It will be used to prevent state and pension fund bankruptcies. That is fact, not conversation.

 

"I am not speculating that this will occur. I am telling you there is no other tool and like QE to infinity, before anyone noticed it arrived, is now focused on countries. I know it, not think it.

 

"Those that converse or write both inside and ..." click through for the rest.

 

Gold going beyond $3500, Jim says.

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PIMCO | Investment Outlook - Damages

by William H. Gross:

 

Hat tip to www.jsmineset.com 

 

"... Well, Armageddon is not around the corner. I don’t believe in the imminent demise of the U.S. economy and its financial markets. But I’m afraid for them. Apparently so are many others, among them the IMF (International Monetary Fund), the CBO (Congressional Budget Office) and the BIS (Bank of International Settlements). I hold on my lap as I write this September afternoon the recently published annual reports for each of these authoritative and mainly non-political organizations which describe the financial balance sheets and prospective budgets of a plethora of developed and developing nations. The CBO of course is perhaps closest to our domestic ground in heralding the possibility of a fiscal train wreck over the next decade, but the IMF and BIS are no amateur oracles – they lend money and monitor financial transactions in the trillions. When all of them speak, we should listen and in the latest year they’re all speaking in unison. What they’re saying is that when it comes to debt and to the prospects for future debt, the U.S. is no “clean dirty shirt.” The U.S., in fact, is a serial offender, an addict whose habit extends beyond weed or cocaine and who frequently pleasures itself with budgetary crystal meth. Uncle Sam’s habit, say these respected agencies, will be a hard (and dangerous) one to break. ..."

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Bullion is Breaking Out to the Upside | Resource Investor

Bullion is Breaking Out to the Upside | Resource Investor | Gold and What Moves it. | Scoop.it

by The Mad Hedge Fund Trader via www.grandich.com 

 

"Look at the $25 move in gold on Friday, and it’s clear that an upside breakout is imminent. It made this move on a whisper of a rumor about a speculation that China may take out an eyedropper and tickle their economy with a few more drops of stimulus.

 

"This is proof positive of how sensitive the barbarous relic is to global QE/stimulus. Given that we can expect a steady dose of this medication from central bankers for years to come, the outlook for gold today is probably better than for any other single asset class. Gold charts are breaking out all over and have already broken out to new all-time highs against the Swiss franc, the Australian dollar, and the Euro. It is just a matter of time before the party spreads to the dollar.

 

"Why is monetary easing so crucial for gold’s outlook? Take a look at the chart below showing the Federal Reserve Bank of St. Louis adjusted monetary base. When QE2 was launched, the base grew exponentially, and so did the price of gold, from $1,100 an ounce to $1,922. When QE2 ended in June, 2011 the monetary base flat-lined, and so did the barbarous relic, falling back to $1,500. ..." 

 

Click through for the charts and rest of the analysis.

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Debt infection treatment: Recipe for US — RT

Debt infection treatment: Recipe for US — RT | Gold and What Moves it. | Scoop.it

"It’s necessary to focus first on real growth and some kind of austerity, not continuous rounds of money injections, that’s the formula for economic success the former US Cabinet Member Carlos Gutierrez explained to Business RT.

 

"Currently the country has the same debt level as one of the main troublemakers in Europe – Greece, according to Carlos Gutierrez who is currently a Vice Chairman of Citigroup's Institutional Clients Group.

 

“The US debt is $16tln, more than the economy can stand… and we haven’t done anything to cut it,” he says. In this situation some kind of austerity measures is absolutely necessary, Gutierrez added.

 

“It could be “phased austerity”, it doesn’t necessarily need to be one hit at the same time, but it has to come,” he said.

 

"Trying to revive the US economy by a straightforward patching of the budget gaps with massive amounts of money known as Quantitative Easing (QE) has recently become the №1 measure for the country’s authorities. First launched in the US in 2008 the latest third round of money printing is set to bring $40bln a month into a bond purchasing program, which will be coupled with an extremely low interest rate policy until at least mid-2015.

 

“The only reason for their resorting to massive amounts of liquidity is that the fiscal policy has not worked. So, they have to resort to the last resort, which is the Federal Reserve´s balance sheet,” as Carlos Gutierrez explained. "

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Gold Hits Record High in Euros and it’s Setting Up for Another Rally | The Daily Gold

Gold Hits Record High in Euros and it’s Setting Up for Another Rally | The Daily Gold | Gold and What Moves it. | Scoop.it

by Chris Vermeulen:

 

"The price of gold hit a record high this past week . . . in euro terms (at about 1380 euros). The record came after a number of actions by central banks around the world, trying to stimulate their respective economies. The actions, usually centered around money printing, once again had investors looking for refuge in gold.

 

"Since the beginning of September, investors have bought about 75 tons of gold through exchange traded funds. Reuters says that gold ETFs, such as the largest gold ETF – the SPDR Gold Shares (NYSE: GLD), are on track for their biggest quarterly inflows in over a year, of 3.285 million ounces. Finally, according to UBS, investors have also raised their bullish bets on gold futures to the highest level in more than a year.

 

"All the world’s major central banks took action recently including the Bank of Japan which launched a fresh round of monetary stimulus. The main action though was centered in Europe and the United States. The European Central Bank has promised to buy an unlimited quantity of eurobonds going forward. And the Federal Reserve announced its third round of monetary stimulus, QE3, that promises to buy $40 billion of mortgage-backed securities monthly on top of its ongoing Operation Twist program of buying long-dated Treasuries.

 

"Speaking about the monetary easing, Barclays precious metals analyst Suki Cooper put it this way to the Financial Times, “Gold finally found the catalyst it had been waiting for all year after the Fed announced open-ended quantitative easing.”

 

"Another reason for gold’s rise in euro terms, it must be noted, is the continuing fiscal turmoil in Europe itself, particularly in Spain. ..."

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South African Economy Paralyzed As Miner Strike Spreads To Truck Drivers | ZeroHedge

South African Economy Paralyzed As Miner Strike Spreads To Truck Drivers | ZeroHedge | Gold and What Moves it. | Scoop.it

posted on www.zerohedge.com by Tyler Durden:

 

"While we have been predicting that the South African miner strike, which started 2 months ago, and which despite (or rather due to) a one-off concession by Lonmin to hike worker pay by 22% is more entrenched now than ever, would spread to other countries, we failed to anticipate that it could also move to other domestic industries. Which is precisely what has happened as 20,000 truck drivers in the South African country decided to go on strike following the example of their miner brethren, demanding a 12% wage hike, and in the process crippling the South African economy, bringing virtually every industry to a halt. Why did they take the risk? Because they suddenly realized that they have all the leverage in a globalized society in which as we explained in "Trade-Off: A Study In Global Systemic Collapse", even a several hour complete trade paralysis can and likely will lead to total social de-evolution: an outcome which the status quo which determines wages paid to workers, would seek to avoid at all costs. Next up: the second global worker revolution. Marx would be proud. ..."

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Mikayla Stearns and Kate Reilly's curator insight, April 7, 5:13 PM

ECONOMY: Another African group of workers have joined the South African miners in their strike: South African truck drivers. The miners demanded a 22% rise in wages, while the truck drivers ask for a 12% raise. This series of strikes, possibly spreading to other industries, has "crippled" the South African economy.

Mandy & Alexandria's curator insight, April 8, 5:02 PM

This article is about Africa's economy. As of two months ago, Africa's truck drivers and miners have been on strike. The reason for this is that they want a 12% wage increase and it's bringing virtually every industry to a halt. If they dont do something about this now, Africa's economy, money, culture, and even life could be in danger, due to these demands and expectations. 

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Gold just shy of recent 11-month highs; ADP jobs report eyed

Gold just shy of recent 11-month highs; ADP jobs report eyed | Gold and What Moves it. | Scoop.it

LONDON (REUTERS) -

 

"Gold rose on Wednesday, with prices just shy of recent 11 month highs, as investors awaited a U.S. employment report for signs of recovery in the world's biggest economy.

 

"Spot gold was 0.3 percent higher at $1,778.50 an ounce by 1022 G MT. Trade was thin as China, the world's largest commodity consumer, remained on a week-long holiday.

 

"Prices hit $1,79.20 earlier this week, their highest since last November. U.S. gold futures for December delivery were up 0.3 percent at $1,781.00 per ounce.

 

"Gold has certainly got a bit of spring in its step at end of the summer break. There is good physical buying coming through and central bank buying is firm so the market will support it," said Ross Norman, chief executive at gold-broking firm Sharps Pixley. ..."

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Iran suspends Gold,Forex trade

Analysts said many Iranians who have lost faith in the rial are now contributing to its instability by rushing to convert their assets and properties to foreign currency and gold.

 

"TEHRAN(BullionStreet): Days after Iran's currency plummeted against the dollar and gold prices skyrockets in domestic markets, Iran on Wednesday suspended gold and foreign exchange trading.

 

"According to reports, Iranian exchanges are complaining about rapid price fluctuations saying they were not been able to get accurate and reliable information about the dollar rate.

 

"Iran's national currency, the rial, lost most of it's value against the dollar is now plunged to 35,500 rials a dollar.

 

"Gold prices also skyrocketed in the country as the price on a single Bahar Azadi coin is 10,320,000 rials Wednesday compared to 10,162,000 rials Tuesday. ..."

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daily #gold chart market analysis | Anna Coulling

daily #gold chart market analysis | Anna Coulling | Gold and What Moves it. | Scoop.it
Anna Coulling's financial forecasts and market analysis...

 

"... [Gold] price action over the last few days, with each daily bar closing with a higher low, giving a clear signal that any breakout from this range is likely to see gold move firmly higher in due course, and well beyond the $1800 per ounce region, last seen in February earlier this year. This bullish momentum has been given a further boost with strong buying volume now appearing on both the daily and the three day chart, and on the slower timeframe in particular, the selling volume in red, has now been replaced with buying volume, both yesterday and today.

 

"In addition, throughout this period, the three day trend has remained firmly bullish, and with the Hawkeye Heatmap also confirming this sentiment, we can now expect to see gold futures break out from this trading range in due course. Indeed in yesterday’s gold trading session this was further confirmed with a conservative Roadkill signal, suggesting that any breakout is now imminent. Once clear of the current price region, we can expect to see a further move higher in ..."

 

Click through for the rest of Anna's analysis.

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oftwominds-Charles Hugh Smith: The Positive Power of Crisis

oftwominds-Charles Hugh Smith: The Positive Power of Crisis | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"Only in crisis do human beings actually change anything.

 

"If there is any demarcation with profound implications going forward, it isn't the line between the 1% and the 99% or the line dividing the Status Quo into two safely complicit ideological camps: it is the divide between those who squarely face the burden of knowing the present is unsustainable and those who flee into the comforts of denial. Those who accept the burden of knowing are part of the solution, those who cling to denial are part of the problem.


"Those who accept the burden of knowing do not necessarily have answers, but they are alert to alternatives and potential solutions. Those in denial can only hope that reality can be buried for a while longer.

 

"Thus we have pronouncements that "the euro is irreversible," that progress is being made, and so on. Nothing has been fixed, but those clinging to denial are comforted that crisis has been pushed forward once again. ..."

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Analysis: China's currency foray augurs geopolitical strains | Reuters

By Alan Wheatley, Global Economics Correspondent

 

(Reuters) - "It's our currency and your problem," U.S. Treasury Secretary John Connally famously said of the dollar in 1971.

 

"More than 40 years later, China is doing something about it.

 

"Fed up with what it sees as Washington's malign neglect of the dollar, China is busily promoting the cross-border use of its own currency, the yuan, also known as the renminbi, in trade and investment.

 

"The aim is both narrowly commercial - to reduce transaction costs for Chinese exporters and importers - and sweepingly strategic.

 

"Displacing the dollar, Beijing says, will reduce volatility in oil and commodity prices and belatedly erode the ‘exorbitant privilege' the United States enjoys as the issuer of the reserve currency at the heart of a post-war international financial architecture it now sees as hopelessly outmoded.

 

"Zha Xiaogang, a researcher at the Shanghai Institutes for International Studies, said Beijing wants to see a better-balanced international monetary system consisting of at least the dollar, euro and yuan and perhaps other currencies such as the yen and the Indian rupee. ..."

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Richard Russell - October Stock Plunge, Gold & The Fear Index

Richard Russell - October Stock Plunge, Gold & The Fear Index | Gold and What Moves it. | Scoop.it

The Godfather of newsletter writers, Richard Russell, had a great deal to say about gold, the ‘fear index,’ stocks in October, bonds, and what subscribers should be doing right now. Here is what Russell had to say in his latest report: “The last two weeks saw four distribution days in both the S&P 500 and the NYSE Composite, and three distribution days in the NASDAQ. A distribution day is reported when the market declines on increasing volume. Distribution days are deemed days when institution are selling. Four or five distribution days falling within a two week period are usually enough to send the trend of the market lower. ...”

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Massive Fear In Gold Means We May Not See A Correction

Massive Fear In Gold Means We May Not See A Correction | Gold and What Moves it. | Scoop.it

Caesar Bryan tells King World News:

 

“We are a little bit overbought in gold, but the fact that a lot of people are talking about the commercial short position and a coming correction, as a contrarian, to me this means it may not happen. I’m picking up quite a bit of chatter where people are worried about the short-term.

 

"Let me just say once again that because of the overwhelming fear of a correction here, it may not happen. Right now it’s very healthy because as I see it gold is climbing a ‘wall of worry. ...."

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Rick Rule - The Availability Of Physical Gold Will Disappear

Rick Rule - The Availability Of Physical Gold Will Disappear | Gold and What Moves it. | Scoop.it

Today Rick Rule told King World News:

 

"... In this environment, all financial assets, including gold, will be very volatile, but gold will do well because the value of currencies will continue to erode. If you look at history, gold does very well in troubled times.

 

"I continue to believe that investors should hold a significant portion of their liquid assets in gold. Gold is a store of value, it’s a currency, and it will continue to outperform fiat paper currencies around the world over time. This is what sets gold apart from other ways to store your ongoing or your transactional wealth.

 

"It’s interesting that gold is still a relatively under-owned asset. At some point we will see the availability of physical gold disappear when we begin to see widespread public ownership like we witnessed in the 1970s. ...”

 

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Santelli - Gold Headed Higher As It’s The Anti-Printing Trade

Santelli - Gold Headed Higher As It’s The Anti-Printing Trade | Gold and What Moves it. | Scoop.it

Today Rick Santelli told King World News that “... in the end, the gold trade really is an anti-printing trade, and I would be surprised if the direction of gold doesn’t remain to the upside.” Santelli also warned, “We could be looking at many, many years where the globe is kind of in this retrenchment mode.” Here is what Santelli had to say: “The big thing with the global economy where everything changed was on July 26th, when Mario Draghi, head of the ECB, basically said, ‘I am going to do whatever it takes to save Europe.’ He said it in a very convincing way and the markets believed him.”

 

Click through for the rest of the interview on King World News.

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ECB Gold reserves hit 479 billion euros

ECB Gold reserves hit 479 billion euros | Gold and What Moves it. | Scoop.it
Gold and gold receivables held by euro zone central banks rose in value by 45.5 billion euros to 479 billion euros after a quarterly revaluation.
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Australia slashes interest rate as slowdown in mining feeds fears | MINING.com

Australia slashes interest rate as slowdown in mining feeds fears | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie:

 

"In a move that caught more than one investor by surprise, Australia’s Reserve Bank (RBA) announced Tuesday it was cutting its interest rate, prompted by worries of a sluggish mining industry, falling commodity prices and concerns over China.

 

"The decision, aimed mainly at protecting Australia against the worldwide slowdown, offers nations that depend heavily on Chinese investors — such as Canada— a glimpse of what to expect in the event of an extended economic downturn in the Asian country. ..."

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Sprott Update: Do Western Central Banks Have Any Gold Left?

Sprott Update: Do Western Central Banks Have Any Gold Left? | Gold and What Moves it. | Scoop.it
By: Eric Sprott & David Baker

 

"Somewhere deep in the bowels of the world’s Western central banks lie vaults holding gargantuan piles of physical gold bars… or at least that’s what they all claim. The gold bars are part of their respective foreign currency reserves, which include all the usual fiat currencies like the dollar, the pound, the yen and the euro.

 

"Collectively, the governments/central banks of the United States, United Kingdom, Japan, Switzerland, Eurozone and the International Monetary Fund (IMF) are believed to hold an impressive 23,349 tonnes of gold in their respective reserves, representing more than $1.3 trillion at today’s gold price. Beyond the suggested tonnage, however, very little is actually known about the gold that makes up this massive stockpile. Western central banks disclose next to nothing about where it’s stored, in what form, or how much of the gold reserves are utilized for other purposes. We are assured that it’s all there, of course, but little effort has ever been made by the central banks to provide any details beyond the arbitrary references in their various financial reserve reports.

 

"Twelve years ago, few would have cared what central banks did with their gold. ..."

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Why You Should Be VERY Afraid of Inflation | ZeroHedge

"For the last 80 years or so, financial theory has held that inflation and deflation were mutually exclusive events. We've now seen that idea go up in smoke as deflation affects home prices and incomes in the US at the very same time that we experience inflation in energy and food prices courtesy of the Fed's insane money printing.

 

"Indeed, Ben Bernanke is a disciple of the belief that to battle deflation, one must inflate the financial system/ economy. Never mind that history has shown this to be total bunk (monetization has always inevitably led to higher inflation), Bernanke is an academic and has devoted his life's work to this misguided belief.

 

"As a result, the man with the greatest control over the value of the US Dollars you own is a man who is so hell-bent on proving his theories that he can and is completely ignoring hard evidence that refutes them. ..."

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Monty Python And The Holy Grail- The Black Knight Explains the battle in gold

LOL

 

Jim Sinclair makes a hilarious comparison:

 

"My Dear Friends,

 

"We are of course Good King Arthur. The Black Knight appropriately represents the gold banks. The bridge in this battle represents $1775, a number with no deep technical meaning before it was selected as the gold line in the sand by some unseen muktar.

 

"The following video explains what is happening and outlines the final resolution of the shorts versus the longs at $1775. ..."

 

Click over for the rest of his comments: http://www.jsmineset.com/2012/10/02/in-the-news-today-1325/ ;

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"Battle at the Bridge" in gold and silver « Jim Sinclair's Mineset

Here's an interesting email and response that Jim Sinclair posted to his website www.jsmineset.com

 

"Dear CIGA Jim,

 

"$1,775 Gold is significant. TPTB wants silver to trade at a 1/50 Ratio with Gold. $1,775 Gold/50 = $35.50. The Bankers desperately want to keep silver below $35.50 because there are many buy stops here, and also because JP Morgan’s silver derivatives book blows up if silver stays above $36 for 60 trading days.

 

"CISA AW

 

"CIGA AW,

 

"You make a good case, but I have never believed in ratios looking forward. I think looking back they do very well.

 

"That does not deny that you might very well have defined the reason why a point in the gold price with no real technical consideration on its own has become the line in the sand for the gold price to be fought over.

 

"This is certainly the "Battle at the Bridge."

 

"Very well done. Thank you, Jim"

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