Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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The People's Bank of China has this week pumped a record $60 billion-worth of liquidity

The People's Bank of China has this week pumped a record $60 billion-worth of liquidity | Gold and What Moves it. | Scoop.it
Wholesale prices to buy gold rose to 7-session highs in London on Thursday morning, touching $1726 per ounce even as new data showed US employment rising at its fastest pace since February.

 

Adrian Ash writes:

 

"Two-thirds of Chinese businesses reporting quarterly results to the stock market have seen a sharp rise in unpaid bills according to the Financial Times.

 

"The People's Bank of China has this week pumped a record $60 billion-worth of liquidity into its domestic money market.

 

"Gold has been finding support on approach of $1700," says today's note from Standard Bank's commodities team.

 

"Our Standard Bank Gold Physical Flow index has risen substantially in the past few days," says Standard, with demand to buy gold in Asia and India "pick[ing] up."

 

"Looking further ahead, and "supported by the continual income growth of [China's] emerging middle-income class, investment as well as gold products will benefit," says Albert Cheng, managing director for the Far East at market-development organization the World Gold Council. ..."

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Twitter / KingWorldNews: Pierre Lassonde - Don't Panic, ...

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Trader Dan's Market Views: Commodity Index Breaks Down - So Too Does Silver

Trader Dan's Market Views: Commodity Index Breaks Down - So Too Does Silver | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"Another payrolls report today; another down day in the precious metals. Not much of a surprise here as that has been the norm for many a year. In one sense, it really did not matter what the number was as there was more than likely going to be bearish selling pressure no matter what.

 

"When it comes to silver, if the number was a poor one, the bears would point to the fact that the QE3 was already baked into the cake and so was a non-factor. They would then point to the fact that the poor number was sign that the economy was still muddling along without any risk of inflationary factors due to the sluggish growth. Silver MUST HAVE AN INFLATIONARY ENVIRONMENT if it is to mount any sort of SUSTAINED rally. ..."

 

Click over to read the rest of his analysis and see his charts.

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Investors Selling Because They Need the Money - TrimTabs Money Blog

Investors Selling Because They Need the Money - TrimTabs Money Blog | Gold and What Moves it. | Scoop.it

Charles Biderman says:

 

"Individual investors have been getting out of US equity mutual funds for most of this year. And the pace of outflows has been soaring recently. Outflows for all of 2012 now stand at $100 billion. Half of that, $50 billion, came out during the last three months. Flight from the funds is not a new trend. In fact, about $134 billion flowed out of equity mutual funds in 2011. What’s really puzzling is that despite these heavy outflows, stock prices have gone up."

 

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oftwominds-Charles Hugh Smith: The Financial Super-Storm of 2013

oftwominds-Charles Hugh Smith: The Financial Super-Storm of 2013 | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"The destructive whirlwind that hits New York in 2013 will be a financial Frankenstorm.

 

"Four years of glorious central-planning "extend and pretend" have enriched the political and financial Aristocracies, and imbued them with a bubble-era hubris that they have indeed gotten away with murder: the $6 trillion the Federal government borrowed over the past four years, the Fed's $2 trillion in fresh cash, the Fed's $16 trillion bailout of the banking sector and various perception management manipulations have righted the storm-tossed ship. All those with power in 2008 remain in power and all those with outsized wealth in 2008 still hold their outsized wealth.


"The global tsunami of borrowed and printed money lifted the water-logged dinghies of the debt-serfs enough to give them hope of better times; meanwhile, their adjusted income has declined 8%: they are poorer while the neofeudal Aristocracy is much wealthier: same as it ever was, right?

 

"Except the financial tides and winds have shifted, and the linearity of central planning is about to be disrupted by nonlinear, positive-feedback storms. Let's list a few of the major storms brewing ..." click through for the extensive list.

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Some Incredible Gold Charts | Peter Degraaf | Safehaven.com

Some Incredible Gold Charts | Peter Degraaf | Safehaven.com | Gold and What Moves it. | Scoop.it

by Peter Degraaf:

 

"Technical analysis is a great tool for analyzing where the market has been. Since human beings almost always behave in cyclical fashion, we can observe patterns in market action that tend to repeat. Combined with fundamental studies, TA is applied to the markets by virtually all of the successful traders.


"Some patterns occur so often that names have been assigned to these patterns such as: 'Head and Shoulders', 'Cup with Handle' and 'A.R.A.T.'


"In this essay we draw your attention to another pattern that recently occurred on the gold charts, for only the fourth time in the past seven years. Each time it appeared during the past seven years, it precluded a strong advance.


"The pattern is called: 'Golden Cross', or 'Bull Cross'. Here is a chart (all charts courtesy Stockcharts.com unless specified), that has a blue arrow pointing to the pattern we are referring to. ..."

 

Click through for the great charts.

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Iran starts requiring central bank approval for gold exports | Gold Anti-Trust Action Committee

Iran starts requiring central bank approval for gold exports | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

DUBAI -- Iranians can no longer export gold without approval by the central bank, an official was quoted as saying on Wednesday, in a new effort by the government to restrict outflows of wealth.

 

The move follows media reports on Tuesday that Iran had banned the export of some 50 basic goods, as the country moves to secure supplies of essential items in the face of tightening Western sanctions that have destabilised its currency, the rial.

 

"The export of gold and coins without permission from the central bank has been banned," said customs official Mohammad Reza Naderi, according to the Mehr news agency. ..."

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As The Year Comes To An End The Ability Of Greece To Kick The Can Mirrors The Chances Of A Man With No Feet | ZeroHedge

As The Year Comes To An End The Ability Of Greece To Kick The Can Mirrors The Chances Of A Man With No Feet | ZeroHedge | Gold and What Moves it. | Scoop.it

Reggie Middleton writes:

 

"As the year 2012 comes to an end I would like to remind readers and subscibers alike of the impending deadline posed by the leaderless leadership in the EU. Right after the first Greek default and 3rd bailout, in Beware The Overly Optimistic Greek Speculators As Icarus Comes Crashing Down To Earth! I made it perfectly clear that Greece was actually in worse condition cashflow wise and balance sheet-wise after the default than before. ..."

 

click over for the rest and the charts.

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Greyerz - One Of The Most Important Charts Ever

Greyerz - One Of The Most Important Charts Ever | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells to King World News:

 

".. The real over-the-counter derivatives outstanding, worldwide, is at least $1.1 quadrillion, and a major part of that is worthless. People have no idea what kind of turmoil and destruction this can cause to the global financial system. KWN readers need to understand that as the global economy edges closer and closer to collapse, the earthquakes in the financial system will become so enormous that it will eventually overwhelm politicians and central planners.

 

"This is why it is so important that investors protect themselves by holding physical gold and silver outside of the banking system because the coming derivatives disaster will create an explosion in the price of gold. And when the chaos is finally over and a new financial system emerges, gold and silver will be one of the few assets left standing. ..."

 

click over for the chart.

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Trader Dan's Market Views: Monthly Gold charts

Trader Dan's Market Views: Monthly Gold charts | Gold and What Moves it. | Scoop.it

Dan Norcini gives his analysis on gold:

 

"October is the first month since May that gold has posted a monthly loss.

 

"Initial resistance still begins near the $1720 - $1725 level. Above that, selling will show up near $1740.

 

"The market remains rangebound with a bit of a near term friendly bias. ..."

 

click through for the full piece with charts.

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US to hit borrowing ceiling at year-end: Treasury

US to hit borrowing ceiling at year-end: Treasury | Gold and What Moves it. | Scoop.it

"AFP - The United States will hit its statutory borrowing limit near the end of 2012, just as a new Congress gears up to do battle over the country's huge debt burden and fiscal deficits.

 

"The country's current debt is around $16.2 trillion, and continued borrowing needs to finance the budget shortfall will send the government past the fixed $16.39 trillion sometime in the final days of the year.

 

"The limit will be struck between the November 6 presidential and congressional elections and the time when the new Congress is sworn in in early January.

 

"If Republican Mitt Romney defeats President Barack Obama in the White House race, it would also come while Obama serves as a lame duck president before his successor takes office on January 20.

 

"That raises the prospect of a possible political battle spanning ..."

 

hat tip to Jim Sinclair at www.jsmineset.com

 

You know they'll just punt and raise it again and muddle along.

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Comex Silver Inventories - Ed Steer's Gold & Silver Daily

Comex Silver Inventories - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Check out the charts that Nick Laird sent to Ed Steer on his website. Ed references them:

 

"... I have three new charts for you today...and all are courtesy of Nick Laird, for which I thank him on your behalf. They show the Comex silver inventories of the 'Big 3' bullion banks. I haven't posted the charts for the other three depositories, as they are privately owned...and are not part of the silver and gold price management scheme. The charts are for HSBC USA, Bank of Nova Scotia/Scotia Mocatta...and JPMorgan Chase. If you want to put names to the biggest of the short holders in both silver and gold, it's my opinion that these three banks are it...with Citigroup in a very distant fourth place. ..."

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Is This The Black Swan That Will Make Gold Skyrocket

Is This The Black Swan That Will Make Gold Skyrocket | Gold and What Moves it. | Scoop.it

King World News has put out a series of interviews demonstrating that large chunks central bank gold are missing from central bank vaults. Today KWN is releasing statements from two 40-year veterans, Bill Haynes, President of CMI Gold & Silver, and John Hathaway, the prolific manager of the Tocqueville Gold Fund.

Remarkably, in 2001 Hathaway stated, “What is going on here? A decline equating to 227.7 million ounces, or 87% of the US gold reserve demands a more than perfunctory explanation ... The US government may have already expended considerable resources to hold the gold price in check.”

 

There is more from Hathaway below, but first, here is what Haynes had to say: “Eric, that is a black swan type of thing (if the entire German gold hoard is gone). The plan right now is for future currency debasement. But if it turns out that some official, some whistleblower comes forth from the Bundesbank and says the gold is gone. The bullion banks used it, they sold it into the market.

 

“They used it in the 90s to suppress the price of gold. It’s not there and the German people are waiting for it to come back. That’s a black swan that could really make prices skyrocket. Don’t know that anyone is going to come forth to validate what Turk is saying, but let’s remember that Turk wrote about this in 2001, and he’s not backing off of what he said.

 

"He’s saying that gold was leased, and that the vaults could very well be empty. ..."

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Russian Gold ship remains untraceable

Russian cargo ship Amurskaya,carrying nearly 700 tons of gold ore remained untraced after three days of intense search.

 

MOSCOW(BullionStreet): "Russian cargo ship Amurskaya,carrying nearly 700 tons of gold ore remained untraced after three days of intense search.

 

"The ship with nine crew was headed for the island of Feklistov in the Sea of Okhotsk.

 

"The cargo vessel was contracted by mining company Polymetal to ship its cargo to a processing plant where it could be refined into gold.

 

"It had departed the port of Kiran and was making a routine run to Feklistov Island when apparently it encountered stormy weather.

Emergency response teams picked up the distress signal from an automated beacon, but lost contact with the crew when the ship lost power. ..."

 

So did it really go down? Or did it and the crew just disappear to ports unknown?

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Acute Gold shortage grips Nepal

Negosida has projected that daily demand of gold could jump to around 40 kg per day when the customers start shopping for Tihar.

 

KATHMANDU(BullionStreet): "Gold shortage gripped Himalayan nation Nepal as festive season demand picked up.

 

"Gold demand in Nepal rose substantially since the onset of the festive season when Nepalis receive festive allowances and bonuses, among others.

 

"However, bullion traders have stopped sales of gold bars and gold coins and concentrated solely on sales of gold ornaments after gold supply received from commercial banks started to fall short to meet the demand that has picked up.

 

"Nepal Gold and Silver Dealers Association (Negosida) said they resorted to such measure particularly after daily demand for gold surged to 30 kg, which is twofold of the supply they receive from commercial banks. ..."

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Get Ready For Big Moves In Gold, The US Dollar & The Euro

Get Ready For Big Moves In Gold, The US Dollar & The Euro | Gold and What Moves it. | Scoop.it

Tom Fitzpatrick tells King World News:

 

“... Moving to gold, our bias remains that we are in a consolidation and this consolidation will eventually give way to the topside again. A lot of people when we mention this might say, ‘Well that seems counterintuitive. You have a setup which you believe is constructive to the dollar, yet at the same time you are seeing a situation where effectively you believe the US dollar will lose ground vs gold.’

 

"Our answer to that is number one, it’s certainly not unprecedented. If you look at where we are on the dollar index, it is at very similar levels to where it was earlier this year. If you look at the dollar index, the dollar was able to breakout around the 11th through the 14th of May, yet gold actually put in its lows in terms of its corrective move about three or four days later, and subsequently started to move higher ..."

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The euro is heading for a permanent state of depression - Telegraph

The euro is heading for a permanent state of depression - Telegraph | Gold and What Moves it. | Scoop.it
If the euro survives in its current form, then Mario Draghi, president of the European Central Bank, will surely have earned his place in the history books as one of the chief architects of its salvation.

 

By Jeremy Warner 

 

"A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown and extreme divergence in monetary conditions across the single currency area. In all but name, monetary union had already ceased to exist.

 

"Action by the ECB, first with the cash-for-debt Long Term Refinancing Operation and, more recently, the promise of unlimited bond purchases, has succeeded in stilling the waters, at least to some degree. Even a Greek exit seems, for the time being, to be off the table. With more austerity, Berlin seems minded to give Greeks another chance – until the next bail-out, in any case.

 

"But, though the single currency may have been saved from imminent death on the operating table, it seems now to be heading for a scarcely more appetising alternative – a condition of chronic, long-term illness where still very tight monetary conditions in many parts of the eurozone in combination with lockstep austerity threaten to induce a virtually permanent state of depression. Even Germany shows every sign of slipping back into economic contraction. ..."

 

hat tip to:

http://economicsignsofthetimes.blogspot.com/2012/10/wednesday-roundup-10-31-12.html

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Germany`s gold reserve inspection could spark other central bank gold audits

Germany`s gold reserve inspection could spark other central bank gold audits | Gold and What Moves it. | Scoop.it

by Dorothy Kosich:

 

"Growing demands from German officials and politicians to formally check German gold reserves now held in the United States have sparked media reports that the gold reserves of several Western nations are believed to be smaller than previously thought.

 

"In an article published Tuesday in Coin Week, Louis Golino suggests, "If these reports are accurate, they have important implications for the future price of gold, and therefore for precious metals investors."

 

"First, they suggest that much less mined gold exists than previously believed. Second, this is especially significant to the so-called manipulation thesis, which hold that governments act to surpress the price of gold," Golino noted.

 

"If governments hold less gold than we thought they did, then their ability to affect the price will also be greatly diminished," he advised. ...

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The Golden Truth: The Economy Is Crumbling

The Golden Truth: The Economy Is Crumbling | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"... The point of all of this is that our economy is starting to spiral downwardly out of control and that process is starting to pick up some speed. Rest assured that the Fed will come to the rescue after the election with another big slug of QE. This time it will consist of expanding the Treasury financing being done by the Fed. Interestingly, more on this is future posts, the trickle of fiat money globally that is converting into non-fiat gold/silver bullion is also starting to increase in velocity..."

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November Begins

TF Metals gives his analysis of gold and silver in today's post. He notes:

 

"... This pullback is almost identical to the pullback of January 2011.

Once a bottom a found, a volatile consolidation takes place.

 

"The paper spec shorts, just recently drawn into the trade, will initially fight the rally by "throwing good money after bad" in a desperate attempt to protect buy-stops and re-ignite downside momentum.

 

"The initial resistance is $1720 in gold and $32.25 in silver.

 

"The next resistance is $1730-36 in gold and $32.50-60 in silver.


"Once that level is cleared, even Helen Keller can see and hear the bottom. Gold will move toward $1755 and silver will advance upon $33.35. ..."

 

Be sure to click through for the full piece with charts.

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Amplats to transfer 51% of Zimbabwe mine to locals

Amplats to transfer 51% of Zimbabwe mine to locals | Gold and What Moves it. | Scoop.it

by Nelson Banya:

 

"Anglo American Platinum, the world's largest miner of the metal, has agreed to transfer majority of its Unki mine in Zimbabwe to locals, the firm said on Thursday, following pressure from President Robert Mugabe's government.

 

"Amplats and the government said in a joint statement the transaction values the 51 percent stake at $142.8 million. A state fund will take 21 percent of the mine with employees, a community trust and unnamed local investors taking 10 percent each, they said.

 

"The deal will be funded through the dividends due to the new local shareholders for the next 10 years. ..."

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Gold and silver encouraged by China`s long-term demand

Gold and silver encouraged by China`s long-term demand | Gold and What Moves it. | Scoop.it

The longer-term growth of China's economy remains healthy, supporting both gold and silver.

 

by Adrian Ash:


"... Two-thirds of Chinese businesses reporting quarterly results to the stock market have seen a sharp rise in unpaid bills according to the Financial Times.

 

"The People's Bank of China has this week pumped a record $60 billion-worth of liquidity into its domestic money market.

 

"Gold has been finding support on approach of $1700," says today's note from Standard Bank's commodities team.

 

"Our Standard Bank Gold Physical Flow index has risen substantially in the past few days," says Standard, with demand to buy gold in Asia and India "pick[ing] up."

 

"Looking further ahead, and "supported by the continual income growth of [China's] emerging middle-income class, investment as well as gold products will benefit," says Albert Cheng, managing director for the Far East at market-development organization the World Gold Council. ..."

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Don Coxe - A Gold Bull, Bond Bear & Commodity Supercycle

Don Coxe - A Gold Bull, Bond Bear & Commodity Supercycle | Gold and What Moves it. | Scoop.it

Don Coxe tells King World News:

 

“... What’s fascinating to me is we’ve had this tremendous bull market in gold, against a bond bull market. Now I told you the two things are inversely correlated. So you can immediately say, ‘Well, how is this possible because since the year 2000 there has been nothing but a bond bull market, and yet we’ve taken gold from $250 all the way to $1,720 now?’

 

"The reason for that is back then we just looked at inflation as being the factor. What’s happening now is that gold is being treated as a quasi-monetary asset, and what we have is this incredible expansion of money supplies. And even more importantly, of financial assets that are pinned to monetary assets in some way, so that the amount of liabilities in the world is growing incredibly faster than the amount of global GDP. So something has gone wrong with all of this. ..."

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Rick Rule - There Is Spectacular Demand For Gold Right Now

Rick Rule - There Is Spectacular Demand For Gold Right Now | Gold and What Moves it. | Scoop.it

With that as the backdrop, Rule spoke about global gold demand to Eric King of King World News:

 

“... There is spectacular demand for gold. I think it’s a function of people around the world exercising their own common sense.

 

"It would appear to be retail distribution of gold. I noticed a headline the other day from the British (Royal) Mint, they are sold out of sovereigns. They have no more 2012 sovereigns. That’s just sort of an anecdotal example.

 

"I know from conversations with a very good client of mine that the infrastructure for delivering gold to retail investors in China is being built out rapidly. I think it’s probably being built out because the central government in China would like to see Chinese people diversify the nature of their savings, into savings products which include gold. ..."

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More than 1,500 #Gold shops end business in Saudi Arabia

Gold sales have dropped by 40% to 50% in the kingdom, with sales seen falling further this year.

 

“RIYADH(BullionStreet): With the closing of 500th gold shop this year, number of gold shops closed down in Saudi Arabia in the last five years climbed above 1500.

 

"According to Makkah Chamber of Commerce and Industry, more than 1,500 from a total 4,000 gold shops in the Kingdom have left the market due to the unfavorable situation.

 

"Most of these shops were closed down due to losses resulting from the rise in the international prices of the yellow metal and decreasing demand for jewelry. ..."

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