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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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For almost a million young people: No job, no school

For almost a million young people: No job, no school | Gold and What Moves it. | Scoop.it

Nearly a million young Canadians were neither in school nor holding down a job last year, a proportion that has inched higher since the recession but remains lower than in most other G7 nations.

New analysis by Statistics Canada -- the first of its kind in the country -- finds 13 per cent, or 904,000, of the 6.8 million Canadians between the ages of 15 and 29 weren't in school nor at work last year.

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Best Bullion Blog: What Lies Ahead for Gold and Silver?

Best Bullion Blog: What Lies Ahead for Gold and Silver? | Gold and What Moves it. | Scoop.it

by Laura Gross http://twitter.com/lmgross :

 

"After a frustrating few weeks, we saw a nice pop in gold and silver last week. Analysts like Ben Davies are reporting that the liquidation in the metals is over (for now). The markets last week started turning bearish in general. After a fair amount of complacency, the VIX (fear index) closed above 25 on Friday, at levels not seen since late 2011. As I write on Monday, things are looking up again slightly with the VIX at 22.50, but it remains to be seen if fear is dissipating or if markets will turn lower. We will have to see what the next week or two brings.

  

"Due to last week’s downturn, however, investors piled into bonds, which pushed yields down across the board. As shown on this chart from Market Watch, the ten-year note is at 1.74, which is not much higher than it’s 52-week low of 1.68: http://www.marketwatch.com/investing/bond/10_year/charts We will have to see how the market reacts, but it certainly appears that we’re temporarily in a downward trend. Generally analysts agree that the Fed will start monetary easing again, possibly by late summer..."

 

Click through for the rest and be sure to grab her RSS feed.

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China Seen Launching 'Aggressive Stimulus' as Growth Slows Further

China Seen Launching 'Aggressive Stimulus' as Growth Slows Further | Gold and What Moves it. | Scoop.it
Continued weakness in China's economic data, as well as growing risks of a Greek exit from the euro zone, will drive Beijing to launch aggressive stimulus measures in order to prevent a further deterioration ...

 

"...China, which began to tighten its monetary policy in late 2009 to stem rising inflation , is now facing a sharp slowdown in the economic activity, raising fears of a hard landing for the economy.

 

"In a sign the government is already growing worried about the slowdown, a state-backed newspaper reported on Tuesday that China will fast-track approvals for infrastructure investment.
Dariusz Kowalczyk, senior economist and strategist, Asia ex-Japan, at Credit Agricole, said the weak HSBC Flash PMI data strengthen the case for easing and he expects more fiscal stimulus.

 

"The focus of the stimulus is likely to be on the fiscal side, probably as a 'mini-Lehman crisis' package of state-directed lending for investments in infrastructure, because this is the fastest way to boost aggregate demand," he said in a note to clients.


"While Kowalczyk believes monetary policy is unlikely to be used as aggressively, he expects a push towards quantitative easing through "pressuring" banks to lend more via further reductions in the reserve requirement ratio (RRR)..."

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The Golden Truth: More On Facebook And Fiat Promises

The Golden Truth: More On Facebook And Fiat Promises | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"...the U.S. dollar (euro, British pound, yuan, etc) is nothing more than a piece of paper that must be used by all citizens as currency by order and dictate of the U.S. Government (supra). This currency is thereby mandated for all economic transactions. Because the value of the currency is based on the decree of its value by the Government, everyone who accepts its use is exposed to the risk that some day the Government will not be able to uphold its decreed value.

 

"I hope that helps explain why it is said that the U.S. dollar exposes the user to counterparty risk. There is counterparty risk embedded in the U.S. dollar because to the extent the U.S. Government allows the value of the U.S. dollar to erode, there is an event of default. The value of the U.S. dollar as measured against gold has eroded over 95% since the creation of the Federal Reserve in 1913. Why? Because the amount of dollars printed and outstanding has increased since then by a like amount in excess of the net wealth created by the U.S. system..."

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Retirement means poverty for many – by Peter Grandich

"There are a lot of things I can point to as being wrong with our society today, but one glaringly obvious shortfall is our entitlement mentality. In general, we feel we “deserve” a whole lot of stuff that we really have no right to claim. First and foremost, in my opinion, is the concept of retirement.

 

"Make no mistake about it: this whole notion of retirement is a man-made creation. There’s nothing Biblical about us supposedly killing ourselves for 75 percent of our years to store up enough assets to live off for the last 25 percent, yet that’s the system our society has built. The system is hopelessly broken and our government can do little more than try once again to kick the can down to the next generation. Somebody is going to pay an awful price.

 

"Let me give you a little background on the phenomenon we call “retirement.”

 

"In her New York Times article entitled “The History of Retirement, From Early Man to A.A.R.P.”, author Mary-Lou Weisman briefly and humorously outlines the history of retirement from Cave Man to modern day, and gives supporting facts about why retirement is not just man-made, but a 20th-century creation..."

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UK Falls Into Double-Dip Recession: Report

UK Falls Into Double-Dip Recession: Report | Gold and What Moves it. | Scoop.it
The U.K. economy fell into a double-dip recession in the first quarter when GDP shrank 0.3 percent and contracted for the first time since 2009 on an annual basis, according to by the government's Office for National Statistics.
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Half of Detroit’s Streetlights May Go Out as City Shrinks

Half of Detroit’s Streetlights May Go Out as City Shrinks | Gold and What Moves it. | Scoop.it
Detroit, whose 139 square miles contain 60 percent fewer residents than in 1950, will try to nudge them into a smaller living space by eliminating almost half its streetlights.

 

"As it is, 40 percent of the 88,000 streetlights are broken and the city, whose finances are to be overseen by an appointed board, can’t afford to fix them. Mayor Dave Bing’s plan would create an authority to borrow $160 million to upgrade and reduce the number of streetlights to 46,000. Maintenance would be contracted out, saving the city $10 million a year.

 

"Other U.S. cities have gone partially dark to save money, among them Colorado Springs; Santa Rosa, California; and Rockford, Illinois. Detroit’s plan goes further: It would leave sparsely populated swaths unlit in a community of 713,000 that covers more area than Boston, Buffalo and San Francisco combined. Vacant property and parks account for 37 square miles (96 square kilometers), according to city planners..."

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Gold`s fundamentals sound as politicians bumble on

Gold`s fundamentals sound as politicians bumble on | Gold and What Moves it. | Scoop.it

by David Levenstein:

 

"Evidently, the amount required to refinance Portuguese, Spanish and Italian and possibly French debts as they come due is probably a lot more than $1.27 trillion. At the same time, the Eurozone's national governments need to find new money to bail out their stricken commercial banks, and they would have to find it from the European Central Bank. That sends the demands on the ECB heading north to $2.5 trillion. On top of all this, governments have to finance national budget deficits. And, in order to provide the necessary funding, the ECB is now looking at something more than $3.8 trillion plus. And Angela Merkel could forget any prospect of re-election next year.

 

"Despite the on-going crisis in Europe and the ever increasing level in of debt in the USA, both the US Fed and the ECB will resort to printing massive amounts of money to prevent this crisis from spreading and in order to prevent a run on banks. This action will save the banks and allow the monetary system to continue as it exists today, but surging inflation would be just one result.

 

"In the coming years, an inflationary cycle is going to have a disastrous impact on the global economy and the value of money. The endgame has begun, and how it will finish I do not know, but one thing sure I will put more trust in sound money like gold than I will in a paper currency that depends on our current financial and political leaders..."

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Central Bank Gold Buying Surges To Over Over 70.3 Tonnes In April | ZeroHedge

Central Bank Gold Buying Surges To Over Over 70.3 Tonnes In April | ZeroHedge | Gold and What Moves it. | Scoop.it

"Gold may struggle to make gains over the coming trading session ahead of the expiry of monthly US options. However, sharp gains could be seen after option expiration – as has often been the case in recent years.

 

"Reuters report that traders said that because the underlying June futures price was trading roughly between $1,550 and $1,600, where most at-the-money open interest was clustered, it was not clear which would exert a greater “gravitational pull” on the gold price.

 

"Most open interest, which reflects investor positioning, is located at $1,550 and $1,600, with a firm bias towards the $1,550 level where gold may be guided towards..."

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Real federal deficit dwarfs official tally

Real federal deficit dwarfs official tally | Gold and What Moves it. | Scoop.it
The big difference between the official deficit and standard accounting: Congress exempts itself from including cost of retirement perks.

 

by Dennis Cauchon

 

"The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds..."

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China To Top US As No. 1 Business Travel Destination: Report

China To Top US As No. 1 Business Travel Destination: Report | Gold and What Moves it. | Scoop.it
According to a new report from the Global Business Travel Association, 12- to 15-hour flights to China may soon become the norm for U.S. and European business travelers.

 

by Mark Johanson:

 

"Though China skeptics speak of dark clouds ahead and slowing growth, a new survey anticipates a decidedly different future. According to the Global Business Travel Association, China spending on business travel will likely surpass the U.S. "as early as 2015."

 

"According to GBTA, a business travel and corporate meetings organization based out of Virginia, growth in manufacturing, jobs, trade, business formation, and infrastructure investment will bolster that expansion..."

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Gold and Silver Fun and Games

Gold and Silver Fun and Games | Gold and What Moves it. | Scoop.it

by TF Metals:

 

"This is just getting to be far too predictable.

 

"Let's see, first it was the April12 gold. Then it was the May12 silver. Today it was the June12 gold. What do I mean? Today was, once again, one day prior to option expiration and today, once again, we get a round trip in the metal as the poor losers who are left trading and hedging get their arses handed to them by the controlling powers of The Cartel..."

 

Click through for the analysis.

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Australian Becomes World’s Richest Woman, Mag Says

Australian Becomes World’s Richest Woman, Mag Says | Gold and What Moves it. | Scoop.it
Americans no longer hold claim to the world’s richest people.
First, Bill Gates lost the "world’s richest man" crown to Carlos Slim, the Mexican businessman. Now, according to Australia’s BRW magazine, Gina Rinehart – the Australian mining magnate – has become the world’s richest woman. She takes the crown from Wal-Mart heiress Christy Walton, who held the title of world’s richest woman for seven years.
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AWESOME NEWS!!!! – 27,000 MORE HIGHLY PAID AMERICANS TO LOSE THEIR JOBS « The Burning Platform

AWESOME NEWS!!!! – 27,000 MORE HIGHLY PAID AMERICANS TO LOSE THEIR JOBS « The Burning Platform | Gold and What Moves it. | Scoop.it

"Another example of what a warped society we’ve become. Hewlett Packard’s profit plunged by 30% and Wall Street rejoices because they “beat expectations”. Wall Street is thrilled that 27,000 Americans will be fired by this finely run company. Meanwhile, the CEO and her top minions will rake in multi-million dollar compensation packages for pleasing Wall Street while making less profit than the previous year. I have no problem with companies doing what they need to do to make a profit, but we all know how this will play out. HP will fire 27,000 highly paid professional Americans over the next two years. The company will save $1.8 billion and revenue and profits will rebound. When business picks up they will not rehire Americans. They will announce the opening of new facilities in China or Indonesia and will hire workers for a fraction of the cost in the U.S...."

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Whales in the gold market | The Daily Gold

Whales in the gold market | The Daily Gold | Gold and What Moves it. | Scoop.it

by WILL BANCROFT

 

"Last April gold investment analysts where excited to see a new institutional player enter the gold market. The University of Texas Investment Management Co. took delivery of nearly $1bn of gold bullion into a New York vault. The reason gold analysts were so interested was because large institutional players had been largely absent from their market and their huge purchasing power had therefore not had its potentially significant positive effect on thegold price.

 

"The gold purchase by America’s second largest academic endowment was noted in case it was the start of a trend. Nonetheless, continued institutional bids into the gold market did not follow in great enough numbers to identify a compelling trend. Apart from last summer’s run to over $1,900/ounce, the gold price has not hinted at notably increased institutional buying of gold. Gold investors were left waiting and wanting.

 

"However, the Financial Times reported some interesting news for those monitoring such a trend yesterday.

"Okayama Metal & Machinery has become the first Japanese pension fund to make public purchases of gold, in a sign of dwindling faith in paper currencies. Initially, the fund aims to keep about 1.5 per cent of its total assets of Y40bn ($500m) in bullion-backed exchange traded funds, according to chief investment officer (CIO) Yoshisuke Kiguchi, who said he was diversifying into gold to “escape sovereign risk”..."

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Greece has 46 Hours to Exit Euro

by Moses Kim:

 

"Reports are surfacing that Greece is going to exit the Euro imminently. We are now witnessing things that were deemed to be “impossible”, “politically unviable”, or slightly “conspiratorial.” As I said many times before, volatility is going to return the second half of this year. This is only the beginning.

 

"Global markets should be pretty volatile, especially with short interest so high in places like Asia. The threat here is that civil unrest spreads throughout Europe, causing a run on banks (which is already beginning), and a domino effect where more countries leave the Euro. I’ve stated many times that the Euro is a fundamentally flawed currency that was not well-conceived from the start. Now we are seeing the unraveling..."

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Caesar Bryan - Global Investors Are Frightened At This Point

Caesar Bryan - Global Investors Are Frightened At This Point | Gold and What Moves it. | Scoop.it

With investors wondering where global markets are headed next, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN that yesterday the “german bund yield fell below 2% for the first time ever.” Caesar also said this “reveals just how frightened people are at this point in time.” But first, here is what Caesar had to say about the battle taking place in key markets: “I think there’s a little bit of a battle going on. There’s clearly a lot of fear in capital markets around the world and that’s usually represented by a rush to short-term government bonds, in particular US dollar government bonds. With this type of fear and the need for liquidity, just about all assets get sold and gold is one of those assets.”

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Richard Russell: We Are Entering Second Half of the Bear Market

Richard Russell: We Are Entering Second Half of the Bear Market | Gold and What Moves it. | Scoop.it

With tremendous volatility in global markets, the Godfather of newsletter writers, Richard Russell, warned his readers that “something BIG is heading our way,” and “I wonder how much longer the decline will continue to be orderly.” Here is what Russell had to say: “As of today's closing, Dow down 14 out of 16 sessions! This is one you can tell your kids about. And still no collapse in breadth, and still no crash. The only thing I can make out of it is that a lot of people are standing their ground.”

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Heist of the century: Wall Street's role in the financial crisis

Heist of the century: Wall Street's role in the financial crisis | Gold and What Moves it. | Scoop.it
Wall Street bankers could have averted the global financial crisis, so why didn't they?

 

by Charles Ferguson:

 

"...UBS headquarters forbade investing any bank or client money in Madoff accounts, but created or worked with several Madoff feeder funds. A memo to one of these in 2005 contained the following, in large boldface type: "Not to do: ever enter into a direct contact with Bernard Madoff!!!"

JPMorgan Chase had more evidence, because it served as Madoff's primary banker for more than 20 years. The lawsuit filed by the Madoff bankruptcy trustee against JPMorgan Chase makes astonishing reading. More than a dozen senior JPMorgan Chase bankers discussed a long list of suspicions.

 

"The Securities and Exchanges Commission has been deservedly criticised for not following up on years of complaints about Madoff, many of which came from a Boston investigator, Harry Markopolos, whom they treated as a crank. But suppose a senior executive at Goldman Sachs, UBS or JPMorgan Chase had called the SEC and said: "You really need to take a close look at Bernard Madoff. He must be working a scam."

 

"But not a single bank that had suspicions about Madoff made such a call. Instead, they assumed he was probably a crook, but either just left him alone or were happy to make money from him.

It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.

 

"This behaviour is criminal. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression...."

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Bank Of Russia Says Greece Has A Plan For Parallel Currency | ZeroHedge

Someone apparerntly did not tell Russia to keep its mouth shut...
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Gold - an investment for the long term. Ignore the bumps and peaks. - #GOLD ANALYSIS

Gold - an investment for the long term. Ignore the bumps and peaks. - #GOLD ANALYSIS | Gold and What Moves it. | Scoop.it

by Lawrence Williams:

 

"...at some stage gold is likely to disconnect from dollar strength as reality takes hold. Money will move from ever devaluing fiat currencies into history's traditional wealth protector. Asian buying in strength will likely continue too as more and more people move into the middle class. China, for example, can't afford for its ongoing growth to falter seriously for fear of dissension within its huge population and as a managed economy, with an absolutely massive foreign exchange surplus, it has far more control over this than the typical Western economy.

 

"The big question is not so much whether this will take place - it seems to this commentator to be inevitable - but how long it will take for reality to sink in. Government these days is all about political spin and there is, and will continue to be, a barrage of statements from politicians and bankers to talk up their economies. Perception is desperately important for maintaining political power and you can bet that the full force of the government machine will be devoted to trying to convince people that all is well, as indeed it has been doing in the past. Statistics will be massaged and presented in the best possible light, economic recovery will be talked up at every possible instance - these days it is perhaps naive to give any credence to any government-inspired comment and data relating to the domestic or global economy unless the presenter feels there is some political capital to be made out of telling the truth, which seems to be increasingly infrequent. Whistle-blowers like GATA and their ilk are derided as being on the lunatic fringe (and indeed there probably are some individuals who express their opinions on gold and silver who could justly be considered over the top). But there is no smoke without fire. The global economy IS in a mess and will remain so for a long time to come and gold is ultimately the obvious beneficiary..."

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Gold breaks 3-day decline as Euro edges higher

Gold breaks 3-day decline as Euro edges higher | Gold and What Moves it. | Scoop.it

by Amanda Cooper:

 

LONDON (REUTERS) -
"Gold rose on Thursday, after three days of losses, although the drag of the euro near two-year lows tempered the bullion price and eclipsed data that showed another rise in central bank purchases of the metal last month.


"The euro edged higher, having hit a near two-year low against the dollar earlier on Thursday after dire German economic data suggested no country in the region was immune from crisis, spooking investors already weighing the risk of Greece leaving the euro zone.


"This offset a potentially bullish lift from International Monetary Fund data that showed another rise in central bank holdings in April, after the largest purchase in over four years by the Philippines and further additions by the likes of Mexico, Ukraine and Russia to their reserves..."

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General Mills Says It Will Cut 850 Jobs, But Reaffirms Earnings Guidance

General Mills Says It Will Cut 850 Jobs, But Reaffirms Earnings Guidance | Gold and What Moves it. | Scoop.it
General Mills Inc. (NYSE: GIS), the maker of Cheerios cereal and Pillsbury pastries, said Wednesday it will cut 850 jobs to cut costs in the face of rising food prices.

 

Amazing how companies keep cutting jobs. I thought we were improving?

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This Is What European Banks' Loan-To-Deposit Ratios Look Like | ZeroHedge

This Is What European Banks' Loan-To-Deposit Ratios Look Like | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"This is just getting to be far too predictable.

Let's see, first it was the April12 gold. Then it was the May12 silver. Today it was the June12 gold. What do I mean? Today was, once again, one day prior to option expiration and today, once again, we get a round trip in the metal as the poor losers who are left trading and hedging get their arses handed to them by the controlling powers of The Cartel."

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German Press: "The Greek Exit Is A Done Deal" | ZeroHedge

German Press: "The Greek Exit Is A Done Deal" | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"Did France, Italy and Greece think they are the only ones who can float strawmen in the media? No. Once again, Germany shows us how it is done. From Tomorrow's edition of Deutsche Wirtschafts Nachricthen: "The Greece-exit is a done deal: According to the German economic news from financial circles EU and the ECB have abandoned the motherland of democracy as a euro member. The reason is, interestingly, not in the upcoming elections - these are basically become irrelevant. The EU has finally realized that the Greeks have not met any agreements and will not continue not to meet them. A banker: "We helped with the Toika. The help of the troika was tied to conditions. Greece has fulfilled none of the conditions, and has been for months now." So more posturing? Or is Germany truly just so sick and tired of bailing out not just Greece (which pockets between 0% and 20% of any actual bailout cash), and indirectly French banks which as of this moment are the biggest pass thru beneficiaries, and of course the ECB with its tens of billions in old par GGB holdings, that this article is, gasp, founded in reality? Is Europe approaching its own Lehman moment when everyone says "just screw it", and let the dice fall where they may? Many said Lehman could never be allowed to fail. They were wrong. Just as many are saying that Europe will never let Greece leave as the costs to the continent are just too great. Well, judging by tonight's epic fiasco of a Euro-summit, the last thing we would attribute to Europe's leaders is clear and rational thought..."

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