Gold and What Mov...
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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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John Embry - Banks Are Loaning Out “Allocated” Gold

John Embry - Banks Are Loaning Out “Allocated” Gold | Gold and What Moves it. | Scoop.it

"It was an interesting interview with Egon von Greyerz that you had on KWN in the last couple of days. I know him quite well and I can tell you I have the highest regard for him. He was talking about the man that went to his Swiss bank to get his allocated gold out, and they couldn’t give him the gold because the bank didn’t have it.

 

"What he didn’t mention in his interview is that when the customer finally got his gold, it was 2011 minted bars. This made no sense because he had been holding the allocated gold for years. That’s just another example that even the allocated gold in the banking system has probably been loaned out. Many of these customers will wake up one day and realize they entrusted their gold to the wrong people.”

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Peter Schiff - Massive Turnaround for Gold & the Shares

Peter Schiff - Massive Turnaround for Gold & the Shares | Gold and What Moves it. | Scoop.it

With gold rallying a stunning $30 off the lows and gold shares staging a huge rally as well, today King World News interviewed Peter Schiff, CEO of Europacific Capital, to get his thoughts on what lies ahead. Schiff discussed stocks, and Europe, but first, here is what Schiff had to say about the massive turnaround in gold and the shares: “Well you know today was a pretty impressive day for the gold stocks. Recently the gold stocks have not been falling much with the price of gold. In fact, they’ve actually held up a little better in this downturn.”

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Donald Coxe interview the Eric King of King World News

Donald Coxe interview the Eric King of King World News | Gold and What Moves it. | Scoop.it

Listen to the interview the Eric King of King World News did with Donald Coxe. Here's a snippet:

 

"...It’s not just the paper money that’s been printed, but all of the leverage through these derivatives. What we did was we took the technology that had been developed and we also started using a significant percentage of all new physics PhD’s, not to make bombs or to devise great new things to advance technology, but to create (derivatives) instruments that only they could understand.

It turned out even they couldn’t understand them.

 

"So they created something equivalent to the sorcerer’s apprentice, which has gone mad. We’ve already had the collapse of Long Term Capital Management. Then we had the crash of 2008, which was created out of these derivatives.

 

"So what we did was we destroyed extra money creation. Now, as a result, we expand dramatically to make up for what we’ve done, to bail ourselves out of a hole that we dug for ourselves. Astounding.”

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My Blog

My Blog | Gold and What Moves it. | Scoop.it

Dan Norcini tells Eric King of KingWorldNews:

 

"...The hedge funds are having to raise cash in an attempt to cover margin calls. So they are trying to liquidate stock holdings and anything else they can to raise cash because they are being squeezed for liquidity to support positions which have moved against them. They are selling paper gold to raise capital because gold is liquid.

 

"Despite the pressure being put on gold in the paper market, it still has not broken down out of the bottom of that range that it’s been in for the last eight months. Gold is near the bottom of that range, but it is seeing some buying down around the $1,530 level again.

 

"This level has been an area where we’ve seen pretty good central bank buying emerge and it looks to me like there is some central bank buying today. It will be interesting to see if it is enough to absorb the selling from the hedge funds if they decide to start pressing even more from the short-side. Hedge funds are battling the Eastern Central banks which are physical buyers..."

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Those who cannot remember the past: Celebrating 100 years of fraud. A Reddit Silverbugs Original

It was George Santayana who famously said "Those who cannot remember the past, are condemned to repeat it." There are millions and millions of people who are...

 

hat tip to http://twitter.com/silvergoldhedge ;

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Mish's Global Economic Trend Analysis: Gold Does Not Pay Interest (Neither Do Dollars in Your Wallet); Questions On Swapping Gold For Silver; Gold and Gold Shares Bottoming?

Mish's financial blog covers global news and macroeconomic events regarding the world economy. The blog's primary focus is inflation, deflation, and hyperinflation topics, especially currencies, gold, silver, crude, oil, energy and precious metals.
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Turk: Important Chart Suggests Massive Move for Silver & Gold

Turk: Important Chart Suggests Massive Move for Silver & Gold | Gold and What Moves it. | Scoop.it

Interesting analysis using Apple stock:

 

With continued volatility in major markets, as well as gold and silver, today King World News interviewed James Turk out of Europe. Turk included an extremely interesting chart for this interview. He discussed gold, silver, the mining shares and importantly, what to expect this summer. Here is what Turk had to say about the recent action in gold and silver: “The odds are improving that both gold and silver made an important low last week, Eric. I particularly like two things that happened last Thursday. First, gold jumped more than 1%, which is the limit regularly being imposed by the traders using mathematical algorithms in their attempt to cap the gold price...” 

 

"...What I have done is overlaid the silver price on Apple's share price, but lagged silver by 40 months. The purpose is to show the big correction in Apple back in 2007-2009 and compare it to silver's present correction, which is the area I have circled. Who, back then, would have thought shares of Apple would climb from $80 to over $600? When the strength of a major bull market is viewed this way, my long-term target of $400 for silver looks quite reasonable. More importantly, I think the underlying fundamentals also make that target reasonable...."

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Defriended gold still has room to run - Holmes

Defriended gold still has room to run - Holmes | Gold and What Moves it. | Scoop.it

by Frank Holmes:

 

"...While gold may not go up vertically from here-as frequent readers know, the yellow metal historically has fallen in June and July-with the extraordinary events occurring in Europe, I believe investors will soon "friend" gold once more. As we wait for the central banks around the world to act, I encourage investors to consider dollar-cost averaging. It's a way to stay invested, and more importantly, to avoid making emotional investment decisions...."

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Answer to the Most Important Question Facing Investors Today

Answer to the Most Important Question Facing Investors Today | Gold and What Moves it. | Scoop.it

Investors around the world are asking the critical question, do we have inflation or deflation immediately in front of us? Today Michael Pento, of Pento Portfolio Strategies, writes exclusively for King World News to let readers know exactly where we are in the ongoing and epic battle of inflation vs deflation. This is the single most important question facing investors around the world at this moment. Here is what Pento had to say about the situation: “We now live in a world where deflation has become public enemy number one. In this current economic environment, governments seek a condition of perpetual inflation in order to maintain the illusion of prosperity in the developed world. But in reality, deflation is the free-market approach to rectify a secular period of superfluous money supply growth, debt accumulation and asset price appreciation.”

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Greyerz - Customer Shocked “Allocated” Gold Not in Swiss Bank

Greyerz - Customer Shocked “Allocated” Gold Not in Swiss Bank | Gold and What Moves it. | Scoop.it

from Von Greyerz on King World News:

 

"We are stressing to investors to take their gold out of the banking system, not only because there are runs on banks that will continue, but the risk of being in the banking system is major. So you should take the additional step of not just owning physical gold, but also owning it outside of the banking system.

 

"We (just) had an example of a client moving a substantial amount (of gold) from a Swiss bank to our vaults, and we found out the bank didn’t have the gold. This was supposed to be allocated gold, but the bank didn’t have it. We didn’t understand why there was a delay (in our vaults receiving the gold), but eventually we found out why there was a delay (the bank didn’t have the gold). It’s absolutely amazing, but not surprising.

 

"This confirms what I’ve always thought. Not only should you not have gold in banks or even unallocated gold, but even allocated gold. It seems that some banks don’t even possess that. So the risk of having gold in the banking system is major.”

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Trader Dan's Market Views: Whistling Pass the Proverbial Graveyard

Trader Dan's Market Views: Whistling Pass the Proverbial Graveyard | Gold and What Moves it. | Scoop.it

From Trader Dan Norcini:

 

"European leaders are going to go at their problems by employing a 'GROWTH' strategy and are moving away from 'AUSTERITY'.

 

"NOTE: INSERT MELODY HERE TO AID WOULD-BE WHISTLERS AS THE AIR RUSHES PAST THEIR LIPS".

 

"Why not just cut the crap and state the obvious - these short-sighted politicians and monetary officials will do anything to prevent themselves from getting booted out of office by a public ADDICTED TO GOVERNMENT SPENDING. Look at what happened to Sarkozy. He was replaced by a Socialist who LOVES DEBT AND MORE TAXES to apparently try to fund it all..."

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Iraq Meeting Will Decide War | Greg Hunter’s USAWatchdog

Iraq Meeting Will Decide War | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Greg Hunter’s USAWatchdog.com 

 

The meeting, this week, in Iraq to negotiate Iran’s nuclear program will decide whether or not the world will go to war. The meeting is between the East (Iran, China and Russia) and the West (U.S., UK, France and Germany). If the meeting goes well, war will be avoided. If the meeting goes badly, the world will be heading for war. If yesterday’s CNN interview with Iran’s Finance Minister, Shamseddin Hosseini, is any indication, the upcoming meeting will be a disaster. When asked if Iran would allow inspectors to scrutinize all its nuclear facilities, Hosseini said, “There are conversations and dialogues taking place currently, but there cannot be a hegemony and a double-standard in the treatment of member countries such as Iran. If these principles can be understood and applied with mutual respect, I think we will be in a much better place. If we don’t, we will witness an increase in international oil markets.” (Click here to see the complete CNN story.) In other words, he sidestepped the question and gave no indication total access by inspectors would be a possibility...

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Agnico CEO Calls for $3,000+ Gold for the First Time Ever

Agnico CEO Calls for $3,000+ Gold for the First Time Ever | Gold and What Moves it. | Scoop.it

Sean Boyd tells KingWorldNews:

 

"All of the things that are happening now, when you look at it, just points to a stronger gold price longer-term. But we are in a period of (recent) weakness and (high) volatility right now. With all of the volatility it’s sort of hard to look through that to the underlying things which underpin the market.

 

"You look at the fact that India and China took down 55% of mine supply last year, that’s a big number. That number has been growing steadily over the last few years and will likely continue to grow. So you’ve got strong demand coming out of that part of the world. As gold prices go up, you are not going to see a huge increase in supply...."

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Derivative Scandals: Taxpayer Supported Gambling | Greg Hunter’s USAWatchdog

Derivative Scandals: Taxpayer Supported Gambling | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com 

 

"...The largest banks in the U.S. were bailed out by taxpayers, and ever since the financial meltdown in 2008, all get taxpayer backing in the form of FDIC insurance. The Federal Reserve is also providing near 0% interest rates to the banks while the banks provide savers with interest rates as measured in fractions. JP Morgan may be the world’s biggest bank and holder of the most derivative exposure ($70.1 trillion), but it is far from the only big bank making risky derivative trades. Too big to fail (TBTF) banks trading in derivatives are not like taking a risk on car loans, mortgage lending, startup companies or loaning money to help companies grow and add jobs. The enormous risk the (TBTF) banks make is simply taxpayer supported gambling and nothing else. Derivatives are mostly debt bets..."

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Trader Dan's Market Views: Continuous Commodity Index - Fed Operation "Push Down Commodities" Successful

Trader Dan's Market Views: Continuous Commodity Index - Fed Operation "Push Down Commodities" Successful | Gold and What Moves it. | Scoop.it

Heres a paragraph from Dan Norcini's blog post today:

 

"I have maintained for some time that the Fed fully understands the impact that another round of QE will unleash on the commodity markets and is therefore attempting to see these markets driven lower before engaging more actively in QE talk. As stated many times here already, the danger they face in this gambit that they are playing is a collapsing stock market. One wonders just how much more downside they are going to try to squeeze out of the commodity markets before stepping in..."

 

click through for the rest.

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Is the Depreciation of the Yuan a Realistic Possibility?

Is the Depreciation of the Yuan a Realistic Possibility? | Gold and What Moves it. | Scoop.it
A debt crisis in the euro zone has sparked risk aversion, driving the dollar index to its highest since September 2010, and casting doubt on whether Beijing can afford to let the yuan to continue to strengthen against the dollar.

 

"Yuan traders are reconsidering a widely-held assumption that the currency would appreciate 2-3 percent this year as an unexpected worsening of global economic conditions and a slowdown in China drives investors toward safer havens.

 

"A debt crisis in the euro zone has of late developed into a political problem as well, with risk aversion driving the dollar index to its highest since September 2010 on Wednesday, casting doubt on whether Beijing can afford to let the yuan to continue to strengthen against the dollar.

 

"More significantly, China posted a stream of weak economic data for April, which caused the People's Bank of China (PBOC) to hastily reduce banks' reserve requirement ratios, injecting liquidity into the economy. The news and the ensuing cut exacerbated concerns over the health of the world's second-largest economy.

 

"As a result, traders say banks and their clients started to erect yuan short positions during the dollar rally this month..."

 

hat tip to http://twitter.com/JamesGRickards ;

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The Criminalization of the US Banking System.

by Ann Robertson and Bill Leumer:

 

"...Why is the government so intent on pursuing a double standard when it comes to enforcing the law on the 1 percent and on the rest of us? In part this mundane corruption is due to the cozy relation that has been cultivated between the politicians and the corporate world. If a politician or regulator plays the game and pleases the corporations, they can look forward to a financially rewarding career in the private sector after they leave office. Politicians, for example, routinely become lobbyists.

 

"The corruption is also due to this fact: “At least two-thirds of the U.S. senators drafting new financial regulations hold stock in banks or other companies affected by the legislation, such as Citigroup Inc. and Wells Fargo & Co., disclosure statements show.” (Bloomberg, June 16, 2010).

 

"But the final explanation is that politicians have acquired the automatic habit of prostrating themselves before those with vast sums of money. And this is one more of the many toxic byproducts of the growing inequality in wealth: a sense of community is increasingly destroyed, along with the moral values that hold it together. We are left with two opposing classes that inhabit two opposing worlds, and their clash is inevitable..." 

hat tip to http://twitter.com/USAWatchdog ;

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European Central Bank secretly distributes infinite money | Gold Anti-Trust Action Committee

European Central Bank secretly distributes infinite money | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"The Financial Times reports (see below) that the European Central Bank has secretly distributed E100 billion to Greek banks and billions more in secret to other European banks and, in doing so, has gained great "sway over eurozone politicians" -- you know, the people actually elected to run their countries.

 

"Infinite secret money is infinite secret power, and it's great that the FT is interested in this aspect of central bank secrecy. Is it too much to hope that the FT someday will show similar interest in the secrecy imposed by central banks on their interventions in the gold market, interventions detailed by GATA here?..."

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The Golden Truth: The Facebook Belly Flop + Is JP Morgan Technically Insolvent?

The Golden Truth: The Facebook Belly Flop + Is JP Morgan Technically Insolvent? | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"...Speaking Fed liquidity, we will likely never see any sign of it other than a big move of gold and silver, but based on some extensive reading and conversations about the JP Morgan situation, I believe the "tempest in a teapot" bad hedge loss at JP Morgan is running into the $10's of billions on a true market to market and collateral call basis and that it extends to many areas of JPM's derivatives positions. Again, this is something that we will never know unless the Government forces JPM to open its books - something that will NEVER happen.

 

"There are a lot of theories on how, what and why with regard to JPM's massive derivatives-related losses on a $100 billion portfolio of supposedly hedged positions. Since it is likely that taxpayer insured money has been employed, there is no reason for there to be any speculation on what is going on. JPM should be required to provide full disclosure and transparency in order to protect the interests of the taxpayers..."

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IMF's Christine Lagarde tells UK: 'Growth Too Slow' [NEWS VIDEO]

IMF's Christine Lagarde tells UK: 'Growth Too Slow' [NEWS VIDEO] | Gold and What Moves it. | Scoop.it
The British government and the Bank of England must do much more to stimulate growth in the country's economy, the IMF's Christine Lagarde said.

 

Speaking at the annual review of the British economy in London, IMF Managing Director Christine Lagarde warned the country that action must be taken to boost productivity and reduce unemployment.

 

"Unfortunately the economic recovery in the UK has not yet taken hold and uncertainties are abound. The stresses in the euro area affect the UK in many channels. Growth is too slow and unemployment, including youth unemployment, is too high. Policies to bolster demand before low growth becomes entrenched are needed."

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Not-so-happy Tuesday

Not-so-happy Tuesday | Gold and What Moves it. | Scoop.it

by TF Metals:

 

"Just some wild-eyed speculation here so proceed at your own risk.

 

"Recall first the concept of "Happy Tuesday". The idea behind it is this: After a week of downside manipulation, The Cartels attempt to "cover their tracks" ahead of the CoT survey each Tuesday. The Cartel short-covering (buying) on Tuesdays would often lead to UP days, thus the term "Happy Tuesday". Pondering this yesterday, I came up with the idea that today would be a DOWN day. Why? The opposite effect, actually. The short squeeze in gold of late last week was likely initiated by new longs being added by The Cartel and their buddies. Yesterday and today, in order to "cover their tracks" and not make this week's CoT appear even more bullish, selling ensues. Ring the register, book some profits and paint the CoT, all in one move.

 

"It looks like we have seen just that overnight and this morning. In fact, there even appears to have been some brazen attempts to jam price lower and back down through the 10-day MA. It didn't work...so far...but that doesn't mean they won't try again, especially after the London PM fix at 10:00 am EDT. It's the area around 1575 that they might be shooting for so let's watch that number closely later today..."

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Trader Dan's Market Views: Gold attempting to get to that "16" Handle

Trader Dan's Market Views: Gold attempting to get to that "16" Handle | Gold and What Moves it. | Scoop.it

by Trader Dan Norcini:

 

"...Right now there is a general hesitation to get too aggressive as there is yet another, (sigh!) summit this week in Europe, this time in Brussels on Wednesday, where the market will have to digest whatever fodder these clowns want to utter. Look for more of the same talk that we got from this weekend's gathering in Chicago - namely - growth instead of austerity which translates to money printing.

 

"At some point this will have the anticipated inflationary impact but not until we see something actually take place besides more talk. The moment, and I do mean the moment, we get confirmation that the ECB and the Fed are going to do the only thing that they can do, gold will move higher and start another leg in an uptrend. Until then we may have to be content with it marking some time here and allowing dip buyers to come in at appropriate moments barring some unexpected news..."

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What Volume Tells Us about Gold Stocks - Casey Research

What Volume Tells Us about Gold Stocks - Casey Research | Gold and What Moves it. | Scoop.it

by Jeff Clark:

 

"I've read articles from more than one analyst claiming that gold stocks are down on low volume, implying there's a lack of interest in precious metals. While on the surface that seems like an obvious statement, their point is that most of the recent volume has been coming from sellers and thus exaggerating the recent decline.

 

"I decided to test this hypothesis, because if correct, it has investment implications, starting with the fact that at some point you run out of sellers; and if and when buyers return, the ensuing rise could be spectacular.

 

"I also wanted to compare volume now to the waterfall decline in 2008. If volume is starting to spike now like it did then, it might give us some additional clues about our current environment and what to expect going forward..."

 

click over for the rest of the analysis.

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Silver a great business to be in for the next 50 years at least

by Geoff Candy:

 

"Speaking on Mineweb's Metals Weekly podcast, Baker said the silver market today can best be compared to where it was 100 years ago, when photographic demand was just beginning to grow.
"Hecla has been a silver mining company for 120 years - it was a great business to be in until the early 1980s and it was a terrible business to be in for the next 20 years. We're now back in a phase where it will be a great business to be in for the next 50 years at least."


"According to Baker, the reasons for this prediction are two-fold. The first is that silver's unique properties mean that its uses in various forms of technology are growing significantly..."

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Trader Dan's Market Views: China flips the Finger to Wall Street

Trader Dan's Market Views: China flips the Finger to Wall Street | Gold and What Moves it. | Scoop.it

Trader Dan on the China US Treasury news:

 

"...My guess is that the Chinese were sick and tired of being front-run by these unscrupulous banks and issued a stern but quiet demand to either allow them to go this route, OR ELSE!

 

"This further underscores the fact of the growing economic clout of China and just how utterly dependent our nation has become on its funding of our outrageous and downright contemptible indebtedness..."

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