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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Is Hyperinflation About to Light a Middle Eastern Powder Keg? - Casey Research

By Marin Katusa, Chief Energy Investment Strategist, Casey Research

 

"In the third century, greed got the best of Rome's emperors. As they spent through the silver in the treasury, one emperor after another reduced the amount of precious metal in each denarius until the coins contained almost no silver whatsoever.

 

"It was the world's first experience with currency debasement and hyperinflation. As people saw the value of their savings evaporate, society grew angry and demanded a scapegoat. Christians became that scapegoat, and Romans turned on them with incredible violence.

 

"This pattern – currency debasement leading to social upheaval and violence – would repeat many times over.

 

"In medieval Europe, the number of women on trial for witchcraft climbed in sync with the debasement of currency. In revolutionary France, the Reign of Terror that slaughtered 17,000 wealthy counterrevolutionaries aligns perfectly with the deterioration of the purchasing power of the assignat note.

 

"And in the most vile example: dramatic hyperinflation in Germany in the 1920s allowed Hitler to rise to power by blaming Jews for the country's economic woes.

 

"The connection between currency debasement and social upheaval makes sense – hyperinflation only occurs in times of domestic drama. For example, in 1946 Hungary experienced the greatest episode of hyperinflation on record – in the context of a small, economically limited nation wracked by the Great Depression and then Nazi occupation in World War II. Zimbabwe earned second place in hyperinflation's record books when its dollar inflated 7.96 billion percent from early 2007 to late 2008. The cause? Robert Mugabe's land-reform policy slashed agricultural output and destabilized a fragile society.

 

"That brings me to today… and to Iran, where that volatile mix of domestic drama and hyperinflation is pushing a fragile society to the brink of revolution.

 

"If history repeats itself and Iran descends into revolution, the outcome is both unclear and obvious. In the unclear category: the details of the resulting regime and how far an Iranian revolution might spread through the Middle East. What is obvious, though, are the generalities ..."

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Rule: We Have Tight Gold Supplies & Future Supply Constraints

Rule: We Have Tight Gold Supplies & Future Supply Constraints | Gold and What Moves it. | Scoop.it

Glad to see Rick Rule and I have been thinking the same thing of late. As a follower of my feed you'll note a number of stories about the African mines and situations going on there today. I believe this will play into the price of the precious metals if not soon, eventually.

 

From King World News:

 

Today Rick Rule warned King World News about tight gold supplies and future supply constraints. This interview also discusses the frightening conditions that workers face in places like South Africa. At the bottom I also have a note about a video I sent Richard Russell a decade ago regarding the world’s deepest gold mine.

 

But first, here is what Rule had to say: “One of the things that is interesting to me and it should be to all mining industry investors and speculators, is the social unrest in South Africa. It’s a very, very complex situation, and I’m trying to understand it better. I’m lucky here to have a couple of South Africans who work for us with great ties to the country.”

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How `helicopter` Ben helps jobs and, inadvertently, #gold

How `helicopter` Ben helps jobs and, inadvertently, #gold | Gold and What Moves it. | Scoop.it

by Frank Holmes

"The world's central bank leaders continue to spike the monetary punch bowl, with investors imbibing on gold once again. This flurry of gold buying prompts many curious investors and doubting media to ask me two questions: 1) How can demand for gold and gold stocks continue; and 2) How high can the precious metal go?

 

"To answer these questions, we need to look at the intentions behind the economic and political decision-making across several developed countries, analyze the causes, the effects, and the possible ramifications.

 

"For example, one of the most debated topics today is America's ongoing unemployment situation. Job loss has affected the lives and pocketbooks of millions of Americans and our friends and families, culminating to a center-stage position in the election this year. All eyes turn to President Barack Obama and Mitt Romney to explain how each intends to create jobs.

 

"During the two years following the Great Recession, Americans lost jobs at a similar rate to the employment losses during the Great Depression and in Finland after 1991. But two years after the crisis, U.S. employment losses stopped and reversed direction. ..."

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Gold traders bullish but caution advised as China slowdown spooks equity, commodity markets

Gold traders bullish but caution advised as China slowdown spooks equity, commodity markets | Gold and What Moves it. | Scoop.it

By Adrian Ash

"Wholesale market prices to buy gold fell 0.5% to $1770 per ounce in Asian and London trade Monday, holding more than $25 below Friday's new 11-month high as world stock markets also fell together with commodity prices.

 

"Chinese traders wanting to buy gold saw the price fall sharply as the Shanghai futures market re-opened after the long Golden Week holidays.

 

"Silver prices fell nearly 5% from last week's new 7-month high against the US Dollar, hitting the lowest level in nearly two weeks.

 

"We are somewhat cautious on gold here," says a note from commodity brokerage Intl FC Stone. "It has had a very good run higher over the past several weeks, while chart-wise, it looks like it could back away further from stiff resistance between $1790-1800.

 

"However, we still would look to buy gold on any substantial pullback, as it will likely be one of the prime beneficiaries of the massive easing policies we are seeing put through practically the world over."

 

"Monday saw both the Japanese and US financial markets closed for national holidays. ..."

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Mysterious Algorithm Was 4% of Trading Activity Last Week

Mysterious Algorithm Was 4% of Trading Activity Last Week | Gold and What Moves it. | Scoop.it
A single program that placed orders — and subsequently canceled them — made up 4 percent of all quote traffic in the U.S. stock market last week. The motive of the algorithm is still unclear.

 

Seems to me the motive is pretty clear. A test run.

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Nine in ten Scots 'living off state's patronage' - Telegraph

Nine in ten Scots 'living off state's patronage' - Telegraph | Gold and What Moves it. | Scoop.it
Almost nine out of 10 Scottish households take more from the public purse than they contribute in taxes thanks to a “rotten system” of state patronage, the Tory party conference will hear on Monday.
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Eric De Groot: The Trends Clearly Show The Worm Has Turned In The Labor Market

Worth click through and reading and seeing all the charts.

 

Here is Eric De Groot's points:

 

For anyone not completely incapacitated by election year rhetoric and/or politics, please consider the following:


*2010-2012 economic recovery has produced far fewer jobs than 2004-2006 (chart 1). The 2003-2007 economic recovery was considered extremely weak.

 

*The US driven by generations of excessive spending, ever-increasing socialism, and uncompetitive international taxation has slowly transformed its economy and labor force from the manufacturing to service hub of the world. Service-producing jobs as a percentage of nonfarm payrolls have increased from 60% to 86% since 1953 (chart 2). American have come to know this economy as swapping Made in the USA for Designed in the USA label and a steady decay in real hourly earnings and standard of livings for generations.

 

*No matter how the statiticians jigger the labor numbers to hide the trends, the worm has turned in the labor market. The jobs creation histogram which studies both job creation/(destruction) and labor force participation peaked in early 2012 (chart 3).

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Quantifornication | Richard Mills | Safehaven.com

Quantifornication | Richard Mills | Safehaven.com | Gold and What Moves it. | Scoop.it

by Richard Mills:

 

"... Shocking stats:


"Nearly half of American's die broke

 

"One out of three Americans has no savings


"Our labor force participation rate is at a 30 year low

 

"Household income has fallen to 1995 levels

 

"There are over 46,000,000 million Americans currently receiving food assistance - that's one out of every seven people

 

"From 2007 to 2010, a typical US family lost 39 percent of its wealth

 

"The Gini index, a measure of household income inequality, increased 1.6 percent in 2011, its first annual increase since 1993

 

"Conclusion

 

"Space may be the final frontier but it's made in a Hollywood basement."

 

"Californication is a brilliant 1999 song by the Red Hot Chili Peppers. Many of the lyrics reference the often insane, unrealistic, impossible dream images Hollywood sells to the world.


"Quantifornication is the term I coined for what the Federal Reserve is selling to the world - the unrealistic, insane fiat dream that the monetary policy currently being employed by the Fed can fix the predicament we are in. ..."

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Gold, mourning and dragons; from India to China

Gold, mourning and dragons; from India to China | Gold and What Moves it. | Scoop.it
MUMBAI (MINEWEB) -

 

"In India, the country plays host this fortnight to the mourning period for dead ancestors (Shraadh) in a period which is generally considered highly inauspicious for starting anything new, like buying a house, getting married or even buying gold.

 

"In neighbouring China, on the other hand, the Golden Week holidays are on (Sept 30-Oct 7). The time is ripe for retailers to roll out the incentives, which is leading to a massive jump in sales across bullion counters.


"One would have thought that the inauspicious nature of the fortnight in India would have led to a massive decline in gold sales, casting a shadow on the purchase of gold jewellery. However, the contrary is true.


"Interestingly, many young consumers have decide to forgo the inauspicious nature of the fortnight and go ahead and buy gold jewellery, since prices are low. Given the fewer footfalls, jewellers are also keen to offer more discounts.

 

China factor

 

"In China, retail jewellers, unlike their Indian counterparts, have no need to offer discounts or resort to similar clever marketing ploys. They have been quite busy these last few days.


"Reports across Chinese newspapers indicate that sales of gold, silver and jewellery have already risen sharply and are set to climb further this weekend. At Caibai, one of Beijing's best known gold retailers, sales rose 57.6% in three days.

 

"Though buyers have to contend with bullion that is $300 per oz more expensive than last year, hectic buying has been witnessed. ..."

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China Golden week holidays boost jewelry sales

Week-long holiday, thanks to the convergence of the Chinese National Day on Oct 1 and the Mid-Autumn Festival on Sept 30, has proved to be a bonanza for business establishments, especially jewelers in the country.

 

BEIJING(BullionStreet): Gold jewelry consumption in China climbed up during the Golden Week holidays, backed by fresh government incentives and other festival offers.

 

"Major jewelry stores across China witnessing sales boom with customers buying gold bars, gold ingots and other kinds of dragon-themed jewelry. ..."

 

"... China has been encouraging its citizens to buy and hold physical gold either in jewelry or bullion to build financial reserves in assets strong than the U.S. dollar, the euro or other weakening currencies. ..." click through for the full report.

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Agnico CEO - A Game-Changer That Will Send Gold To $3,000

Agnico CEO - A Game-Changer That Will Send Gold To $3,000 | Gold and What Moves it. | Scoop.it

Today one of the top CEO’s in the world told King World News that “... demand coming out of the central banks, is going to be one of the major factors or catalysts that’s going to drive gold to the $3,000 mark.” Boyd, who is CEO of $9.3 billion Agnico Eagle, also said, “But the last thing these central banks want to do is create disruption in the gold market. ..."

 

"... We are now going to go into the phase where investors realize there are fundamental problems surrounding the US debt situation. The ongoing stimulus that will be needed will drive the US dollar lower, and this will result in gold continuing higher. ..." click through for the rest of the discussion.

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A bacteria that poops gold? Yep, that exists, and it’s in an art exhibit. (video)

A bacteria that poops gold? Yep, that exists,             and it’s in an art exhibit. (video) | Gold and What Moves it. | Scoop.it

This microbial magician, named Cupriavidus metallidurans, when placed in a minilab full of gold chloride, a nasty toxin, gobbled up the poison and, in about a week, processed it out as 24-karat nuggets of the precious yellow metal.


But before you grab your lab coat and rush out to nab some of the gold -pooping bacteria, stop. It is about as rare as the precious metal itself. And if you’re thinking you can synthesize the reaction in your basement using your gold jewelry, think again. The bacteria is grown on large concentrations of gold chloride — the toxic metal in question — also known as liquid gold.

 

click through for the video.

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Money Printing Trumps Fundamentals | Michael Pento | Safehaven.com

Money Printing Trumps Fundamentals | Michael Pento | Safehaven.com | Gold and What Moves it. | Scoop.it

by Michael Pento:

 

"Stock markets around the world continue to levitate despite the fact that the fundamentals behind the global economy continue to deteriorate.

 

"U.S. second quarter GDP was significantly revised downward last week from the previously reported 1.7%, to just 1.3%. The paltry 1.3% reading on GDP followed a first quarter print that was already an anemic 2%. Also reported last week was the worsening state of consumer's income. Their take home pay (after taxes and inflation are considered) dropped 0.3% in August, as their savings rate fell to just 3.7%, from 4.1% during the prior month. Another worrisome report showed manufacturing activity in the Chicago region contracted for the first time in three years in the month of September, according to the MNI Chicago Report released on Friday.

 

"But that weak and worsening economic data didn't stop investors from sending stocks higher. The Dow Jones Industrial Average climbed 4.3% and the S&P advanced 5.7% in the third quarter. However, any economic growth to support those moves was seriously lacking. The simple reason behind the ebullient stock market during last quarter was the Fed's persistent threat to soon launch a massive amount of debt monetization. Mr. Bernanke followed through on that threat by announcing an open-ended counterfeiting scheme on September 13th.


"Turing to Europe, the situation is much the same. Spanish unemployment has reached 25% and the bank of Spain warned last week that the country is in a "deep recession", which will be its second in the last three years. Also, an audit of Spanish banks indicated that $76.3 billion of capital will be needed for their banks to ride out the next recession and that paved the way for the troubled nation to ask for an international bailout.


"However, that negative and deteriorating news didn't stop Spain's IBEX 35 from climbing nearly 30% in the last two months! That's because Mr. Draghi promised to do "whatever it takes" to save the Euro on July 26th, which coincided perfectly with the turnaround in Spanish stocks and the drop in their 10 year note yield from 7.6%, to 5.9% ..."

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Cash Cost Figures: Are They For Real? - Casey Research

Cash Cost Figures: Are They For Real? - Casey Research | Gold and What Moves it. | Scoop.it

By Andrey Dashkov, Research Analyst Casey Research:

 

"The chief reasons cited for cash costs increasing are declining ore grades, labor cost increases, higher energy prices, and other input factors. Our expectation is that on average, these costs will continue to rise throughout this year and beyond.

 

"However, profit is not a one-variable calculation. With the underlying commodity – gold – rising faster than cash costs for over a decade now, many mines that were previously unprofitable have become profitable.

 

"Sharp investors have noticed that many profitable mining companies aren't seeing fatter margins. Why? Because mines with higher-grade material start processing previously uneconomic lower-grade ore while they can do so at a profit, adding to the life of their mines and total cash flow while maintaining their bottom lines today. In other words, what was once waste becomes ore, leading to increases in overall production and profit. It's a good business strategy, but it also contributes to the rise in average mining costs.

 

"Still, while costs have risen in nominal terms, gold has continued upward as well. As a result, average operating margins, based on the spot gold price, have gotten wider in recent years. The below quarterly comparison of the average cash cost vs. the average price of gold over the past seven years shows this quite clearly. ..."

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Karl Denninger-You Have to Kill Monopoly Protections of Medical System

http://usawatchdog.com/ ;

 

Inestor Karl Denninger contends, "You have to kill the monopoly protections that the medical system has that prevent the free market from working." Think we can fix the economy or health care with Federal Reserve money printing or QE? Forget it! Denninger warns, "It is a huge tax increase. . . . It acts by devaluing your purchasing power, and it falls disproportionately on the poor and lower middle class." Join Greg Hunter as he goes One-on-One with Karl Denninger of Market-Ticker.org.

 

hat tip to http://www.jsmineset.com 

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New Gold targets found in Ireland

New Gold targets found in Ireland | Gold and What Moves it. | Scoop.it
LONDON(BullionStreet):

 

"Conroy Gold and Natural Resources revealed it has unearthed two new gold targets in Ireland. The two targets, each spanning 3 kilometres in length, are found within the Slieve Glah licence area in County Cavan.

 

"The discoveries follow a gold-in-soil survey in which gold values of over 300 parts per mln were recorded. ..."

 

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Philly courts pursue old debt, might jail debtors | Philadelphia City Paper | 10/04/2012

Philly courts pursue old debt, might jail debtors | Philadelphia City Paper | 10/04/2012 | Gold and What Moves it. | Scoop.it
An estimated 400,000 people could soon be targeted by an aggressive campaign to collect decades-old criminal debt, an estimated $1.5 billion in forfeited bail, fees, fines and restitution dating back to 1971.

 

by Daniel Denvir

 

"It’s been well over a decade since Jose, 36, of North Philly, last tangled with the law. In 1997, he was convicted of possessing narcotics with intent to distribute and served a year in prison. Now, unemployed for the last four months, he is focused on the struggle to find a new job and support a wife and two kids attending Catholic school.

 

"So, Jose was puzzled this summer when phone calls began rolling in from a bill collector, telling him he owed more than $6,000 in fines dating back to that 1997 incident. It was the first he’s heard of it, he says.

 

“They said, ‘If you don’t pay, we can arrest you and you have to pay $6.75 a day for your arrest until you pay this fine,’” Jose says.

 

"Jose, it turns out, is one of an estimated 400,000 people who have been or could soon be targeted by an aggressive campaign by the First Judicial District of Pennsylvania — the Philadelphia Courts — to collect decades-old criminal debt, an estimated $1.5 billion in forfeited bail, fees, fines and restitution dating back to 1971. With Mayor Michael Nutter’s energetic blessing, the court contracted collection agencies to take in the debt. And the court appears to be making preparations to jail people for nonpayment.

 

"To Jose, it feels like being dragged back into a world he long since put behind him. “There should be a statute of limitations,” he says. “After you stay away from crime for so long and they bring up stuff that happened so many years ago — it’s like they’re opening the case again.”

 

"Worse, critics point out that such cases are drawing on records kept by the Clerk of Quarter Sessions, the row office that managed court administration until it was abolished in 2010 — precisely because it was notorious for horrendous record-keeping. Now, they say, the court is pursuing a policy of collect first, ask questions later.

 

“The courts’ poor record-keeping of the last several decades is well known,” says Rebecca Vallas, a Community Legal Services of Philadelphia (CLS) attorney who represents some alleged debtors and is asking the city to reform collections efforts. She says the burden of proof should be on the court. “They should not be pressuring people to pay without first making sure that the debts are accurate. ..."

 

hat tip to https://twitter.com/mikecane

 

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IMF Sees ‘Alarmingly High’ Risk of Deeper Global Slump

IMF Sees ‘Alarmingly High’ Risk of Deeper Global Slump | Gold and What Moves it. | Scoop.it

By Sandrine Rastello:

 

"The International Monetary Fund cut its global growth forecasts as the euro area’s debt crisis intensifies and warned of even slower expansion unless officials in the U.S. and Europe address threats to their economies.

 

"The world economy will grow 3.3 percent this year, the slowest since the 2009 recession, and 3.6 percent next year, the IMF said today, compared with July predictions of 3.5 percent in 2012 and 3.9 percent in 2013. The Washington-based lender now sees “alarmingly high” risks of a steeper slowdown, with a one-in-six chance of growth slipping below 2 percent.

 

“A key issue is whether the global economy is just hitting another bout of turbulence in what was always expected to be a slow and bumpy recovery or whether the current slowdown has a more lasting component,” the IMF said in its World Economic Outlook report. “The answer depends on whether European and U.S. policy makers deal proactively with their major short-term economic challenges.”


"The IMF’s 188 member countries convene in Tokyo this week as low growth damped by fiscal consolidation in the richest economies hurts developing counterparts from China to Brazil. As the IMF urged measures to boost confidence, uncertainties out of Europe show no sign of abating, with leaders still divided over a banking union and Spain resisting a bailout. ..."

 

hat tip to www.drudgereport.com

 

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Romania wants Gold treasure back from Russia

Nearly a century later Russia is yet to return the treasure to Romania. A full list of the treasure was presented in 2004 to Russia by Romania.

 

"MOSCOW(BullionStreet): Romania reiterated it's stand on the issue of getting back the 93 tons of gold evacuated to Russia for safe keeping during the World War.

 

"According to country's foreign minister Titus Corlatean the return of the Romanian treasure remains a priority for his country.

 

"During the first world war, to safeguard it's treasures from German invasion, Romania signed a deal with the Russian government which stated that Russia would safe keep the Romanian Treasure in the Kremlin until the end of the war.

 

"Nearly a century later Russia is yet to return the treasure to Romania. A full list of the treasure was presented in 2004 to Russia by Romania.

 

"In 1935, the USSR did return a part of the archives, and in 1956 paintings and ancient objects, most notably, the Pietroasele treasure. ..."

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Dollar Gold “Decidedly Bullish”, Targets $2400 by Mid-2013 | The Daily Gold

Dollar Gold “Decidedly Bullish”, Targets $2400 by Mid-2013 | The Daily Gold | Gold and What Moves it. | Scoop.it

"WHOLESALE U.S. Dollar gold prices slipped 0.4% from new 11-month highs in London trade Friday morning, dipping beneath $1790 per ounce as European stock markets crept higher.

 

"Wholesale silver bullion prices eased back below $35.00 per ounce – but also held 1.1% up for the week – as commodities held flat and major-economy government bonds ticked lower.

 

"The Euro currency held above $1.30 despite a sharp drop in Germany’s industrial orders data.

 

"Latest US jobs market data were due just ahead of the start of New York trade, with analysts expecting on average a rise of 113,000 last month from August.

 

“The labour market needs to improve for QE3 to end and, if it does not improve as the Fed wants, other [monetary policy] measures will be introduced,” reckons Standard Bank strategist Steven Barrow.

 

“If the third round of quantitative easing leads to further weakness of the US Dollar, [other] central banks may be prompted to switch more cash reserves into gold,” says Evy Hambro, co-manager of the UK’s giant Blackrock Gold & General mining-stock fund.

 

"The chart of Dollar gold prices, says a new report from Hambro’s team, “has turned decidedly bullish with the 50-day moving average rising above the 200-day moving average.

 

“The last time this happened was in February 2009…shortly after the implementation of QE1. Then, gold was $900 and never looked back. Should we witness a similar rally, prices would be taken to $2,400 by midsummer next year. ...”

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Investors going for gold ahead of U.S. "fiscal cliff"

Investors going for gold ahead of U.S. "fiscal cliff" | Gold and What Moves it. | Scoop.it

Investors relish gold as a quasi-currency and inflation hedge, especially ahead of the "fiscal cliff" in the U.S. of potential spending cuts and tax hikes.

 

By Eric Onstad

 

"... Investors relish gold as a quasi-currency and inflation hedge, especially ahead of the "fiscal cliff" in the United States of potential spending cuts and tax hikes, since the Federal Reserve will probably have to step up its QE response.

 

"If the U.S. Congress can't agree a deficit reduction deal by January, $600 billion of tax hikes and spending cuts automatically come into force, which experts say would trigger a recession.

 

"That will mean more stimulus, and that might be another leg up for gold. In six months time, we might see gold flirting with $1,900 or $1,950," said Pau Morilla-Giner, chief investment officer at London & Capital, which has $3.2 billion of assets, including over $400 million in commodities. ..."

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What To Expect With Gold Assaulting $1,800 & Silver At $35

What To Expect With Gold Assaulting $1,800 & Silver At $35 | Gold and What Moves it. | Scoop.it

Citi analyst  Tom Fitzpatrick told King World News:

 

“The gold market is flirting once again with the critical $1,791 level today. Breaking through this level will be crucial in terms of establishing the momentum for the next leg higher. If gold can get a weekly close above that level, it really completes this pattern. This will then open up the target for gold at $2,060. It could come this year or perhaps in Q1 of next year.

 

"But we believe that in Q1 of next year we could see gold as high as $2,450 to $2,500. Gold has pushed on this critical $1,791 level for two weeks in a row, and we closed both of those weeks essentially where we opened. So this is the third week in a row that gold has been assaulting that critical level. ..." click over for the rest of the charts and analysis.

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Gold traders most bullish as holdings reach record

Gold traders most bullish as holdings reach record | Gold and What Moves it. | Scoop.it

Twenty of 32 analysts surveyed by Bloomberg expect gold prices to rise next week, nine were bearish and three were neutral.

 

By Nicholas Larkin

 

"Gold traders are the most bullish in three weeks as investors' bullion holdings expanded to a record after central banks pledged to do more to spur economic growth.

 

"Twenty of 32 analysts surveyed by Bloomberg expect prices to rise next week, nine were bearish and three were neutral. Investors are holding the most metal ever through gold-backed exchange-traded products after buying 85.4 metric tons last month, the most since July 2011. Hedge funds' bets on a rally are the biggest in seven months, U.S. Commodity Futures Trading Commission data show.

 

"The European Central Bank held interest rates at a record low yesterday after agreeing on an unlimited bond-purchase program last month and the Federal Reserve announced a third round of quantitative easing. The Bank of Japan has said it will add to a fund that buys assets and China approved a $158 billion subways-to-roads construction plan. Gold rose 70 percent as the Fed bought $2.3 trillion of debt in two rounds of quantitative easing from December 2008 through June 2011.

 

"More and more people are going to anticipate inflation in the future because of quantitative easing and the amount of debt we've got in the system," said Frederique Dubrion, the Geneva- based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. "We can print whatever amount of money we need, but you can't print gold. It's nobody's liability, it's a hard currency. ..." 

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gold forecast | Anna Coulling

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

 

"December gold futures ended yesterday’s trading session at $1793 per ounce, having just failed to breach the psychological $1800 per ounce price level, and ending with a relatively wide spread up bar, which once again signaled an imminent breakout on the daily gold chart.

 

"The price congestion over the last few weeks has now created a classic breakout patter, with the Hawkeye pivots defining the levels both to the upside and the downside. The price level below is in the $1760 per ounce region, whilst that above is in the $1780 area, and extremely tight range. What is particularly significant is the price action over the last week, with each daily bar displaying a higher low than its immediate neighbour, and this alone is a strong signal that we can expect to see a resumption of the bullish trend shortly. The reason for this is simple. If the gold market was bearish in the congestion area, then we would expect to see the market low of each day falling, and the reverse is in fact true, they are rising. ..." click over for the rest of the analysis.

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Good day for Gold and Platinum.

Good day for Gold and Platinum. | Gold and What Moves it. | Scoop.it

Pretty good day for gold and a great day for platinum too. How much is a result of the stockmarket rising following the Presidential debate last night? Where we go tomorrow will be interesting to me as we head into the weekend. I am glad that we broke from that $1775 barrier for gold but I really want to see it get above $1,800 for two closes. That said, it is a good day. Platinum really took off and cleared $1700 in an effort to catch up and pass gold. It's been so far behind gold for so long that I'm beginning to wonder if it ever will.

 

Track the fun with the free Adobe Air desktop widget, Exact Price: http://www.learcapital.com/exactprice

 

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