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

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

by Marc Howe:

 

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

 

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

 

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

 

"Hug further observes ..."

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

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


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

 

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

 

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

 

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

 

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

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

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

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

 

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

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Strong rupee to support India Gold buyers

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

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

 

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

 

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

 

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

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

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

Jim Sinclair writes:

 

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

 

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

 

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

 

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

 

Gold going beyond $3500, Jim says.

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PIMCO | Investment Outlook - Damages

by William H. Gross:

 

Hat tip to www.jsmineset.com 

 

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

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Bullion is Breaking Out to the Upside | Resource Investor

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

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

 

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

 

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

 

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

 

Click through for the charts and rest of the analysis.

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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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oftwominds-Charles Hugh Smith: The Positive Power of Crisis

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

Charles Hugh Smith writes:

 

"Only in crisis do human beings actually change anything.

 

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


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

 

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

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

By Alan Wheatley, Global Economics Correspondent

 

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

 

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

 

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

 

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

 

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

 

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

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

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

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

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Massive Fear In Gold Means We May Not See A Correction

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

Caesar Bryan tells King World News:

 

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

 

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

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Rick Rule - The Availability Of Physical Gold Will Disappear

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

Today Rick Rule told King World News:

 

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

 

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

 

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

 

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

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

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

 

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

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