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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Hathaway: Gold Setup To Super-Surge To New All-Time Highs

Hathaway: Gold Setup To Super-Surge To New All-Time Highs | Gold and What Moves it. | Scoop.it

Today John Hathaway spoke with King World News about his belief that gold is now setup to surge to new all-time highs. The four decade veteran and prolific manager of the Tocqueville Gold Fund also believes gold will do so in very dramatic fashion. Here is what Hathaway had to say: “We had a nice run-up from late August into early October. I certainly feel we have broken the downtrend that started August of 2011, and I believe what is going on now is just backing and filling to cement the platform for the next leg in the bull market.

 

“But I do think when the (gold) market is ready, and I think it’s setting up to be ready, it’s not just going to creep higher. It’s going to go through these resistance levels the technicians talk about with a great deal of power...."

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"Watch for Market Dislocations" - Karl Denninger

To order the complete audio set from the Navigating the Politicized Economy Summit, available in CD and MP3 format, http://bit.ly/2012FallSummit Shortly afte...

 

"... The big picture is this: We have all lived for the last 30 years in a world where we believe that the price of certain things will always go up – houses being one of them, stocks being another. We have also lived in a time when an insane amount of monetary inflation has taken place. Most people look at the Consumer Price Index or some other government-provided thing, or they look at M1 OR M2, the growth of the money supply, for example. But the truth is that your credit card in your wallet spends exactly the same way as do the $100 bills or the coins that are found there. So what you really ought to be looking at for the growth of the monetary base is the total amount of money and credit that is in the system, and add those two together.

 

"When you do that, you find a very ugly picture. We now have $53 trillion approximately of credit instruments outstanding in the United States economy. The growth of that monetary base has been from approximately 150 to 175% of GDP back in the early 1980s, to 350% today. Where has it gone? And the answer is into the S&P 500, which went from 100 in that timeframe to 1,400 today. It went into houses, which have gone up at a massive radical of the Index itself, in GDP.

 

"So, what is likely to come? Well, exponential series only continue – and the trends in the economy that are driven by them only continue as long as you can continue to find a greater sucker to put on ever more debt in this particular case. That is no longer possible. We have already found that out. The only place where that is happening today is in student loans and in the federal government, so you only have two suckers that are trying to prop up all of these asset prices. This will fail, and when it does, you're going to see a massive amount of deflationary credit contraction within the system as a whole. ..."

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Quick Update on Gold – by Peter Grandich

Peter Grandich writes about gold:

 

"... Gold – Like I said last night, $2,000 gold is now cheap. Obama may be bad for a lot of reasons but his win has all but assured a new, all-time inflation-adjusted high well within his next term. Down several dollars as I type, I look for it to make up all the losses and move higher later today and/or for the rest of the week...."

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What Gold Will Do After the Election

What Gold Will Do After the Election | Gold and What Moves it. | Scoop.it
From where I sit the election is a coin toss, both in terms of who will win and what they will do with the power when they get there.

 

"... It is where gold will be next year that's in dispute.

 

"For the record, I believe gold will go much higher from here. The bubble hasn't even started to inflate. When the run happens — just like with dot-com stocks two years ago and housing five years ago — the prices people pay will seem surreal.

 

"We aren't even close to that; $5,000 gold would not shock me.

 

"But I expect you won't take my word for it, nor the experts' at the leading investment banks. After all, it was these guys who got us here. ..."

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Massive Short Covering & Buy Stops Triggered In Gold & Silver

Massive Short Covering & Buy Stops Triggered In Gold & Silver | Gold and What Moves it. | Scoop.it

On the heels of some wild trading in many key global markets, today acclaimed trader Dan Norcini told King World News, “Once gold took out $1,700, they set off the buy stops and generated more algorithm buying. All of the hedge funds that were selling gold and silver on Friday are now buying those contracts back.”

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Somebody Should Start The ‘Stuff Costs Too Much’ Party

Somebody Should Start The ‘Stuff Costs Too Much’ Party | Gold and What Moves it. | Scoop.it
Stuff costs too much.  Seriously.  Every time I go to the grocery store these days, I am absolutely horrified by the prices.  I try not to buy anything that...

 

A recent article by Benny Johnson detailed how the prices of many of the things that we buy on a regular basis absolutely soared between 2002 and 2012. Just check out these price increases...

Eggs: 73%

Coffee: 90%

Peanut Butter: 40%

Milk: 26%

A Loaf Of White Bread: 39%

Spaghetti And Macaroni: 44%

Orange Juice: 46%

Red Delicious Apples: 43%

Beer: 25%

Wine: 60%

Electricity: 42%

Margarine: 143% ...

 

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The Debt Crisis is so Boring: But 'TOP SECRET' ECB Report on the Debt Crisis is Anything But Boring | David Hague | Safehaven.com

The Debt Crisis is so Boring: But 'TOP SECRET' ECB Report on the Debt Crisis is Anything But Boring | David Hague | Safehaven.com | Gold and What Moves it. | Scoop.it

by David Hague:

 

"Dear reader, by now you will have read at least 1000 articles discussing the debt crisis and/or the fiscal cliff. Like me, you have probably concluded that both the debt crisis and the fiscal cliff will land badly with severe ...

 

"... David the report indicates that the last two years have been a sham. Central bankers have known all along that there is no bridge to take us over the valley of debt and into the next global economic renaissance. The report acknowledges that the glue that holds the G-20 countries together is the largesse of each central government that provides services and employment to the population. Furthermore this largesse from the central government helps dictate the behavior of provincial, state and municipal governments. ..."

 

"Greece is nothing more than a test tube"

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Harvey Organ's - The Daily Gold and Silver Report: Gold and silver rise/Greece has one week's cash left/Spanish unemployment rises again/ECB refuses to take in collateral in loaning Spanish banks m...

Harvey Organ's - The Daily Gold and Silver Report: Gold and silver rise/Greece has one week's cash left/Spanish unemployment rises again/ECB refuses to take in collateral in loaning Spanish banks m... | Gold and What Moves it. | Scoop.it

Harvey Organ writes:

 

"... Today we learned that Greece has only one week's worth of cash left. The ECB must decide whether they are going to kick the can down the alley again and if they decide on this scenario, the next question will be who will foot the bill.

 

"In Spain today we learned that their unemployment rate rose again as 128,000 more souls entered the ranks of the jobless.

 

"Also we learned that the ECB lent money to the Spanish banks inappropriately as they did not take in the prerequisite haircut due to the lowering of the ratings on Spain itself. It seems that the ECB is using the lowly Canadian rating services of DRBS who still gives Spain an A rating as reasons why they did not ask the Spanish banks for more collateral. All of this of course is at the taxpayers risk and expense. ..."

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The Golden Truth: Pre-Election Farce

The Golden Truth: Pre-Election Farce | Gold and What Moves it. | Scoop.it

from Dave in Denver:

 

"October Jobs and Unemployment Numbers Were Not Credible, Artifacts of a Broken Reporting System and/or Direct Manipulation - John Williams, www.shadowstats.com

 

"Also from John Williams' latest report, which is worth the price of subscription if you want to have access to someone who has studied and analyzed Government statistics over several decades:

 

"The headline numbers (or the general substance of the reporting results) usually are known a week or so in advance, and early release of data to officials in various administrations and at the Federal Reserve has been common in the past and as suggested in former Clinton Labor Secretary Robert Reich’s autobiography

 

"With a downturn in October’s online help-wanted advertising, weakening employment growth in the ISM’s October purchasing managers manufacturing survey, and significant indications of slowing activity, not accelerating economic growth—to be discussed in the upcoming Special Commentary—the October labor data indeed were not credible. ..."

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India Gold demand seen at 800 tons this year

The WGC expects India's gold markets to pick up momentum in the festival, wedding seasons, this year after a below average performance during the first half of this year.

 

NEW DELHI(BullionStreet): "Gold demand in India, world's largest consumer, is expected to drop near 800 tons compared to last year's 933 tons, according to a top WGC official.

 

"Speaking on the sidelines of a function here, WGC director, Jewellery Vipin Sharma said on an average, the gold market in India see a demand of around 700 tonne a year, for the last three years.

 

"He added that the mix between the jewellery and investment gold are also changing, with more growth towards investment gold, in the country.

 

"The WGC expects India's gold markets to pick up momentum in the festival, wedding seasons, this year after a below average performance during the first half of this year. ..."

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South Korea Gold reserves rises to $2.98 billion

South Korea's foreign currency reserves hit a new high last month, breaching the prior record high for three straight months, data by the central bank showed Monday.

 

SEOUL(BullionStreet):

 

"South Korea's gold reserves rose marginally to $2.98 billion at the end of October, according to Bank of Korea ( BOK).

 

"In a statement, BOK said country's total foreign exchange reserves stood at $323.46 billion as of the end of October, up $1.45 billion from the previous month.

 

"The reserves have set record highs for three straight months since August. South Korea's foreign currency reserves hit a new high last month, breaching the prior record high for three straight months, data by the central bank showed Monday.

 

"Foreign reserves reached a fresh monthly high of 323.46 billion dollars as of the end of October, up from the previous high of 322. 01 billion dollars for September, according to the Bank of Korea ( BOK). ..."

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Here Is Why A Monumental Move Is Coming In Gold & Silver

Here Is Why A Monumental Move Is Coming In Gold & Silver | Gold and What Moves it. | Scoop.it

Ron Rosen tells King World News:

 

"... The next time gold breaks through $1,800, we will really see the gold market take off to the upside in a very serious manner. If you look at the previous breakout of a similar pattern structure, which occurred in 2009, the price of gold went on to almost double in about 22 months."

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#India to import more #gold this year than earlier thought - WGC - GOLD NEWS - Mineweb.com Mineweb

#India to import more #gold this year than earlier thought - WGC - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Speaking at the launch of its wedding jewellery brand, Azva, WGC Director Vipin Sharma said the country could import as much as 800 tonnes of gold this year.

 

by Shivom Seth:

 

MUMBAI (MINEWEB) -

 

"It is not just Indian bullion retailers who are gearing up for the festival of lights in India next week.

 

"The World Gold Council too has noted a significant jump in sales from end-October and early November, in a run-up to the festival.

 

"India's import of the precious metal could be appreciably higher than was earlier envisaged, according to the Council. At a press conference, the global organisation said that India could import around 800 tonnes this year, way more than the 640 odd tonnes that was spoken about earlier this year. ..."

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Greyerz - The Gold Train Is Picking Up A Head Of Steam

Greyerz - The Gold Train Is Picking Up A Head Of Steam | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells King World News:

 

“... The potential exists here for a major upside move. Just look at the major charts you published today. These are charts that show gold will move up exponentially once the key levels on those charts are taken out to the upside. I am absolutely convinced there will be unlimited money printing worldwide, and the gold market is reflecting that.

 

"The move that we have been seeing to the downside is not justified at all. ..."

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Richard Russell - I See Catastrophic Insane Bubbles Everywhere

Richard Russell - I See Catastrophic Insane Bubbles Everywhere | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

“... Bernanke insists that his “QE3 to infinity” is not bringing in inflation. In proof, the Fed uses its ridiculous inflation measure which leaves out the rising costs of food and energy. But what Bernanke doesn't talk about is inflation in commodities and tangibles.

 

"Meanwhile, the price of art, medicine, college tuition and food is going through the roof. In fact, we are seeing bubbles in a great many areas. The yield on the Dow is 2.56%, far below the classic danger level which is 3.5%. According to the yield cycle, the stock market is in a dangerous bubble. And with bond yields tanking at unbelievable low rates, the bond market is also in a bubble. ..."

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Gold's Recent Drop Explained!

Gold's Recent Drop Explained! | Gold and What Moves it. | Scoop.it
With some time to take the pulse of the gold market it’s clear that gold’s recent pullback has several potential explanations. For starters the pullback could be explained by looking at a chart for gold.

 

Matt Insley writes:

 

"... The Overall Gold Trend, Is Still Our Friend…

 

"The U.S. dollar helps explain gold’s short-term pullback, but it can also give us a good idea as to where the metal may be headed.

 

"You see, regardless of Eurozone worries and a bump in U.S. manufacturing, the Federal Reserve has yet to show ANY ability to stop adding more dollars to its inventory. This is the same “dollar be damned” trend that took gold prices from $300 to today’s price near $1,700.

 

"And remember what Frank Holmes wrote to us last week? Don’t fear a normal gold correction. All of the long-term fundamentals that lead us to buy gold – including the last point about the Fed — are still intact."

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Chinese jewelers spread inland spurred by spike in consumer demand for gold | MINING.com

Chinese jewelers spread inland spurred by spike in consumer demand for gold | MINING.com | Gold and What Moves it. | Scoop.it

Marc Howe writes:

 

"China's jewelry stores are expanding into smaller inland cities as demand for gold rises amongst the country's increasingly affluent consumer base.

 

"Reuters reports that while jewelry stores have long been ubiquitous features of commercial districts in China's booming coastal cities, sellers are now spreading to traditionally less developed 3rd and 4th-tier cities where local economies are belatedly maturing.

 

"According to Leon Zhao of research firm Frost & Sullivan 3rd and 4th tier cities will in future "be the main engine of China's jeweler market," with the company projecting that cities at the third-tier and below will comprise over 40% of the Middle Kingdom's total jeweler market by 2015. ..."

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Greece — democracy in the balance

Greece — democracy in the balance | Gold and What Moves it. | Scoop.it
Author of THE DEBT GENERATION...

 

"All eyes seem to be glued to the US Presidential Elections, certainly those of our media are, when I think they should be looking at Greece.

 

"OK America is a more puissant nation but let’s say what most of us feel – it hardly matters who wins in America because, as am American comedian noted the other day, the candidates are just the same model just in two different colours. Either way Wall Street gets its man in the Presidency. For what it’s worth I think Wall Street, by and large, prefers Obama to win because his presence in the White House will do far more to contain public anger and particularly Black anger at the on-going lootting of the nation’s saving s and coffers than Romney’s would.

 

"Romney has served his purpose which was, I suggest, to pull the debate as far to the right as possible and to help ensure that whoever wins does so without any mandate from the people. No large majority – no power to stand up to the juggernaught of special interests and Wall Street policies.

 

"But Greece on the other hand stands at a cross roads not just for itself but for Democracy in Europe as a whole. Greece is in disarray but no more so than the rest of EUrope just more visibly so.What ails them is what is eating at us – the creeping failure of Democracy. ..."

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oftwominds-Charles Hugh Smith: The Imperial Presidency

oftwominds-Charles Hugh Smith: The Imperial Presidency | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"What we need is not a new president but a new presidency.

 

"There are few practical limits on presidential power. This is a key dynamic in the failed presidencies of G.W. Bush and Barack Obama.

 

"If you're not familiar with the term The Imperial Presidency, here is an introduction:


"Through various means, Presidents subsequently acquired powers beyond the limits of the Constitution. The daily accountability of the President to the Congress, the courts, the press and the people has been replaced by an accountability of once each four years during an election. These changes have occurred slowly over the centuries so that that which appears normal differs greatly from what was the original state of America. ..."

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OBAMA, ROMNEY…..GOLD - The Prospector Blog

OBAMA, ROMNEY…..GOLD - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

The Propector writes:

 

"... What I am certain of is regardless who’s elected silver & gold will go higher….much higher.


"It’s easy to become caught in today’s political process since the election dominates 24 hour news. Sure Sandy gave political pundits a reprieve but we both know hurricanes have a short shelf life, even historical ones. We are living in a media driven age full of drama, crisis, collapse, and even the slightest slip of the tongue goes viral almost instantly. Some in the media live for the next Biden gaffe while each political word is analyzed, dissected and spun to say whatever talking heads decide is most relevant. ..."

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Hurricane's aftermath gives NY Fed a rationale for suspending access to gold vault | Gold Anti-Trust Action Committee

Hurricane's aftermath gives NY Fed a rationale for suspending access to gold vault | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

by Nick Summers:

 

"As New York City continues to dry out in the aftermath of Hurricane Sandy, the financial world is reconsidering just how smart it is to place critical pieces of infrastructure in flood-prone areas. Citigroup's waterlogged building at 111 Wall St. will be unusable for several weeks, and two critical Verizon Communications facilities suffered extensive flooding during the storm.

 

"At least the material at those sites is replaceable. What about the nearly 15 million pounds of gold bricks stored at the New York Fed?

 

"They're safe -- and will be, in theory, should floodwaters return. The bullion is so heavy that its vault sits 80 feet below street level, and 50 feet below sea level, on the bedrock beneath Manhattan. Though the bank's fortress-like building is located far downtown, close to where other financial institutions sustained water damage, the property at 33 Liberty St. sits in the city's evacuation zone C, where residents are told to expect storm-surge flooding only from major -- Category 3 or 4 -- hurricanes that hit the New York harbor. ..."

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Don't Vote for Obama or Romney (FULL). Serve America Better By Buying 1 oz of Gold & Silver

don't waste your time by going to the polls to vote this yr. Both banker supported candidates stand for more of the same and the status quo. Learn why buying...

 

hat tip to http://www.tfmetalsreport.com/blog/4297/it-win-it

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Gold Gone Wild | ZeroHedge

Gold Gone Wild | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden writes:

 

"Following the biggest drop in almost five months, Gold has bounced hard off its 100DMA as it goes vertical - rising the most in two months. Breaking back above $1700, we can only ..."

 

Click through for the rest and the multiple charts.

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Chinese Gold firms to acquire more mines abroad

Chinese Gold firms to acquire more mines abroad | Gold and What Moves it. | Scoop.it
Major Gold companies such as Shandong Gold, Zijing Mining and Zhaojin Mining are already in the fray for overseas takeovers, analysts said.

 

BEIJING(BullionStreet):

 

"World's largest gold producer China announced more plans to takeover mines abroad.

 

"Country's largest gold producer, China Gold Group said it will participate in overseas acquisitions, look for resources in Africa and establish cooperation with other companies worldwide.

 

"Several other Chinese companies announced plans at the 2012 China Mining Conference and Exhibition held in Tianjin.

 

"Insufficient resources in China create demand for mining companies to expand overseas, and increasingly mature exploration technologies allow them to do so more easily.

 

"Major Gold companies such as Shandong Gold, Zijing Mining and Zhaojin Mining are already in the fray for overseas takeovers, analysts said. ..."

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Gold extends gains as US voters head to the polls - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb

Gold extends gains as US voters head to the polls - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

US monetary policy "unlikely to change" whoever wins election analysts say but the fiscal cliff "could propel gold higher"

 

by Ben Traynor:

 

WHOLESALE MARKET gold prices extended their gains from a day earlier Tuesday, rising above $1690 an ounce in London this morning - 1% up on yesterday's two-month low - while stocks and commodities also ticked higher and US Treasury bonds fell, as voters head to the polls for the US presidential election.

 

"Silver prices climbed to $31.43 an ounce - 2.4% up yesterday's low.

 

"A Romney victory in the presidential race could push interest rates up," says a note from HSBC, "[while] an Obama re-election could lower them. Lower interest rates historically have helped gold prices and higher rates have been gold-negative."

 

"Even if Romney wins," adds a note from UBS, "monetary policy in the short-to-medium-term is unlikely to change...[quantitative easing] will remain in place at least for the next fourteen months should subdued growth expectations play out, and gold participants need to bear this in mind. ..."

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