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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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Japan`s May #gold exports drop to 15-month low - FAST NEWS - Mineweb.com Mineweb

Japan`s May #gold exports drop to 15-month low - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

TOKYO (REUTERS) -

 

"Japan's exports of gold plunged to a 15-month low in May to 2.79 tonnes, down 67 percent from a year ago, as sales of gold bars and jewellery by consumers fell sharply after prices eased, resulting in a steep fall in gold scrap.


"Gold touched a record of about $1,920 an ounce in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe. But bullion has lost some of its appeal after the U.S. Federal Reserve decided to take only a modest step to boost the economy and the market turmoil prompted investors to cash in the metal to cover losses. ..."

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The Fate of the Global Financial System Hangs in the Balance

The Fate of the Global Financial System Hangs in the Balance | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News:

 

"... The World Gold Council just came out with a statement noting that there are deflationary or disinflationary pressures, and there has been some selling of gold just to raise money. Having said that, they expect the rest of the year for gold to be good because of the kinds of problems we're facing.

 

"Implicit in their comments, on gold, is this bull market is not going to stop until you see positive real interest rates. We are so far away from seeing that. So for people that are invested in gold, I can't say we won't see a bit more turbulence, but I actually now believe there will be less turbulence, even in a worse case scenario.

 

"The upside still remains many, many times what the price of gold is today. And I would just reiterate that the biggest bull market in everyone's lifetime will probably be in these junior gold miners. That's really the only marginal gold production that we have in the world today, these juniors. ..."

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Supreme Court health care ruling: Rubio: IRS to 'come after' uninsured

Supreme Court health care ruling: Rubio: IRS to 'come after' uninsured | Gold and What Moves it. | Scoop.it
By MJ LEE | 6/28/12 11:56 AM EDT Updated: 6/28/12 1:37 PM EDT

Sen. Marco Rubio said Thursday that the Supreme Court’s decision to uphold President Barack Obama’s health care law means that the IRS will now “come after” Americans.

 

“I hope people back home fully understand what this means, and here’s what this means: It is now unlawful for you not to buy health insurance, and if you do not buy it, you have an IRS problem,” the Florida Republican said on Fox News. “If you do not buy health insurance, the IRS is going to be on your back and chasing you. They’re going to take away your refund, they’re going to increase your fees, they’re going to come after you.”

 

Read more: http://www.politico.com/news/stories/0612/77946.html#ixzz1z7CVPyRW

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Precious Metals Digest | Exclusive Interview: Eric Sprott on Future Prospects of Gold and Silver

Precious Metals Digest | Exclusive Interview: Eric Sprott on Future Prospects of Gold and Silver | Gold and What Moves it. | Scoop.it

click over for the interview:

 

"A personal look and a candid conversation about the World Economy and the Financial Markets, Gold and Silver. Exclusive Interview with Eric Sprott from Sprott Asset Management and Patrick MontesDeOca from CMT Group."

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Infographic: the mining and supply of gold | MINING.com

Infographic: the mining and supply of gold | MINING.com | Gold and What Moves it. | Scoop.it

Visualcapitalist has put together an infographic on the the mining and milling of gold.

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Precious Metals Monitor: Buy Range-bound Gold Now For Run To $1641 Or Higher, Silver Also Ripe

Precious Metals Monitor: Buy Range-bound Gold Now For Run To $1641 Or Higher, Silver Also Ripe | Gold and What Moves it. | Scoop.it

by Sumit Roy:

 

"... Gold price action continues to confound many, as the yellow metal seesaws within a $100 range. Every time the prices are on the brink of an upside breakout, they fall back, and every time a breakdown looks imminent, they reverse course to trade higher.

 

"Until a breach of the key support and resistance points—$1533 and $1641, respectively—gold is considered range-bound from a technical perspective.... "

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“Pressure Mounting” on Gold, But Central banks Still Adding to Reserves, Italy’s Borrowing Costs Creep Higher | The Daily Gold

“Pressure Mounting” on Gold, But Central banks Still Adding to Reserves, Italy’s Borrowing Costs Creep Higher | The Daily Gold | Gold and What Moves it. | Scoop.it

"... Here in London, Bank of England governor Mervyn King cited “worsening…in the [economic] position in Asia and other emerging markets” as a reason he voted for an additional £50 billion of quantitative easing earlier this month.

 

“We are in the middle of a deep crisis,” King told the Treasury Committee on Tuesday, “with enormous challenges to put our own banking system right and challenges for the rest of the world that they are struggling with.”

 

"Proposed additional QE was defeated by five votes to four at the June Monetary Policy Committee meeting. The MPC makes its next policy announcement Thursday next week.

 

"The central banks of Kazakhstan, Russia, Turkey and Ukraine were among those who added to their gold bullion holdings last month, according to figures published Tuesday by the International Monetary Fund.

 

"India’s central bank meantime is considering banning the sale of gold coins by the country’s banks, according to India press reports on Wednesday. ..."

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Here comes the crack-up boom: Negative interest rates start in Europe | Gold Anti-Trust Action Committee

Here comes the crack-up boom: Negative interest rates start in Europe | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Draghi May Enter Twilight Zone Where Fed Fears to Tread

 

By Jana Randow
Reuters

 

Wednesday, June 27, 2012

 

http://www.bloomberg.com/news/2012-06-26/draghi-may-enter-twilight-zone-where-bernanke-fears-to-tread.html

 

 

"European Central Bank President Mario Draghi is contemplating taking interest rates into a twilight zone shunned by the Federal Reserve.

 

"While cutting ECB rates may boost confidence, stimulate lending, and foster growth, it could also involve reducing the bank's deposit rate to zero or even lower. Once an obstacle for policy makers because it risks hurting the money markets they're trying to revive, cutting the deposit rate from 0.25 percent is no longer a taboo, two euro-area central bank officials said on June 15. ..."

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The Golden Truth: Golden Lies In The Media

The Golden Truth: Golden Lies In The Media | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"The big banks have becoming hedge funds but are backed by the Fed and taxpayer funds. You think that provides them with a competitive advantage? The Fed encourages and abets big banks to trade like hedge funds so the banks can generate, even craft, earnings to keep them afloat. Bill King, The King Report


"If you woke up this morning and read some of the headlines that pertain to the housing market, you might be convinced that the bottom is in and the next bull market in housing is starting. Of course, it's funny how homebuilder, realtor and Government numbers diverge from one of the best "grass root" statistics: mortgage purchase applications. Mortgage purchase applications declined again last week: "The unadjusted Purchase Index decreased more than 2 percent compared with the previous week and was almost 3 percent lower than the same week one year ago." Here's the report from the Mortgage Bankers Association: LINK

 

"How can the housing possibly be going through a recovery when purchase applications have been mostly lower week to week during the peak home selling season? Makes no sense. Either the mortgage bankers are lying or the homebuilders, realtors and Government are all lying. I know which constituent I would bet is lying. I will say, that there has been a lot of strength in the low price end of the market. But this is coming from investors who are taking advantage of Government financing programs to buy low-end homes and turn them into rentals. As I have shown in previous posts, Fannie and Freddie announced this program several months ago. Ironically, they needed an outlet for all the homes they repossessed to make room for more foreclosures...wash, rinse, repeat. ..." click through for the rest.

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Guest Post: Fiat Money Kills Productivity | ZeroHedge

Guest Post: Fiat Money Kills Productivity | ZeroHedge | Gold and What Moves it. | Scoop.it
From John Aziz of Azizonomics Fiat Money Kills ProductivityI have long suspected that a money supply based on nothing other than faith in government is a productivity killer.

 

Click through for this piece.

 

Here's a snippet:

 

"... Only a wilful and ideological Keynesian could ignore the salient detail: as soon as the USA left the gold exchange standard, total factor productivity began to dramatically stagnate.

 

"Coincidence? I don’t think so — a fundamental change in the nature of the money supply coincided almost exactly with a fundamental change to the shape of the nation’s economy. Is the simultaneous outgrowth in income inequality a coincidence too? ..."

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Expect a lot more money printing - David Levenstein

Expect a lot more money printing - David Levenstein | Gold and What Moves it. | Scoop.it

by David Levenstein:

 

"... In his statement, the Fed chairman, Ben Bernanke said Keeping Operation Twist in place "should put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative." Bernanke also said. "The Fed is prepared to take further action as appropriate to promote a stronger economic recovery and sustained improvement in labour market conditions."


"Since Operation Twist does absolutely nothing to stimulate economic growth or reduce the high level of employment in the USA, and without a new round of monetary stimulus from the US Fed, a global sell-off of commodities ensued. But, the drop in prices of gold was once again a pure speculative play as the underlying fundamentals remain sound with investment demand, particularly from ETFs, Asian demand and central bank demand remaining extremely robust. Prudent investors have not been selling, and instead most continue to accumulate on these dips. These investors have a long-term perspective and evaluate the events that impact on the global financial world as they occur and do not get distracted by a short-term price drop caused by traders using futures contracts on Comex. Also, they ignore most of rhetoric dished out by our leading political and financial leaders. Right now, contrary to what we are told, the financial crisis is in worse shape ever since the collapse of 2008. ..."

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Chris Powell: The Why and How of Gold Price Suppression - Ed Steer's Gold & Silver Daily

Chris Powell: The Why and How of Gold Price Suppression - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

by Ed Steer:

 

"... I wouldn't read too much into yesterday's price action in either silver or gold. Volume was very light...and it's pretty easy to push prices around when there's not a lot of volume. I think that proved to be the case yesterday.

 

"A few people say that we're in the "summer doldrums" as far as the precious metals are concerned. The only reason we appear to be in the summer doldrums is that JPMorgan et al are sitting on their respective prices. And with all the problems in Europe, it will be interesting to see how long they can keep the lid on these prices.

 

"The only good thing about yesterday's price action was that we'll see another bottom-of-the-barrel Commitment of Traders Report on Friday...as all the action from last week will be in this report...and whatever deterioration there was during Monday's quick run-up in prices in New York, was all negated during the New York session on Tuesday. ..."

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Is That A NIRP In Your Pocket Or Is Gold Just Happy To See Negative Rates? | ZeroHedge

Is That A NIRP In Your Pocket Or Is Gold Just Happy To See Negative Rates? | ZeroHedge | Gold and What Moves it. | Scoop.it
Gold and Silver are spiking once again, after experiencing quite a roller-coaster ride of rips and dips in the last week or so but this latest spike is suggesting the market's concerns at NIRP is growing.
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Rick Rule - The Big Money I’m Speaking With Is Frightened

Rick Rule - The Big Money I’m Speaking With Is Frightened | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:

 

"... There is also the ongoing manipulation of financial markets, particularly in the Western nations. I’m speaking in this instance about the manipulation of bank balance sheets and sovereign debt. This means we have the very real possibility of experiencing a psychotic break in the markets, such as we experienced in 2008.

 

"But in the midst of all of this chaos, I continue to believe that given the choice between gold as a store of wealth and a medium of exchange vs the euro or the dollar, I am still attracted to gold.

 

"I’ve always been more given to fundamental analysis, rather than technical analysis. Because of that, I actually feel better now than I did three months ago about the gold I have my portfolio, relative to the other ways I could hold my liquid wealth. ..."

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Greyerz - Greatest Financial Collapse The World Has Ever Seen

Greyerz - Greatest Financial Collapse The World Has Ever Seen | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells King World News:

 

“... Almost every single major country in the world is bankrupt, and no one has the tools or a plan to get these countries out of this crisis. So countries will go bankrupt by default or by printing excessive money. This situation will continue to get worse and ultimately lead to a hyperinflationary depression.

 

"Then you have the banking crisis. The banks are insolvent and they are also in a liquidity crisis. And this is, again, worldwide. There is no way the banks will be able to survive this without massive assistance. This is a banking crisis of the magnitude which will amount to trillions of dollars, and if we take the whole of the derivative positions, it could be hundreds of trillions of dollars because of the counterparty risks.

 

"The third crisis is the economic crisis. Every single country is suffering tremendously and economic figures are continuing to deteriorate, whether it’s in the US, in Europe, China or Japan. This crisis will also lead to a depression.

 

"Any of these three crises is sufficient to bring the world down because they are not just in one country, they are worldwide.... "

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We Are Living in a ‘Modern-Day Depression’: David Rosenberg

We Are Living in a ‘Modern-Day Depression’: David Rosenberg | Gold and What Moves it. | Scoop.it

"The Federal Reserve cut its growth forecast for the second half of 2012 and 2013 last week, raising concerns yet again about the potential for a "double-dip" recession. While some, notably the cycle watchers at ECRI, believe the U.S. economy is definitely heading for another recession (or already there), Gluskin Sheff's chief economist and strategist David Rosenberg goes a big step further.

 

"We are living in a modern-day depression," he declares.

 

"This dramatic statement is based on several factors, including the record number of Americans living on Food Stamps — 46 million or 1-in-7 in 2011. Because these benefits are now given in the form of electronic debit cards, we don't have bread lines like in the 1930s, but they are there in virtual form. And that's just the most obvious form of government support for its struggling citizenry. (See: Marion Nestle on The (Big) Business of Food Stamps: "Here's Where the Profits Come In")

 

"Government transfers to the personal sector now makes up nearly one-fifth of total household income," Rosenberg writes. "Even Lyndon Johnson, architect of the 'Great Society', would blush at that. ..." click over for the rest

 

hat tip to http://economicsignsofthetimes.blogspot.com/2012/06/tuesday-roundup-06-24-12.html ;

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Biggest banks preparing Plan B in case of fall — RT

Biggest banks preparing Plan B in case of fall — RT | Gold and What Moves it. | Scoop.it

"The biggest US banks J.P. Morgan, Citigroup, Goldman Sachs Group, Morgan Stanley and Bank of America are preparing plans for quick liquidation in an emergency without hurting the nation’s economy.

 

"The financial majors have to provide the Federal Deposit Insurance Corp and the Federal Reserve with their roadmaps by the July 1. Also some European financial institutions such as Deutsche Bank, Barclays, Credit Suisse and UBS are preparing emergency plans by this deadline. Eventually about 124 banks are expected to submit plans to the FDIC by the end of 2013.


"These plans, known as living wills, are prepared under provisions of the Dodd-Frank financial reform law designed to end the practice of bailing out the major banks by the government. ..."

 

[living wills? seriously? that's crazy terminology for a bank]

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Where Does Money Come From? The Giant Federal Reserve Scam That Most Americans Do Not Understand

Where Does Money Come From? The Giant Federal Reserve Scam That Most Americans Do Not Understand | Gold and What Moves it. | Scoop.it

"How is money created? If you ask average people on the street this question, most of them have absolutely no idea. This is rather odd, because we all use money constantly. You would think that it would only be natural for all of us to know where it comes from. So where does money come from? A lot of people assume that the federal government creates our money, but that is not the case. If the federal government could just print and spend more money whenever it wanted to, our national debt would be zero. But instead, our national debt is now nearly 16 trillion dollars. So why does our government (or any sovereign government for that matter) have to borrow money from anybody? That is a very good question. The truth is that in theory the U.S. government does not have to borrow a single penny from anyone. But under the Federal Reserve system, the U.S. government has purposely allowed itself to be subjugated to a financial system in which it will be constantly borrowing larger and larger amounts of money. In fact, this is how it works in the vast majority of the countries on the planet at this point. As you will see, this kind of system is not sustainable and the structural problems caused by such a system are at the very heart of our debt problems today.

 

"So where does money come from? In the United States, it comes from the Federal Reserve.

 

"When the U.S. government decides that it wants to spend another billion dollars that it does not have, it does not print up a billion dollars.

 

"Rather, the U.S. government creates a bunch of U.S. Treasury bonds (debt) and takes them over to the Federal Reserve.

 

"The Federal Reserve creates a billion dollars out of thin air and exchanges them for the U.S. Treasury bonds.

 

"So why does the U.S. government go to all this trouble? Why doesn't the U.S. government create the money itself?

"Those are very good questions. ..." click through to read the rest.

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MODERN DAY GOLD PROSPECTING | The Prospector Blog

MODERN DAY GOLD PROSPECTING | 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.

 

"... Modern day prospecting no longer requires a gold pan or pick. Sure it’s possible a guy can still find a few nuggets hidden below crystal clear Sierra waters, but not likely. Your prospecting efforts are best spent doing exactly what you’re doing today. Prospecting in 2012 and beyond is less about price paid compared to ounces owned. This doesn’t mean we should pay a dime more than necessary but it should focus each owner on the long-term goal over price per ounce.


"Modern day prospectors are not traders like the days of old. Think about this if you will. Old world prospecting required much effort to find gold with a goal to TRADE it for cash. Wow have things changed since no one in right mind trades gold for cash, not today at least, not unless under economic duress. Why you ask? The answer is the cornerstone to understanding PM’s usefulness so please read carefully.

 

"Wealth held in currency based assets is declining at an alarming rate. Because of this we must find a new storage to save the little remaining wealth we still have. Trillions in wealth has disappeared over the last few years and trillions more soon will. Trading dollars, euros, yuan, etc into silver or gold provides a reprieve while foolish monetary controllers try to print the world back to prosperity. ..."

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Chris Powell: The why and how of gold price suppression | Gold Anti-Trust Action Committee

Chris Powell: The why and how of gold price suppression | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Standard Chartered's "Earth's Resources" Conference
J.W. Marriott Hotel, Hong Kong
Thursday, June 21, 2012

The Henley Group Client Seminar
Club Lusitano, Hong Kong
Thursday, June 21, 2012

Hong Kong Gold Investment Forum
Renaissance Harbour View Hotel, Hong Kong
Tuesday, June 26, 2012

 

This conference is important because gold long has been money and may again be the best and most important money. Most investment houses don't understand this; some of the few that do understand it fear to acknowledge it. But far from being a quaint antique, gold is actually the secret knowledge of the financial universe.

 

Gold is so important that Western central banks -- particularly the U.S. Treasury and its Exchange Stabilization Fund, the Federal Reserve, and allied central banks -- rig the gold market every day, even hour by hour. Why do they do this?

 

It's because gold is a powerful competitive currency that, if allowed to function in a free market, determines the value of other currencies and influences interest rates and the value of government bonds.

 

There is much academic literature supporting gold's influence over currencies, interest rates, and government bonds throughout history. Prominent in this literature is the study written by Harvard economics professor Lawrence Summers and University of Michigan economics professor Robert Barsky in the June 1988 edition of the Journal of Political Economy, a study titled "Gibson's Paradox and the Gold Standard. ..." [click through for the rest]

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Gold Chain Saves Man’s Life

Gold Chain Saves Man’s Life | Gold and What Moves it. | Scoop.it
MOSCOW, June 27 (RIA Novosti)

Tags: Russia, Krasnoyarsk

 

"An entrepreneur from Krasnoyarsk was saved by a gold chain around his neck when it deflected a bullet fired at him, a regional investigation committee said on Wednesday.


"The police received information about the attack on Wednesday. According to the investigators, a 33-year-old entrepreneur was attacked at the entrance to his house in Krasnoyarsk.

 

“According to the preliminary investigation, the entrepreneur went into his house and when he was on the first floor the doors of the elevator opened and a killer came out of it and shot the man twice. One of the bullets hit the gold chain around the neck of the victim and rebounded from it, the other bullet lodged in the chest,” a statement of the investigation committee said.


"Despite the injury, the businessman fought the attacker and managed to detain him."

 

[ht to GATA]

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'This Can't Continue': Spanish PM Warns Of Skyrocketing Borrowing Costs

'This Can't Continue': Spanish PM Warns Of Skyrocketing Borrowing Costs | Gold and What Moves it. | Scoop.it

by Oliver Tree:

 

"Spain cannot afford current sky-high borrowing costs for long, Prime Minister Mariano Rajoy said on Wednesday.

 

"Spanish 10-year government bonds have been edging toward an "unsustainable" 7 percent yield for weeks now, with current yields above 6.8 percent.

 

"Speaking ahead of this Thursday's crunch European Union summit, Rajoy said: "The most urgent subject is the subject of financing," according to the BBC.

 

"The comments came a day after ratings agency Moody's downgraded the long-term debt and deposit ratings of 28 Spanish banks Monday, indicating that the creditworthiness of Spain is weakening.

 

"Moody's noted that the downgrading was a reflection of the Spanish government's declining ability to support the banks and their standalone credit profiles. ..."

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Gold coin sales from national Mints fall in Q1 2012 - GOLD NEWS - Mineweb.com Mineweb

Gold coin sales from national Mints fall in Q1 2012 - GOLD NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Reuters:

 

"Demand for gold coins fell in key markets in the early part of this year as the strong demand for small investment products that helped send bullion prices to record highs in 2011 tailed off, sales data from three major Mints showed.

 

"The United States, Canadian and Austrian Mints, which between them produce three of the world's top five bullion investment coins, all reported lower sales in the first quarter of 2012 versus a year ago.
Combined sales of U.S. American Eagle, Canadian Maple Leaf and Vienna Philharmonic gold coins fell by more than a third to 451,113 ounces in the three months to March.

 

"The Royal Canadian Mint, which produces Maple Leaf coins in gold and silver, saw the biggest drop in gold sales, which were down 46 percent to 160,000 ounces from 296,000 ounces.

 

"The Mint cannot predict the precious metals market," it said in an annual report.

 

"Performance of the Bullion and Refinery business should remain competitive although, overall, markets are expected to remain considerably weaker than in 2011. ..."

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Greece Teeters on the Edge of Chaos Ahead of European Leaders' Summit

Greece Teeters on the Edge of Chaos Ahead of European Leaders' Summit | Gold and What Moves it. | Scoop.it
Arson, bomb threats and government departures underline plight of Europe's "Sick Man"...

 

by Martin Baccardax:

 

"Greece's new government - and the streets of Athens itself - appear to be edging closer to chaos after a series of bizarre events highlight the enormous difficulty its leaders will have in delivering the kind of reforms necessary to save its place inside the Eurozone.

 

Within the last twenty-four hours alone, Greece has named its second Finance Minister in as many weeks, saw the resignation of its privatisation chief watched with dismay as arsonists torched the offices of Microsoft and anarchists threatened to destroy the Supreme Court.

 

"All of this comes against the backdrop of yet another strike by public employees - this time within the nation's catering and hospitality industry - and the recent spate of grisly public suicides and self-immolations by Greeks in protest against the government's €3.3bn programme of spending cuts and austerity measures. ..."

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Embry: We’re On The Edge of Collapse, We’ve Run Out of Time

Embry: We’re On The Edge of Collapse, We’ve Run Out of Time | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

"... The only way this can be dealt with, in the short-run, is by enormous monetary creation. If Merkel and the Germans want to block that because they don’t want to give the ECB that power, the euro is going to split apart and that will be extraordinarily chaotic.

 

"If the euro doesn’t split apart and they do create the money, it will ultimately be very inflationary. So the Germans are caught between a rock and a hard place. You’ve got to remember that the Germans have seen their currency destroyed twice in the last century. The know full well that if you go too far down this path, you are headed towards hyperinflation. They have been there. ..."

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