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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Twitter / SprottMoney: John Embry: "We are headed ...

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Retirement Question Take the Lump Sum and Put in Gold?

Sir Charles at www.Priceingold.com got the following question from a reader:

 

"I have the option of taking a lump sum payment of approx. $90,000 now or waiting until I retire and receive a monthly payment of $500. I can expect to live at least 20 to 25 years from the time I can start receiving the monthly payment.

 

"If I take the money now, I will be taxed 20% and also get hit with another 10% penalty if I take it now.

 

"On paper it would seem that I would get more money by taking the monthly payments but since I won’t start those payments for another 10 to 15 years, I'm really worried about what my money will be worth 15 to 35 years from now.

 

"I’m thinking about taking the payment and investing in gold and silver but the investment would have to go up 50% just to make up the 30% I’d lose to taxes and penalty.

 

"I could roll it over to an IRA but I’m too close to retirement to take much risk.

 

"Any suggestions?"

 

What do you think would be a good choice?

 

Click through for Sir Charles answer.

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WHAT IS SILVER’S FUTURE? - The Prospector Blog

WHAT IS SILVER’S FUTURE? - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com

 

"Do you own physical silver? We track your comments and without doubt I will say most of you are buying or looking to buy silver. This is wise, in my opinion, for a number of reasons but it is nearly impossible to investigate silver and not read endless information regarding silver’s price manipulation. I won’t attempt to argue that silver’s price is not “managed” or manipulated. Please name one market in this day and age not manipulated, it’s just not possible. But, my point goes beyond managed silver since the fact is managed, or not, the value of silver is and will grow. ..." click through for the rest.

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Amtrak snack bars lost $84.5 million last year; $833 million in 10 years | WashingtonExaminer.com

Amtrak snack bars lost $84.5 million last year; $833 million in 10 years | WashingtonExaminer.com | Gold and What Moves it. | Scoop.it
Federal spending over the past 20 years has surged 71 percent faster than inflation, much of it on bloated and wasteful programs and services, including Vice President Joe Biden's favorite mode of travel: Amtrak.

 

Govenment can't count or run a business. When will we ever get that through our skulls?

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When the price of gold is sold-off on Comex, use these dips to buy more physical - MINING.com

When the price of gold is sold-off on Comex, use these dips to buy more physical - MINING.com | Gold and What Moves it. | Scoop.it

by David Levenstein:

 

"After failing to break above the $1800 an ounce level, gold prices came under some selling-pressure last week to trade lower and off its recent highs. The price of the yellow metal closed out the week at $1754.30 an ounce down 2% from last weeks’ high as the US dollar gained against a basket of other major currencies.

 

"On Monday, the price of gold fell by another 1% to $1,727.50 an ounce, the lowest level since September 13. The price of spot came under some selling pressure almost as soon as the US session on Comex began. Prices fell by around $20 an ounce in the first two hours of trading on Comex, to make an intra-day low of $1727.50 an ounce. But, as we all know, the prices traded on the US futures markets do not really reflect the real situation in the gold markets as the bullion banks are allowed to sell as many paper contracts as they wish thus creating an artificial supply scenario. And, while the CFTC do not see the need the need for position limits in precious metals, they recently fined JPMorgan Chase Bank $600,000 as it violated cotton futures position limits. According to the CFTC, the bank's positions in cotton futures traded on the Intercontinental Exchange U.S. exceeded limits on several days between September 16 and October 5, 2010.

 

"Frankly, as an investor I don’t pay much attention to these price dips as nothing has changed in the fundamentals pushing gold prices higher. ..."

 

Click through for the rest along with the charts.

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The Golden Truth: The Broncos Don't Need "Plan B" - We Better Pray Bernanke Has A "Plan B" That Works

The Golden Truth: The Broncos Don't Need "Plan B" - We Better Pray Bernanke Has A "Plan B" That Works | Gold and What Moves it. | Scoop.it

Dave in Denver has a interesting post worth reading. Here's a snippet:

 

"... The Government/Taxpayers wrote a multi-trillion dollar check in 2008/2009 to save the banking system but nothing was ever really fixed. The banks are not really deleveraging and have been substantially masking bad assets still on the balance with phony "mark to market" accounting gimmicks. Moreover, the derivatives positions - those insidious weapons of mass financial destruction - are now substantially larger than they were in 2008 right before the financial crisis. In other words, the banks not only never changed their business model, they've essentially re-upped the catastrophic bets that took them down in 2008. Sounds a lot like gambling, doesn't it. ..."

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'Gold has potential to break all time high during December'

'Gold has potential to break all time high during December' | Gold and What Moves it. | Scoop.it

The potential for gold reaching the 2011 high at $1,921 an ounce during December following an initial period of consolidating as $1,800 offers strong resistance. Into 2013 the rally may eventually take us up and above the physiological barrier of $2,000 before reaching a technical target of $2,075/oz.

 

NEW YORK (Commodity Online): "Gold has potential to break all time high of $1,921an ounce during December this year, according to Saxo Bank, a Danish investment bank.


"According to the bank, gold investments through Exchange Traded Funds reached a new record during the week with more than 200 tons added since the rally resumed in mid-August once the price moved above $1,625an ounce. ..."

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Ed Steer writes about the workings of the gold and silver market place and those playing in the sand pit

Ed Steer writes about the workings of the gold and silver market place and those playing in the sand pit | Gold and What Moves it. | Scoop.it

Ed Steer writes about the workings of the gold and silver market place and those playing in the sand pit:

 

"... never forget for one moment that the short positions held by market-making members of the LBMA are the 800 pound gorillas in the living room. Despite the fact that South Africa's gold production has taken a header, it certainly hasn't shown up in the gold price. That, along with the dollar, mean nothing if JPMorgan et al are going short against all comers or are working over the markets with their high-frequency trading tactics.

 

"And as has been stated by GATA and others, this is probably a U.S. government-backed operation...and is the big reason that the CFTC can't, and won't, move against the "da boyz" no matter how overwhelming the evidence. ..."

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Why it won't matter for gold who gets elected. « Jim Sinclair's Mineset

This a great email that Jim Sinclair received. Explains why it won't matter for gold who gets in the President's office this Nov.:

 

"Dear CIGAs,

 

"After the banking crisis, the Fed drastically dropped interest rates and then pumped money, which they created out of thin air, into the system. The government came up with other ideas which included the huge stimulus package, and a plan for minor mortgage relief, and the "cash for clunkers" program.

 

"Some people bought new cars, and there seemed to be some success with these ideas. But all of those ideas were done with borrowed money. Consider this, if you were in a relationship and you suddenly lost your self employed income, your partner could buy some goods or services from you, using their credit card. But looking at the total balance sheet for your relationship, what has happened is the total balance sheet is looking worse than it did before.

 

"During the banking crisis, the Fed and the government got their best brains together in many meetings. Basically, they did their best idea first, then their second best idea, then their third best idea and so on. All of the best ideas have been used already.

 

"It doesn’t matter if you liked the parties they were in or not. The fact is they were intelligent people, who did things after participating in many brainstorming sessions.

 

"All Romney can offer now is something like ideas number 7, 8, 9, 10 and so on. Weaker ideas that were thought of before but were discarded. Plus he hasn’t seen the actual books. If Obama gets in, he too will be trying ideas that were discarded previously.

 

"Either of them will overspend drastically, which will mean a huge rise in the price of gold.

 

"CIGA Steve C"

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Azerbaijan Jan-Sep Silver production drops 52%

Azerbaijan Jan-Sep Silver production drops 52% | Gold and What Moves it. | Scoop.it
Country's total precious metals production of 1587.4 kg is also dropped 31.1 percent from same period last year.stock reserves of precious metals as of 1 October 2012 totaled 44.9 kg...

 

BAKU(BullionStreet): "Gold production dropped nearly 15 percent in Azerbaijan while silver dropped sharply over 52 percent during the first nine months this year.

 

"According to Azerbaijan's State Statistics Committee, Azerbaijan produced 1110.6 kg of gold and 476.8 kg of silver during the period.

 

"Country's total precious metals production of 1587.4 kg is also dropped 31.1 percent from same period last year.stock reserves of precious metals as of 1 October 2012 totaled 44.9 kg Last year country’s extraction of precious metals amounted to 2,992 kg (including 233 kg in December) and their stock reserves totaled 104 kg (+47 kg in December).

 

"In 2011, the country extracted 1,775 kg of gold and 1,217 kg of silver, and their stock reserves made up 48 kg and 44 kg of silver respectively.  ..."

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Here Is What To Look For Next On Gold, Silver & Oil

Here Is What To Look For Next On Gold, Silver & Oil | Gold and What Moves it. | Scoop.it

Here is what top Citi analyst Fitzpatrick had to say in his latest report, along with some powerful charts: Gold saw three weeks of indecision just below the important double bottom neckline at $1,790. These indecision weeks were followed by a down week last week suggesting short term losses now. Weekly momentum is also stretched and crossing back down.

 

A correction down to $1,661-$1,669 could be the danger in the near term before renewed gains later. This is where the 55 week moving average and 50% retracement of the last rally converge. Short term support is at $1,736 and it should be noted that the 200 day moving average comes in at $1,660, i.e. it converges with the 55 week moving average so should provide good support if/when tested. ... click over for the charts and the rest of the anaylsis.

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For Every Person Added to Labor Force, 10 Added to Those Not in Labor Force

For Every Person Added to Labor Force, 10 Added to Those Not in Labor Force | Gold and What Moves it. | Scoop.it
A new chart from the minority side of the Senate Budget Committee details the fact that, since January 2009, for every person added to the labor force, 10 have been added to those not in the labor force.

 

"Senator Jeff Sessions, the ranking member of the Senate Budget Committee, comments: “The essential point of this chart is not simply how many people are employed or unemployed, but to illustrate that more and more people are simply not part of the U.S. labor force. This confirms that we are on the wrong track. It is unsustainable to have such a large and growing number of people who are not part of the productive economy. This is not a political argument, but a description of the underlying instability in our economy that has so many Americans worried about the future. The question is what can we do to reverse these trends and start moving in the right direction.”

 

hat tip to www.grandich.com

 

Not a pretty graph. But it highlights something most of us have realized. That people are dropping out of the work force in large numbers.

 

It'll be interesting to see if this gets discussed in the debates coming up.

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Peter @Grandich talking about #gold's action this week.

Peter @Grandich talking about #gold's action this week. | Gold and What Moves it. | Scoop.it

Grandich talks gold on the Korelin Economics Report. Click over to listen to the audio interview.

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Euro zone crisis spurs shift of Gold to Asia: Deutsche Bank

Euro zone crisis spurs shift of Gold to Asia: Deutsche Bank | Gold and What Moves it. | Scoop.it
The spot price of gold climbed 12% from mid-August until the first week of October, when it touched a peak just below $1,800 an ounce, on the back of stimulus measures by central banks.

 

LONDON(BullionStreet):

 

"The European debt crisis has prompted nervous wealthy investors to build holdings of gold in Asia and demand that banks allocate them individual bullion bars, a Deutsche Bank executive said.

 

"We've seen a huge pick-up in demand for physical gold holdings," Raymond Key, global head of metals trading, told Reuters.

 

"People are geographically moving out of Europe and into Asia and private wealth is becoming more sophisticated around how to manage credit exposure to banks, wanting to hold allocated physical metal in the right regions," he said. ..."

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oftwominds-Charles Hugh Smith: The Hidden Cost of the "New Economy": New-Type Depression

oftwominds-Charles Hugh Smith: The Hidden Cost of the "New Economy": New-Type Depression | Gold and What Moves it. | Scoop.it

Charles Hugh Smith continues his look at Japan's economic swamp and what it likely means in relation to America's future. Here's the beginning paragraphs:

 

"Two decades of economic stagnation and rising insecurity have unleashed work-based "new-type depression" in Japan.

 

"Today I continue to explore the theme that Japan's two decades of economic stagnation may offer guidelines for what lies ahead "for the rest of us" as the global malaise deepens in the years ahead. I have been a student of Japan for 40 years, having studied the language, history, literature, geography and art/film, in university and thereafter. We have many Japanese friends and have visited a number of times. (I have also been a student of the Chinese and Korean cultures.)

 

"Japan is quite different from the U.S. and Europe, with a homogeneous populace and a culture rooted in Confucian values and social hierarchies. Despite the many differences, including definitions of depression, I think it is self-evident that the rising insecurity and workplace changes in Japan result from long-term economic stagnation.

 

"I suspect "new-type depression" may have some universal aspects, as rising insecurity and new demands in the workplace characterize Western economies as well. ..."

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Gold extends gains in Asian trade

Gold extends gains in Asian trade | Gold and What Moves it. | Scoop.it
Spot gold was seen trading at $1750.42 an ounce at 12.00 noon Singapore time while US gold for December was seen trade at $1751.74 an ounce on the comex division of nymex.

 

SINGAPORE(BullionStreet) :

 

"Gold extended gains in Asian trade Wednesday after the euro climbed to a one month high.

 

"Spot gold was seen trading at $1750.42 an ounce at 12.00 noon Singapore time while US gold for December was seen trade at $1751.74 an ounce on the comex division of nymex.

 

"Analysts said the precious yellow metal is likely to extend gains during the day as a weaker greenback makes dollar-priced commodities attractive for buyers holding other currencies.

 

"The sentiment was supported when Moody's affirmed Spain's rating and German ..."

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French business erupts in fury against "disastrous" François Hollande - Telegraph

French business erupts in fury against "disastrous" François Hollande - Telegraph | Gold and What Moves it. | Scoop.it
France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned.

 

By Ambrose Evans-Pritchard

 

“The situation is very serious. Some business leaders are in a state of quasi-panic,” said Laurence Parisot, head of employers’ group MEDEF.

 

“The pace of bankruptcies has accelerated over the summer. We are seeing a general loss of confidence by investors. Large foreign investors are shunning France altogether. It’s becoming really dramatic.”

 

"MEDEF, France’s equivalent of the CBI, said the threat has ..."

 

hat tip to http://economicsignsofthetimes.blogspot.com/2012/10/monday-roundup-10-15-12.html ;

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oftwominds-Charles Hugh Smith: The Future of America Is Japan: Stagnation

oftwominds-Charles Hugh Smith: The Future of America Is Japan: Stagnation | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"If Japan's economy has stagnated during a global boom, what will it do during a global bust?

 

"Japan's economy has stagnated for two decades despite the global economy experiencing one of its greatest economic booms ever. To get a sense of the stagnation, let's look at some charts, courtesy of frequent contributor B.C.

 

"It's difficult to maintain widespread prosperity if the percentage of the populace powering the economy declines. Here is a chart of the employment-population ratio in Japan and the U.S. ..." click through for the rest. Always a good read.

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Much higher #gold prices ahead but upwards path will not be smooth

Much higher #gold prices ahead but upwards path will not be smooth | Gold and What Moves it. | Scoop.it

Precious metals analyst Jeff Nichols sets out his views on where the gold price is going - onwards and upwards as long as monetary easing continues, but beware blips along the path.

 

by Lawrence Williams

 

LONDON (MINEWEB) -
"Gold's failure last week to sustain gains over $1790 an ounce triggered profit-taking by frustrated longs and technically inspired selling by institutional traders and speculators in "paper gold" derivative markets, so much so that the yellow metal briefly traded under $1730 on Monday." so says Jeff Nichols in his latest gold price analysis, but he goes on to say:


"As gold tumbled in recent days, short-term market psychology has, not surprisingly, turned increasingly gloomy - suggesting gold could possibly go lower before staging an inevitable recovery and renewed assault at the $1800 level.

 

"Nevertheless, we believe gold will move significantly higher by year-end or early 2013, possibly recording a new all-time high in the next three to four months - thereby rewarding those intrepid investors holding on to or augmenting their gold positions despite the short-term vagaries of the gold market. ..."

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South African mine robot research nearing commercial phase - TECHNOLOGY - Mineweb.com Mineweb

South African mine robot research nearing commercial phase - TECHNOLOGY - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Now this is interesting. I guess they are getting tired of the striking workers. 

 

by Christy Filen:

 

"With the mine strikes escalating and no immediate resolution in sight, the thought of automating as much as possible to reduce head counts in labour intensive industries must surely be crossing the minds of various CEO's.

 

"With this in mind, Mineweb visited the state sponsored Council for Scientific and Industrial Research (CSIR) in Pretoria which has a research facility that has focused on the base capability of robotics since 2007.


"Besides the intent to improve production and efficiencies with tireless robots that don't ever get bored, the obvious advantages are that the need to breathe, eat or sleep can be replaced by a regular predictable maintenance program. ..."

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London Trader - Competition To Buy Physical Gold Is Fierce

London Trader - Competition To Buy Physical Gold Is Fierce | Gold and What Moves it. | Scoop.it

This makes sense to me.

 

The London Trader tells King World News:

 

“In the past we have seen waterfall type declines when small speculators are heavily leveraged. But the market has changed. When the physical market was not as strong as it is now, these corrections would go $200 to $300 in gold. As an example, we went from a previous peak of about $1,900 down to around $1,500, or roughly $400 in that case.

 

“We are not going to see that this time. It’s not going to happen that way this time. Back then, the central bank buyers and these sovereign buyers were quite happy to sit and wait for a lower price. Now they are not. These buyers want out of their dollars and euros and they want physical gold and silver.

 

"In the past, central banks have had the luxury of sitting back and waiting for the price to come to them. Right now you have different central banks and different sovereigns competing with each other to buy gold, and in some cases silver as well.

 

"There are simply too many buyers right now, and the competition to buy physical is extremely fierce right now. ..."

 

click through for the rest. It's been my opinion that the corrections have been rather shallow and I was wondering why. This helps put the puzzle pieces together.

 

And you know Central Banks must be the biggest buyers of the stuff right now.

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Here Is What To Focus On In The Gold Market Right Now

Here Is What To Focus On In The Gold Market Right Now | Gold and What Moves it. | Scoop.it

Jean-Marie Eveillard talks to King World News about gold's action this week:

 

“Yes we’ve had a few disappointing days, but the price of gold had gone up before that. We have, so far, a minor correction. Had gold become too popular at close to $1,800? I don’t think so, but the thing about gold, you always have the short-term players, usually with leverage, in the futures market.

 

“You’ve had the hedge funds over the past few years (in gold) because it had been going up. But what I would argue is that gold is not too popular because if I look at the institutional world, the pension funds, endowments, etc., very few of them are invested in gold bullion, and very few of them are in gold mining stocks.

 

"So I don’t think gold is popular. ..."

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India hikes Gold, Silver import tariff value

India hikes Gold, Silver import tariff value | Gold and What Moves it. | Scoop.it
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing.

 

NEW DELHI(BullionStreet): "India on Tuesday increased import tariff value of gold and silver in the wake of rising global prices.

 

"According to official figures, the import tariff value of gold were raised to $574.20 per ten grams while that of silver to $1097.30 per ten grams.

 

"The tariff value of brass scrap (all grades) were also changed to $4121 per metric ton.

 

"The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing. ..."

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Iran Gold hits all-time high

Iran Gold hits all-time high | Gold and What Moves it. | Scoop.it
Each Azadi gold coin was sold at 14.10 million rials, which is the highest peak it reached in history.

 

TEHRAN(BullionStreet): "Following record drop of it's currency against the dollar, Gold prices surged in Iran,hitting an all time high.

 

"According to ISNA, each Azadi gold coin was sold at 14.10 million rials, which is the highest peak it reached in history. Analysts said this surge in gold prices is because of the dollar price rise at Iran's free market.

 

"They added that a US dollar was sold at 35,500 rials in the free market while it was offered at the price of 25,460 rials in Iran's foreign exchange center.

 

"The Euro was also presented at 32,870 rials. The government has set the 28,500 rials price for the free market but the brokers still refuse to trade dollar at the mentioned price. ..."

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Exclusive: Study shows $1.2 trillion gap for public pensions

Exclusive: Study shows $1.2 trillion gap for public pensions | Gold and What Moves it. | Scoop.it

(Reuters) - "The largest 100 public pension funds have around $1.2 trillion of unfunded liabilities, about $300 billion above the nearly $900 billion they reported themselves, according to a new actuarial study to be released on Monday.

 

"The pension systems reported a median funding level of 75.1 percent. The study by the actuarial firm Milliman, which used different ways to value assets and measure liabilities, finds an aggregate level of funding of 67.8 percent. ..."

 

Uncle Ben, I think the press aren't running fast enough.

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