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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Jesse's Café Américain: Wall Street Back In Business, Largely Unreformed

Jesse's Café Américain: Wall Street Back In Business, Largely Unreformed | Gold and What Moves it. | Scoop.it

"... There is an almost unbelievable tolerance of brazen bullying and deception, a sneering cyncism and disregard of any truth in people who say a thing one day, and then deny it and say a totally different thing on the next, without shame. Love grows cold even among the faithful, and lies abound.

 

"This is the very epitome of the will to power. The western world and its leadership are at a crossroads. And the path ahead, if taken, means hardship, sorrow, and blood. ..."

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Zimbabwe seeks LBM re-entry as Gold output hits 11.4 tons

Zimbabwe seeks LBM re-entry as Gold output hits 11.4 tons | Gold and What Moves it. | Scoop.it
According to Chamber of Mines of Zimbabwe, total earnings from country's mining sector hit $1.36 billlion.

 

HARARE (BullionStreet):

 

"Impoverished Zimbabwe announced healthy improvement in gold production as the yellow metal earned $585 million for the country in the first nine months this year.

 

"According to Chamber of Mines of Zimbabwe, total earnings from country's mining sector hit $1.36 billlion. Platinum, another major foreign currency earner, contributed $36,4 million.

 

"Last year, gold mines produced 12.993 kg of bullion. The Chamber said Zimbabwe's gold output for the nine months to September rose to 11.140 kg as the country remains on course to meet an annualized target of 15 tonnes.

 

"The Chamber said production of the precious metal continued to rise driven by increased production by major mining firms and small-scale miners. ..."

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James Bond, Buffett's Martian, and Europe's new Gold standard

James Bond, Buffett's Martian, and Europe's new Gold standard | Gold and What Moves it. | Scoop.it
Europe's huge gold reserves are currently more useless than Bond-villain Auric Goldfinger could wish...

 

By Adrian Ash
BullionVault

 

"Europe's huge gold reserves are currently more useless than Bond-villain Auric Goldfinger could wish...

 

"Let's say you owe the world €2 trillion, but you also hold the world's 4th largest hoard of physical gold.

 

"Sounds like a no-brainer, right? Use Italy's gold to pay Italy's debt.

 

"Trouble is, Rome's gold would be worth only a drop in the bucket - a mere 10% of its outstanding debt. The gold isn't Rome's to sell either. It belongs to the central bank, the Banca d'Italia. And under the terms of the Eurozone treaty, as well as domestic law, that puts it beyond the reach of grabbing politicians, as Silvio Berlusconi learnt in 2009.

 

"Two solutions are being bounced around regardless. First, says the Council of Economic Experts in Germany, every Eurozone country with public debt of more than 60% of its annual GDP should put up assets - like gold - to join a big "redemption fund". That fund would be secured by those assets, which members would then get back as they paid down their excess debt, over and above that 60% ceiling, over a period of 20 years.

 

"With it so far? Berlin isn't. Chancellor Angela Merkel rejected this idea a year ago, perhaps because Germany - like France, the Netherlands and pretty much everyone else - would have to join the scheme. ..."

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Southampton researchers change the colour of Gold

Southampton researchers change the colour of Gold | Gold and What Moves it. | Scoop.it
In a breakthrough, scientists have for the first time found a way to change the colour of the world's most iconic precious metal - gold.

 

LONDON(BullionStreet):

 

"In a breakthrough, scientists have for the first time found a way to change the colour of the world's most iconic precious metal - gold.

 

"Researchers from the University of Southampton have discovered that by embossing tiny raised or indented patterns onto the metal's surface, they can change the way it absorbs and reflects light - ensuring our eyes don't see it as 'golden' in colour at all. Equally applicable to other metals such as silver and aluminium, this breakthrough opens up the prospect of colouring metals without having to coat or chemically treat them. This could deliver valuable economic, environmental and other benefits.

 

"The technique could be harnessed in a wide range of industries for anything from manufacturing jewellery to making banknotes and documents harder to forge. ..."

 

So essentially it's a slight of hand trick. 

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Take steps to protect your wealth, buy gold and silver - Levenstein - SILVER NEWS - Mineweb.com Mineweb

Take steps to protect your wealth, buy gold and silver - Levenstein - SILVER NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

David Levenstein says as the global financial conditions deteriorate, the only way to protect your wealth is to buy gold and silver.

 

It's an interesting read. Here's a snippet.

 

by David Levenstein:

 

"... You may well ask what this all has to do with the price of gold. Well, ultimately political policy of the largest economy in the world has huge ramifications all over the globe. And, I believe that the hegemonic era of the US is coming to an end and the ruling elite represented by politicians cannot be trusted. And, sadly, I see this incredible nation being totally ruined by an oligarchy of political and financial leaders. The wealthier are going to be even wealthier, the financial wealth of the middle class will be conveniently redistributed and the poor will increase in numbers.


"Wealth drives everything. But, unlike politicians who become exceptionally wealthy in very short space of time, national prosperity is built on a foundation of savings, economic freedom, ingenuity, and hard work... all factors that are in terminal decline in the west today.

Western governments are already technically insolvent, devoid of any net savings whatsoever. And with each passing day, they create new regulations, new taxes, and new controls to destroy any remaining economic freedom in their economies.

 

"Asian economies are based on production and savings. Western economies are based on consumption and debt. ..."

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Central Planners Greatest Fear, Possible Surprises & Gold

Central Planners Greatest Fear, Possible Surprises & Gold | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:

 

“For those who like to accumulate gold, you need to view these price declines as an opportunity. From my point of view, I am going to be a systematic buyer of gold until I see the system begin to heal itself, which leads me to believe I will be a buyer for a long period of time.

 

"One of the many bullish factors for gold are the problems in South Africa. ..."

 

The South Africa situtuation is one of the things I've been trying to highlight as I am certain it will have an effect in the midterm future prices.

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Manufactured Market Drama « Jim Sinclair's Mineset

From Jim Sinclair:

 

My Dear Friends,

 

1. The entire reason that I launched into the explanation of spread trading was to demonstrate how it is used to manipulate markets.

 

2. Recognizing the multiple blocks at $1775 and $1800, it was obvious a line was being drawn in the sand.

 

3. In that market situation a reaction was reasonable to anticipate.

 

4. I wanted to drive home to you the fact that all the market drama as seen today is manufactured by the gold banks.

 

5. QE cannot stop or the economic implosion would blow up your computer screen.

 

6. If some nitwit Chairman tried to stop QE you would have a few days of dollar strength followed by a collapse of the currency based on the economic implications.

 

7. Then gold’s highest possible estimates would come into focus as the downward spiral already in place in the Western world did in fact present itself as a black hole.

 

8. The event horizon to a total collapse is QE to infinity, as was anticipated.

 

[click through for the remaining ten points.]

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Currency Wars Continue To Rage & This Is Positive For Gold

Currency Wars Continue To Rage & This Is Positive For Gold | Gold and What Moves it. | Scoop.it

Today 25-year veteran Caesar Bryan told King World News that “Currencies wars are continuing to rage, and the reality is this is a very positive environment for the gold price.” Bryan, from Gabelli & Company, also said, “...the bullish case for gold has never been stronger.”

 

Here is what Caesar had to say: “When we last spoke, Eric, I outlined the fundamental bullish case for gold. I believe the gold price is going to go significantly higher over the next six months. The gold market had reached a point of being overbought when it was up at the $1,800 level.”

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Legacy Retirement Advisors: WEEKLY MARKET COMMENTARY

Legacy Retirement Advisors: WEEKLY MARKET COMMENTARY | Gold and What Moves it. | Scoop.it

by Legacy Retirement Advisors:

 

"... At the last Fed meeting in mid-September, the Fed communicated its intention to maintain a stimulative policy through mid-2015. The Fed is unlikely to announce any change to its stance this week. Considering that it will likely take coordination by the world's central banks when the time is right to begin to rein in stimulus, lest it result in a soaring currency that may imperil the recovery, it may be a very long time before the Fed feels it is able to begin to reverse the actions taken in recent years.

 

"With the world's central banks locked in a currency war, the winner may be the precious metals asset class. Precious metals have the tendency to maintain their value relative to depreciating currencies. For example, the price of gold has roughly doubled since mid-2008, as central banks escalated their battle. The latest and unlimited round of QE by the Fed may be matched by other central banks. After all, the ECB stands ready to enact its unlimited OMT, Outright Monetary Transactions, created in September just ahead of the latest Fed announcement, and the yen fell last week as markets speculated the Bank of Japan would soon boost stimulus. We believe this will likely result in a favorable environment for precious metals for an extended time frame."

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Sprott's Charles Oliver Sees Momentum Building for Gold and Silver - The Gold Report

Sprott's Charles Oliver Sees Momentum Building for Gold and Silver - The Gold Report | Gold and What Moves it. | Scoop.it

JT Long writes:

 

Sprott's Charles Oliver says it's a great time to be heading up a precious metals fund. Gold and silver companies are trading at spectacular valuations, quantitative easings by the governments of the world are poised to strengthen the metals' prices even further, and more bargains could be had soon if investors dump stocks to avoid taxes. In this interview with The Gold Report, Oliver, manager of the Sprott Gold and Precious Minerals Fund, talks about the momentum building for gold and silver and shares the names of undervalued opportunities.

 

"The Gold Report: Charles, at the beginning of the summer, you forecast that gold and silver prices would go up based on quantitative easing (QE) in the U.S. and Europe. Since then gold did take a leg up and has stayed above $1,700+/ounce (oz) and silver has stayed over $30/oz. QE3 was recently announced in the U.S., but some say pumping liquidity into the system is having diminishing returns. Have precious metals reached a ceiling or is there still room to go up?

 

"Charles Oliver: I expect precious metals prices to rise significantly over the next decade. A large part of it as a result of QE and other money printing programs. The U.S. did announce QE3 recently. Having said that, it hasn't started running up the printing press. A good rise in precious metals is yet to come.

 

"TGR: Will the November election impact that?

 

"CO: I definitely believe the election is impacting it. The election could delay the implementation of QE3 because the Federal Reserve doesn't want to do any tampering that would be seen as influencing the election. I believe that QE3 will take place after the election this fall or early next year—and I expect to see significant programs embarked upon. ..."

 

click through for the rest of the interview.

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Eurozone debt hit 90% of its economy — RT

Eurozone debt hit 90% of its economy — RT | Gold and What Moves it. | Scoop.it

"The total debt of the 17 eurozone member countries reached 90% of the value of the union's economy at the end of the second quarter of 2012, according to the data provided by Eurostat.

 

"Europe’s public debt rose from 88.2% in the previous quarter to the highest level since the euro was launched in 1999, as reported by the EU's statistics office. In the EU-27, government debts rose to 84.9% of combined GDP (against 83.5% in March).


"Greece's debt remains the highest accounting for150.3% of the country’s GDP, while Italy holds the second-largest debt of 126.1% of GDP. While the public debt of Germany, Europe’s strongest economy nowadays, amounts 81% of GDP.


"Greek debt grew to 150.3% of GDP in the Q2 from 136.9% in Q1 though the country’s debt ..."

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oftwominds-Charles Hugh Smith: The Three-and-a-Half Class Society

oftwominds-Charles Hugh Smith: The Three-and-a-Half Class Society | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"The top 20% are supporting the entire Status Quo. This is an unstable arrangement.

 

"The U.S. has a three-and-a-half class society. According to demographer Joel Kotkin, California has become a two-and-a-half-class society, with a thin slice of "entrenched incumbents" on top (the "half class"), a dwindling middle class of public employees and private-sector professionals/technocrats, and an expanding permanent welfare class: about 40% of Californians don't pay any income tax and a quarter are on the Federal Medicaid program.

 

"I would break it down somewhat differently, into a three-and-a-half class society: the "entrenched incumbents" on top (the "half class"), the high-earners who pay most of the taxes (the first class), the working poor who pay Social Security payroll taxes and sales taxes (the second class), and State dependents who pay nothing (the third class).

 

"This class structure has political ramifications. In effect, those paying most of the tax are in a pressure cooker: the lid is sealed by the "entrenched incumbents" on top, and the fire beneath is the Central State's insatiable need for more tax revenues to support the entrenched incumbents and its growing army of dependents. ..."

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Hands Down, the Best Way to Trade Today’s Stock Market Volatility Successfully: Cash Out & Buy Physical Gold & Physical Silver

JS Kim writes:

 

"Hands down, the best way to trade stock market volatility day today is simply not to do it, cash out, and purchase hard assets, in particular, precious metals. Attempt to trade stock market volatility given how rigged every market in the world is today, and you will eventually get burned, and likely burned badly. Of course it is very possible to trade market volatility and also make loads of money but in order to do this, one has to wait until near-perfect set ups exist and as every trader knows, the enemy of most traders is patience and most enter in and out of markets way too frequently. Thus, the opportunities still exist to trade volatility but since markets today are way less “free” than they were even just five years ago, the dangers of doing so are more marked and more leveraged against the retail trader and more in favor of the behind-the-scenes manipulator. For example, sometimes the trades will go in the direction many believe as in the huge declince of Facebook since its overpriced IPO, but at other times, stocks such as Chipotle Mexican Grill (NYSE:CMG) can be hyped and overvalued for months on end as long as hedge fund managers and trading algorithms decide to pump and support the stock. Thus, stocks whose shareprices are artificially pumped and supported by algorithms will not decline gently but instead, come crashing down when the decline finally begins (CMG’s shareprice has lost about 45% in just the past four months). However, most retail traders simply are not willing or are simply too trigger-happy to wait weeks, and sometimes even months for that near-perfect setup. Get sucked into these volatile markets, the bulk of volatility which is artificially created by computerized algorithms and has nothing to do with supply and demand dynamics and economic strength and weakness, and you will lose. Today, the weakest companies can rise for months on end and the strongest companies can fall for months on end because trading algorithms have seized control over stock markets and made honest and integrity and economic soundness moot principles in the short term.

 

"As anybody that has been investing in global commodities or stock markets can tell you, today’s market, thanks to the massive deceit and fraud of global investment firms enabled by technological advances such as high frequency trading (HFT) algorithms, it is easier than ever for industry insiders to rig stock markets and commodity markets to trade in whichever direction they desire in the short-term, especially given the misguided faith of retail investors that they are playing on a level field and in a free market instead of an acutely and massively rigged one. Though markets have been rigged for over a century, the rigging has become ..."

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‘Rosa Parks’ of the Dollar - The New York Sun

‘Rosa Parks’ of the Dollar - The New York Sun | Gold and What Moves it. | Scoop.it

"A “speedy trial” is one of the rights the Constitution requires the government to provide to defendants in criminal cases, but it’s silent on whether the sentencing also needs to be speedy. We were put in mind of this fact by Alan Feuer’s profile in this morning’s New York Times in respect of Bernard Von Nothaus. He was convicted more than a year and a half ago of “counterfeiting,” because he issued silver coins, which he called “Liberty dollars,” and sold them at a price much lower than they would command in United States currency. He could face the rest of his life in prison, but the court seems to be in no rush to sentence him. In the year and a half since the verdict was brought in against him, he’s been living in a friend’s house at Malibu, awaiting word of his fate.

 

"The case throws into sharp relief an astonishing irony — that a man who issued money that has sharply appreciated in value is facing the rest of his life in prison while the officials who issue the official Federal Reserve Notes, the value of which has in four years plunged in half, to less than a 1,750th of an ounce of gold, are walking around free. We do not mean to suggest that Chairman Bernanke and his colleagues have committed a crime. We do mean to suggest that it’s a context that makes the verdict against Bernard Von NotHaus seem absurd. ..."

 

hat tip to www.gata.org

 

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Forward is the direction of the price of precious metal

Forward is the direction of the price of precious metal | Gold and What Moves it. | Scoop.it

TF Metals writes:

 

"Forward is the direction of the price of precious metal. We have been in a 3-week mini-correction, almost identical in duration and magnitude to the counter move of January 2011. Back on Saturday, I gave you projected lows of $1700 + 10 in gold and $31.50 in silver. So far this week, we have seen the Dec12 gold trade down to a low of $1698.70 and the Dec12 silver reached $31.53. That ought to do it.

 

"I firmly believe that we have now seen the bottom of this pullback. Though a V-shape with no retest is possible, we must still expect some angst and volatility over the next 3-5 days. The fresh shorts will not give up easily so expect them to attempt to game every opportunity to restart the momentum to the downside. Again, as The Old Man says: Let om. They won't be successful. ..."

 

Click through for the rest of the analysis and charts.

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Brazil,Ukraine accumulate,Venezuela trims Gold holdings

According to International Monetary Fund(IMF) Venezuela sold around 120,000 ounces of gold in August, its first sale in almost a year, bringing its bullion reserves to 362.053 tonnes.

 

"CARACAS(BullionStreet): A year after nationalizing gold mining industry and brought back gold reserves from overseas, Venezuela reduced it's gold holdings by 3.733 tonnes in August.

 

"According to International Monetary Fund(IMF) Venezuela sold around 120,000 ounces of gold in August, its first sale in almost a year, bringing its bullion reserves to 362.053 tonnes.

 

"However, Venezuela's big neighbor Brazil and Ukraine increased their holdings with a combined 66,000 ounces between them, IMF data said.

 

"Russia, Belarus and Kazakhstan are the largest sellers to have reported their activity so far, lowering their official gold holdings by a total of 129,000 troy ounces in September.

 

"There were also some small sales last month from countries including the Czech Republic and Mexico. ..."

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Thailand Gold, Jewelry export jump 161% in September

According to Thailand's Commerce Ministry, a surge in shipments to Switzerland helped push up the overall total and produced a trade surplus.

 

BANGKOK(BullionStreet):

 

"Thailand's exports in Septmber recorded a surprise 0.2 percent gain, thanks to gold and jewellery purchases by Switzerland.

 

"In September, Thailand's exports of gold, precious stones and jewellery jumped 161.1%.

 

"According to Thailand's Commerce Ministry, a surge in shipments to Switzerland helped push up the overall total and produced a trade surplus.

 

"Switzerland bought $1.17 billion of Thai goods in September, ten times more than a year before. Of that, 95% was gold, precious stones and jewellery. ..."

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It makes Venezuela's President Chavez look like a visionary now - Ed Steer's Gold & Silver Daily

It makes Venezuela's President Chavez look like a visionary now - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer had this to say in his daily today:

 

"... It was pretty much another day off the calendar yesterday. Both gold and silver would have fared better if the New York market hadn't been open, of course...as that was where all the price damage was done, as usual.

 

"And as you have already noted, there was lots of big news in the gold world yesterday...with more to come in the days, weeks and months ahead. I wouldn't be surprised if we didn't see more countries ask for their gold back now that it's public knowledge that Germany did that itself. And the other question is...did Germany really take its gold back, or was it leased or sold? Question, questions! It makes Venezuela's President Chavez look like a visionary now. ..."

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Trader Dan's Market Views: Dow Jones/UBS Commodities Index Change to Benefit the Precious Metals

Trader Dan's Market Views: Dow Jones/UBS Commodities Index Change to Benefit the Precious Metals | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"Every year, the various commodity indices, that are used by hedge funds and index funds to benchmark against, have a reweighting of the various commodity inputs that are used to comprise each particular index. During this reweighting process, the percentage of some commodities are increased while the percentage of others are decreased. As a result, those funds benchmarking against the index, are forced to recalibrate their particular portfolios, selling some commodity positions while buying some new commodity positions in order to come into alignment with the new weightings.

 

"Dow Jones/UBS recently announced that the precious metal component of their index will be increased by 2% from this year's levels for 2013. This will benefit gold and silver to the extent of an estimated (by Credit Suisse analysts) to the tune of some $1.6 Billion in new money flows. The money will be evenly split between gold and silver. ..."

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popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold « Jim Sinclair's Mineset

popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

from Jim Sinclair:

 

"Yesterday’s popular myth gone viral in the community is that gold banks have infinite liquidity to depress the price of gold. That assumes that gold is the trading center of the entire market universe, which I am sorry to tell you, it is not. It might be my and your universe, but the gold banks compared to other markets is small. You have to assume with that rumor that all the major investment banks do is eat, sleep and think gold. That is also untrue.

 

"I have to inform you that gold banks do not have unlimited liquidity for the gold market. That rumor is busted! ..."

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China knows that gold is rigged

China knows that gold is rigged | Gold and What Moves it. | Scoop.it
By Martin W. Hennecke


"It is an open secret among precious metals analysts and traders that the gold and silver markets are being heavily manipulated, mostly to the downside; i.e. their prices are being suppressed by various Western financial entities in what should be a scandal much bigger than the Libor rigging scheme.

 

"Not only did a senior commissioner at the Commodity Futures Trading Commission (CFTC), Bart Chilton, reiterate recently his original statements from 26th October 2010 that "there have been fraudulent efforts to persuade and deviously control the price of silver" adding this time that " there have also been silver and gold market anomalies outside of the [current] silver investigation" , but we have also heard similar comments from former Assistant Secretary of the Treasury Paul Craig Roberts: "I suspect that the Federal Reserve is manipulating the gold and silver markets in order to prevent its low interest rate policy from undermining the value of the US dollar. It is easy to offset rising prices of bullion due to physical demand by selling shorts in the paper market. ...”

 

hat tip to www.grandich.com

 

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Russia increasingly worried about US ‘shale revolution’ — RT

Russia increasingly worried about US ‘shale revolution’ — RT | Gold and What Moves it. | Scoop.it

"... The US is a serious rival to Russia in a gas market,” as the country’s reserves of shale gas stand at 24trln cubic metres, compared to 30trln cubic metres of traditional gas reserves in Russia. Given that shale commodities are really booming, especially in the north of the US, the country can outpace Russia in the world energy market in another decade, Valery Nesterov, energy analyst at Sberbank Investment Research, told Business RT.


"For the US economy itself the shale oil and gas industry is a real locomotive, providing an additional 3.5mln jobs, according to Sberbank Investment Research expert.


"Should “a shale revolution” really take place, it’ll seriously reshape the world energy market, where traditional energy sources could be replaced by cheaper shale commodities. This will hit Russia’s budget hard, as oil and gas revenues provide for about 80% of the entire Russian budget. “That’s why it’s very important for Russia now to have official information and up – to – date data about extraction of shale gas in the US, which can be done by getting a report from the US Department of Energy,” RBC daily quotes its sources close to Russia’s Accounts Chamber as saying. ..."

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Sales by US Mint of silver outpace gold over fifty-fold | MINING.com

Sales by US Mint of silver outpace gold over fifty-fold | MINING.com | Gold and What Moves it. | Scoop.it

by Marc Howe:

 

"Figures released by the US Mint on Friday indicate that sales of silver in year-to-date exceed those of gold more than fifty-fold in terms of weight.

 

"According to the latest data released on Monday the US Mint sold 2,449,000 ounces of silver in the month of October, bringing the total sales volume this year to 28,244,000 ounces. Total gold sales by the US Mint this year are 525,000 ounces, for a silver-to-gold sales ratio in terms of weight of 53.8/1. ..."

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QE-Infinity … And Gold’s Standstill | Uncommon Wisdom Daily

"Since Fed Chairman Ben Bernanke announced QE III last month, gold bulls around the world have been on the edge of their seats … waiting for the yellow metal to begin its massive run-up.

 

"After all, the Fed’s promise to create as much as $40 billion in new money every month for buying mortgage-backed securities … and to fill its holdings with toxic assets … seemed like a death knell for the dollar.

 

"And initially, gold DID shoot up to $1,790 per troy ounce.

 

"Since then, however, it has lost $70 and is currently sitting at $1,720 as we write this.

 

"This whole thing surely has you — and thousands of other gold buyers — scratching your head.

 

"If the Fed’s promise to print money into infinity won’t send gold up … then what will?

 

"In this article, we’re going to explain why gold hasn’t made its big move … what will send it soaring … and how you can be one of the few who rides gold’s next move to an absolute fortune.

 

"So, why is gold down … and the dollar up … right now?

 

"Because …

 

"The Fed Is Telling Banks to Hoard Their Cash!


"This means that, instead of creating liquidity and spurring lending, the banks are putting the cash in a big vault for a rainy day. ..."

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So just ask them: Western central banks have enormous secrets about gold | Gold Anti-Trust Action Committee

So just ask them: Western central banks have enormous secrets about gold | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

By Lars Schall

 

"It's strange what you encounter when you try to take a serious look at the gold policy of central banks and their agents, the bullion banks.

 

"Some observers, including the Gold Anti-Trust Action Committee (GATA), estimate that Western central banks have on hand nowhere near as much gold as they claim. These observers suspect that much Western central bank gold has been sold or leased largely surreptitiously to restrain the gold price over the last two decades.

 

"Here is the explanation provided to me in an interview by the Canadian financial analyst and fund manager Marshall Auerback when I asked: Do you think that the Western central banks and the International Monetary Fund really have in their vaults the gold they say they have?

 

"Marshall Auerback: "In a strict accounting sense they might, but it might be irrelevant. I suspect that the central banks have not been selling much gold over the past few years since the inception of the Washington Agreement on Gold, but I think they have still been leasing considerable amounts into the gold market. From a flow standpoint, it's irrelevant whether the gold is sold or lent, as it still appears as supply in the market. ..."

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