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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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Harvey Organ's - The Feds still do not state how they can run a deficit of 1.5 trillion dollars per year

Harvey Organ's - The Feds still do not state how they can run a deficit of 1.5 trillion dollars per year | Gold and What Moves it. | Scoop.it

from Harvey Organ's Daily:

 

"... The entire world checked to Ben Bernanke today and as I forecasted to you yesterday, he extended operation twist to include the purchase of longer dated bonds and the selling of treasury bonds of three year duration or less. Because the net effect is zero, it does not add to the balance sheet. The Feds still do not state how they can run a deficit of 1.5 trillion dollars per year and with no nation on earth buying these USA treasuries how on earth does the Fed balance sheet stay constant? Greece has a new government and they are now drawing up new demands on Germany which will be flatly rejected. Finland also is asking for extended collateral with respect to the new financing arm the ESM. The Bank of England is also ready for more stimulus over there. ..."

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US Existing Home Sales Fall 1.5% In May

US Existing Home Sales Fall 1.5% In May | Gold and What Moves it. | Scoop.it
U.S. sales of existing homes fell 1.5 percent to an annual rate of 4.55 million units due to low inventory, the National Association of Realtors said Thursday, missing expectations and raising doubts about a housing recovery.

 

The result was down from a pace of 4.62 million units in April and below a forecast by economists surveyed by Bloomberg, who had expected a rate of 4.57 million sales. In positive signs, the May sales pace is 9.6 percent above the 4.15 million unit pace in May 2011 and the media price increased 7.9 percent to $182,600 on an annual basis.

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Russia Buys 0.5 Million Ounces and Bank of Korea “Needs To Buy More” Gold | ZeroHedge

Russia Buys 0.5 Million Ounces and Bank of Korea “Needs To Buy More” Gold | ZeroHedge | Gold and What Moves it. | Scoop.it
 The Russian central bank has again increased its gold reserves by 500,000 ounces.Bank Rossii announced that it had increased gold stocks in its international reserves by 0.5 million troy ounces to 29.3 million troy ounces in May from the end of...

 

So what does Russia know? Hmmm...

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Fed’s optimism is misplaced because the Fed doesn’t understand that the Fed is the problem.

Fed’s optimism is misplaced because the Fed doesn’t understand that the Fed is the problem. | Gold and What Moves it. | Scoop.it

Bill Fleckenstein tells King World News:

 

"... The reality is the Fed’s optimism is misplaced because the Fed doesn’t understand that the Fed is the problem. They think that periodically bad things happen and they didn’t do enough. They don’t realize that the bad things were created by them.

 

"Going forward, the economic data is not going to be very good, and the uncertainty through the election is not going to be helpful. So I think Bernanke will be forced to act again before the fall. ..."

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Turk - Gold & Stocks Smashed, Expect Massive Spike In Fear

Turk - Gold & Stocks Smashed, Expect Massive Spike In Fear | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

"... The Fear Index right now is at roughly 3%. Back at the end of the 1970s, during the Carter Presidency when we had all of the severe inflation, it (the Fear Index) was at 10%. Back at the height of the Great Depression in the 1930s, it (the Fear Index) was at 30%.

 

"So if we matched what happened in the Great Depression, it (fear) would become ten times worse than it is today. But even if we just matched the level of fear that prevailed back in the late 1970s, it (fear) would be three times worse than it is today.

 

"So while the Lehman Brothers (event) was bad, it was just a warmup for a much worse financial catastrophe coming down the road. We still have a long way to go. We’re just getting started in terms of a fear event. ..."

 

click over for the full piece.

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oftwominds-Charles Hugh Smith: The Housing Recovery: Based on What?

oftwominds-Charles Hugh Smith: The Housing Recovery: Based on What? | Gold and What Moves it. | Scoop.it

Charles Hugh Smith has a great piece today. Here's a snippet:

 

"... We understand the industry's extreme self-interest in attempting to re-inflate housing, but let's begin with the obvious question: what's the housing recovery based on? The standard answer is of course "super-low mortgage rates, courtesy of the Federal Reserve."

 

"But people need a sufficient income to qualify to own a house, regardless of rates, so let's look at income by age, and focus on the key homebuying ages of 25 to 44. The only age group whose incomes continued rising during the past five years is the over 65 cohort--the very group who is "downsizing" or selling their homes to live in assisted living. The key homebuying cohorts have seen their incomes plummet since the housing bubble popped. ..."

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Eric De Groot: Prepare For Market Seizures

from Eric De Groot:

 

"Liquidity or velocity always contracts during panics. They're particularly acute when debt burdens and complacency are high.

 

"Headline: Prepare for Lehmans re-run, Bank official warns Banks and traders must prepare for a devastating market seizure as governments grapple with the escalating economic crisis in Europe, a Bank of England policymaker has warned. ..."

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Can the Fed Remain Relevant? | Michael Ashton | Safehaven.com

Can the Fed Remain Relevant? | Michael Ashton | Safehaven.com | Gold and What Moves it. | Scoop.it

by Michael Ashton:

 

"Greece is skittering awkwardly towards temporary resolution of their crisis. Venizelos, the leader of the party Pasok (which placed third in the Greek elections) said today that the coalition may be ready tomorrow. Considering that this vote was supposedly a "referendum" on remaining in the Euro, it is surprising how long it is taking to negotiate a bare majority in the parliament. But they will, because there's no cost right now to pretending to be unified while negotiating improved bailout terms with European authorities. If better bailout terms are not offered, there is plenty of time later to splinter the coalition, or to appear to splinter the coalition, to put pressure on the negotiators from Europe.


"It bears remembering that there is nothing that can be done to save Greece and to keep her in the Eurozone absent transferring big losses onto the rest of Europe. Since most holders of Greek bonds due to mature in the next few years are official institutions - such as the ECB - it isn't clear how the debt structure can be re-negotiated without opening a big can of worms. So will the European powers (aka "the Man") significantly lessen the austerity measures? Will the Greek politicians who just won an election settle for anything less than significantly lessening the measures? I don't see where these circles of interest intersect. I am sure there will be a big announcement at some point; I'm just not sure what difference it will make.


"In the meantime, Greece is supposed to play Germany in the UEFA quarterfinals this Friday. Remember, wars have been fought over footy. I'm mostly kidding, but do you think Greece really wants to win this game or not? ..."

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Gold Becomes a Tier 1 Asset Class for Banks | Vin Maru | Safehaven.com

Gold Becomes a Tier 1 Asset Class for Banks | Vin Maru | Safehaven.com | Gold and What Moves it. | Scoop.it

by Vin Maru:

 

"Despite what the Main Stream Media (MSM) or "Financial Pundits" tell you, the gold bull market is far from over. In fact, it is just starting, in our opinion. While the misdirected financial world tell you that gold is in a bubble and it has burst, the central bankers and government organizations all know it is far from over. In fact, gold is moving towards the banking system and not away from it. We all know that many central banks are now net buyers of gold and their holdings are increasing as their need to diversify away from risky assets and foreign bonds only grows.


"Central banks around the world are continuing to stock up on gold. We can now add Kazakhstan's central bank to the grow list of bankers wanting to hold gold as a part of their currency reserve. The Kazakh central bank intends to have 20% of reserves in gold, this is up from the current 14-15% currently held. They plan to purchase 20 tonnes of gold this year, mostly from local producers. They also mentioned a few weeks ago that they would cut their Euro holding to 25 % from 30%. We can also add Kazakhstan to the growing number of central bankers which are building up gold holdings including China, Russia, Mexico, Colombia and South Korea. ..."

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Twitter / JamesGRickards: #Iceland beat the US to de

#Iceland beat the US to democracy by 800 years. Now they're ahead in arresting bankers also http://t.co/eEA65vzb
Jun 20 via web Favorite Retweet Reply

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The Golden Truth: Democracy And Rule Of Law Are Dead

The Golden Truth: Democracy And Rule Of Law Are Dead | Gold and What Moves it. | Scoop.it

By Dave in Denver:

 

"... It's bad enough that Obama and Eric Holder have enabled the persistence and rapid growth of financial industry fraud and theft by refusing to apply the law to the Too Big To Fail banks. And now Obama is going to let Eric Holder walk away from the Fast and Furious scandal. Democracy is dead and we only have ourselves to blame. Anyone who can possibly defend a vote for Obama is completely brain dead. If you have to vote to feel like an American, you don't have to vote for Romney, write in Ron Paul."

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Fed Twists Again, Extending Stimulus To Aid Weak US Economy

Fed Twists Again, Extending Stimulus To Aid Weak US Economy | Gold and What Moves it. | Scoop.it
The Federal Reserve on Wednesday extended its monetary stimulus to a U.S. economic recovery that looks at risk of stalling, renewing its effort to depress borrowing costs by selling short-term bonds to buy longer-dated ones.

 

"... The Fed has held overnight interest rates near zero since December 2008 and has bought $2.3 trillion in mortgage and government bonds in a further effort to help the economy.

 

"Last year, it launched "Operation Twist," in which the central bank sold bonds with maturities of three years or less and bought $400 billion of securities with maturities of six years and longer to push longer-term interest rates lower.

 

"Fed Vice Chair Janet Yellen earlier this month had argued further action might make sense to "insure" against downside risks given a sharp slowdown in hiring by U.S. employers and an escalating debt crisis in Europe. ..."

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SocGen: Gold Could Surge Over 500% - Business Insider

SocGen: Gold Could Surge Over 500% - Business Insider | Gold and What Moves it. | Scoop.it
Societe Generale is "enthusiastic on gold" -- so much so that in their latest cross-asset strategy report, they call "buy gold ahead of QE3" their number one strategy, saying it's "the perfect asset to benefit" from additional loose ...
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A New Low: US Mortgage Rates Fall To 3.66%

A New Low: US Mortgage Rates Fall To 3.66% | Gold and What Moves it. | Scoop.it
U.S. 30-year fixed-rate mortgages fell to a new record low of 3.66 percent following weak economic indicators, mortgage financier Freddie Mac said Thursday.

 

The 30-year rate was down from last week's average of 3.71 percent and has fallen to a record low in seven out of the past eight weeks. Fifteen-year mortgages fell to 2.95 percent from 2.98 percent in the previous week and 3.69 percent in the year-ago period. Five-year Treasury-indexed adjustable-rate mortgages, or ARMs, averaged 2.77 percent, down from 2.80 percent in the past week and 3.25 in the prior year. One-year ARMs fell to 2.74 percent from 2.78 percent in the prior week and 2.99 percent in the previous year.

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Ponzi Comes Full Circle: ECB Will Rate Sovereign Bonds It Accepts As Collateral | ZeroHedge

by Tyler Durden:

 

"... Moments ago Reuters reported that the European Central Bank is discussing a medium-term plan (as in indefinite) to scrap rating rules on euro zone sovereign bonds and instead set their value when used as collateral in lending operations on its own internal assessment, central bank sources said. You read that right: the ECB itself will decide what the collateral value is of pieces of paper it accepts, in exchange for other pieces of paper with the faces of famous dead people on one side (even if technically the whole operation takes place electronically). ..."

 

click through for the rest.

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Trader Dan's Market Views: Gold Bulls React to FOMC Statement after Overnight Reflections

Trader Dan's Market Views: Gold Bulls React to FOMC Statement after Overnight Reflections | Gold and What Moves it. | Scoop.it

by Dan Norcini:

 

"... In short, DEFLATION was the theme of today's session as traders simply do not see any source of inflationary pressures without another quick round of liquidity injections, compliments of the Fed. That means that they are going to be selling commodities. Just take a look at crude oil which is imploding as it has now broken down through the bottom of chart support. ..."

 

click over for the charts and the rest of the analysis.

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Norcini - Wild Trading After Fed Release, What to Expect Next

Norcini - Wild Trading After Fed Release, What to Expect Next | Gold and What Moves it. | Scoop.it

Dan Norcini tells King World News:

 

"... As someone who has actively traded these markets for over two decades, I find what our markets have deteriorated into to be very distressing. Here we are with the most sophisticated markets on the planet, and all traders around the world are waiting for a statement from the Fed and looking at a single word in that statement (the word was ‘very’) to determine what they are going to do.

 

"These markets are no longer functioning as efficient allocators of capital. Investments aren’t even entering into the equation anymore. The markets have instead become a casino, where the roulette wheel is spun and traders place their bets wherever they think the ball is going to fall. That’s what we’ve deteriorated into. ..."

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$9 Billion in ‘Stimulus’ for Solar, Wind Projects Made 910 Final Jobs -- $9.8 Million Per Job | CNSNews.com

$9 Billion in ‘Stimulus’ for Solar, Wind Projects Made 910 Final Jobs -- $9.8 Million Per Job | CNSNews.com | Gold and What Moves it. | Scoop.it

by Michael W. Chapman and Fred Lucas:

 

"The Obama administration distributed $9 billion in economic “stimulus” funds to solar and wind projects in 2009-11 that created, as the end result, 910 “direct” jobs -- annual operation and maintenance positions -- meaning that it cost about $9.8 million to establish each of those long-term jobs.

 

"At the same time, those green energy projects also created, in the end, about 4,600 “indirect” jobs – positions indirectly supported by the annual operation and maintenance jobs -- which means they cost about $1.9 million each ($9 billion divided by 4,600).

 

"Combined (910 + 4,600 = 5,510), the direct and indirect jobs cost, on average, about $1.63 million each to produce. ..."

 

[Who knew green was so dang expensive as a business and so dang benificial for those job holders? hehe]

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China and Japan secure Iran oil supply, bypassing EU sanctions — RT

China and Japan secure Iran oil supply, bypassing EU sanctions — RT | Gold and What Moves it. | Scoop.it

"Japan is one of the major buyers of Iranian crude oil, and says it is going to provide insurance coverage for Iranian tankers, while China is offering to use its own vessels for delivery in bid to circumvent EU crude sanctions.

 

"The Japanese parliament has approved government insurance cover of up to $7.6 billion for each tanker which carries Iranian crude to the country. Meanwhile China offered Iran use of its tankers for delivery in order to secure at least a part of its oil supply.

 

"Japan and China have announced loading of about 620,000 barrels per day (bpd) of Iranian oil next month, according to Reuters.

 

"The EU sanctions not only ban member countries importing Iranian oil comes, but also includes a ban on EU insurance firms from covering Iran's exports. It comes into force on July 1. The measure affects Japan, South Korea, China and India, which used to buy around two-thirds of Iranian crude exports, or roughly 1.45 million bpd per year, as they rely on EU companies to insure them. ..."

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Presenting The Fundamental Flaw In The Fed's Thinking | ZeroHedge

Presenting The Fundamental Flaw In The Fed's Thinking | ZeroHedge | Gold and What Moves it. | Scoop.it
This one simple chart below shows what is the biggest and most fundamental flaw in Bernanke's approach to spurring the economy, which to him, of course, means rising prices of risky assets, aka the stock market.
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25 craziest things the U.S. government spends money on

Government Waste The Economic Collapse Blog You are not going to believe some of the things that the U.S. government is spending money on. According to a sho...
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Monty Pelerin's World » My Rationale For Owning Gold

Monty Pelerin's World » My Rationale For Owning Gold | Gold and What Moves it. | Scoop.it

"Regular readers know that I favor holding gold when inflation is a perceived threat. Gold is less an investment than a store of value, a means of retaining purchasing power. Gold is not an investment with which to make money. It is a means of protecting money you already have.

 

"There is no certainty regarding an outbreak of inflation of hyperinflation. These are not economic events even though many consider them such. They are outcomes initiated by political action(s). Inflation and hyperinflation are everywhere and always political events. ..."

 

Source: http://www.economicnoise.com (http://s.tt/1ffuq)

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Twitter / lmgross: #Gold More than 50% Below

#Gold More than 50% Below Real Record High of 32 Years Ago - http://t.co/dNvDyglz
Jun 20 via HootSuite Favorite Retweet Reply

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Greece Remains In Economic Death Spiral Despite New Government

Greece Remains In Economic Death Spiral Despite New Government | Gold and What Moves it. | Scoop.it

by Benjamin Reeves:

 

"The formation of a new Greek government Wednesday staves off fears of a swift departure from the euro zone by the Hellenic Republic. But this week's election and installation of a new pro-austerity administration merely extends the country's economic death spiral as its economic woes remain deep and pervasive. ...

 

"... What the election did was reduce the possibility of a near-term big negative. If Syriza had won, Greece's and the Troika's negotiations could have become quite complicated ... it would have been a bit mess," Bryson said, adding that a victory by the left-leaning Syriza party would have made the departure of Greece from the euro zone more likely. ..."

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Silver nanostructures exhibit resonance feature that is useful for ... - Phys.Org

Silver nanostructures exhibit resonance feature that is useful for ... - Phys.Org | Gold and What Moves it. | Scoop.it
Nanowerk LLCSilver nanostructures exhibit resonance feature that is useful for ...Phys.OrgCertain metallic nanostructures are known to exhibit a distinctly asymmetric spectral feature.
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