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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CFTC's Gensler calls for independent compiler of Libor | Reuters

BRUSSELS, Sept 24 (Reuters) - Independent bodies such as those set up to record derivatives transactions could collect market trades as part of efforts to reform and restore confidence in the Libor benchmark interest rate, a top U.S. regulator said on Monday.

 

Gary Gensler, chairman of the Commodity Trading Futures Commission, told members of the European Parliament that he favoured moving towards "real observable transactions and an independent body collecting that data". ...

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Greyerz - Gold, Silver, The US, Europe & The Tungsten Scare

Greyerz - Gold, Silver, The US, Europe & The Tungsten Scare | Gold and What Moves it. | Scoop.it

Today Egon von Greyerz spoke with King World News about the US, Europe, the tungsten scare, what is happening in the gold and silver markets and what to expect from the latest rounds of QE. Greyerz, is founder and managing partner at Matterhorn Asset Management out of Switzerland.

 

Here is what Greyerz had to say: “I just wanted to say a few words because we’ve had another tungsten scare. Physical gold is the best way to protect investors from the destruction of their wealth. This is the ultimate form of wealth protection.

 

"Now there are many things to consider. You should only have physical, and you must buy from reliable sources. We’ve seen many of these tungsten scares, and in our view you should buy gold from within the LBMA system. That is a guarantee for getting real gold.

 

"I know many people inside the LBMA system and no one has ever seen a tungsten bar within that system. We certainly have never seen a tungsten bar. What we do regularly is melt down bars for clients. Clients that purchase the 400 ounce LBMA gold bars will ask for them to be made into smaller bars.

 

"If we get hyperinflation and gold goes up the way we think it will, you don’t want to have the big bars. You want to break them down into smaller units. So we regularly send bigger bars back to the refiners to melt down, in order to get smaller bars for the clients....

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Gold To Advance Another $700 - $1,200 Within Months

Gold To Advance Another $700 - $1,200 Within Months | Gold and What Moves it. | Scoop.it

Today 25 year veteran Caesar Bryan surprised King World News when he talked about gold advancing $700 to $1,200 in a matter of months. Bryan stated, “Just looking at gold relative to the supply of money, gold may advance to $2,500 to $3,000 in the first few months of next year.” Bryan, from Gabelli & Company, also discussed the nature of the current gold advance, silver, and what to expect going forward.

 

Here is what Caesar had to say: “Since we’ve had the news of further easing in the US and Europe, gold has moved up in a sort of ‘step’ fashion. It’s quiet for a few days, and then another move higher takes place. Now we seem to be set for another ‘step’ move higher. ...”

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Gold is going to $3500 and beyond much, much, much faster than it took to get to go above $1900. « Jim Sinclair's Mineset

from Jim Sinclair:

 

"My Dear Friends,

 

"You can be absolutely sure the 7 touches capping sells at $1775 were for the purpose of accumulation.

 

"Our newly created trillionaire banksters will be long of cash gold in their own depositories.

 

"Gold is going to $3500 and beyond much, much, much faster than it took to get to go above $1900.

 

"If you think the major banksters are either short or flat on this gold move, you are seriously bonkers.

"Regards, Jim"

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We Have Entered A New & More Deadly Phase Of This Cycle. Currency War

We Have Entered A New & More Deadly Phase Of This Cycle. Currency War | Gold and What Moves it. | Scoop.it

Michael Pento tells King World News:

 

"... You just cannot ignore the fact that governments and central banks are engaged in a global currency war. But we already know who the losers are in this battle; they will be the middle classes and the economies of the developed world. There will be no sustained economic growth until central bankers make peace with their currencies and put aside the notion that prosperity can come from inflation.

 

"Until those in charge of fiat currencies reach that epiphany, the only winners will be those that can afford to place a significant portion of their investments in hard assets.”

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Twitter / GoldenGoliath: #CNBC Video: QE Indefinite ...

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Speaking to the 47%: The $105,000 champagne tower featured at Obama fundraiser hosted by Jay-Z and Beyonce

Speaking to the 47%: The $105,000 champagne tower featured at Obama fundraiser hosted by Jay-Z and Beyonce | Gold and What Moves it. | Scoop.it

President Barack Obama attended a fundraiser at Jay-Z's 40/40 Club in Manhattan that featured a champagne tower of 350 bottles worth $105,000 - more than twice the median household income of an American family.

 

The tower of $300-a-bottle Armand de Brignac Brut Gold, known as 'Ace of Spades' because of its label, is a permanent fixture at the club.


'It’s floor-to-ceiling gold bottles in the entire space,' a 40/40 representative told the New York Post. 'It’s beautiful—breathtaking. It’s the first thing you see when you walk in.'

The median income for an American family was $51,413 in 2011.


hat tip to www.drudgereport.com

 


Read more: http://www.dailymail.co.uk/news/article-2205541/280-000-champagne-tower-Obama-fundraiser-Jay-Z-Beyonce-Manhattan-night-club.html#ixzz26vtyJFAh 
Follow us: @MailOnline on Twitter | DailyMail on Facebook

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FOFOA: Deutsche Bank explains why we hoard gold

FOFOA: Deutsche Bank explains why we hoard gold | Gold and What Moves it. | Scoop.it

On FOFOA:

 

"... Gold often gets lumped in to investment forecasts with other "commodities" – real, consumable things like oil or food.

But Deutsche Bank analysts Daniel Brebner and Xiao Fu say gold is seriously misunderstood, and in a new report – wherein they update their gold target to $2000/oz sometime in the first half of 2013 – they explain that "gold is not really a commodity at all. ...


"... While it is included in the commodities basket it is in fact a medium of exchange and one that is officially recognised (if not publically used as such). We see gold as an officially recognised form of money for one primary reason: it is widely held by most of the world’s larger central banks as a component of reserves. ..."

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Fed Up | The Daily Gold

Fed Up | The Daily Gold | Gold and What Moves it. | Scoop.it

by Steve Saville:

 

"... This is so extraordinary that we have to ask, in all seriousness: what were they smoking at last week’s FOMC meeting?

 

"They probably weren’t smoking anything. It’s clear that Ben Bernanke and most other members of the FOMC truly believe that the economy can be strengthened, and a sustainable improvement in the labour market brought about, by counterfeiting money and manipulating interest rates. The root of the problem is unwavering commitment to bad economic theory, so that when the economy doesn’t respond as expected to a certain dosage a higher dosage is automatically considered appropriate. It never occurs to the good doctors that they have their diagnosis completely wrong. How could it when they are, in effect, astronomers trying to make sense of the planetary movements based on the theory that everything revolves around the Earth.

 

"The bottom line is that when this latest program doesn’t achieve the intended results, it won’t be perceived by the Fed as a failure of “monetary accommodation”. It will, instead, be perceived as a failure due to insufficient monetary accommodation and therefore as a reason for an even higher dose of the same bogus remedy. This process is likely to continue until price inflation is widely perceived as a major problem. ..."

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Gold dealer shouldn't complain -- at least he got metal, not paper | Gold Anti-Trust Action Committee

from GATA: http://gata.org/node/11756 

 

Fake Gold Bars Turn Up in Manhattan
From WNYW-TV5, New York
Tuesday, September 18, 2012

 

NEW YORK -- In jewelry stores on 47th Street and Fifth Avenue the important trust between merchants has been violated. A 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit.

 

The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce.

 

Ibrahim Fadl bought the bar from a merchant who has sold him real gold before. But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten -- not gold.

 

What makes so devious is a real gold bar is purchased with the serial numbers and papers, then it is hollowed out, the gold is sold, the tungsten is put in, then the bar is closed up. That is a sophisticated operation. ...

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Jesse's Café Américain: Ten States With Highest Percent of People Who Pay No Federal Income Tax

Jesse's Café Américain: Ten States With Highest Percent of People Who Pay No Federal Income Tax | Gold and What Moves it. | Scoop.it

from Le Cafe Americain:

 

"Just who are these people who don't 'take personal responsibility for their lives' and 'who are dependent upon government, who believe that they are victims, who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it -- that that's an entitlement.'

 

"Red marks the ten states with the highest percentage of non payers of Federal Income Tax. Blue is for the ten states with the lowest percentage.

 

"Many people who pay no Federal income tax do so because they are elderly, students, unemployed, or working people with very low incomes.

 

"Why Do Some People Pay No Federal Income Tax

 

"These people may pay many other taxes including the payroll tax, state tax, sales tax, gasoline tax, property tax, fees, tolls, and so forth. ..."

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QE and the delusive perception of wealth

QE and the delusive perception of wealth | Gold and What Moves it. | Scoop.it

As currencies devalue due to Central Banks policy of monetary expansion, gold prices are headed higher, David Levenstein believes.

 

David Levenstein:

 

JOHANNESBURG -

 

"Last week the gold sector was filled with action as gold prices got yet another major boost on Thursday when Ben Bernanke, chairman of the U.S. Federal Reserve announced another round of quantitative easing. After an initial sell-off on the opening of the US session on Comex, which has become practically a customary trade of the bullion banks prior to any major monetary policy statement, the price of gold exploded, moving sharply upwards from an intra-day low of $1717 an ounce to $1779 an ounce in less than two hours.

 

"The Fed said that it will begin buying $40-billion in agency mortgage-backed securities every month starting Friday. It also extended its so-called "Operation Twist" program to the end of the year, whereby it sells its short-term bonds for longer-term bonds in an effort to drive down mortgage rates. The Fed also extended it's near-zero interest rate guidance until mid-2015. All of this will bring the Fed's monthly asset purchases to US$85-billion a month until the end of the year.

 

"The most important part of the announcement was that all of this is open-ended, meaning the Fed is committed to the new round of quantitative easing for as long as it takes. But, here is the problem. What has buying Mortgage-Backed Securities got to do with creating economic growth and lowering unemployment?

 

"A 'Mortgage-Backed Security (MBS)' is a type of asset-backed security that is secured by a mortgage or collection of mortgages. These securities must also be grouped in one of the top two ratings as determined by an accredited credit rating agency, and usually pay periodic payments that are similar to coupon payments. Furthermore, the mortgage must have originated from a regulated and authorized financial institution. ..."

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Overnight Sentiment: More Printing; More European Catch 22s | ZeroHedge

Tyler Durden writes on www.ZeroHedge.com :

 

"Those who expected a major response following the surprising, and "preemptive" easing by the Bank of Japan which has now joined the freely CTRL-Ping club of central banks, and went to bed looking for a major pop in risk this morning will be disappointed. The reason is that with every passing day that Spain does not request a bailout, all those who bought Spanish bonds on the assumption that Spain will request a bailout look dumber and dumber (a dynamic we explained nearly two months ago). As a result, the EURUSD has been dragging ever lower, and is now playing with 1.30 support. Providing no additional clarity was Spanish deputy PM Soraya Saenz de Santamaria who said Spain will decide if and when to trigger an ECB bailout once all details have been analyzed. Well the details have been more than analyzed, and Spain has been more than happy to receive the benefits of its bailout, it has yet to trigger the cause. Ironically in a Barclays study,over 78% of investors see Spain requesting a bailout by year end (even though as we explained over the weekend Spain really has to do this ahead of its major cash drawing bond redemption schedule in October when it may well run out of cash). And so, just like the US Fiscal Ceiling, the global markets are expecting some Catchy 22 deus ex machina, where traders can get their cake and politicians can eat it too. Alas, there never is such a thing as a free lunch. And what is making the much needed outcome even less probable is that Spanish bonds this morning are actually trading tighter once again making a bailout less than likely. The Spanish zombie has left its grave and is now romping through the neighborhood unsupervised.

 

"As for the ever more frequent central bank easings, such as that from the BOJ last night, the biggest joke is that in 2-3 months when every central bank has eased "to infinity and beyond" and has pre-committed to destroy its currency ala Chairsatan, the world will be right back where it was before the Fed's QE3 announcement! Ah, the joys of living in a circular, relativistic Keynesian world, where if everyone destroys their currency nobody destroyed their currency. Expect the market to realize this in 4-6 weeks, and to further realize that global debasement can only occur relative to other undilutable benchmarks. Such as crude. And gold ..."

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Indian gold demand improves as strong rupee knocks prices | Reuters

MUMBAI, Sept 24 (Reuters) - Gold demand in India, the
world's top consumer, rose on Monday after prices fell to their
lowest level in more than two weeks following a drop in the
world market and on a strong rupee, luring jewellers
replenishing inventory for festivals.

 

* The most-traded gold contract for October delivery
was down 0.58 percent at 31,324 rupees per 10 grams by 3:59 p.m,
after falling to 31,272 rupees earlier in the day. It had hit a
record high of 32,421 rupees earlier this month.

 

* "The sharp rise in the rupee in a week is supporting
demand. Jewellers and investors are back in the market," said a
Mumbai-based dealer with a private bank.

 

"Demand will rise further, if prices fall below 31,000
rupees."

 

* Spot gold prices in the world market pulled back from a
near seven-month high on Monday, but a recent spate of stimulus
measures from central banks that has buoyed bullion is expected
to continue supporting prices....

 

(Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)

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QE3 To Infinity–The Final End Game « Jim Sinclair's Mineset

Jim Sinclair writes:

 

"The final end game of QE3 to infinity, with a month or two off from time to time, will be a product of the long term viability of the Federal Reserve Balance sheet and the impact on the dollar there from.

Let’s review what has transpired and begin to look at what will happen:

 

"1. OTC derivative manufacturers and distributors sold fraudulent paper to almost every entity as clients of the Western world financial system. Inherently the OTC derivatives manufacturers and distributors had part of the transaction on their books. No problem as long as the entire scam was a "Daisy Chain," a connected set of transactions that has the appearance of risk but when all netted out equals almost zero.

 

"2. Until Lehman was flushed, and flushed it was, most all OTC derivatives could have been netted to zero in a derivative resurrection bank. Losers would have rejoiced and winners would have declared war. However when Lehman was forced into bankruptcy it broke the "Daisy Chain" (a chain of near risk-less transactions when netted) of the OTC derivatives scam. At this point winners had won huge and loser had lost huge and there was no longer a means of repair to the quadrillion dollar scam. The problem has no practical solution other than transferring all losing paper to the balance sheet of the Federal Reserve where then it was anticipated no non-government "mark to market" audit would ever occur. It was the perfect hole to stick the junk into.

 

"3. The size of the OTC derivative market stood at one quadrillion one hundred and forty four trillion as reported by the Bank of International Settlement, the counter internationally. ..." click through for the rest.

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Gold Seen Luring Wealthy as Central Bankers Expand Stimulus

Gold Seen Luring Wealthy as Central Bankers Expand Stimulus | Gold and What Moves it. | Scoop.it

By Glenys Sim

 

"More high-net-worth individuals are seeking to buy gold to protect their wealth from the risk of rising inflation after central banks boosted stimulus, according to Deutsche Bank AG’s asset and wealth-management unit.

 

“Gold has historically been considered to be a store of value and an inflation hedge and increasingly it is being utilized as a monetary instrument,” said Mark Smallwood, head of Asia-Pacific wealth-management solutions. “There is a growing interest among our clients to gain exposure,” he said, with an increased preference for physical holdings.


"Gold is in the 12th year of a bull run, 13.5 percent higher this year, as investors seek to hedge against weaker currencies and the threat of rising consumer prices. Holdings in gold- backed exchange-traded products expanded to an all-time high yesterday, and Bank of America Corp. and Deutsche Bank are among banks forecasting that the price will rally to a record.

 

“With the movements by the central banks globally in the last few weeks, there is considerable investor concern as to the long-term effects of the liquidity infusions,” Smallwood said by phone from Guilin, China yesterday. “As a result of that, private clients are concerned about the possible future effects of inflation and the means of hedging that risk. ...”

 

hat tip: http://www.jsmineset.com/2012/09/23/in-the-news-today-1317/

 

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Big War of 21st Century Has Begun Gerald Celente

http://usawatchdog.com/

 

Gerald Celente of the Trends Journal believes the world is being taken to war because the world economy ". . . is collapsing. It's collapsing in front of our eyes. The numbers are there." Celente tells people to "buy gold and silver" to preserve wealth and says, "All around the world they are dumping dough into their economies to keep them going." Join Greg Hunter of USAWatchdog.com as he goes One-on-One with trends forecaster Gerald Celente.

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Economic Warfare in America’s Future? – Market, Economic, Social, Political and Life Commentary by Peter Grandich

by Peter Grandich:

 

"I’ve often told the story about how President Eisenhower used economic blackmail against England and France after they threaten military action with Egypt and the Russians back in the 1950s over the Suez Canal. He called in the monies owed to America by England and France from World War II, which would have bankrupt both countries. Within two weeks, both countries pulled back from their aggression and Eisenhower lifted his threat.

 

"I told this story because in recent years I’ve felt China will do this against America because of the debt they hold over us. I said I believe it already happened behind closed doors and would at first be subtle.

 

"That’s why this news comes as no surprise to me and something America shall face in the future http://www.telegraph.co.uk/finance/china-business/9551727/Beijing-hints-at-bond-attack-on-Japan.html "

 

 

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The Federal Reserve, a Privately Owned Banking Cartel, Has Been Given Police Powers, with Glock 22s and Patrol Cars

The Federal Reserve, a Privately Owned Banking Cartel, Has Been Given Police Powers, with Glock 22s and Patrol Cars | Gold and What Moves it. | Scoop.it
Shocking signs of business control of government...

 

"... Quietly, without fanfare or Congressional hearings, the USA Patriot Act in 2001 bestowed on the 12 privately owned Federal Reserve Banks, domestic policing powers.

 

"Section 364 of the Act, “Uniform Protection Authority for Federal Reserve,” reads: “Law enforcement officers designated or authorized by the Board or a reserve bank under paragraph (1) or (2) are authorized while on duty to carry firearms and make arrests without warrants for any offense against the United States committed in their presence…Such officers shall have access to law enforcement information that may be necessary for the protection of the property or personnel of the Board or a reserve bank. ...”

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ONE OF THESE THINGS

"Everyone knows where we have been. Let's see where we are going!" -Another http://fofoa.blogspot.com/2012/07/fallacies-1-paper-gold-is-just-like.html http:/...
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Investors Argue Gold to Hit $2,000 on Fed Stimulus: Video

Investors Argue Gold to Hit $2,000 on Fed Stimulus: Video | Gold and What Moves it. | Scoop.it
US Global Investors' Frank Holmes discusses QE3's impact on gold prices.
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Fed to Debase Dollar? | Axel Merk | Safehaven.com

Fed to Debase Dollar? | Axel Merk | Safehaven.com | Gold and What Moves it. | Scoop.it

by Axel Merk:

"... We have heard policy makers justify bailouts and monetary activism because, as we are told, these are no ordinary times: extraordinary times require extraordinary measures. Acronyms are needed, as we are told that things are complicated. We respectfully disagree. It's quite simple: we have had a credit driven boom; we have had a credit bust; and Fed Chairman Bernanke thinks monetary policy can fix it. Merk Senior Economic Adviser and former St. Louis Fed President William Poole points us to the fact that the Soviet Union, Cuba and North Korea have one thing in common: monetary policy could not have compensated for the shortcomings of the respective regimes. The successor nations to the Soviet Union, as well as China had economic booms because they opened up, not because of printing presses being deployed. Monetary policy affects nominal price levels, not structural deficiencies. In the U.S., the economy may be held back because of uncertainty over future taxes (the "fiscal cliff") and regulation; monetary policy cannot fix these.

 

"But the above experiences have something else in common: they refer to lessons of recent decades. Bernanke, in contrast, is a student of the Great Depression, the 1930s. Bernanke firmly believes that tightening monetary policy too early during the Great Depression was a grave mistake, prolonging the Depression. Never mind that there had been major policy blunders by the Roosevelt administration that might have been driving factors; Bernanke's research squarely focuses on how history would have evolved differently had his prescription for monetary policy been implemented.

 

"The reason why Bernanke thinks tightening too early after a credit bust is a grave mistake is because a credit bust unleashes deflationary market forces. Left untamed, a deflationary spiral may ensue driving many otherwise healthy businesses into bankruptcy. Nowadays, we hear "it's a liquidity, not a solvency crisis." With easy money, the Fed can stem the tide. ..."

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QE3: gold to move onwards and upwards but inflation likely too

QE3: gold to move onwards and upwards but inflation likely too | Gold and What Moves it. | Scoop.it

Gold price to rise to record heights as the latest open ended Bernanke boost continues but watch out for accompanying inflation (which could be part of the policy).

 

by Lawrence Williams:

 

LONDON (MINEWEB) -


"The gold commentators who have been at the bullish end of the investment spectrum have all, without exception, come out with positive comment on the prospects for gold market. This follows the latest U.S. Fed moves to provide for the virtually open-ended purchase of around $40 billion each month of mortgage-backed securities to help boost employment and drag the U.S. economy kicking and squealing from its seemingly recessionary path. Indeed the Fed went even further saying that it would undertake additional asset purchases and employ other policy tools until the outlook for employment improves substantially - as well as continuing with Operation Twist designed to keep interest rates at the current extremely low levels.

 

"As New York state-based gold analyst and commentator Jeff Nichols notes in his latest commentary (see www.nicholsongold.com) : "The Fed's newly adopted quantitative easing (QE3), unlike QE1 and QE2, is open-ended and unlimited. It will continue until there is evidence of healthy employment market conditions - which could be years away. And, it may include other policy tools that remain undefined."

 

"All of this" says Nichols, "is meant to lower mortgage interest rates, stimulate the housing and construction sector, raise prices of existing homes, keep Wall Street's bull market intact, and thereby reinvigorate the economy."

 

"This reflationary, and ultimately inflationary, policy programme just has to be extremely positive for gold and other precious metals and Nichols sees gold prices in particular rising to record heights far above current levels as long as the programme remains in force.

 

"Indeed the initial reaction has been very positive for gold ..."

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Twitter / JamesGRickards: #China aims cyber attacks at ...

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Twitter / MonetaAdvisors: Nothing to new here FED purchased ...

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