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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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10 explosive bubbles that will kill capitalism Paul B. Farrell

10 explosive bubbles that will kill capitalism Paul B. Farrell | Gold and What Moves it. | Scoop.it
Capitalism is committing suicide and destroying America too.

 

"... in Grantham’s early 2012 newsletter he saw a bigger train accelerating: When he focused on the “common good, it became quickly apparent that capitalism in general has no sense of ethics or conscience. And probably its greatest weakness is its absolute inability to process the finiteness of resources and the mathematical impossibility of maintaining rapid growth in physical output.”

This we call the Myth of Perpetual Growth, the pseudo-scientific justification for modern capitalism.

 

"Grantham concludes that capitalism’s flaws are so deadly that while it does “a thousand things better than other systems,” it fails in those three crucial areas. And “unfortunately for us all, even a single one of these failings may bring capitalism down and us with it.”

 

"Get it? Capitalism is committing suicide and destroying America too. Here are 10 explosive bubbles that warn of this trend’s accelerating trajectory... " click through for the list, number one is Health-care and number two is Government.

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Gold the answer to currency wars | Last Word|chinadaily.com.cn

Gold the answer to currency wars | Last Word|chinadaily.com.cn | Gold and What Moves it. | Scoop.it

by Gao Changxin:

 

"... The New York-based hedge fund manager and author of Currency Wars: The Making of the Next Global Crisis says that the US dollar may no longer be the force it was in the past. Rather there will be a general swing in the financial system toward the gold standard, he says.

 

"Gold is not a commodity. Gold is not an investment. Gold is money par excellence," Rickards says.
The veteran fund manager says his target price of $7,000 (5,560 euros) for an ounce of gold makes even the most ardent of gold trumpeters seem conservative.

 

"Rickards says during the currency wars, the global economies often engage in frequent devaluations of their currencies against the currencies of their trading partners in an effort to steal growth from those trading partners.

 

"With both inflationary and deflationary factors at play, it is natural for investors to seek a safe haven for their investments. This, in turn, has pushed up the prices of gold, the historic hedge against inflation. ..."

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US Gold Net Exports Increased Substantially During First Quarter 2012 - Gold Seek

US Gold Net Exports Increased Substantially During First Quarter 2012 - Gold Seek | Gold and What Moves it. | Scoop.it
By Steve St.Angelo

Something very interesting took place in the first three months of 2012. Last year, the United States was a net importer of gold during the first quarter. However this year, the U.S. became a huge net exporter of gold during the same time period. This information was acquired from the latest USGS Gold Mineral Industry Surveys.

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Schnapp's Macro Musings: Economic Growth Weak and Getting Weaker - TrimTabs Money Blog

"According to our real-time withholding tax based model, the U.S. economy added only 75,000 jobs in June, well below expectations of 100,000 to 125,000 new jobs. Why is job growth so anemic? Because the economy is still in the process purging the mal-investments left over from the bursting of the housing bubble, destroying wealth and contracting credit. What we have is high unemployment, weak wage and salary growth, lackluster job growth, one in seven households in foreclosure, and a median household net worth that is some 40% lower than it was in 2007. Until we are on the other side of this process, job growth and wage and salary growth will be anemic, at best. ..."

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Major banks say they are ready to go under — RT

Major banks say they are ready to go under — RT | Gold and What Moves it. | Scoop.it

"The US Federal Deposit Insurance and Federal Reserve released public summaries of plans for quick liquidation of nine of the world’s largest banks in the case of an emergency, without government bailouts.

 

"Complex financial firms with more than $250 billion in nonbank assets including J.P. Morgan Chase, Bank of America, Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, Barclays PLC, Deutsche Bank, Credit Suisse and UBS were the first to prepare the worst case scenarios by July 1. In total, about 125 banks are expected to submit plans to the regulators by the end of 2013.


"Public summaries reveal that Morgan Stanley and Goldman Sachs plan to sell assets or stand-alone businesses to other financial firms, private-equity investors or insurance companies in the event of a collapse. Citigroup said its banking business could be split off from the parent company and recapitalized as a smaller bank. Credit Suisse plans to sell its businesses to hedge funds, banks and securities firms. ..."

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Mich. digs for tax gold in mining boom

Mich. digs for tax gold in mining boom | Gold and What Moves it. | Scoop.it
In recent years, market prices for nickel, copper, silver and other metals have been strong enough to entice mining and processing companies for another go at the state's underground treasures.
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Unemployment To Remain High Through 2016: Report

Unemployment To Remain High Through 2016: Report | Gold and What Moves it. | Scoop.it

by Jeremy B. White:

 

"... Most of the 32 economists polled in an Associated Press Economy Survey forecast that the unemployment rate will remain above 6 percent for at least the next four years, significantly higher than the 6 percent or lower that would mark a robust economy.

 

"Unemployment has hovered stubbornly around 8 percent for months now, and economists predicted it will still be there come election day. That could spell bad news for Obama, but it might not change under a Romney administration.

 

"The election isn't going to be a miracle cure for the unemployment rate -- that's for sure," Sean Snaith, an economics professor at the University of Central Florida, told the AP. ..."

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Central Banks Move to Fuel Economy on 3 Fronts - New York Times

Central Banks Move to Fuel Economy on 3 Fronts - New York Times | Gold and What Moves it. | Scoop.it

by KEITH BRADSHER and MELISSA EDDY:

 

"In the span of less than an hour on Thursday, China’s central bank and the European Central Bank cut interest rates and the Bank of England stepped up its economic stimulus program.

 

"While the moves were not coordinated, they emphasize the concern financial officials have about a global economic slowdown and highlight the role central banks are playing in seeking to bolster growth.

 

"China’s central bank unexpectedly cut regulated bank lending rates by nearly a third of a percentage point and made a rule change that could reduce borrowing rates for companies with good credit by an additional three-fifths of a percentage point. ..."

 

 

The actions may not be coordinated, though the jury is still out, but the reaction is. 

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Central Banks Helpless As Denmark Goes NIRP, Cuts Deposit Rate To NEGATIVE 0.2% | ZeroHedge

Central Banks Helpless As Denmark Goes NIRP, Cuts Deposit Rate To NEGATIVE 0.2% | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"A few days ago we noted that the ECB may well be contemplating the monetary neutron bomb, which would see it lower rates to below zero, ushering in a Negative Interest Rate Policy. Today, Mario Draghi cut such speculation short promising the ECB has not discussed this. Yet one bank which certainly has is the Danish Central Bank, which just lowered its Discount Rate to 0%, joining China, England, the ECB, and, of course, Kenya in easing, but also went one step further and cut its deposit rate to negative 0.2%. Keep a note of this: NIRP is coming to a central bank, and shortly thereafter to a bank deposit branch, near you very soon. ..."

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The Rig Is Up... The battle to stop gold has been lost « Jim Sinclair's Mineset

from the desk of Jim Sinclair:

 

"My Dear Friends,

 

"Gold will go to and above $3500. This is the most important message I have sent you since 2001.

 

"There are very few of us dynamic thinkers that see everything as a trend constantly in motion. Anyone can be a static thinker, quoting recent economic figures or news headline (MSM), and coming up with a usually wrong opinion.

 

"The change today is that the "Rig Is Up."

 

"The Bank of England turning their backs on Barclays, the company who did their bidding, will be the event in time marking the trend change. ..."

 

Click through to read the rest if you care.

 

Jim Sinclair is a must follow as he has consistently been right and he, I believe, genuinely desires to alert people to the dangers ahead.

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'The mob learned from Wall Street': Eliot Spitzer on the 'cartel-style corruption' behind Libor scam

Matt Taibbi, Rolling Stone contributing editor, and Dennis Kelleher, president and CEO of Better Markets, analyze the Libor interest rate-rigging scandal eng...

 

hat tip from Peter Grandich

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The Smartest Man is a Firedancer - Byron Wien

From Market Commentary

by Byron Wien:

 

“... In the short term interest rates should keep rising because debt is increasing faster than GDP. This should be true in the United States also, but capital is moving there for perceived safety reasons. After the defaults occur, there will be slow growth. The defaults will ultimately create a banking crisis, and that will result in a World Economic Conference where the leaders will agree on an objective of 7% nominal growth made up of the 2% real growth and 5% inflation.

 

“The Federal Reserve has to keep printing money to prevent a recession. Europe is already in a recession and the ECB will keep printing money, but the Fed may be more aggressive and that could weaken the dollar further. What we are experiencing is an accumulation of bad decisions. The worldwide banking system was able to work together effectively to deal with the financial crisis of 2008 but hasn’t done so well since then. The banks need more capital. Their loans are being written down. Their government bond holdings are declining in value. On top of this, Basel III is imposing additional capital requirements. How does that make sense? It’s impossible. I don’t know whether a default or an economic conference comes first, but in democracies, a crisis usually causes a conference. In the meantime, capital in Europe will continue to flee to Germany, Finland and the Netherlands. ..."

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If One Storm Can Turn D.C. Dark For Several Days, What Would A Massive EMP Burst Do?

If One Storm Can Turn D.C. Dark For Several Days, What Would A Massive EMP Burst Do? | Gold and What Moves it. | Scoop.it

[Good question]

 

"Sometimes we all get a little reminder of just how completely and totally dependent we are on the power grid. Massive thunderstorms that ripped through Ohio, West Virginia, Maryland, Washington D.C. and Virginia left millions without power over the weekend. At this point it is being projected that some people may not get power back until the end of the week. The "super derecho" storm that pounded the Washington D.C. area on Friday night with hurricane-force winds is being called unprecedented. But the truth is that there are other events that could happen that would be far more damaging to our power grid. For example, a substantial EMP burst over a major U.S. city would fry virtually all of the electronics in the city and take the power grid in the area down indefinitely. A gigantic EMP burst over the entire country (caused by a massive solar storm or a very large nuclear explosion high in the atmosphere) could theoretically take down the entire national power grid. Just try to imagine a world where nobody has any electricity, nobody can pump gas, nobody can use their credit cards or get any more money, where most vehicles won't start, where nobody has the Internet, where all cell phones are dead and where nobody can heat or cool their homes. That is how serious an EMP burst could potentially be. We are talking about an event that could be millions of times worse than 9/11. ..."

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Tom L's comment, July 4, 2012 7:27 AM
This is nothing but good, in an unfortunate way, for the forces of decentralization. You will note just how inept the whole thing is because there really is no incentive to get the power back on.
Hal's comment, July 5, 2012 12:57 PM
No incentive? Oh so? I understand your comment about decentralization, but hey, going without heat and ac is good incentive for me.
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Peter Grandich on the Libor scandal

Peter Grandich on the Libor scandal | Gold and What Moves it. | Scoop.it

Peter Grandich on the Libor scandal:

 

"... The Libor scandal is perhaps the biggest scandal in years and hardly a peep from the media. It’s amazing that news of market after market being manipulated yet any mention that the gold market is manipulated and those who say it is are called kooks, tin-foil hat wearers, and worse."

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Chinese government speeds up heavy rare earth stockpiling

Chinese government speeds up heavy rare earth stockpiling | Gold and What Moves it. | Scoop.it

RENO (MINEWEB) -

 

"The Chinese government is awarding state funds for interest-free loans for the strategic buying of heavy rare earth oxides to stockpile because concerns that reserves are running low, a state-owned newspaper reported.


"Jia Yinsong, head of the rare earth department at China's Ministry of Industry and Information Technology, said Beijing has identified 11 rare earth mining zones in order to carry out the stockpiling of the nation's rare earths.

 

"China Securities Journal said current low rare earths prices had prompted the start of China's strategic buying and the resources could be used to address future rare earths resources shortfalls. The oxides under consideration for stockpiling include Terbium, dysprosium, europium, and yttrium. ..."

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EURO GOVT-Spanish 10-year yields back above 7 percent - Reuters

EURO GOVT-Spanish 10-year yields back above 7 percentReutersSpanish 10-year yields over 7 percent* Two-year Bund yields turn negative after ECB rate cut* Bund futures hit three-week highs* Markets unconvinced the ESM can ease periphery tensionsBy ...
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The US and EU Are Desperately Seeking Heavy Rare Earths: Jeb Handwerger [MAT, MRHEF, MDL, MLLOF, MRD, QRE, BR3, QREDF, QRM, QRM, TSM, TAS, TASXF, T61, UCU, UURAF] - The Gold Report

The US and EU Are Desperately Seeking Heavy Rare Earths: Jeb Handwerger [MAT, MRHEF, MDL, MLLOF, MRD, QRE, BR3, QREDF, QRM, QRM, TSM, TAS, TASXF, T61, UCU, UURAF] - The Gold Report | Gold and What Moves it. | Scoop.it
Despite market malaise, the outlook for rare earth element demand is growing more and more compelling. China still controls a majority of the supply, but has been cautioning the world that even its reserves can't last forever.

 

A littel too late, I fear.

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oftwominds-Charles Hugh Smith: The Real-World Middle Class Tax Rate: 75%

oftwominds-Charles Hugh Smith: The Real-World Middle Class Tax Rate: 75% | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"If we include all taxes, the real-world tax rate is much higher than the "official" income tax rate.

 

"For those Americans earning between $34,500 and $106,000, the real-world middle class tax burden in high-tax locales is 15% + 25% + 5% + 15% + 15% = 75%. Yes, 75%.

 

"Before you start listing the innumerable caveats and quibbles raised by any discussion of taxes, please hear me out first. Let's start by defining "taxes" as any fee that is mandated by law or legal necessity. In other words, taxes are what is not optional.

 

"If we include all taxes, the real-world tax rate is much higher than the "official" income tax rate. These "other taxes" vary from nation to nation. France, for example, has a "television tax." It is mandatory, and since virtually every household has a TV this operates as a universal tax. The argument that this is "optional" is specious. ..."

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Greyerz: We’re Dealing With Government Lies & Misinformation

Greyerz: We’re Dealing With Government Lies & Misinformation | Gold and What Moves it. | Scoop.it

Care to be shocked?

 

Egon von Greyerz tells King World News:

 

"... The US, like many parts of the world, has had a false prosperity built on debt. The total debt including government, private, banking, etc., is at least $60 trillion. When you add to that the unfunded liabilities, together they will be at least $70 trillion. So now you are up to $130 trillion of debt and liabilities.

 

"US derivatives, the official figures for the largest banks in the US, the total is roughly $250 trillion. If the numbers were correctly reported, I believe the derivatives figure would be closer to $400 trillion.

 

"So when you add in derivatives, the US has over a staggering $500 trillion of risk. You have to remember that’s at zero interest rates. Just look at the recent JP Morgan fiasco, the enormous risk that these derivatives represent. So you are talking about $500 trillion against a GDP of around $15 trillion.

 

"The leverage and debt in the US system is absolutely massive. The risk is enormous. The US has just been fortunate to have the focus be on Europe for quite some time. Soon the US will have the spotlight shined on it, and one day these derivatives will unravel. ..."

 

Be sure to click over for the full piece.

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The Biggest Financial Scam In World History | ZeroHedge

"There have been numerous big banking scandals recently.

 

"But the Libor scandal is the biggest financial scam in world history. See this and this.

 

"The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis . ..."

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“No Americans Need Apply” Jobs Ads Exposed By It Advocate Group; Demands ... - San Francisco Chronicle (press release)

“No Americans Need Apply” Jobs Ads Exposed By It Advocate Group; Demands ... - San Francisco Chronicle (press release) | Gold and What Moves it. | Scoop.it
“No Americans Need Apply” Jobs Ads Exposed By It Advocate Group; Demands ...San Francisco Chronicle (press release)these companies go to EEO-Rehab, Dice must step in and remove all job ads that even have a hint of discrimination, said Conroy,...
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Trader Dan's Market Views: Live or Die by the QE Sword

Trader Dan's Market Views: Live or Die by the QE Sword | Gold and What Moves it. | Scoop.it

from Trader Dan Norcini:

 

"... I do not know about you readers but I am more and more disgusted with what is happening to the trading/investing community in this modern financial system. They seem to have lost their collective minds and their ability to reason.

 

In a most perverse manner, (perverse is about the only word that I can find to express the sickness that pervades the financial system), the worse the economic data has become, the better the stock markets of the world seem to do. Rotten economic data out of China - why let's just buy copper and increase the price $0.25/pound in less than two weeks. After all, China is sure to lower interest rates and that will certainly ramp up demand once again. ..."

 

Preach it, Mr. Norcini!

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A central bank’s stock and trade is to engage in a legalized form of counterfeiting

A central bank’s stock and trade is to engage in a legalized form of counterfeiting | Gold and What Moves it. | Scoop.it

Michael Pento tells Eric King of King World News:

 

"... A central bank’s stock and trade is to engage in a legalized form of counterfeiting....

 

“But counterfeiting doesn’t do a very good job of encouraging businesses into expanding the amount of goods and services available for purchase; especially if the process has been well advertised.

 

"Bernanke believes in embracing Glasnost at the Fed. He wants everyone to know and understand the motives behind every action at the central bank. However, if everyone is aware that a massive round of counterfeiting is underway, it makes no sense for the economy to hire new workers or increase productivity.

 

"It is much easier to simply raise prices. If the newly created money isn’t backed by anything and does not represent any increase in goods and services in the economy, rising prices will result. ..."

 

[And showing up they are. Have you gone to the store lately and tried to buy those necessities for a family of four?]

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Yamada - Gold & Silver at Critical Points in This Cycle

Yamada - Gold & Silver at Critical Points in This Cycle | Gold and What Moves it. | Scoop.it

From King World News:

 

By Louise Yamada Technical Research Advisors, LLC ("LYA")

 

July 5 (King World News) - Gold spot price (GOLDS-1,597.40) is little changed over the month, unable to hold definitively above 1,600, yet still failing to break below critical support at 1,539 (see Figure 9). A more neutral range may continue for a time as the weekly momentum remains on a Sell, though the angle of decline has moderated. Sideways action could establish a shelf of repair for a renewed attempt to rise at a later date. Parameters remain the same as last month, awaiting either a break to a new low below 1,539, or a move up through 1,641 (price resistance) and then through 1,700 (downtrend line) to suggest an advance may sustain.

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Detroit to be hit by flesh and brain-eating zombie apocalypse (but only if live-action terror theme park plan is pushed through)

Detroit to be hit by flesh and brain-eating zombie apocalypse (but only if live-action terror theme park plan is pushed through) | Gold and What Moves it. | Scoop.it
Entrepreneur Mark Siwak wants to create live-action terror theme park 'Z World' on Motor City's run-down and abandoned streets.

 

So... Fleshing eating once-people to save Detroit. Yeah. It'll probably work. Free bath-salts for every customer.

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