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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Eric De Groot: Accumulation of Gold By Strong Hands Goes Unnoticed

Eric De Groot: Accumulation of gold by strong hands continues with little recognition from the media other than the occasional “gold is dead” headline. Ignore the headlines, tune out the experts, and follow the message of the markets.

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The Top 3 Rules to Understand About Gold & Silver Price Behavior

by JS Kim:

 

"(1) Volatility Does Not Equal Risk.

 

"Far from it. In fact most volatility in gold and silver is deliberately manufactured by the banking cartel, and is manufactured in fake paper derivative markets in which prices are set with absolutely zero regard for the actual physical supply and physical demand determinants of these two precious metals. Furthermore, since banker cartel manipulation of paper gold and silver derivatives plays such a big role in price volatility, moves in gold and silver are often just as violent to the upside as they are to the downside after long periods of consolidation, as violent moves higher are often caused by short-covering of panicked hedge funds and banking cartel members that are forced to unwind shorts when the momentum to the upside becomes too great for them to suppress. Furthermore, after brief periods of very quick rises, another short-term correction triggered by day traders taking profits and/or desperate banking cartel members actions in paper markets does not mean the uptrend has reversed back downward again…which bring us to Rule #2. ..."

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Twitter / JamesGRickards: Important to explain that ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Spain's Recession Deepens, Depositors Withdraw More From Banks

Spain's Recession Deepens, Depositors Withdraw More From Banks | Gold and What Moves it. | Scoop.it
Spain's recession is deepening, and depositors are pulling their money out of the nation's banks, with 5 percent of total deposits getting withdrawn last month.
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Japan Downgrades Economic Outlook on Concerns of Global Slowdown

Japan Downgrades Economic Outlook on Concerns of Global Slowdown | Gold and What Moves it. | Scoop.it
Japan's export-oriented economy is under pressure due to the continuing European debt crisis and slowing global economy.

 

By GEETHA PILLAI

 

"The Japanese government has cut its economic expectations for the first time in ten months following concerns about the continuing European debt crisis and global economic slowdown.

 

"In its monthly economic report, the world's third largest economy noted that "further slowing down of overseas economies and sharp fluctuations in the financial and capital markets, under a high degree of uncertainty about the prospects of the Eurozone debt crisis, are downside risks of the Japanese economy".

 

"Japan's export-oriented economy is under pressure as the recovery in major economies such as the US and China is not showing any upward momentum, coupled with fluctuations in the financial and capital markets.

 

"Europe's debt crisis is having the effect of a body blow to Japan's economy," Yoshimasa Maruyama, chief economist at Itochu Corp, told Bloomberg. ...

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South Africa seeks peace in embattled platinum belt - FAST NEWS - Mineweb.com Mineweb

South Africa seeks peace in embattled platinum belt - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

"The country's labour ministry has advised the feuding unions at Lonmin's Marikana platinum mine to lay down their weapons and engage in peace talks to end the deadly wage dispute.

 

JOHANNESBURG (REUTERS) -

 

"South Africa is seeking a "peace accord" in its embattled platinum belt to have feuding unions lay down their weapons and then start wage talks for ending a deadly strike that has paralysed miner Lonmin, the labour ministry said on Tuesday.


"The ministry said in a statement it expects to reach the peace agreement on Wednesday.

 

"Upon conclusion of a peace accord, the parties will start engaging on the demands raised by the workers," it said.

 

"Labour strife returned to South Africa's platinum sector on Monday, derailing London-based Lonmin's efforts to restart mining and fanning fears of ..."

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Louise Yamada predicts $5200 gold by 2018

On CNBC's Power Lunch, Michelle Caruso-Cabrera and Tyler Mathesen interview one of the world's most respected technical analysts Louise Yamada concerning the...

 

Hat tip to www.JSMineSet.com 

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#Gold, Jim Grant, Bernanke, Draghi & A Collapse In Confidence

#Gold, Jim Grant, Bernanke, Draghi & A Collapse In Confidence | Gold and What Moves it. | Scoop.it

John Hathaway tells Eric King at King World News: “It’s characteristic of bull markets that when they enter their most dynamic reversals or breakouts, nobody is on board. And it almost has to be that way because who is going to buy at the top? It’s going to be the guy’s who sold at the low.

 

"We could revisit last year’s high around $1,900, and you will still have a lot of the market saying we are just forming a double top. So I think gold probably has to go through $1,900, print $2,000, and look like it’s going higher to get people excited. But I think we are going to see that.”

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STUDY: States over $4 trillion in debt | WashingtonExaminer.com

STUDY: States over $4 trillion in debt | WashingtonExaminer.com | Gold and What Moves it. | Scoop.it

by Conn Carroll:

 

"America’s 50 states are collectively over $4 trillion in debt according to a new study by an independent, non-partisan think tank.

 

"State Budget Solutions‘ third annual State Debt Report shows that aggregate state debt fell from $.24 trillion last year to $4.19 trillion this year. State Budget Solutions’ debt calculations include a state’s regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, unfunded other post employment benefit liabilities, and the state’s unfunded pension liabilities.

 

"California, again, led all states in total debt weighing in at $617 billion in unfunded liabilities. On a per capita basis, each Californian faces $16,386 in state debt compared to just $11,117 owed by each Texan. The top five states in total debt burden where California, New York ($300 billion), Texas ($286 billion), New Jersey ($282 billion), and New Jersey ($271 billion). The same five states led the ranking last year.

 

"Unfunded public pension liabilities are the main drivers of ..."

 

hattip to www.drudgereport.com

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Jeff Nichols: ‘No gold bug - just super bullish` - GOLD ANALYSIS - Mineweb.com Mineweb

Jeff Nichols: ‘No gold bug - just super bullish` - GOLD ANALYSIS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it
A super bullish long term future for gold is Jeff Nichols' vision for the yellow metal, yet he reckons to be not a gold bug, but a dispassionate economic analyst - and still comes to this conclusion.

 

Author: Lawrence Williams

 

"... Nichols says that he strongly believes that the gold price will double, or perhaps triple by the end of the decade, suggesting a level of say a high of $5,000 by 2020. The true gold bug would perhaps be looking for something far higher over that time period. But the true gold bug almost certainly also believes that current global economic policies will lead to hyperinflation and that gold is the only protector against this by at least maintaining purchasing power while all else around it crumbles.

 

"The indicators so far suggest that somehow the world may avoid this fate - inflation perhaps, but hyperinflation in the Weimar Republic, or recent Zimbabwean sense, hopefully not. Should this actually happen then gold could achieve a price many, many times higher than Nichols' forecast of a doubling or tripling in 8 years.

 

"But if the hyperinflation scenario does come about in the world's richest economies they will become a pretty scary place to live so we hope that somehow the politicians will continue to muddle through. Because that's what they are doing - muddling through - with no-one in command really having confidence in the paths being taken, but scared of following alternatives which they see as even scarier at least in the short to medium term. ..."

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Platinum prices could rise in 2013 on limited supply

Platinum prices could rise in 2013 on limited supply | Gold and What Moves it. | Scoop.it
Analysts say prices of platinum could rise next year as markets digest limited supply from top producer South Africa, where output has fallen sharply over the last year.

 

Author: By Siddesh Mayenkar

 

"Prices of platinum could rise in 2013 as markets digest limited supply from major producer South Africa, analysts said at an industry conference on Saturday, with platinum trading at a premium over gold.

 

"South Africa accounts for 80 percent of platinum supply and its producers have seen output fall sharply over the last year because of industrial action and a flurry of government-imposed safety stoppages, sending prices to their highest level in more than three months.

 

"Major producers may start shutting down mines on high labour and energy costs, Jeremy East, global head of metals trading with Standard Chartered Bank, said on the sidelines of the India International Gold Convention. ..."

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Raptors are very close to holding a record short position in gold - Ed Steer's Gold & Silver Daily

Raptors are very close to holding a record short position in gold - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"... The Commercial net short position in gold also increased by a huge number as well...27,282 contracts, or 2.73 million ounces. The Commercial net short position now stands at 17.12 million ounces.

 

"The four largest traders in gold are short 8.41 million ounces...and the '5 through 8' largest traders are short 5.06 million ounces of gold. Together these eight large traders are short 13.47 million ounces of gold...and that represents 78.7% of the Commercial net short position.

 

"On a 'net' basis, the '1-4' biggest short holders are short 22.6% of the Comex futures market in gold...and '5-8' biggest short holders are short an additional 13.6 percentage points. In total, the eight largest short holder are short 36.2% of the entire Comex futures market in gold.

 

"Ted Butler's calculations from the Disaggregated COT Report showed that the '1 through 4' largest traders in gold only went short about 3,500 contracts...and the '5 through 8' largest traders added about 3,000 short contracts to their positions. But it was the raptors going massively short around 20,000 contracts that caused the Commercial net short position to blow out as much as it did...and at this point, the raptors are very close to holding a record short position in gold. ..."

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We Will Be Destroyed By Inflation That Paralyzes The Economy

We Will Be Destroyed By Inflation That Paralyzes The Economy | Gold and What Moves it. | Scoop.it

... Eric King: “When I interviewed her (Dr. Anna Schwartz), she was objecting very strongly to the policies (being put in place by Bernanke). She did feel like it was going to lead to runaway inflation, and would ultimately paralyze the economy. The woman had incredible wisdom. I think when I interviewed her she was 92 years old at the time. Bernanke thinks he’s correct in what he is doing, and she thinks he’s wrong. Who comes out on top there?”

 

Jean-Marie Eveillard: “I think she will because Milton Friedman and Anna Schwartz, both of them were extraordinarily honest from an intellectual standpoint. Incidentally, this led Milton Friedman, towards the end of his life, to say, ‘I thought if you increased the money supply modestly every year everything would be fine. It would not abolish the business cycle, but it will reduce its amplitude considerably.’

 

"He (Milton Friedman) said, ‘That was based on the assumption that monetary velocity would continue to be stable,’ which it had been between 1950 and 1980. He said, ‘Beginning in the 1980s, velocity of money was no longer stable, so M1, M2, M3, they are not as meaningful as they used to be.’

 

"So he acknowledged, not exactly a mistake, but the fact that what he was relying upon no longer applied. And Anna Schwartz was also extraordinarily honest from an intellectual standpoint. Bernanke, I’m not saying he’s dishonest intellectually, but he’s a mainstream Neo-Keynesian type of economist. He doesn’t have one (new) idea in his head, it’s extraordinarily conventional thinking. ..."

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Feds: Too few Americans ‘turn to government for assistance’ | WashingtonExaminer.com

Feds: Too few Americans ‘turn to government for assistance’ | WashingtonExaminer.com | Gold and What Moves it. | Scoop.it

We're doomed.

 

Joel Gehrke writes:

 

"More Americans rely on their families for assistance than the government, so federal officials have undertaken an effort to help people to apply for federal assistance.

 

“Given that only 15 percent of you turn to government assistance in tough times, we want to make sure you know about benefits that could help you,” USA.gov announced today. The ”government made easy’ website has created a “help for difficult financial times” page for people to learn more about the programs.

 

"The government got that statistic from a poll asking Americans what helps them the most during tough times. ..."

 

hat tip to www.drudgereport.com

 

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Champions of Dishonesty

Champions of Dishonesty | Gold and What Moves it. | Scoop.it

by Eric Fry:

 

"Honest money requires honest stewardship. If, therefore, the dollar is to be an honest, trustworthy currency, the Chairman of the Federal Reserve and the Secretary of the Treasury must also be honest and trustworthy.

 

"Anything less is a threat to the dollar’s value, which is a threat to the very foundation of the US economy.

 

"Given this inescapable truth, what are we to make of the revelation that the Chairman of the Federal Reserve and the Secretary of the Treasury allowed the multi-trillion-dollar Libor fraud to operate for more than four years?

 

“LIBOR, which stands for London Interbank Offered Rate, may seem like a meaningless financial obscurity to most folks,” we explained in the July 19th edition of The Daily Reckoning, “But this particular obscurity happens to determine the pricing of trillions of dollars’ worth of credit lines and credit derivatives.

 

“Therefore, rigging Libor is a little like rigging magnetic north…or its modern-day equivalent, the Global Positioning System (GPS). Every compass in the world would point to a deception. More importantly, your Paris-bound jet might touch down in Tripoli. And even if your Paris-bound jet touched down in nearby Lyon, you’d still be a little annoyed…"

 

Read more: Champions of Dishonesty http://dailyreckoning.com/champions-of-dishonesty/#ixzz24ruL2Hrq

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Embry - Gold, Silver, A Collapsing Global Economy & Panic

Embry - Gold, Silver, A Collapsing Global Economy & Panic | Gold and What Moves it. | Scoop.it

Today John Embry told King World News, “My greatest fear is that the system could undergo a breakdown to the extent that supply chains could be interrupted.” Embry warned, “... things could become sufficiently crippled in the financial system that it could lead to breakdowns in the supply chains.” Embry also said this event would come as, “... an enormous shock to society.”

 

Embry, who is Chief Investment Strategist at Sprott Asset Management also discussed gold and silver, but first, here is what he had to say: “I think there are signs of weakness on every front of the global economy. People are scratching their heads because China is reporting 7.5% annualized growth. But if you get into the statistics about railcar loadings, electricity consumption, and so on, it’s not the least bit supportive of that type of growth.”

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Your Window to Buy Below $1,700 Is Closing - Casey Research

Your Window to Buy Below $1,700 Is Closing - Casey Research | Gold and What Moves it. | Scoop.it
Gold is awakening from its year-long slumber.

 

By Jeff Clark, Senior Precious Metals Analyst

 

"Some investors lamented that gold prices had been stuck in a rut for a long time. Others were confused. A few bailed. And some, including me, have been stocking up because we're convinced prices won't stay down forever.

 

"In fact, based on the data I chart below, I believe the window of time to buy gold for less than $1,700 an ounce is very limited.

 

"Here's why. I examined gold's three largest corrections since the bull market began in 2001, including how long it took to recover from those corrections and establish new highs. The conclusion that emerged is that the current lull in gold prices will almost certainly end soon, if it hasn't already.

 

"Gold set a record on September 5, 2011 at $1,895 an ounce ..."

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Leeb - The Catalyst That Will Take Gold Over $10,000

Leeb - The Catalyst That Will Take Gold Over $10,000 | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb spoke with King World News about the “... major catalyst for the next leg in this bull market, a leg that I contend could easily take us into five digits (above $10,000) in gold.” Here is what Leeb, who is Chairman of Leeb Capital Management, had to say: “Gold had been up 8 days in a row and sort of flatlined today. Silver has been up for six days in a row, and it’s up almost another 1% today. These markets are catching on to something changing. One of the things that is changing is Europe. Merkel is no longer opposed, as she once was, to central bank buying of bonds.”

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A New Run On The Banks? Spaniards Pulling Cash Out At Record Rates

A New Run On The Banks? Spaniards Pulling Cash Out At Record Rates | Gold and What Moves it. | Scoop.it
By Oliver Tree and Mike Obel

 

"Spanish consumers are pulling their cash out of banks at record levels, according to figures released on Tuesday.

 

"Private sector deposits fell by nearly 5 percent in July to €1.509, the Telegraph reported, citing European Central Bank data, as public confidence in the banking system reached all-time lows amid a worsening economic situation.

 

"The news comes after bond markets continued to hammer the debt-ridden euro zone nations Spain and Italy last week.

 

"On Friday, the interest rate on a 10-year loan to the Spanish government briefly topped 6 percent -- a level that forced Greece into a default earlier this year, despite massive financial support from international sources -- before settling back to 5.96 percent. ..."

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In The News Today « Jim Sinclair's Mineset

From Jim SInclair's www.JSMineSet.com 

 

"My Dear Friends,

 

"MSM has convinced listeners that a QE decision will take place at the upcoming Jackson Hole conference of economic babus. That is simply not how significant central bank measures usually happen.

 

"Extreme means usually are taken under market pressure over a weekend. This serves to heighten expectations of the Jackson Hole meeting not supported by the history of central banks.

 

"Regards,
Jim"

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Gold steady near 4-month high, focus on central banks - Reuters

Gold steady near 4-month high, focus on central banks - Reuters | Gold and What Moves it. | Scoop.it
Sky News AustraliaGold steady near 4-month high, focus on central banks Reuters LONDON (Reuters) - Gold steadied around its highest in four months on Tuesday ahead of a meeting of central bankers at the weekend that could outline the likely course of...
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Downtown Mpls. Becomes Black Hawk Helicopter Training Zone - CBS Minnesota

Downtown Mpls. Becomes Black Hawk Helicopter Training Zone - CBS Minnesota | Gold and What Moves it. | Scoop.it
If you see military helicopters flying low over Minneapolis, don't be alarmed. They're just training in an urban environment. The U.S. Special Operations Command will be conducting exercises until the beginning of September.

 

hattip to www.drudgereport.com

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How Much Will Libor Suits Cost Banks?

How Much Will Libor Suits Cost Banks? | Gold and What Moves it. | Scoop.it

By ROLAND LI

 

"Banks involved in London interbank offered rate benchmark, or Libor, manipulations could be liable for billions of dollars in lawsuits from a slew of financial firms and investors who were affected by the distortions, according to reports.

 

"Nacquarie Research said in July that banks would have to pay $176 billion, based on Libor rates that were understated by 0.4 percentage points during 2008 and 2009, the Wall Street Journal reported. Keefe, Bruyette & Woods Inc. estimates $47.5 billion in damages, while Mortgan Stanley predicts $7.8 billion.

 

"Morgan Stanley (NYSE: MS) said the most vulnerable lenders are Barclays PLC (London: BARC), which has been at the center of the controversy, Deutsche Bank AG (DBK), Royal Bank of Scotland PLC (London: RBS), Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE:JPM), based on their types of business. ..."

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Indian gold buying picks up as festival season kicks off

Indian gold buying picks up as festival season kicks off | Gold and What Moves it. | Scoop.it
Though prices are at a new high in India, buyers are picking up smaller pieces of gold jewellery and items to mark the onset of the festive period this week.

 

Author: Shivom Seth

 

"The lure of the yellow metal seems to be back and gold prices have been growing from strength to strength. On Monday morning, India's benchmark October gold contract extended gains to hit a high of $558.70 (Rs 31,077) per 10 grams, following a rally in the world markets and a weak rupee. On Friday, the yellow metal hit another life-time high in Rupee terms of $564.35 per 10 gram.

 

"It seems, however, that high price levels have not really dampened retailers' seasonal buying moodin the run up to the festive season that kicks off this week in India. Bulk purchases for marriages continue, with most retailers stocking up and individuals buying smaller items of gold jewellery.


"The festive season brings to into play its own share of discount offers. As the marriage season kicks off in Kerala, in South India, this week also marks the onset of Onam, a festival to celebrate the harvest festival in the South, with pomp and ceremony. ..."

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Gold touches highest level since mid-Apr on Fed stimulus hopes - FAST NEWS - Mineweb.com Mineweb

Gold touches highest level since mid-Apr on Fed stimulus hopes - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Spot gold hit a 4-1/2 month high at $1,676.45 an ounce on Monday, fuelled by hopes the U.S. Federal Reserve may unveil another round of monetary stimulus to combat weak growth.

Author: By Jan Harvey

 

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