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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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Short Update 10:45AM – Market, Economic, Social, Political and Life Commentary by Peter Grandich

by Peter Grandich:

 

"... It may be hard to see with the naked eye, but gold has been building a base that I believe can lead to it taking out $1,650, which in my mind should signal the resumption of the climb in the “mother” of all gold bull markets. A seasonally favorable period for gold is just a few weeks away and if the perma-bears and gold haters (that’s basically 98% of the world) can’t get gold below $1,500 by then – it’s curtains for them (and I won’t be shedding a tear for them). ..."

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Time To Get To Work « Jim Sinclair's Mineset

From Jim Sinclair:

 

"... The physical demand for gold that has produced its resiliency comes from the robber barons with their trillions in fiat currency as well as central banks. ..."

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China to kick-start interbank gold market trade — RT

China to kick-start interbank gold market trade — RT | Gold and What Moves it. | Scoop.it

China, the largest consumer and now the largest producer of gold in the world, has aspirations to become a major gold trading center on a par with London and New York.


China has proposed to broaden trading of precious metals in its local market in order to help China become a "major gold trading centre", reports The Wall Street Journal.

 

"A person involved with the matter" revealed China’s ambitious plans to the WSJ, saying that "the move could increase liquidity and help Beijing gain stronger pricing power for key commodities like gold".

 

China is the fifth largest holder of gold reserves in the world after the U.S., Germany, France, and Italy.
Chinese officials say China hopes to have gold reserves as large as the U.S. in order to help position the yuan as a global reserve currency.

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FLASH MOBS SOON TO FIND SILVER & GOLD - The Prospector Blog

FLASH MOBS SOON TO FIND SILVER & GOLD - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

"The Walmart in Jacksonville, Florida knows all about Flash Mobs. If you have yet to watch this short YouTube video I encourage you to do so just to get the full effect of such a mob scene. Flash Mobs hit the scene as a fun way to draw attention to themselves, or cause, by quickly converging somewhere simultaneously. Up until recently the event, if you will, was innocent and entertaining but the Flash Mobs of today are different. Flash Mobs – like in the video below – have now evolved into a chaotic swarm of locust like villains leaving businesses scrambling for a solution. My gut tells me this is only the tip of the Flash Mob iceberg. ..."

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Federal Irony Alert! | Downsizing the Federal Government

Federal Irony Alert! | Downsizing the Federal Government | Gold and What Moves it. | Scoop.it

"The nation’s biggest subprime student lender–your federal government!—has just called out private “subprime” lenders.

 

"This morning the Consumer Financial Protection Bureau and U.S. Department of Education released a report examining private student loans. It concludes that private lenders were out of control, just like all of Wall Street, before the “Great Recession” hit, a fact largely evidenced by high default rates. It was, the report argues, a part of the overall subprime lending debacle and it hurt innocent students.

 

“Subprime-style lending went to college and now students are paying the price,” said U.S. Education Secretary Arne Duncan in a release accompanying the report.

 

"What’s the report’s solution to the problem? Push people into federal loans to the maximum extent possible. After all, those loans have low, taxpayer-backed interest rates; generous repayment terms, including speedy forgiveness for anyone going into “public service”; and essentially no requirement that borrowers offer evidence of creditworthiness.

 

"Wait—essentially no evidence of creditworthiness? Isn’t that subprime lending in its very purest form? Indeed it is, which is perhaps why the report offers no comparison of default rates on private and federal loans.

 

"Basically, the report is pushing for even greater subprime lending, only with taxpayers on the hook rather than voluntary investors. ..."

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LearCapital - Medal To Metal Games. Precious metals giveaway during the London 2012 Olympic Games

LearCapital - Medal To Metal Games. Precious metals giveaway during the London 2012 Olympic Games | Gold and What Moves it. | Scoop.it

"Welcome to Lear Capital's Medal to Metal Games... our own precious metals giveaway during the London 2012 Olympic Games. During the course of the Olympics, every time Team USA wins a GOLD or SILVER Medal, you have a chance to win a 1/10 oz. GOLD American Eagle Coin or a 1 oz. SILVER American Eagle Coin. These are official bullion coins of the United States and are legal tender."

 

Click over to regester for your chance to win some silver or golden coins!

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Special report: After Libor, where will the next scandal be?

Special report: After Libor, where will the next scandal be? | Gold and What Moves it. | Scoop.it

by James Moore:

 

"... Twice a day the price of the precious metal is set – or (and it's a rather unfortunate term) fixed – by five banks: Bank of Nova Scotia, Deutsche Bank, HSBC, Société Gé*érale and (wait for it) Barclays.

The leader of the fix begins by proposing a price and the five then simulate trading, by looking at their own and client's buy and sell orders, around it until the price is set.

 

"All transactions in gold in London are based on this price. It's an arcane process to say the least and until 2004 used to be done in conditions of high secrecy at the offices of NM Rothschild in St Swithin's Lane. The price was only set when all five members lowered little Union Jack flags.

 

"Since Rothschild sold its interest in the market (to Barclays) a teleconference has been set up and members simply call out "flag" to indicate a change in position or "flag down" when they are ready to complete. Seriously.

 

"The market itself is not regulated as such. It's done under the auspices of ..."

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The Golden Truth: Sic Semper Tyrannis

The Golden Truth: Sic Semper Tyrannis | Gold and What Moves it. | Scoop.it

Dave in Denver published a letter from a friend of his. The whole thing is worthy of a read. Here's a snippet:

 

"... I fear that we have rather more license, i.e., leave of the government, than freedom. We are increasingly a nation of men, rather than a nation of laws. Increasingly, we depend upon the permission of the government to conduct our lives, rather than the government depending on the consent of the governed to conduct its affairs. I think some of the more inspiring founding fathers would be as sickened by what the government has become, as amazed by what the continent has become. There is precious little virtue left in the government we have instituted, and the officers appointed to it, and too much self-interest. ..."

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The Golden Truth: Weekly Chart Porn - Uber-Bullish Silver Signals

The Golden Truth: Weekly Chart Porn - Uber-Bullish Silver Signals | Gold and What Moves it. | Scoop.it

You should click over for Dave in Denver's 5 year weekly Comex Silver chart.

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Bottom Half Of American Households Own Just 1.1% Of Nation's Wealth: Report

Bottom Half Of American Households Own Just 1.1% Of Nation's Wealth: Report | Gold and What Moves it. | Scoop.it

by Ashley Portero:

 

"The bottom 50 percent of American households held just 1.1. percent of the nation's wealth in 2010 as they saw their net worth steadily decline following the financial crisis, according to a report from the nonpartisan Congressional Research Service, while the top 10 percent of earners held a whopping 74.5 of the nation's wealth during the same period.

 

"The report, drawing from the Federal Reserve's Survey of Consumer Finances data ranging from 1989 to 2010, analyzed the change in the concentration of net worth across all income groups. Wealth distribution -- or income inequality -- is particularly relevant this election cycle as it is an underlying concern in policy debates regarding tax code reform and the funding and distribution of social welfare programs.

 

"The richest 1 percent of American's held 34.5 percent of the nation's wealth in 2010 ..."

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Gold and silver markets extremely tight. Tipping point close

Gold and silver markets extremely tight. Tipping point close | Gold and What Moves it. | Scoop.it

by Julian Philips:

 

"... The tightness of the trading range grows by the day. As demand and supply come into balance it is rather like a see-saw where the weight is evenly distributed. When that happens and one adds the tiniest extra weight, the see saw is tipped, one way or the other. We need to know which side that tiniest of extra weight is going to be added.


"Friday is usually the most frantic day of the week in New York so let's see if today will be.


"Concern is growing over the state of the Indian Monsoon, which is 21% below the average. The gold buying public in rural India does not hold back sowing in the same way as the big commercial farmers elsewhere do. They just hope for rain and wait to get it. So does 20% less make a huge difference to the size of the crop? We will have to wait until late August to see. One has to remember that Indian investors have been out of the market because of high prices, so have a great deal of powder that's still dry. Their ability to buy is greater at this time of the year than in the past, but will they buy? The current Rs.87,000 per ounce has been a ‘floor' for some time now and they like a strong ‘floor'.

 

"In Europe we see the Spanish debt crisis worsening, but are of the opinion that Germany will bail out Spanish banks. There is too much to lose if they don't. ..."

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Greyerz: $1.5 Quadrillion Bubble & Gold Into The Stratosphere

Greyerz: $1.5 Quadrillion Bubble & Gold Into The Stratosphere | Gold and What Moves it. | Scoop.it

Today Egon von Greyerz told King World News, “The world is simply drowning in debt.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “This is why it is guaranteed that governments will print money,” and that “Prices of hard assets will go into the stratosphere.”

 

But first, here is what Greyerz had to say about the ongoing financial crisis and where we are headed: “Spanish rates have broken back above the 7% level once again, but in reality we know that many European countries will never be able to repay these debts. You now have a total worldwide debt of around $150 trillion. If you add to that contingent liabilities, unfunded liabilities, pension funds, etc., you are talking about $500 trillion.”

 

“If you add to that the outstanding derivatives, which are around one quadrillion dollars, and there are no reserves for them. These are issued without any real asset backing them. If you combine the two figures you are at a staggering one and a half quadrillion dollars. That’s against world GDP which is around $50 trillion.

 

"So you are talking here about a leverage of 30 times global GDP. ..."

 

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Twitter / lmgross: Markets: A $60 trillion gl ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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China, Metals, and Your Money - Casey Research

China, Metals, and Your Money - Casey Research | Gold and What Moves it. | Scoop.it

"What if the EU disintegrates and the US sinks back into recession? What will China do with all its productive capacity then? Some would be wasted – factories and luxury cars can both rust for lack of capital to maintain them – but the productive capacity would still exist. With the investment already made, my guess is that the cost of goods manufactured in China would plummet. Particularly with so many state-owned enterprises – for which jobs and production may become more important than profit – selling at no profit would be better than shutting down. The central committee may even see flooding the world with inexpensive products as a way to help China's trading partners while helping themselves.

 

"Is China in a bubble? Could the China Miracle turn into a China Nightmare?

 

"I suppose it could; some massive misallocations of capital will certainly have to be liquidated. But a system that was already misallocating capital to an extreme degree can see major improvement simply by misallocating capital massively.

 

"Remember that, unlike the US, the Chinese government is not borrowing money to build a network of high-speed trains across the country; it's paying for it out of excess savings. On the household level, people who save 40% of their income every year could lose half their savings and still have a lot more net worth than the average, highly indebted American. And they'll still want new cars, or electric bikes, or even airplanes (I'm told that civil aviation has been legalized in China). ..."

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Sufiy.: EXCLUSIVE - Bill Murphys London Source: "Big Gold &Silver Moves Coming in August"

Sufiy.: EXCLUSIVE - Bill Murphys London Source: "Big Gold &Silver Moves Coming in August" | Gold and What Moves it. | Scoop.it

from Sufiy on twitter:

 

"Looks like a lot of things are happening behind the closed doors of the major banks these days. Reuters is talking today about arrests coming in Libor case and we guess that some traders will be thrown out from Bullion Banks once Gold and Silver manipulation news hits the headlines. Naked Short Selling in Gold, Silver and in junior miners will be next to surface and short covering should be very dramatic in its violent move."

 

click through to his blog for the video interview with Bill Murphy.

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Finally, a $28,000 gold cupcake that is edible | MINING.com

Finally, a $28,000 gold cupcake that is edible | MINING.com | Gold and What Moves it. | Scoop.it
It's arrived, the world's most expensive edible cupcake made out of gold.
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oftwominds-Charles Hugh Smith: What's So Bad About Deflation? Nothing, If You Own the Debt

oftwominds-Charles Hugh Smith: What's So Bad About Deflation? Nothing, If You Own the Debt | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Perhaps all the assumptions about inflation being good and deflation being bad miss the key question: cui bono (to whose benefit?)

 

One of the most widely accepted truisms of our time is that deflation is bad: bad for debtors, bad for the indebted government, and therefore bad for the economy.

 

"What all this overlooks is how wonderful mild deflation is for those who owe no debt but who own the debt and the income streams that flow from debt. What the "deflation is bad" argument ignores is who controls the financial and political systems, and what set of conditions benefits them.

 

"The entire Survival+ critique is based on one simple but revealing question: cui bono--to whose benefit?

 

"The "deflation is bad" view naively assumes the Federal government wants inflation to lower its own debt burden. But since the machinery of governance is directed not at what's good for the government, but at what's good for the financial Elites that influence policy, then the only meaningful question is: what's best for the financial Elites? ..." click through for the rest of this interesting read.

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Silver Undervalued | Adam Hamilton | Safehaven.com

Silver Undervalued | Adam Hamilton | Safehaven.com | Gold and What Moves it. | Scoop.it

by Adam Hamilton:

 

"... Silver is a fascinating commodity that has won a fanatical following among traders. It is extremely volatile, with big spikes or plunges always possible. This makes it irresistibly alluring to speculators, who alternately pile in to ignite huge rallies before running for the exits to spawn near-crashes. The perpetual back-and-forth struggle between greed and fear is the essence of speculation, and silver embodies it.

 

"But what drives these winds of sentiment that buffet silver around? Gold. Silver traders constantly look to the yellow metal's fortunes to figure out whether they should buy or sell the white metal. While there are rare and short-lived exceptions, the vast majority of the time silver only rallies significantly when gold is strong and only sells off materially when gold is weak. Gold is the key to silver's price action.

 

"Greed flares up in silver traders' hearts when gold is strong, motivating them to aggressively buy silver and catapult it higher. And fear rears its ugly head when gold is weak, scaring silver traders into dumping silver hand over fist which crushes its price. Because gold overwhelmingly influences silver-trader psychology, it is the primary driver of silver. Technically this has proven irrefutably true for decades now. ..."

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Gold Price Dips, Euro Concerns Fuel U.S. Dollar Rally | GoldAlert

Gold Price Dips, Euro Concerns Fuel U.S. Dollar Rally | GoldAlert | Gold and What Moves it. | Scoop.it

"... After several days in which the Federal Reserve was in the spotlight as Chairman Ben Bernanke delivered his two-day testimony to the U.S. Congress, sovereign debt worries in Europe returned to the forefront on Friday. Weak demand at a Spanish bond auction pushed the nation’s ten-year yield back above 7%. Concurrently, Germany’s central bank voted to approve the bailout package of Spanish banks announced several weeks ago. Under the terms of the plan, the Spanish government will be able to borrow up to €100 billion to finance banking sector restructuring.

 

"While the price of gold remained in negative territory this morning, it held up far better on Friday than on other days this year when the U.S. dollar has advanced. Furthermore, despite the fact that the U.S. Dollar Index is trading near a multi-year high, the gold price remains well above its 52-week low of $1,523 per ounce – reached on December 29, 2011.


"However, with the price of gold having been unable to surmount a sustainable rally thus far in 2012, investor sentiment toward the yellow metal has remained lackluster. In addition, the absence of a third round of quantitative easing (QE3) by the Federal Reserve has provided a considerable headwind for the yellow metal. ..."

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Libor Scandal: Banks Weigh Option of Group Settlement

Libor Scandal: Banks Weigh Option of Group Settlement | Gold and What Moves it. | Scoop.it

by Geetha Pillai:

 

"A group of banks being investigated for their involvement in the Libor scandal are considering the option of going for a group settlement with the regulators to avoid individual penalties and public inquiry.

 

"So far, British bank Barclays has been the only bank to settle with the UK and US regulators which paid $453m (£290m) for manipulating the key interbank interest rate. The penalty was at a 30 percent discount for fully cooperating with the investigation.

 

"According to a Reuters report, the banks under investigation want to avoid being the second in line to be penalised after Barclays. ..."

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London Trader - The LBMA Gold Price Fixing Scheme Is Over

London Trader - The LBMA Gold Price Fixing Scheme Is Over | Gold and What Moves it. | Scoop.it

With many global investors still concerned about the recent price action in gold and silver, today King World News interviewed the “London Trader” to get his take on these markets. The source told KWN that “... the LBMA’s price fixing scheme is coming to an end.” The source also said that because of this, the eventual “move in gold and silver will literally frighten most people.”

 

Here is what the source had to say: “It is now beginning to be discussed, openly, that the unallocated gold is not at the banks. This is definitely the case with many of the allocated accounts as well. The reason I’m pointing this out is you have a more ‘open’ disclosure that’s taking place with regards to this.”

 

“This tells me there is something major that is happening behind the scenes. It tells me that the LBMA’s price fixing scheme is coming to an end. You have these naked short positions, that are incomprehensible to most people, in both gold and silver...."

 

[ I certainly hope so]

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US Initial Jobless Claims Jump 34,000 To 386,000

US Initial Jobless Claims Jump 34,000 To 386,000 | Gold and What Moves it. | Scoop.it

by Moran Zhang:

 

"The number of Americans lining up for new jobless benefits rebounded last week after a seasonal auto-plant retooling period caused a steep drop the prior week.

 

"In the week ending July 14, applications for unemployment insurance payments rose by 34,000 from the previous week's upwardly revised figure of 352,000, to 386,000, Labor Department figures showed Thursday. Economists polled by Reuters had forecast claims rising to 365,000 last week. ..."

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Scandal At The IMF: Senior Economist Resigns, Says "Ashamed To Have Had Any Association With Fund At All" | ZeroHedge

by Tyler Durden:

 

"The rats everywhere are now jumping furiously off the titanic, but few had taken the time to write a letter explaining in detail just how cracked and broken the hull really was. This has now changed, with the departure of Peter Doyle, formerly a division chief in the IMF’s European Department responsible for non-crisis countries and currently an adviser to the Fund. Not content with quietly slinking off the scandal ridden organization which has become the butt of all jokes in the international community, where humor about Lagarde's Louis Vuitton panhandling bag is as pervasive as punchlines about just how incompetent the organization is at actually doing its duty, Doyle has penned the following scathing letter which tears down every myth about the IMF: from its impartiality, to the selection process of its head, to its effectiveness. The letter also contains the following gem: "After twenty years of service, I am ashamed to have had any association with the Fund at all." Pretty much says it all. This is a scandal in the making, and one which may shake to the core the credibility of the IMF in the context of international organization." click over for the full letter.

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Foreclosures may be back on the upswing - MSN Real Estate

Foreclosures may be back on the upswing - MSN Real Estate | Gold and What Moves it. | Scoop.it
In the second quarter, more homes entered foreclosure than in the same period in 2011 — the first increase since 2009. The $25 billion mortgage settlement earlier this year means banks are processing more foreclosures, which could hurt home prices.

 

by Melinda Fulmer of MSN Real Estate:

 

"Delinquent borrowers take heed: The number of homes entering foreclosure has picked up after last year's slowdown, when banks were forced to overhaul their foreclosure practices.

 

"Foreclosure-data firm RealtyTrac said 311,010 properties started the foreclosure process in the second quarter, a 9% increase from the previous quarter and a 6% increase from the second quarter of 2011 — the first year-over-year jump since the fourth quarter of 2009. Moreover, the trend was fairly widespread, with 31 states posting year-to-year increases. ..."

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What The Weekend May Hold « Jim Sinclair's Mineset

from the desk of Jim Sinclair http://www.jsmineset.com/2012/07/20/what-the-weekend-may-hold/ :

 

"Dear Extended Family,

 

"When will QE become the public practice of all Western world central banks?

 

"It will more than likely come over a weekend just like this weekend. Major sovereign bonds like the Spanish and Italian will be over 7% yield and rising. The Euro will be under pressure. Equity indices everywhere will be under pressure. Recent economic statistics in the entire Western world will be quite negative. The impact of the drought will have driven food prices through the roof.

 

"This time all central banks of the Western world, not just the Federal Reserve will announce emergency measures on Sunday evening.

 

"It is coming a lot faster than the gold bears think. It can be any weekend now. It could be this weekend.

 

"The longer the central banks wait, the more nuclear and longer the QE blast will have to be maintained.

 

"The price of gold is going to $3500 and higher.

 

"Respectfully,
"Jim"

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