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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French Banks Race To Dump Greek Assets

French Banks Race To Dump Greek Assets | Gold and What Moves it. | Scoop.it

By MORAN ZHANG

 

France's largest banks are stepping up moves to unload their Greek subsidiaries and sever their unhappy ties to the crisis-hit country -- whose future in the euro zone is still shaky.

 

Societe Generale SA (EPA: GLE), France's second-largest bank, said Wednesday it is in talks to sell its 99.1 percent stake in its ailing Greek unit Geniki Bank to Piraeus Bank SA.

 

"Although these discussions are at an advanced stage, no decision has yet been made by either party," Societe Generale said in a statement.

 

The disclosure from the French bank came just a day after Credit Agricole SA (EPA: ACA), France's third-largest bank, said it expected to sign a deal to sell its troubled Greek arm, Emporiki Bank, to another Greek bank "in a matter of weeks." ...

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Should the U.S. Return to the Gold Standard?: Video

Should the U.S. Return to the Gold Standard?: Video | Gold and What Moves it. | Scoop.it
Matthew O'Brien, associate editor at The Atlantic, and James Rickards, senior managing director at Tangent Capital Partners, debate whether the U.S. should return to the gold standard. Bloomberg's Deirdre Bolton moderates.
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Agnico CEO Warns Gold To Hit $3,000 On Supply Concerns

Agnico CEO Warns Gold To Hit $3,000 On Supply Concerns | Gold and What Moves it. | Scoop.it

Today one of the top CEO’s in the world told King World News that going forward, “... we will see increasing central bank demand for gold.” He also warned, “We will (also) see reduced supply.” Sean Boyd, who is CEO of $8 billion Agnico Eagle, also discussed why the gold price is set up to frustrate the bears by nearly doubling from current levels.

 

Here is what Boyd had to say: “We are just looking at further stimulus, this time coming out of China, where they are looking to spend over one trillion dollars on stimulus projects to try to boost the economy. This takes us back to late 2008, when the powers that be were trying to sort out the financial crisis.

 

“The answer was more stimulus, and at the time gold was $700. Gold went from $700, on the back of that stimulus (in 2008), to $1,900. I think we are about to repeat that same pattern. Here we are, gold is at (roughly) $1,600, and there are a lot of question about the weakness in the global economy. ..."

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Expect $2,000 Gold & A Massive Squeeze In A Key Commodity

Expect $2,000 Gold & A Massive Squeeze In A Key Commodity | Gold and What Moves it. | Scoop.it

Keith Barron gave this forecast for the next 6 to 12 months to Eric King of King World News:

 

“Over the next six to twelve months I expect to see an incredible amount of money printing. I also believe we will see a turnaround from talk of deflation, and it will flip very rapidly and in dramatic fashion towards inflation.

 

"The inflation will be jump-started by this incredible amount of money printing. All of the money printing that’s going on right now is not having enough of an impact to turn the interest rates and inflation around. But at some point it will. It always has in history. It will flip the other way and it will do so drastically.

 

"We will then be in a situation where the various governments will be printing money just to catch up. But years in the future we will see hyperinflation. In the meantime, I wouldn’t be surprised to see interest rates starting to climb over the next 12 months. And then over the next 24 months, interest rates should climb rapidly.

 

"In that environment you will see gold and silver taking off well ahead of the surge in inflation. We will see $2,000 gold by the end of the year, and $2,500 possibly by the first quarter of next year. ...”

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In The News Today « Jim Sinclair's Mineset

Jim Sinclair declares:

 

"There is only one sure thing. The Euro Crisis is about to come to an end, one way or another. The question now is how the Western world central banks will act and react. ..."

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New gold rush: Where’s the ceiling? — RT

New gold rush: Where’s the ceiling? — RT | Gold and What Moves it. | Scoop.it

"... Tim McCutcheon from ABZU Gold says it's the volume of money that makes gold prices go up: “They’ve printed so much money in the past three years that though the velocity does kick in, the effect it has is much bigger because there is much more money out in the system. And that’s when you get the gold price to go up dramatically."

 

"In the Q2, central banks around the globe have increased their gold reserves by 157.5 tons – twice the year-on-year basis. Particularly, the central banks of Russia, Ukraine, Kazakhstan and the Philippines were among the most active, according to WGC. In early August, the Chinese state-owned People’s Daily reported that the Chines government is expected to increase its gold reserves sixfold, to 6,000 tons, in the coming years.


"Despite all the fuss, analysts do not see any evidence of a bubble in the commodity. ..."

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The Top 5 Most Indebted States In The US

The Top 5 Most Indebted States In The US | Gold and What Moves it. | Scoop.it

"America's 50 state governments owe a total of $4.19 trillion, including outstanding bonds, unfunded pension commitments and budget gaps, according to a new report.

 

"Total state debt is down 1.2 percent from $4.24 billion a year earlier, as state governments benefited in the last year from smaller budget gaps and reductions in loans taken from the federal government during the worst of the Great Recession to pay unemployment claims.

 

"Market-valued unfunded public pension liabilities made up 67 percent of all state debt, according to State Budget Solutions, a research and nonpartisan advocacy group.

 

"The group's third annual state debt report, which looked at combined debt and future spending obligations in all 50 states as of Dec. 31, found that $2.8 trillion of the $4.19 trillion total debt total goes toward pension liabilities.

 

"Regular outstanding debt and other post-employment benefit liabilities each contribute around $600 billion to total debt. ..."

 

It's all about debt folks. Debt is drowning economies and causing gold to rise.

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Twitter / lmgross: #Bernanke: To Print Or Not ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Gold and Silver Flat Awaiting Futures Expiry | stockpricetoday.com

Gold and Silver Flat Awaiting Futures Expiry | stockpricetoday.com | Gold and What Moves it. | Scoop.it
The last Wednesday of every month is the expiration of futures contracts on the COMEX (NYSE:CME) and with the breakout from range last week by both Gold...

Via Tom Luongo
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Paulson soothes skittish BofA investors about fund #gold holdings

Paulson soothes skittish BofA investors about fund #gold holdings | Gold and What Moves it. | Scoop.it

Über hedge fund manager John Paulson has told nervous Bank of America managers and investors that his bets on gold will pay off, according to various news media reports.

 

Author: Dorothy Kosich

 

"... In a June interview with Businessweek, Paulson said, "We view gold as a currency, not a commodity. Its importance as a currency will continue to increase as major central banks around the world continue to print money." He also stressed that demand for gold will stay high and that all of his gold holdings would shoot up in value.

 

"Bank of America executives reportedly began Tuesday's conference call praising Paulson investments in gold miners. Spencer Boggess, chief investment officer for alternative investments, who led the call allegedly described Paulson's funds as a great way to play the "gold miner thesis."


"Long bullish on gold, Paulson reiterated during the call that his bets on gold will pay off although current returns are disappointing. Almost a quarter of the Advantage funds were invested in gold this year, as well as in the Paulson Gold Funds, Businessweek reported in June. ..."

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As Dominoes Resume Tumbling, Valencia Follows Catalonia In Demanding EUR3.5 Billion Bailout | ZeroHedge

As Dominoes Resume Tumbling, Valencia Follows Catalonia In Demanding EUR3.5 Billion Bailout | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden of www.ZeroHedge.com writes:

 

"Spain is hotting up again. Just a day after Catalonia's beggars-are-choosers moment, Valencia is making headlines with its rear-view mirror demands for a bailout:

 

*VALENCIA NEEDS FUNDS TO COVER PAST YEARS' SPENDING: OFFICIAL

 

*VALENCIA NEEDS OVER EU3.5BLN FROM SPAIN REGIONS FUND: OFFICIAL


*VALENCIA TO NEGOTIATE AID AMOUNT WITHIN WEEKS, OFFICIAL SAYS ..."

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Gold surrenders some gains ahead of Jackson Hole meeting

Gold surrenders some gains ahead of Jackson Hole meeting | Gold and What Moves it. | Scoop.it
Prices eased a touch on Wednesday and fell to $1,664.69 an ounce as investors took to the sidelines ahead of a key central bankers' meeting in Jackson Hole at the weekend.

 

Author: By Jan Harvey

 

LONDON (REUTERS) -

 

"Gold prices eased a touch on Wednesday as investors took to the sidelines ahead of a key central bankers' meeting at the weekend, which will be closely watched for signs that the U.S. Federal Reserve is considering fresh monetary stimulus measures.


"Platinum ignored the softer tone of the other precious metals to edge higher as concerns over an outbreak of violence in major producer South Africa, which sent prices to 3-1/2 month highs last week, lent support.


"The metals were held in a range, however, by speculation that Fed Chairman Ben Bernanke, in a speech at the meeting in Jackson Hole, Wyoming, could give a clear hint that the Fed may launch a new asset-purchase programme soon.


"However, some market players say he may just repeat that the Fed has room to act, which would leave the market guessing ..."

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Rick Rule - The Frightening Global Ponzi Scheme Continues

Rick Rule - The Frightening Global Ponzi Scheme Continues | Gold and What Moves it. | Scoop.it

Rick Rule tells Eric King of King World News:


"We have a situation now, in Europe, where about 5% of the retail deposits in Spanish banks have been pulled out of the banks in the last two weeks. In the peripheral banks you are seeing a wholesale move, on the liability side of the balance sheets, away from retail deposits, and to letters of credit, in favor of the European Central Banks.

 

"At the same time the banks are asking for the ability to increase their access to central bank liquidity. As a consequence of that, they are asking for permission to post as ‘good collateral,’ a broader range of collateral than they traditionally have.

 

"So the banks are holding highly discounted sovereign debt, which is on their books, at par, rather than market value. They have marked the debt to myth, rather than to market. What the banks are looking to do now is add other classes of security as ‘good collateral.’ They have suggested packages of asset backed collateral, gold, and even non-governmental securities by way of calling them good assets, for the purpose of attracting these central bank letters of credit.

 

"The banks would like to fashion themselves their own private carry trades, where they get re-liquified by borrowing money from the ECB, and re-lending it to other institutions at higher margins, with even less equity in play than they have in the past. From the bank’s point of view this will help shore up liquidity.

 

"What it does, however, is perpetuate the moral hazard, the fraud, that is associated with banking on both sides of the Atlantic in this modern fractional reserve system. I think it’s very, very scary personally. ..."

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IMF must be involved in conditions for new bond buys - ECB's Asmussen

IMF must be involved in conditions for new bond buys - ECB's Asmussen | Gold and What Moves it. | Scoop.it

The European Central Bank should buy sovereign bonds of troubled euro zone states only after those countries ask the euro zone bail out fund to intervene on the primary debt market and if the IMF is also involved, a top ECB policymaker said on Thursday.

 

European Central Bank board member Joerg Asmussen said this would ensure the country embarked on a substantial consolidation programme and that the ECB would not pay money without countries doing their part as well.

 

"From my point of view this means that the IMF will be involved in setting the economic adjustment programmes because the IMF of course has unique know how and has high leverage as an external policeman in these cases," Asmussen said.

(Reporting by Annika Breidthardt)

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No Letup in Global Housing Market Downturn, Aggravating European Crisis

No Letup in Global Housing Market Downturn, Aggravating European Crisis | Gold and What Moves it. | Scoop.it

"No end to the global housing market downturn is yet visible, except probably in the US, according to a survey of global house price trends by the Global Property Guide. Asia is weakening, and house price falls in the worst-hit European crisis countries are dramatically accelerating.

 

"Good news:The US housing market seems to be recovering. The Federal Housing Finance Agency's (FHFA) seasonally adjusted purchase-only house price index in the US rose 1.12% year-on-year in Q2 2012, in sharp contrast with the 8.76% decline during the same period last year. On the other hand, the S&P/ Case-Shiller' seasonally-adjusted home price index fell by 0.74% during the year to Q2 2012, but this was the lowest annual decline since Q3 2010.

 

"Bad news:� Europe is sinking deeper. ..."

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Housing Prices Rising: Real Estate Turnaround? | Greg Hunter’s USAWatchdog

Housing Prices Rising: Real Estate Turnaround? | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com 

 

"... The 0% Fed interest rate policy and suppression game may be great for home buyers, but it is a total rip-off for savers. People trying to get a return on their hard earned money are being robbed of hundreds of billions of dollars a year because of artificially suppressed interest rates. CD’s are paying a fraction of a percent for locking up money for years!

 

"Bloomberg was also jumping on the “good news” housing band wagon yesterday. “Finally, the housing market is forming a bottom,” Mohamed El-Erian, chief executive officer and co-chief investment officer of Pacific Investment Management Co., said on Bloomberg Television’s “In the Loop” with Betty Liu. “That should be welcome. It is not surprising because affordability is so attractive right now.” (Click here for the complete Bloomberg story.) I guess Mr. El-Erian is right when he says, “the housing market is forming a bottom.” But I think you have to add one caveat to the equation, and that is the housing market is forming a bottom as long as mortgage interest rates are artificially suppressed! ..."

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Gold Smuggling Raises Its Head Again in India - Ed Steer's Gold & Silver Daily

Gold Smuggling Raises Its Head Again in India - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes on his great gold and silver daily:

 

"... [I]n the grand scheme of things, not much has changed in any of the precious metals all week long...and prices continue to hover in mid air, waiting for the next big move. The only question is...what direction it will take? You know where I stand in the very short term, dear reader.

 

"Yesterday I was thinking that Ben Bernanke might disappoint all the QE3 watchers out there when he addresses the attendees at the Jackson Hole wiener roast tomorrow. That would be the perfect cover needed for JPMorgan et al to kick the living snot out of the precious metals one last time.

 

"I wasn't the only person thinking that, as reader 'Steve from New Mexico' had this to say in an e-mail to me yesterday..."A big move is coming, one way or the other. My guess is one more drop to complete the triangle pattern, with Bernanke sitting tight and turning the tables on Congress and telling them to “do their job” and cut the deficit this Friday. We’ll see. ..."

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Greyerz: Investors Assets To Be Stolen In The Coming Collapse

Greyerz: Investors Assets To Be Stolen In The Coming Collapse | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells Eric King of King World News:

 

"... What is interesting here is in the last 100 years we have created so much debt. For the first approximately 50 years of the last century, every additional $1 of debt in the US created $4.60 of (additional) GDP. In the last 10 years, every new dollar of debt has created 6 cents of GDP.

 

"And for the last few years we are getting negative returns. It will still end in the same way, sadly, which is a collapse of the system. All of the assets that were financed by the credit bubble will collapse, in real terms, in the next few years. In real terms, that is against gold, they will collapse.

 

"But even if you have gold you’ve got to worry about the counterparty risk. I was recently speaking to an American investment bank. They buy gold for their very high net worth clients, and they store it with major bullion banks. I asked (them), ‘Well, what about the counterparty risk?’ They responded, ‘There is no problem whatsoever because the gold is segregated, and creditors are totally protected.’

 

"This is the illusion that people are living under, and it’s very sad. That’s not going to be the case. The banks are going to close if there is a problem, and people are not going to get access to their assets. We have seen the cases of Lehman, MF Global and Sentinel. ..."

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James Grant Says Fed Needs to Get Out of Business of Central Planning | Bloomberg | Safehaven.com

James Grant Says Fed Needs to Get Out of Business of Central Planning | Bloomberg | Safehaven.com | Gold and What Moves it. | Scoop.it

James Grant, publisher of Grant's Interest Rate Observer, appeared on "Bloomberg Surveillance" with Tom Keene and Sara Eisen this morning and said that the Federal Reserve needs to "get out of the business of central planning."


Of the stock market, Grant said, "I think we live in a hall of mirrors in finance thanks to the zero interest rate regime and the chronic nonstop interventions. We do not know exactly where we are." Grant also said that he "would like to see the Fed admit it can't do what it promises to do" at the Jackson Hole Economic Symposium this week.

 

click through for the video interview.

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There IS still some financial law enforcement in America | Gold Anti-Trust Action Committee

There IS still some financial law enforcement in America | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

Except it's just for the little people for the most trivial violations. Jon Corzine and Jamie Dimon remain at large.

 

* * *

 

Wells Fargo Fires Des Moines Worker for Laundromat Incident 49 Years Ago

 

By Victor Epstein
Des Moines (Iowa) Register

 

Monday, August 27, 2012

http://www.desmoinesregister.com/article/20120827/BUSINESS/120827016/Wel...

 

Richard Eggers doesn't look like a mastermind of financial crime.

 

The former farm boy speaks deliberately, can't remember the last time he got a speeding ticket, and favors suspenders, horn-rimmed glasses, and plaid shirts. But the 68-year-old Vietnam veteran is still too risky for Wells Fargo Home Mortgage, which fired him on July 12 from his $29,795-a-year job as a customer service representative.

 

Egger's crime? Putting a cardboard cutout of a dime in a washing machine in Carlisle on Feb. 2, 1963.

 

"It was a stupid stunt and I'm not real proud of it, but to fire somebody for something like this after seven good years of employment is a dirty trick when you come right down to it," said Eggers, a Des Moines resident. "And they're doing this kind of thing all across the country."

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Inflation Still a Key Threat, Says RBI Gov Subbarao

Inflation Still a Key Threat, Says RBI Gov Subbarao | Gold and What Moves it. | Scoop.it

"Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Tuesday that inflation remains too high and needs to fall further or risk more damage to the economy, dismissing criticism of the bank's hawkish policy stance.

 

"Since cutting its main interest rate in April by a bigger-than-expected 50 basis points to 8 percent, the RBI has stayed on hold, drawing complaints that high rates are burdening consumers and slowing growth.

 

"Cutting interest rates, however, may only support growth in the short-term, while high and persistent inflation will harm the economy longer term, Subbarao said.

 

"He noted that much of the criticism of the bank's policy was coming from a "very articulate" growth lobby in India that includes companies, and said the central bank must also consider other constituents, including the poor.

 

"People are hurt by inflation, largely the poor people. They don't have the mechanism to get their voice heard," Subbarao said. ..."

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Chart Of The Day: From Pervasive Cheap Credit To Hyperinflation | ZeroHedge

Chart Of The Day: From Pervasive Cheap Credit To Hyperinflation | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden writes in www.ZeroHedge.com:

 

"The topic of the student loan bubble is not new: having crossed $1 trillion recently, student debt is now the biggest consumer debt category, greater even than US credit card debt. We have extensively discussed the implications of the parabolic curve representing outstanding student debt before, and it is no surprise that the issue of student loans has become of one of the key topics of debate in the ongoing presidential mudslinging campaign. As is also known, an increasing portion of student debt is funded by the government at an ever lower rate of interest: after all it is critical to allow the bubble to keep growing with as little interest expense diverting the stream of cash from the end borrower - wide eyed students who increasingly realize they are stuck with tens of thousands in loans and no jobs available to allow them to repay this debt, in effect making an entire generation debt slaves. ..."

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$16,OOO,OOO,OOO,OOOBAMA! | ZeroHedge

$16,OOO,OOO,OOO,OOOBAMA! | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden of www.ZeroHedge.com writes:

 

"November 16, 2011 was a historic date: that's when the US officially surpassed $15 trillion in debt for the first time since World War 2. We celebrated it by cheering $15,OOO,OOO,OOO,OOOBAMA. Today, August 28, 2012, is when we can unofficially celebrate again, because 286 days after the last major milestone was surpassed with disturbing ease, total US debt following today's $35 billion auction of 2 Year bonds is, well, in a word: $16,OOO,OOO,OOO,OOOBAMA! ..."

 

click through for the rest and the pics.

 

This just goes to speak to me again of how Debt is the driving force of gold's continue bull run.

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Gold smuggling raises its head again in India

Gold smuggling raises its head again in India | Gold and What Moves it. | Scoop.it
Within a span of two months, India increased the import duty on gold almost four times this year, leading to increased smuggling of the precious metal, data shows.

 

Author: Shivom Seth

 

MUMBAI (MINEWEB) -


"As gold prices have hit the roof in India, an unprecedented increase in the smuggling of the precious metal is being witnessed. Indian authorities are seeing a spike in undeclared gold being smuggled into the country.

 

"The Directorate of Revenue Intelligence recently detained two airport personnel who allegedly helped smugglers take contraband gold out of the Mumbai international airport.

 

"The Directorate has seized 5.5 kilo of gold in this instance and another 4 kilo just two days ago. In mid-August, the Directorate arrested a person at Jaipur airport with 2.5 kilograms of gold hidden in his socks. Investigations revealed that the accused had smuggled gold over 20 times in the past few months alone.

 

"According to intelligence agencies, state gold seizures at airports have risen almost 10-fold in recent months with the increase in the import duty on gold, from 2% to 4%, announced by the then Finance Minister hailed as one of the main culprits. ..."

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"the obvious cap that #silver now has at the $31 per ounce price" - Ed Steer's Gold & Silver Daily

"the obvious cap that #silver now has at the $31 per ounce price" - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes in the wrap up of his daily:

 

"Yesterday was just another day off the calendar, as Ted Butler always puts it. The only comment I have on yesterday's price action is the obvious cap that silver now has at the $31 per ounce price level...as that was certainly the case for the second day running. We'll have to see how long that lasts.

 

"With only three trading days left in August...and the northern hemisphere's 2012 summer season...I'm not expecting a lot of fireworks between now and after the Labour Day long weekend. I know that Bernanke is going to open his yap in Jackson Hole, Wyoming on Friday...and it will be interesting to see what effect that has on precious metal prices. Everyone is breathlessly waiting for the QE3 announcement either on that day, or at the FOMC soirée on September 12th. So we wait.

 

"Nothing has changed regarding the overbought situation in all the precious metals...and I'm still expecting a sharp, short and brutal sell-off to relieve this situation, before we head higher. I just can't see prices rallying significantly higher from here without that occurring first. ..."

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