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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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#Gold gets shot in the arm from EU leaders

#Gold gets shot in the arm from EU leaders | Gold and What Moves it. | Scoop.it

by Ben Traynor:

 

"... Resistance [for gold prices] is at the top of the past week's range in the $1587-88 area," says technical analysts at bullion bank Scotia Mocatta, who add that further resistance is seen at $1625.

 

"News of an agreement among European leaders on the use of bailout funds ""has been positive for the Euro and positive for confidence in general," adds Scotia's head of precious metals Simon Weeks.

 

"[This] means that equities and commodities, including gold for the time being, have all received a shot in the arm."


"European leaders meeting in Brussels have asked the European Council to consider proposals for the creation of a single Eurozone banking supervisor "as a matter of urgency by the end of 2012", an summit statement issued early on Friday said. ..."

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Peter Schiff - Europe, Gold & The Health Care Bill

Peter Schiff - Europe, Gold & The Health Care Bill | Gold and What Moves it. | Scoop.it

... When asked about the Supreme Court decision on the health care bill, Schiff responded, “Well, it’s a horrible decision. The minority (dissenting view) was 100% correct. The whole thing should have been thrown out.

 

"In the end, they basically said it was a tax. There wasn’t even an enforcement mechanism in there. There was a tax, but if you didn’t pay it, the government couldn’t come after you for the money.

 

"They essentially said that even though the intent may have been to punish people for not buying insurance, the effect is that they don’t get punished because it’s really just a tax. They basically said it’s constitutional because it’s not going to work.

 

"But it’s not a tax because a tax is there to raise revenue. This is not there to raise revenue, it’s there to punish you. It’s there to make you buy health insurance. So even though the Supreme Court said it’s not going to work, it doesn’t mean it’s constitutional just because it’s not going to work. ..."

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USDA suggests food stamp parties, games to increase participation

USDA suggests food stamp parties, games to increase participation | Gold and What Moves it. | Scoop.it
While spending on the food stamp program has increased 100 percent under President Barack Obama, the government continues to push more Americans to enroll in the welfare program.
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Precious Metals: Keep it Simple | The Daily Gold

Precious Metals: Keep it Simple | The Daily Gold | Gold and What Moves it. | Scoop.it

by Jordan Roy-Byrne, CMT

 

"This weekend I had a conversation with a fund manager friend who I admire. He lives in the Asia-pac region and has tremendous knowledge of and insight into markets. I asked him what his advice would be. He told me it’s simple. My advice for the next three months is patience. My advice for the next three years is precious metals. People often feel the need to complicate things by over-trading and over-thinking the situation. In this piece, we want to keep it simple for Gold and Silver and the mining shares. ..."

 

Interesting read and analysis. click through for full piece.

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European Leaders Put Bond Buying on Table at Crisis Summit

European Leaders Put Bond Buying on Table at Crisis Summit | Gold and What Moves it. | Scoop.it

"European Union leaders focused on immediate help for Spain and Italy at the start of a two-day summit intended to chart a path out of their financial crisis.

 

"The 27 government chiefs will discuss buying Spanish and Italian government bonds to bring down borrowing costs that are near euro-era records, Finnish Prime Minister Jyrki Katainen said. He also proposed that bailout funds buy collateralized government debt in primary markets.

 

"The Finnish proposal joined discussion of whether the euro area’s rescue fund should aid banks directly and the role of the European Central Bank, which has already bought more than 200 billion euros ($249 billion) of government bonds and pumped more than 1 trillion euros of three-year loans into the banking system. It shelved its bond-purchase program earlier this year amid growing resistance to the policy on the ECB Governing Council.


"European Union Economic and Monetary Affairs CommissionerOlli Rehn said the ECB’s actions have prevented the crisis from worsening. He also called for “concrete measures” to help Italy and Spain and more debate about mutualized public debt. ... " 

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Bears Can’t Convince Gold and Silver ETF Holders - Got Gold Report

Bears Can’t Convince Gold and Silver ETF Holders - Got Gold Report | Gold and What Moves it. | Scoop.it

HOUSTON -- Bears in gold and silver have been especially active and vocal over the past while. We have come to expect that when gold or silver or both are flirting with obvious important technical support levels ($1,525 for gold and $26 for silver). But the bear’s dour salesmanship that the precious metals Bull Run is “over” is not a convincing story to the largest holders of precious metals exchange traded funds (ETFs).

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Just A Very Visible Fat Finger? | ZeroHedge

Just A Very Visible Fat Finger? | ZeroHedge | Gold and What Moves it. | Scoop.it

from Tyler Durden:

 

"Equities did it again - and no matter what narrative a mainstream media channel needs to comprehend the monkey-hammering that occurs every second in our 'market', it seems a fat-finger 50k block of S&P 500 e-mini futures (or around $3.3bn notional equivalent) was enough drive the nominal price index up 1% to close the day-session almost green (and rather notably right at yesterday's closing VWAP). All the highly correlated sectors of the equity market surged with them (led by Energy and leaving financials just in the red) and while Treasury yields did leak higher and EURUSD did rally, the moves were miniscule in comparison to someone's desire to own $3.3bn equivalent equity market risk into the close. Silver and Oil plunged early but recovered some into the close as stocks surged but tracked each other tick for tick for tick in general. ..."

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The Golden Truth: Animal Farm

The Golden Truth: Animal Farm | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"ALL ANIMALS ARE EQUAL. BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS - George Orwell, "Animal Farm"

 

"There's not a lot to say about the SCOTUS decision on Obamacare other than, "okay, now how does the Government pay for this?" That plus now that the SCOTUS has upheld the ability of the Government to "mandate" how you have to live your life by calling the individual mandate a "tax," where exactly will our Government draw the line on regulating everything you do?

 

"Quite honestly this is probably one of the most depressing events I have witnessed with respect to the abdication of individual liberty - and the annexation of power and control - by the Federal Government. The fact that this particular SCOTUS put its stamp of approval on this move toward a totalitarian system is quite shocking. ..."

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Biderman's Daily Edge 6/27/2012: Deflating Assets and Inflating Prices Likely

Follow TrimTabs' research on Twitter https://twitter.com/#!/charlesbiderman - log on to TrimTabs Money Blog http://trimtabs.com/blog/ - and 'Like' TrimTabs o...
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Rick Rule - The Big Money I’m Speaking With Is Frightened

Rick Rule - The Big Money I’m Speaking With Is Frightened | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:

 

"... There is also the ongoing manipulation of financial markets, particularly in the Western nations. I’m speaking in this instance about the manipulation of bank balance sheets and sovereign debt. This means we have the very real possibility of experiencing a psychotic break in the markets, such as we experienced in 2008.

 

"But in the midst of all of this chaos, I continue to believe that given the choice between gold as a store of wealth and a medium of exchange vs the euro or the dollar, I am still attracted to gold.

 

"I’ve always been more given to fundamental analysis, rather than technical analysis. Because of that, I actually feel better now than I did three months ago about the gold I have my portfolio, relative to the other ways I could hold my liquid wealth. ..."

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Greyerz - Greatest Financial Collapse The World Has Ever Seen

Greyerz - Greatest Financial Collapse The World Has Ever Seen | Gold and What Moves it. | Scoop.it

Egon von Greyerz tells King World News:

 

“... Almost every single major country in the world is bankrupt, and no one has the tools or a plan to get these countries out of this crisis. So countries will go bankrupt by default or by printing excessive money. This situation will continue to get worse and ultimately lead to a hyperinflationary depression.

 

"Then you have the banking crisis. The banks are insolvent and they are also in a liquidity crisis. And this is, again, worldwide. There is no way the banks will be able to survive this without massive assistance. This is a banking crisis of the magnitude which will amount to trillions of dollars, and if we take the whole of the derivative positions, it could be hundreds of trillions of dollars because of the counterparty risks.

 

"The third crisis is the economic crisis. Every single country is suffering tremendously and economic figures are continuing to deteriorate, whether it’s in the US, in Europe, China or Japan. This crisis will also lead to a depression.

 

"Any of these three crises is sufficient to bring the world down because they are not just in one country, they are worldwide.... "

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We Are Living in a ‘Modern-Day Depression’: David Rosenberg

We Are Living in a ‘Modern-Day Depression’: David Rosenberg | Gold and What Moves it. | Scoop.it

"The Federal Reserve cut its growth forecast for the second half of 2012 and 2013 last week, raising concerns yet again about the potential for a "double-dip" recession. While some, notably the cycle watchers at ECRI, believe the U.S. economy is definitely heading for another recession (or already there), Gluskin Sheff's chief economist and strategist David Rosenberg goes a big step further.

 

"We are living in a modern-day depression," he declares.

 

"This dramatic statement is based on several factors, including the record number of Americans living on Food Stamps — 46 million or 1-in-7 in 2011. Because these benefits are now given in the form of electronic debit cards, we don't have bread lines like in the 1930s, but they are there in virtual form. And that's just the most obvious form of government support for its struggling citizenry. (See: Marion Nestle on The (Big) Business of Food Stamps: "Here's Where the Profits Come In")

 

"Government transfers to the personal sector now makes up nearly one-fifth of total household income," Rosenberg writes. "Even Lyndon Johnson, architect of the 'Great Society', would blush at that. ..." click over for the rest

 

hat tip to http://economicsignsofthetimes.blogspot.com/2012/06/tuesday-roundup-06-24-12.html ;

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Biggest banks preparing Plan B in case of fall — RT

Biggest banks preparing Plan B in case of fall — RT | Gold and What Moves it. | Scoop.it

"The biggest US banks J.P. Morgan, Citigroup, Goldman Sachs Group, Morgan Stanley and Bank of America are preparing plans for quick liquidation in an emergency without hurting the nation’s economy.

 

"The financial majors have to provide the Federal Deposit Insurance Corp and the Federal Reserve with their roadmaps by the July 1. Also some European financial institutions such as Deutsche Bank, Barclays, Credit Suisse and UBS are preparing emergency plans by this deadline. Eventually about 124 banks are expected to submit plans to the FDIC by the end of 2013.


"These plans, known as living wills, are prepared under provisions of the Dodd-Frank financial reform law designed to end the practice of bailing out the major banks by the government. ..."

 

[living wills? seriously? that's crazy terminology for a bank]

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A ‘Lehman Moment' Will Ensure Gold and Silver Will Soar Again - Ed Steer's Gold & Silver Daily

A ‘Lehman Moment' Will Ensure Gold and Silver Will Soar Again - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer had this to say today in his daily:

 

"... The new short interest numbers for both SLV and GLD were posted over at the shortsqueeze.com website earlier this week. The short position in SLV declined by 3.80% to 13,476,900 shares/ounces. In GLD there was a smallish increase of 1.48%...and the short position there stands at 18,962,600 shares, or 1.90 million ounces. None of these shares have any physical metal backing them at all. ..."

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Sprott - We’re Being Lied To, Even The 1% Is Having Problems

Sprott - We’re Being Lied To, Even The 1% Is Having Problems | Gold and What Moves it. | Scoop.it

Eric Sprott told King World News:

 

“... There’s no business. There’s no IPO business, there is no merger and acquisition business. In fact, I would suggest as much as we knew the 99% was having a problem, I can guarantee you the 1% is having a big problem today, particularly over in Europe.

 

"It (the big money over in Europe) should be frightened. We have bank runs going on over there. If anybody took the time to look at the balance sheet of a bank or a country in Europe, there’s no other conclusion to make other than they won’t be able to meet their obligations. Those are easy conclusions to come to.

 

"Just as it was easy for me, back in 2007, to say the following companies are broke, GM, Fannie Mae, Freddie Mac, Citigroup, you just take a look at the balance sheet. You can’t make it. You’re beyond a Minsky moment, and most countries are in that situation today. They (central planners) just keep printing more money all the time. ..."

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What's Next After the Obamacare Ruling? | Downsizing the Federal Government

What's Next After the Obamacare Ruling? | Downsizing the Federal Government | Gold and What Moves it. | Scoop.it

"With the Supreme Court ruling on President Obama’s health care law, everyone is wondering what’s next for big government. Here are some ideas for federal policymakers to consider:

 

"Federal Broccoli Act of 2013: Eat your broccoli, else pay the IRS $1,000.

 

"Federal Recycling Act of 2014: Fill your blue box and put on the curb, else pay the IRS $2,000.

 

"Federal Green Car Act of 2015: Make your next car battery powered, else pay the IRS $3,000. ..."

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oftwominds-Charles Hugh Smith: Priced Out of the Middle Class

oftwominds-Charles Hugh Smith: Priced Out of the Middle Class | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"As rising costs have outpaced incomes for decades, households have been priced out of the middle class.

In Why the Middle Class Is Doomed (April 17, 2012) I listed five "threshold" characteristics of membership in the middle class:

 

1. Meaningful healthcare insurance
2. Significant equity (25%-50%) in a home or other real estate
3. Income/expenses that enable the household to save at least 6% of its income
4. Significant retirement funds: 401Ks, IRAs, income property, etc.
5. The ability to service all debt and expenses over the medium-term if one of the primary household wage-earners lose their job
I would now add a sixth:
6. Reliable vehicles for each wage-earner
Author Chris Sullins suggested adding these additional thresholds:
7. If a household requires government assistance to maintain the family lifestyle, their Middle Class status is in doubt. ..." Click through for the rest.

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The Black Hole of Deflation and Gold and Silver - Part 2 | Julian D. W. Phillips | Safehaven.com

The Black Hole of Deflation and Gold and Silver - Part 2 | Julian D. W. Phillips | Safehaven.com | Gold and What Moves it. | Scoop.it

by Julian D. W. Phillips:

 

"In Part I of this series we looked at the decaying state of confidence and how this is assisting in the deflationary process that is slowly, inexorably, moving forward, with limited action from central bankers and very little action at all from politicians. We looked at Christine Legarde's comments that highlighted the need for value and measures of value to keep the monetary system under control. And then we looked at the loss of money velocity, deflation and the damage it's doing to the solvency of banks and nations.

 

"Since then the process has moved forward with 28 Spanish banks downgraded by Moody's ratings Agency, while the Spanish government has formally asked for financial assistance from the E.U. Cyprus now makes the fifth E.U. member to put its hand out for a bailout. Italy's borrowing cost jumped to new highs too.

 

"What are we really looking at in the Eurozone crisis? We ask this question knowing that this story is being played out in Europe first, to be followed by the U.S. then the rest of the world in time, as they are part of the same global monetary system. The Eurozone crisis is a confidence crisis among banks and nations, followed by asset and debt deflation, as the loss of confidence is priced in.

 

"Filling Money Holes Isn't the Answer ..."

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Hathaway - Confidence Severely Damaged, Chaos to Accelerate

Hathaway - Confidence Severely Damaged, Chaos to Accelerate | Gold and What Moves it. | Scoop.it

John Hathaway tells King World News:

 

"... Unfortunately, the thing that brings gold back into the picture is usually something bad in the financial markets. Certainly that was the case in 2008, and that’s where we’re headed again. Let’s face it, the euro is a lot bigger deal than Lehman Brothers and the subprime credit mess.

 

"One thing that came out of 2008 was that the default reaction of policymakers to that kind of market environment is to print. We’ve seen Bernanke deny, on several occasions, that he would ever extend quantitative easing, and then low and behold, at the last Fed meeting we extended QE in the form of Operation Twist.

 

"So these guys (central planners) are scrambling and they don’t really know what they are doing. They are making it up as they go along, that’s clear to me. When this does get worse, you can be sure the bazookas (printing money) are going to be lined up and firing at high speed. But when the smoke clears, on the other side of that, gold is going to be the high ground. ..."

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Sitting on the Metals and Painting the Tape Into the Close

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Sitting on the Metals and Painting the Tape Into the Close | Gold and What Moves it. | Scoop.it

from Jesse's Café Américain:

 

"Stocks were weak after the morning GDP report which was flat but a nice increase in the chain deflator from 1.7% to 2.0%.

 

"They took a dive as the US Supreme Court upheld the Affordable Healthcare Act, contrary to expectations. Robert Reich called this one and I think his reasoning is substantially correct. There were a few more political angles in that one that he allowed, but it was good enough to trade.

 

"The stocks rallied in late afternoon, almost unmistakably driven by algo buying centered in the SP futures. It was a tape painting exercise for the end of the second quarter as I had cautioned. They have struck a level and will seek to hold it into Friday's close.

 

"The wiseguys sat on the metals to lessen the damage to their results from their naked short positions while they drove up prices on stocks in their portfolios. ..."

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The Fed Is Yielding To The Government, Killing Private Businesses, Analysts Warn

The Fed Is Yielding To The Government, Killing Private Businesses, Analysts Warn | Gold and What Moves it. | Scoop.it

by Nish Amarnath:

 

"The Fed's approach to determining risk levels in banks' assets to assess their capital adequacy is encouraging the government to devour money at the expense of the private sector, financial analysts say.

 

"Banks that lend to private enterprises and small businesses are required to hold more capital than those that invest in government bonds. While getting banks to maintain higher capital reduces the possibility of a crisis-driven bailout from taxpayers, the crackdown on private lending will curtail the flow of business both within and outside the U.S., affecting the nation's long-term economic growth. Large parts of the financial community are rife with fears that the Federal Reserve's lack of transparency in how it assigns loss rates, for the banks on its radar, will further crimp credit supply.

 

"For instance, CoMerica (NYSE: CMA), which is an active private lender, must hold $3 more in capital reserve for every dollar in assets, compared to the Bank of New York Mellon (NYSE: BK), which has a much smaller portion in private client assets, an analyst explained anonymously.

 

"Under the Federal Reserve's proposed capital reserve regulations, U.S. banks are compelled to strengthen their capital buffer by holding more money in reserves -- at least 7 percent of their loans and investments, adjusted for risk, compared to the earlier mandate of 5 percent of risk-weighted assets as a portion of capital. ..."

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Japan`s May #gold exports drop to 15-month low - FAST NEWS - Mineweb.com Mineweb

Japan`s May #gold exports drop to 15-month low - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

TOKYO (REUTERS) -

 

"Japan's exports of gold plunged to a 15-month low in May to 2.79 tonnes, down 67 percent from a year ago, as sales of gold bars and jewellery by consumers fell sharply after prices eased, resulting in a steep fall in gold scrap.


"Gold touched a record of about $1,920 an ounce in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe. But bullion has lost some of its appeal after the U.S. Federal Reserve decided to take only a modest step to boost the economy and the market turmoil prompted investors to cash in the metal to cover losses. ..."

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The Fate of the Global Financial System Hangs in the Balance

The Fate of the Global Financial System Hangs in the Balance | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News:

 

"... The World Gold Council just came out with a statement noting that there are deflationary or disinflationary pressures, and there has been some selling of gold just to raise money. Having said that, they expect the rest of the year for gold to be good because of the kinds of problems we're facing.

 

"Implicit in their comments, on gold, is this bull market is not going to stop until you see positive real interest rates. We are so far away from seeing that. So for people that are invested in gold, I can't say we won't see a bit more turbulence, but I actually now believe there will be less turbulence, even in a worse case scenario.

 

"The upside still remains many, many times what the price of gold is today. And I would just reiterate that the biggest bull market in everyone's lifetime will probably be in these junior gold miners. That's really the only marginal gold production that we have in the world today, these juniors. ..."

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Supreme Court health care ruling: Rubio: IRS to 'come after' uninsured

Supreme Court health care ruling: Rubio: IRS to 'come after' uninsured | Gold and What Moves it. | Scoop.it
By MJ LEE | 6/28/12 11:56 AM EDT Updated: 6/28/12 1:37 PM EDT

Sen. Marco Rubio said Thursday that the Supreme Court’s decision to uphold President Barack Obama’s health care law means that the IRS will now “come after” Americans.

 

“I hope people back home fully understand what this means, and here’s what this means: It is now unlawful for you not to buy health insurance, and if you do not buy it, you have an IRS problem,” the Florida Republican said on Fox News. “If you do not buy health insurance, the IRS is going to be on your back and chasing you. They’re going to take away your refund, they’re going to increase your fees, they’re going to come after you.”

 

Read more: http://www.politico.com/news/stories/0612/77946.html#ixzz1z7CVPyRW

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Precious Metals Digest | Exclusive Interview: Eric Sprott on Future Prospects of Gold and Silver

Precious Metals Digest | Exclusive Interview: Eric Sprott on Future Prospects of Gold and Silver | Gold and What Moves it. | Scoop.it

click over for the interview:

 

"A personal look and a candid conversation about the World Economy and the Financial Markets, Gold and Silver. Exclusive Interview with Eric Sprott from Sprott Asset Management and Patrick MontesDeOca from CMT Group."

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