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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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Deja Vue All Over Again; ECB Says Bond Buying Program Available; Sweet Talkin' Guys | Mike Shedlock | Safehaven.com

Deja Vue All Over Again; ECB Says Bond Buying Program Available; Sweet Talkin' Guys | Mike Shedlock | Safehaven.com | Gold and What Moves it. | Scoop.it

"The ECB went from loading up on sovereign debt and making a huge mess of it when Greece defaulted, to the LTRO program which has not made a big mess yet but will. Things are about to go full-circle as the ECB threatens once again to make another mess of things with sovereign bond purchases...."

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Mike Kosares: Surging central bank gold demand will guide bull market | Gold Anti-Trust Action Committee

Mike Kosares: Surging central bank gold demand will guide bull market | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Centennial Precious Metals proprietor Michael Kosares writes today that gold's future is likely to be secured most by the change in central bank attitudes toward the monetary metal. While they were recently big sellers, Kosares notes, central banks are now net buyers, with China likely taking the lead...."

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Chinese building stakes in overseas gold mines and buying gold directly

Chinese building stakes in overseas gold mines and buying gold directly | Gold and What Moves it. | Scoop.it

by Robin Bromby in The Australian:

 

"It was just the tip of the iceberg. We're talking about last week's move by Zijin Mining Group to launch a $299 million bid for Norton Gold Fields, which operates the Paddington goldmine near Kalgoorlie.

 

"There was some surprise expressed at this. While Chinese companies have been snapping up bulk and base metals projects around the world, it was generally thought they had little interest in picking up gold projects..."

 

{This is not surprising news to me. I've seen this happening in the news for the last several years. It's just becoming more obvious now. In other words, China isn't as concerned about hiding it as they used to be.}

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London gold steadies as Eurozone debts crisis has legs

London gold steadies as Eurozone debts crisis has legs | Gold and What Moves it. | Scoop.it

Ben Traynor:

 

"Gold prices rallied in yesterday's US trading, hitting a high of $1663 per ounce


"Silver meantime held above $31.50 an ounce - though it remains below where it started the week.

 

"This lessens the short-term bearish posture," says the latest technical analysis note from bullion bank Scotia Mocatta.

 

"However, we would like to see another close higher before shifting to bullish."
US stock markets meantime fell in Tuesday's trading, as markets continued to digest Friday's disappointing nonfarm payrolls report.

 

"If weak [economic] data continues, the Fed will have to intervene again to stimulate consumption," reckons Jeremy Friesen, Hong Kong-based commodity strategist at Societe Generale.

 

"The next couple of years will be really challenging for global growth and central banks will be relied on as a crutch to get us through..."

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Lenders Returning to the Lucrative Subprime Market

Lenders Returning to the Lucrative Subprime Market | Gold and What Moves it. | Scoop.it
With the financial industry recovering and fee income reduced by new regulations, lenders are seeking to woo back less creditworthy borrowers.

 

 

{I guess it's because it worked so well the first time! Major fail. Hat tip to http://twitter.com/mikecane }

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March 2012 Sales: What the Headlines Don’t Tell You

March 2012 Sales: What the Headlines Don’t Tell You | Gold and What Moves it. | Scoop.it
A February and March packed with auto shows and new-car reveals kept us from our usual posting schedule. We’re back now, and have rolled February trends into the analysis below.

 

"The collective mainstream reporting on auto sales during the past eight weeks could have been written by the automakers themselves: All-time sales records have been broken! But this apparent explosive growth is largely voodoo accounting. For the last four years, the American car market has been crippled by a pernicious economic crisis, a shortage of credit for financing and leasing, formal bankruptcies for two overripe automakers, and multiple natural disasters in Asia. Sales collapsed as people held onto older vehicles and model introductions were delayed."

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US DOLLAR BUBBLE | The Prospector Blog

US DOLLAR BUBBLE | The Prospector Blog | Gold and What Moves it. | Scoop.it

"The US economy continues to find itself in checkmate fashion and my goal today is provide several examples as proof. Even conclusive proof can’t sway the masses away from dollars which leads many PM forecasters the feeling of preaching to the choir.

 

"Here is a huge part of the problem. All currencies (US dollar by example) have the same printed number(s) regardless of declining value. This creates a monetary chameleon like appearance all while hiding devaluation. The need for more dollars to buy what fewer used to hides well in a time of multiple credit options.

 

"Higher gas and food prices are now clear to all but the true epicenter of the problem eludes most. To be honest few give lasting thought to rising prices that is as long as credit fills the gap.


"Evidence of a coming dollar bubble presents itself like the last five minutes of a Perry Mason episode. One glaring piece of evidence lie at the feet of silver and gold...." click over for the rest

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Managing Expectations: Why Gold Should Thrive | Frank Holmes | Safehaven.com

Managing Expectations: Why Gold Should Thrive | Frank Holmes | Safehaven.com | Gold and What Moves it. | Scoop.it
It was a challenging week for gold investors. Although the yellow metal has been on a spectacular 11-year bull run, recent strength in the economy has some thinking gold's heyday is over.

 

"...the side effect of the abundance of printing by the central banks in the U.S., Europe, Japan and England has bloated balance sheets amounting to nearly $9 trillion. This is double the amount that it was three and a half years ago, says Ian McAvity in his recent Deliberations on World Markets, as the printing presses have pumped our monetary system full of liquidity. This is merely "kicking the can down the road," as central banks will have to deal with the overhang later, says Ian.


"This has historically been a strong positive catalyst for gold. An analyst at the Economics and Finance Fanatic blog put together a visual that illustrates just how strong of a catalyst the nonstop printing of money is. The chart compares the U.S. adjusted monetary base since 1990 with the "surging" price of gold. As you can see below, the amount of money in the U.S. system climbed to extraordinary heights since 2008, with gold following the same path..."

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Man Knocked Out, Stripped Naked And Robbed Of Everything As Crowd Of Onlookers Laugh Hysterically

Man Knocked Out, Stripped Naked And Robbed Of Everything As Crowd Of Onlookers Laugh Hysterically | Gold and What Moves it. | Scoop.it
How would you feel if a group of young thugs punched you in the face, knocked you to the ground, stripped you naked and took off with your car keys, your watch,... 

 

What is wrong with America today? sheesh.

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Despite the Common Gloom, Gold is Still Shining | P Radomski | Safehaven.com

Despite the Common Gloom, Gold is Still Shining | P Radomski | Safehaven.com | Gold and What Moves it. | Scoop.it
We often get fearful queries from short-term traders who are concerned about short-term movements in the precious metals market. Now we're even getting worried e-mails and questions from investors who are holding long-term positions.

 

"Comparing the RSI levels back then to now is quite interesting. At the end of 2006, the RSI moved a bit higher, then bottomed, and the final bottom was seen for gold prices. In fact, they've never moved below the bottom that formed. We had not seen this type of RSI pattern prior to last week, but we have seen it now. So we now have yet another similarity between 2006 and 2012. The consequences are bullish as a strong rally followed back then..."

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The Golden Truth: It's Getting Ugly

The Golden Truth: It's Getting Ugly | Gold and What Moves it. | Scoop.it

Dave in Denver:

 

"The amazing thing to me is how few people understand that the European situation is nothing but one big deflection/cover-up for the catastrophic problems embedded in the U.S. financial and economic system. If the quantifiable problems in Europe are "x," the quantifiable problems in this country are at least "5x." Note: that is what's quantifiable. Note #2: Not "quantifiable" by what is being reported in the media but what is "quantifiable" by doing intelligent research, including knowing where to look for quantifiability (like applying what we know about true housing market values to the level 1, 2, and 3 assets listed in the footnotes of Bank of America's latest 10Q).

 

"The black swan on the horizon in this country is that which is not readily quantifiable. An good example of that is the pension underfunding disclosure announced by the State of Illionois yesterday. The State of Illinois announced that the State pension fund is underfunded by $83 billion..."

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Wall Street Plummets Below Key Support Level

Wall Street Plummets Below Key Support Level | Gold and What Moves it. | Scoop.it

"U.S. stocks plunged Tuesday in their fifth straight daily decline on worries about Spain's soaring borrowing costs and the health of the euro zone's financial health.

 

"In mid-afternoon trading, the S&P 500 dropped 1.61 percent to 1,359.88. It broke down through its key support level of 1,372, something that technical analysts warn could mean the index will not stop sliding until it reaches its next support level of 1,265..."

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Silver Smoke Screen | ZeroHedge

Silver Smoke Screen | ZeroHedge | Gold and What Moves it. | Scoop.it
from Theodore Butler via SilverSeek.com:There was a very interesting and potentially significant development dropped into the silver equation this week.

 

"...The allegations against JPMorgan for silver manipulation are centered on their concentrated short position on the COMEX. Nothing more, nothing less (aside from HFT). Claiming there were some unspecified client positions offsetting the concentrated short position doesn’t alter, in any way, the fact that the concentration still exists. The point is not the nature of what may be responsible for the concentrated short position, but the concentrated position itself. Even if JPMorgan owned every ounce of silver they held short on the COMEX in physical form, holding 25% or so of any licensed futures market would be manipulative to the price, in and of itself. It doesn’t matter what excuse is given for holding an excessively concentrated market share; such a market share would be manipulative.

 

"If a single trader held a 25% share of any other major futures market, say in crude oil or corn, there would be emergency meetings and decrees to break that concentration before the sun went down..."

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Jesse's Café Américain: Comex Registered Silver Inventory Falls Below 30 Million Ounces Again

Jesse's Café Américain: Comex Registered Silver Inventory Falls Below 30 Million Ounces Again | Gold and What Moves it. | Scoop.it

From Jesse's Cafe Americain:

 

"Comex Registered Silver inventory has dipped back below the 30 million ounce level as deliveries and withdrawals bring it back down near historic lows.

 

"Perhaps they can lease some from SLV as the situation may require. The central banks may stand ready to lease increasing amounts of gold for sale into the markets if the price rises too fast, as Mr. Greenspan had said, but they are fresh out of silver, and have been so for some time.

 

"A dangerous and volatile situation it appears. I am glad that the Masters of the Universe are not 'directionally positioned' and are merely honest clerks, if not practically innocent maidens. That might turn out to be an awkward position to be caught in some day..."

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Chinese Gold Imports From Hong Kong Rise Nearly 13 Fold – PBOC Likely Buying Dip Again | ZeroHedge

Chinese Gold Imports From Hong Kong Rise Nearly 13 Fold – PBOC Likely Buying Dip Again | ZeroHedge | Gold and What Moves it. | Scoop.it
From GoldCoreChinese Gold Imports From Hong Kong Rise Nearly 13 Fold – PBOC Likely Buying Dip AgainGold’s London AM fix this morning was USD 1,654.00, EUR 1,261.63, and GBP 1,040.25 per ounce. Yesterday's AM fix was USD 1,643.75, EUR 1,255.92 and...

 

"Gold appears to be catching a breather today and is taking a break after the four sessions of consecutive gains driven by safe haven flows on a cloudy global economic outlook.

 

"Gold’s proven safe haven attributes were clearly seen again yesterday as the sharp bout of risk off in international markets saw gold again have an inverse correlation with riskier equity and commodity markets...."

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Turk: Gold Shorts in Retreat, Currency Destruction Guaranteed

Turk: Gold Shorts in Retreat, Currency Destruction Guaranteed | Gold and What Moves it. | Scoop.it

Turk told King World News:

 

“Governments and the people who have come to rely on them do not realize that the socialism game being played for so many decades is ending. Economies cannot exist when the number of tax-eaters are greater than the number of taxpayers, but that has been the case in Europe for awhile now.

 

"Some 52% of France's GDP, as one example, comes from government spending. That is not sustainable, and with the private sector shrinking pretty much throughout the eurozone, the growing burden being placed on it is making matters even worse.

We know from history that socialism brings about the end of empires. It also destroys a nation’s currency.

 

"This is why it is so important for KWN readers around the world to protect themselves with physical gold and silver.”

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Norcini - Take That Gold Shorts as Massive Bids Shock Market

Dan Norcini talked to King World News about yesterday's gold action:

 

"There were players selling gold and adding short positions as low as $1,615. Once they took out $1,640 on the upside yesterday, those brand new short positions were squeezed, Eric. This is what pushed the price up over $20 in thirty minutes. A bunch of shorts got caught when the strong bids came in and overwhelmed them.

 

"$1,640 was the fulcrum point. It stayed there for about forty-five minutes and the stock market continued to weaken. Traders seemed to think gold would stay weak all day and then bam, in came the bids and the shorts were shocked by what was taking place..."

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America's Debt Is Greater than Entire Eurozone's (and U.K.'s) Combined Debt

America's Debt Is Greater than Entire Eurozone's (and U.K.'s) Combined Debt | Gold and What Moves it. | Scoop.it
As the chart shows, America's debt is currently $15.1 trillion, while the Eurozone (which includes France, Germany, Greece, Italy, Spain, the U.K., and others) has a combined debt of $12.7 trillion. (All dollar amounts are in U.S. dollars, and the data refers to closing 2011 numbers.)

 

"The Eurozone is larger than the United States, so America's debt per capita also exceeds the Eurozone's. According to the Census Bureau, the U.S. has a population of 313 million, whereas the Eurozone has a population in excess of 331 million."

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The Shocking Truth About Unemployment In America In One Chart

The Shocking Truth About Unemployment In America In One Chart | Gold and What Moves it. | Scoop.it
The mainstream media is not telling you the truth about unemployment in the United States.  The percentage of working age Americans that are employed is not...

 

"If you want to know the shocking truth about unemployment in America, all you need to do is to look at one chart. The chart posted below shows the change in the employment-population ratio over the past few years. What the employment-population ratio measures is the percentage of working age Americans that actually have jobs. As you can see, it fell dramatically during 2008 and 2009, and since then it has been hovering between 58 and 59 percent...." click over to see the chart.

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oftwominds-Charles Hugh Smith: Calling All Crash Test Dummies: Big Crash Ahead

oftwominds-Charles Hugh Smith: Calling All Crash Test Dummies: Big Crash Ahead | Gold and What Moves it. | Scoop.it

Charles Hugh Smith:

 

"The basic mechanism that is being overlooked is Liquidity Resistance. This is akin to insulin resistance, where insulin becomes less effective at lowering blood sugars. The amount of insulin required to maintain normal blood sugar levels increases as resistance rises until even massive doses of insulin no longer have the desired effect and the system crashes.

 

"Liquidity has the same dynamic. Back in the good old days of 2008-09, a $1 trillion tsunami of liquidity was enough to save the global debt machine from implosion and spark an enduring global stock market rally.

 

"The current rally since late December required (by some estimates) over $3 trillion in global liquidity injections from central banks. In four years, the market's resistance has skyrocketed: where $1 trillion launched a multi-year global rally (goosed along with QE2 and Operation Twist when it began to falter), now $3 trillion yielded a 100-day rally that is already coming apart at the seams.

 

"You see where this is going. To maintain the veneer of normalcy, i.e. a continuing Bull market, the next liquidity injection will have to be $5 trillion, and it will spawn a rally of perhaps 50 days. That $5 trillion will probably break the global market; if it doesn't, then the next tidal wave of $7 trillion (or whatever the market needs to trigger another high) most certainly will.

 

"At some point, the liquidity injection will fail to boost the market at all, and that will trigger a panicky rush for the exits..." click over for the rest.

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Recovery - Who are We Kidding? | Axel Merk | Safehaven.com

Recovery - Who are We Kidding? | Axel Merk | Safehaven.com | Gold and What Moves it. | Scoop.it

"In our assessment, what we see unfolding is the latest chapter in the tug of war between inflationary and deflationary forces. During the "goldilocks" economy of the last decade, investors levered themselves up. Homeowners treated their homes as if they were ATMs; banks set up off-balance sheet Special Investment Vehicles (SIVs); governments engaging in arrangements to get cheap loans that may cost future generations dearly. Cumulatively, it was an amazing money generation process; yet, central banks remained on the sidelines, as inflation - according to the metrics focused on - appeared contained. Indeed, we have argued in the past that central banks lost control of the money creation process, as they could not keep up with the plethora of "financial innovation" that justified greater leverage. It was only a matter of time before the world no longer appeared quite so risk-free. Rational investors thus reduced their exposure: de-levered. When de-leveraging spreads, however, massive deflationary forces may be put in motion. The financial system itself was at risk, as institutions did not hold sufficiently liquid assets to de-lever in an orderly way. Without intervention, deflationary forces might have thrown the global economy into a depression.

 

"The trouble occurs when the money creation process takes on a life of its own..."

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19 Things That The Talking Heads On Television Are Being Strangely Silent About

19 Things That The Talking Heads On Television Are Being Strangely Silent About | Gold and What Moves it. | Scoop.it
If the talking heads on television don't tell us about something that happens, does it make that event any less real?

 

Some interesting points, like:

 

#2 Fukushima

#3 Mount Fuji In Japan About To Erupt?

#6 U.S. Government Debt Downgraded Again

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Jesse's Café Américain: Gold Moves Sharply Higher For No Particular Reason Yet Seen - Remarkable Divergence

Jesse's Café Américain: Gold Moves Sharply Higher For No Particular Reason Yet Seen - Remarkable Divergence | Gold and What Moves it. | Scoop.it

Jesse writes on the action today:

 

"This is a significant divergence from the equity markets. Silver also has rallied, but lagged a bit.

 

"I would not chase it, although that is easier to say as I did some additional buying earlier today, and then went out for a walk and some light reading on the patio. Spring is in the air. It is too nice to stay inside. The days are warm, and the evenings crisp.

 

"Did some news leak out to the trading desks? Or is this a TBTF trading desk running the metal up in a cynical rally before hitting it with another bear raid, 'London Whale-style.' If that is the case, then I would like to think that even the CFTC would be shamed into action.

 

"It could even be the technical exhaustion of a selling program. But the divergence is highly remarkable..."

 

Click over for the rest.

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India Gold Jewelers Back in Business, Ends 20-Day Nationwide Strike - International Business Times

India Gold Jewelers Back in Business, Ends 20-Day Nationwide Strike - International Business Times | Gold and What Moves it. | Scoop.it
Gold demand in India remained low after the country's gold bullion traders and jewelers ended their 20-day nationwide strike on Friday, but the gold entrepreneurs remained confident consumer interest on the precious safe haven yellow metal will...

 

"The gold bullion traders and jewelers terminated their protest action on Friday after government assured them it would scrap the proposal.

 

"Despite the low customer turnout this past weekend, the gold bullion traders and jewelers expect people to start a panic buying mode since Akshaya Tritiya, India's gold buying festival, is already due on April 24.

 

"I was waiting for the strike to end as I wanted to order a pair of bangles for my wife's birthday in June," a 44-year-old businessman said in The Wall Street journal..."

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Artemis On Volatility At World's End: Deflation, Hyperinflation And The Alchemy Of Risk | ZeroHedge

Artemis On Volatility At World's End: Deflation, Hyperinflation And The Alchemy Of Risk | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden:

 

"For nearly 3 years our underlying thesis in viewing artificial capital markets (because what we have today are not normal markets) and the increasing central banker intervention therein, has been that, just as Robert Frost suggested, we will eventually have an ending of either fire or ice, or in practical terms: hyperinflation or hyperdeflation, since what relentless intervention does is accelerate the amplitude of cyclical swingsm, while decreasing the frequency, until one day the market may have swings as great as 100% within minutes. And because the fiery outcome is much easier to achieve (all it takes is a stick CTRL and P key and the rest is silence... and printer toner) for central bankers, we have no doubt which of the two terminal states the game will end in. That said we are delighted to not be the only people who view the end of the current status quo world in such a Hegelian dynamic: another firm whose opinion we greatly respect is Artemis Capital Management, whose latest epic letter is an absolute must read for all." {Click over for the full piece}

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