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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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Euro zone agrees to lend Spain up to 100 billion euros

Euro zone agrees to lend Spain up to 100 billion euros | Gold and What Moves it. | Scoop.it
BRUSSELS/MADRID (Reuters) - Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks and Madrid said it would specify precisely...
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Today’s Bullets Of Doom

Today’s Bullets Of Doom | Gold and What Moves it. | Scoop.it
I thought this was bad: Overheard on shoreline: "I'm looking at the Space Shuttle. THE ONE THAT LANDED ON THE MOON!" *head desk*— Mike Cane (@mikecane) June 04, 2012 This is wo...
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05-29-12 - PEAK EVERYTHING - Charles Hugh Smith - MACRO ANALYTICS.wmv

Charles Hugh Smith and Gordon T Long discuss how the finaical markets are showing a mulitude of signs of peaks. Peaks across the board that are linked by cause and effect. Altogether, they can best be described as "PEAK EVERYTHING".

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James West: Gold futures and perception management | Gold Anti-Trust Action Committee

James West: Gold futures and perception management | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

James West writes: "CNBC, Bloomberg, The Wall Street Journal et al. refuse to extend their line of inquiry into the factors controlling the price of gold beyond superficial fundamentals such as jewelry demand and store-of-value investor demand. This perception management apparatus has now become so finely tuned that the gold price is rather deftly handled upward and downward in movements that serve the requirements of the two parties operating the scam. For the banks, reliable risk-free profit, and for the government of the United States, the perception that the U.S. dollar is a safer haven than gold. ..."

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GoldSeek Radio interviews GATA Chairman Bill Murphy | Gold Anti-Trust Action Committee

GoldSeek Radio interviews GATA Chairman Bill Murphy | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

GoldSeek Radio's Chris Waltzek interviewed GATA Chairman Bill Murphy this week at the World Resource Investment Conference in Vancouver. click over to listen.

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Are We Moving Towards Coordinated Central Bank Easing?

Are We Moving Towards Coordinated Central Bank Easing? | Gold and What Moves it. | Scoop.it

by Tom Sowanick comes and interesting read. Though I kind of have felt they've been coordinated all along:

 

(Tom Sowanick is co-president and chief investment officer at Omnivest Group in Princeton, N.J.)

 

"The G7 Finance Minister’s conference call on June 5, to discuss Europe’s financial crisis, may a precursor to a coordinated intervention by central banks.

 

"Central bank official interest rates in the G7 currently range from a high of 1 percent to a zero bound. Movement to lower interest rates by the European Central Bank (ECB) or any other central bank within the G7 will likely have a temporary impact because of the overhang of fiscal austerity measures.

 

"Over the last two weeks, global manufacturing PMI’s (Purchasing Manager’s Indices) have contracted, raising the specter that another round of central bank easing would occur. To wit, China and Australia both lowered interest rates this week. In the case of China, it was the first rate reduction since 2008. Easing by these two Central banks may have increased the likelihood that the U.S. Federal Reserve extends “operation twist” at the June 20th FOMC (Federal Open Market Committee) meeting.

 

"Regardless, it is our view that without a stronger effort by the central banks -- in the form of a coordinated quantitative easing measure to correct the ailing European banking system -- the global economy (at best) will only limb [sic] along. ..."

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City officials: Detroit will go broke in a week if consent deal lawsuit isn't withdrawn

City officials: Detroit will go broke in a week if consent deal lawsuit isn't withdrawn | Gold and What Moves it. | Scoop.it

"Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15, but it should be able to make payroll for its employees.

 

"Detroit will run out of cash a week from today if a lawsuit challenging the validity of the city's consent agreement with the state is not withdrawn, city officials said this morning.

 

"Jack Martin, the city’s new chief financial officer, said the city will be broke by June 15 but should be able to make payroll for its employees. He said the city will be operating in a deficit situation if the state withholds payments on a portion of the $80 million in bond money needed to help keep the city afloat.

 

"The battle ultimately could lead to an emergency manager if state officials deem the city to be in violation of the consent agreement that gives the state significant control over Detroit’s finances.

 

"Deputy Treasurer Thomas Saxton told the city Thursday that the lawsuit against the consent agreement could force the state to hold back $80 million in revenue sharing that was used, essentially, as collateral for interim refinancing of bonds issued in March so Detroit would not run out of cash.

 

"Detroit has already used $35 million of the $80 million. The money is in an escrow account, but based on Saxton's letter city officials will not be able to draw down any more of the money, Martin said. ...."

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Nigel Farage - Europe is Collapsing, Buy Gold & Expect QE

Nigel Farage - Europe is Collapsing, Buy Gold & Expect QE | Gold and What Moves it. | Scoop.it

Nigel Farage told King World News:

 

"... All I can tell you is when I look into the eyes of the leaders of Europe, and as a leader of a group in the European Parliament I do get eyeball to eyeball with them, when I look into the eyes of these people, frankly what I’m seeing now is madness, absolute, total and utter madness.

 

"The project, the idea is what must be protected and to hell with the consequences. I really believe that when we look back in decades or centuries to come, we will see what is happening now in the eurozone as something of huge historical significance.

 

"People will say to themselves in classrooms, in a couple of hundred years time, ‘How could they have been so stupid?’ ...”

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Twitter / lmgross: #Gold slumps and central b

#Gold slumps and central bank double speak - http://t.co/p0kiZChW
Jun 08 via HootSuite Favorite Retweet Reply

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Ed on yesterday's precious metals smack down - Ed Steer's Gold & Silver Daily

Ed on yesterday's precious metals smack down - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

"Well, dear reader...there are two possible interpretations of yesterday's price action in New York. It was either all Ben Bernanke's fault...or 'da boyz' used his speech as fig leaf to beat the living snot out of the gold, silver and platinum prices...and then let the main stream gold commentators blame it all on him. It had to be one of the two, because it had nothing to do with the dollar, copper prices, the CRB, or much else for that matter. ..." - Ed Steer

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London Trader - Staggering 515 Tons of Gold Sold in 4 Hours

London Trader - Staggering 515 Tons of Gold Sold in 4 Hours | Gold and What Moves it. | Scoop.it

The London Trader tells King World News:

 

“... What happened yesterday in the gold market was very interesting. One full hour before Bernanke's testimony, the bullion banks started selling. Over the next 4 hours, the bullion banks sold the equivalent of 515 metric tons of paper gold. This was in just 4 hours, and again, the selling started one hour before Bernanke’s testimony.

 

"The selling went on for another 3 hours after the Fed Chairman began to speak, and as I said, over 515 metric tons of paper gold was sold. During this entire takedown, there was zero physical gold available for sale in the market. However, this action did create tremendous supply for the Eastern buyers to lock in the spot price of gold. This will patiently be converted to physical in the coming weeks. The real question here is, how could an entity begin selling such a massive amount of paper gold when there hadn’t been any news (starting to sell before Bernanke's testimony)?

 

"During this coordinated attack on gold, hedge funds and managed money were being forced out of their paper positions. A large wave of selling entered the paper gold market and traders saw the price of gold drop $40 in a matter of minutes. So the action was orchestrated by the Fed, and Fed-speak was used to assist in the takedown. ..."

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Norcini - Global Markets In Extraordinarily Dangerous Situation

Norcini - Global Markets In Extraordinarily Dangerous Situation | Gold and What Moves it. | Scoop.it

Dan Norcini tells King World News:

 

"... The reality is that we are going to have to see more trouble in the equity markets, and unemployment continuing to rise. Those are two of the five things Pento listed that I think are the most important to watch, the level of the S&P and the unemployment situation.

 

"I should add that what Bernenke was very clear about is that, globally, we are now in an environment of extremely low interest rates. This is an environment in which gold can thrive because interest rates are negative. People will continue to buy gold because there is no opportunity cost to buy it.

 

"This may not set the conditions for a sharp rally, but it sets a floor underneath the gold market. When we see more QE, that will be the trigger for a significant rally in gold. But the fact that central planners are keeping interest rates extremely low for the foreseeable future, this should keep a firm floor under the price of gold.” ...

 

[stay frosty]

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The End of Cheap Everything: Ron Hera - The Gold Report

For his money—and the portfolio he offers investors is also his own—Ron Hera, founder of Hera Research, wants uniquely good companies.

 

by The Gold Report:

 

"Ron Hera: I view gold as a currency, and I don't think gold is going to lose value on a permanent basis, especially in light of the debt monetization that's taking place. Real interest rates are negative, and that's bullish for gold. ..."

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Strong-dollar fallacy | MINING.com

Strong-dollar fallacy | MINING.com | Gold and What Moves it. | Scoop.it

by Adam Hamilton:

 

"After a shocking upset in Greece’s parliamentary elections, the US dollar surged dramatically. Soaring 5.4% in May alone, the world’s reserve currency won legions of fans among traders. “King Dollar” was universally lauded, with everyone jumping on the strong-dollar bandwagon. But this dazzling strength was merely a short-term phenomenon. Zoom out a little, and today’s “strong dollar” is a fallacy.

 

"Perspective is everything in the markets. Attaining it is challenging and takes a lot of effort, but the fruits are well worth the toil. We humans naturally tend to extrapolate the present and very recent past out into infinity, expecting short-term situations to continue indefinitely. So when prices surge rapidly like the US dollar has, traders get greedy and assume the move will persist for a long time to come.

 

"But greed, and its antithesis fear after prices have fallen sharply, are the mortal enemies of successful investment and speculation. Having perspective, keeping recent price moves firmly rooted in longer-term context, combats these dangerous emotions. While the dollar’s advance over the past month alone was amazing, how does it look in the context of recent years’ action? Truly not very impressive at all. ..."

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POLITICIANS SOON TO MAKE GOLD HOLDERS VERY RICH | The Prospector Blog

TheProspectorSite.com:

 

Elected officials around the world are in the process of making me very wealthy. Each precious metal fan should view this as the reward for staying true to the one true safe haven. I’ll be honest here, I don’t give a rat’s behind about politics since regardless what’s said, actions rarely favor the few pulling the wagon. My only interest is how political miscues affect those trying to raise families and live productive lives. Regardless, if you’re one of a hundred sitting on physical metal than prepare to soon enter the highest tax bracket.

 

"Some of us did not buy silver or gold to become wealthy, I didn’t. Sure having real money is nice but at day’s end the papers are full of unhappy wealthy. The primary benefit of owning real wealth (silver or gold) is the insulation value it provides while knuckleheads decide how much debt shackles your child’s future. ..."

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oftwominds-Charles Hugh Smith: The "Solution" Is Collapse

oftwominds-Charles Hugh Smith: The "Solution" Is Collapse | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"So the root problem is the system, human nature, blah blah blah. There are no "solutions" that can fix those defaults. Thus the "solution" is collapse.

 

"Policies create incentives and disincentives. Some are intended, some fall into the category of unintended consequences. Regardless of their intention, policies that create windfalls ("easy money") or open spigots of "free money" (or what is perceived as free money by the recipient) quickly gather the allegiance of everyone reaping the windfall or collecting the free money.

 

"This allegiance is soon tempered into political steel by self-justification: humans excel at rationalizing their self-interest. Thus my share of the swag is soon "absolutely essential."

 

"Humans don't need much incentive to pursue windfalls or free money--seeking windfalls in the here and now is our default setting. Taking the pulpit to denounce humanity's innate greed, avarice and selfishness doesn't change this, as seeking short-term windfalls has offered enormous selective advantages for hundreds of thousands of years. ..."

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Yesterday's Gold/Silver Prices - Sign of Times | Ian Campbell | Safehaven.com

Yesterday's Gold/Silver Prices - Sign of Times | Ian Campbell | Safehaven.com | Gold and What Moves it. | Scoop.it

by Ian Campbell:

 

"Commentary: That the price of both physical gold and silver fell immediately on Mr. Bernanke's rather soft comments and failure to introduce a further round of quantitative easing:

 

"*says a great deal about the U.S. financial markets in circumstances where nothing really changed in the world except the timing of likely future actions by the U.S. Federal Reserve and other world Central Banks;

 

"*Emphasizes the extent to which the U.S. (and world) financial markets are focused on short-term trading profits and losses, and perhaps even more importantly, how willing the main stream media is to pick up on meaningless day/day changes in the financial markets. This in turn causes more market uncertainty and volatility than should result from daily announcements;

 

"*Emphasizes how 'instantly' and 'without much thought' the financial markets react to news. Speed of trade on 'new news' is a great advantage of algorithmic trading. Most media news is 'reporting' and not 'analysis'. Internet news is weighted toward analysis, but often that analysis is driven from biases and vested interest commentators. Only after the fact does 'good thinking' catch up with 'knee jerk' financial market reactions to news;

 

"*has to say a great deal across all market sectors with respect to the increased risk individual day traders face in these markets where they compete with high frequency trading algorithms that act in milliseconds as 'new news' hits the newswires and the internet; and,

 

"*Highlights how changed the financial markets are today from 'the way they were' only a few short years ago. ..."

 

click through for the rest.

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The Golden Truth: Consumer De-Leveraging?

The Golden Truth: Consumer De-Leveraging? | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"... On the surface, the numbers may make it look like the consumer is reducing it's debt load. But we need to see more data about where this "de-leveraging" is coming from. Given that banks are processing a voluminous number of foreclosures, short sales and credit card charge-offs, I would bet a lot of money that the source of this "de-leveraging" is the banks writing off bad consumer debt. ..."

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USD Update 7-Jun-2012

USD Update 7-Jun-2012 | Gold and What Moves it. | Scoop.it

by Priced in Gold:

 

"... And for the future? The half-life curve suggests a USD price of 17.2 mg for the end of 2012, equivalent to a gold price of $1,805 per ounce, and 14.5 mg (implying a gold price of $2,140/oz) at the end of 2013, but there are many fundamentals that determine the value placed on the dollar at any particular point in time.

 

"I suspect that the big driver for the next year will be the Euro-wreck now gaining momentum. If Spain, Portugal, Ireland and perhaps even Italy follow the Greek's footsteps, the monetary floodgates at the ECB (and thus indirectly, at the Fed) will open wider than ever before, and fiat currency weakness will be the order of the day. But the USD, the world's reserve currency, seen by many as the "least ugly contestant in the beauty pageant" may benefit as much as, or even more than, gold, leading to a rise in it's value relative to gold. Rest assured that any such rise will eventually be made up for to the downside; the untold trillions of USD debts outstanding will not be paid off at today's value in gold terms. Lots more debasement is required to cleanse the system of those debts, unless outright default occurs – and in that case, cash dollars will become scare and precious, but so will gold, as the entire financial system will be in crisis. ..."

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Gold, Guns and Gas: Three Ways To Keep Your Money Safe

Gold, Guns and Gas: Three Ways To Keep Your Money Safe | Gold and What Moves it. | Scoop.it
The world's economies have fallen to their weakest level since the recession officially ended in 2009. German and U.S. bonds actually charge buyers interest rather than pay buyers interest.

 

"... It's enough to make a retail investor throw in the towel. And in case that's not incentive enough to get out, there are the market gyrations.

 

"Some people are trying to take money out of the market just because of volatility," Jerry Doyle, a wealth strategist with BNY Mellon Wealth Management, said.

 

"So what's a retail investor to do? Start by breathing deeply ... there really are alternatives to the stock and bond markets and the troubles in the euro zone and China. Stuffing cash under a mattress is not the only alternative. ..."

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‘The End Is Not Near, It Is Here and Now’ – Gold Legend Jim Sinclair | ZeroHedge

‘The End Is Not Near, It Is Here and Now’ – Gold Legend Jim Sinclair | ZeroHedge | Gold and What Moves it. | Scoop.it

".. Sinclair believes that gold and silver will surge in value very soon and much sooner than most are currently forecasting.

 

"Mr Sinclair disagrees with George Soros , who accumulated gold aggressively in Q1 2012, who recently said that the euro has three months to sort itself out. He thinks the euro, in its current form, will be lucky to survive three weeks.

 

"He believes that after a couple of years of crises in the euro zone, market commentators and investors may have become desensitised to bad news and are in danger of missing the real denouement when it is actually about to happen.

 

"The Greek election on June 17 is only 11 days away and is an obvious flash point ahead. Meeting after meeting of European leaders does not seem to be getting anywhere.

 

"Nobody really seems to have a handle on the situation and a realisation that this is a global debt crisis and not a regional “euro debt crisis”.

Only massive debt write downs and debt forgiveness and a form of global debt jubilee can prevent a collapse of the financial system and a deep global depression. ..."

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James Dines - Debt Liquidating Depression & Systemic Failure

James Dines - Debt Liquidating Depression & Systemic Failure | Gold and What Moves it. | Scoop.it

With central planners actively scrambling to address mounting problems facing the United States and Europe, and uncertainty continued uncertainty in global markets, today King World News interviewed legendary James Dines, author of The Dines Letter. Dines told KWN that “a collapse of Europe’s banking system is inevitable” and “the United States is headed towards a Greek tragedy of its own.” Here is what Dines had to say about what is taking place: “The Fed has lowered interest rates to record low levels, and Bernanke has printed unimaginable amounts of money, but it hasn’t worked. Instead of acknowledging that Keynesian economic theories are bankrupt and at a dead end, Bernanke can only wonder if even more of the same medicine might somehow work.”

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Eric De Groot: Ignore the MOPE and Fabrications

by Eric De Groot:

 

"Jim is right. Have no doubt, gold is going higher. Do really expect them to acknowledge reality when it looks this bad?

 

1)The world's enormous debt pile is failing and continues to grow.
2)The value or size of second and third derivative debt (or layers of debt based on debt) boggle the mind.
3)Changing demographics and slowing economy making it impossible to service existing debt.
4)Gold is going higher because of 1, 2, and 3."

 

click over for the charts.

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Message from Jim Sinclair's Mineset #MOPE #OperationTwist

from Jim Sinclair:

 

"Operation Twist has been and will continue to be a major non functioning bomb in terms of stimulation. It did zero from its inception and will do less in the future. The 2011 version of Operation Twist calls for the Fed to sell $300-$700 billion of securities maturing in three years or lower, and then use that money to buy longer-dated securities maturing in 7-12 years. The program is designed to lower long-term rates to help mortgage holders refinance and lower the cost of borrowing, therein bolstering the economy. When no one will lend money to anyone what difference does it make to artificially try to keep long rates lo?. This is MOPE via MSM."

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Greece: 2 caught with ancient gold wreath, armband - The Associated Press

By COSTAS KANTOURIS, Associated Press


THESSALONIKI, Greece (AP) — A retired policeman and a house painter have been arrested in northern Greece on suspicion of antiquities smuggling after an ancient gold wreath and armband were found in their car, police said Friday.

 

The suspects were stopped by highway police near the village of Asprovalta, some 40 kilometers (25 miles) east of Thessaloniki late Thursday. Officers, who were working on a tip that the house painter might be trafficking in antiquities, found the 4th century B.C. artifacts in a shoebox under the passenger seat.

 

The wreath was a rare and valuable find, said Nikos Dimitriadis, head of the Thessaloniki police antiquities theft section.

 

...

 

"It is a product of an illegal excavation from a Macedonian grave, according to archaeologists (who examined it)," he said.

 

...

 

The wreath, weighing in at nearly 1 kilogram (2.2 pounds), is decorated with gold oak leaves and acorns. The gold armband is in the form of two knotted snakes studded with red semi-precious stones.

...

 

[Greece working at keeping what wealth they can in country I guess ;-) There's gold in them there graves.]

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