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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Silver`s posture turns bullish as it hits 2 month high

Silver`s posture turns bullish as it hits 2 month high | Gold and What Moves it. | Scoop.it

Ben Traynor writes:

 

"SPOT MARKET prices to buy silver rose to their highest level in two months Tuesday, hitting $29.09 per ounce- 3.5% up on last week's close - after extending gains from yesterday's trading.

 

"This changes [silver's] posture to bullish," says the latest technical analysis note from bullion bank Scotia Mocatta.
"There was congestion in the $28.00 area and this should provide some support, while the next target is the $29.90 high from June. ..."

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John Hathaway: This Financial System is Now in its Final Stages - Ed Steer's Gold & Silver Daily

John Hathaway: This Financial System is Now in its Final Stages - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"... As John Hathaway and John Embry put it, we're at the end of the line for this current experiment in paper money...and it's only the timing of the end that is unknown. Of course we'll all be interested in knowing what will replace it when the time comes, but if it isn't a gold-backed currency of some type, or at least a major re-pricing of gold to balance the books at the world's central banks, it will be D.O.A. no matter what it is. ..."

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Police allowed to track cell phones in US without court warrants — RT

Police allowed to track cell phones in US without court warrants — RT | Gold and What Moves it. | Scoop.it
The US Circuit Court of Appeals ruled that Americans have no reasonable expectation of privacy when carrying cell phones, allowing police to track GPS signals without a warrant or probable cause.

 

hat tip to http://www.jsmineset.com/ ;

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Hathaway - This Financial System Is Now In Its Final Stages

Hathaway - This Financial System Is Now In Its Final Stages | Gold and What Moves it. | Scoop.it

John Hathaway told King World News, “We’re in the final years of what’s been happening since the 1930s.” The prolific manager of the Tocqueville Gold Fund also said, “Needless to say, the mainstream media has no clue about it.” Hathaway also warned the current system is “... now in its final stages.”

 

Here is what Hathaway had to say: “I continue to believe that gold is at the end of its year long correction, and nobody gets it. From my point of view the setup couldn’t be any better than that. There is absolutely no volume in the mining shares, and yet gold already made a low in December of last year. Gold has held that low and the gold shares made their low in the middle of May. ...”

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Gold & A Nasdaq Stock That Rocketed 117,000% Higher

Gold & A Nasdaq Stock That Rocketed 117,000% Higher | Gold and What Moves it. | Scoop.it

Robert Fitzwilson writes for King World News:

 

"... Gold and silver remain ridiculously undervalued. There is no bubble. Anyone who advocates investing in these resources is immediately attacked as being on the fringe. The valuations of the premier companies reflect that. There is virtually no institutional exposure when one looks at the aggregate financial assets. ..."

 

Fitzwilson "put together a fascinating piece which covers everything from the 90s bubble, to gold, silver and energy." click through for the full piece.

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The Golden Truth: Friday Chart Porn

The Golden Truth: Friday Chart Porn | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"Many of us who have been researching, investing and trading the precious metals bull market for the past 11 years are of the consensus view - for what any consensus view is worth - that the precious metals are getting ready to start on the next leg of the bull market. There are several factors which underlie this mindset, not the least of which is the acceleration in non-U.S./Western Central Bank accumulation of physical gold.

 

"As an example, through the end of May, China had imported 315 tonnes of gold via Hong Kong. This is a staggering amount of gold considering that global gold mining production is around 2600 tonnes annually. It is suspected by the those who closely study the data that most of that gold is being accumulated by China's Central Bank. Here are two graphs which show the trend in Central Bank gold accumulation (source: Casey Research/World Gold Council): ..."

 

Click through for all the charts and the rest of what Dave has to say.

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US Drought Subsiding, Slightly, But The Damage Is Done

US Drought Subsiding, Slightly, But The Damage Is Done | Gold and What Moves it. | Scoop.it

By ANGELO YOUNG:

 

Meat-protein producers are already feeling the bite from the estimated complete loss of at least 15 percent of the national corn crop and poor yields for most of the surviving plants.

 

The worst of America's worst drought in more than 50 years seems to be subsiding, slightly, as summer starts to wind down in northern parts of the country and rain comes to the parched Southeast, according to the latest weekly U.S. Drought Monitor report.

 

The U.S. Department of Agriculture estimates that 61.8 percent of the country's 48 contiguous states (excluding Hawaii and Alaska) are still under abnormally dry to severe drought conditions. Corn rated as good to excellent appears to be stabilizing at 23 percent. Soybeans might receive some late-season respite in the Northwest, but much of the damage is already done.

 

"There were some decent rains in central Illinois and west central Indiana yesterday, but it's too late for corn and too late for most of the bean crop," Don Keeney, meteorologist for MDA EarthSat Weather, told Reuters.

 

The National Oceanic and Atmospheric Administration forecasts dry conditions to persist in the Midwest into November. ...

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Money misery prompts debt-stricken Portuguese to sell household gold supplies

Money misery prompts debt-stricken Portuguese to sell household gold supplies | Gold and What Moves it. | Scoop.it

Struggling Portuguese families are fast selling their household gold supplies after record prices and a deepening recession prompted a proliferation of places to exchange the metal for money.

 

by Henrique Almeida:

 

LISBON (BLOOMBERG) -
Paulo Oliveira and his wife sold their wedding rings to pay the rent after he lost his job as a builder last month. They were the couple's last pieces of jewelry.


"We have no more gold to save us from being kicked out this month," the 46-year-old said as he stood in the area of downtown Lisbon popular with cash-for-gold stores. "Everyone I know is struggling, even the gold stores are empty because nobody has any more gold left to sell."

 

Oliveira encapsulates a growing trend in debt crisis- stricken Europe as household gold supplies dry up after record prices and a deepening recession prompted a proliferation of places to exchange the metal for money.

 

In Portugal, the historical home of some of Europe's biggest gold reserves, the number of jewelry stores, which include cash-for-gold shops, increased 29 percent in 2011 from a year earlier, a study commissioned by parliament found. In the first quarter, an average of two new stores opened every day, the report said. Now some of them are closing.

 

"Business has gone from great to terrible in a matter of months," Luis Almeida, whose family has owned a gold store near Lisbon's Rossio Square for more than 40 years, said in an interview. "The sad truth is that most of my clients have already sold all of their gold rings."

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South Africa Explodes: 34 Dead, 78 Wounded At Platinum Mine Confrontation

South Africa Explodes: 34 Dead, 78 Wounded At Platinum Mine Confrontation | Gold and What Moves it. | Scoop.it

By VIVIAN TSAI

 

"South Africa's national police commissioner confirmed Friday that 34 miners have been killed and another 78 wounded during the Thursday clash between striking miners and police officers outside a platinum mine owned by Lonmin PLC, 40 miles northwest of Johannesburg.

 

"The clash occurred after a week of unrest, when 3,000 miners began a protest to demand higher pay. The protest escalated into a deadly shootout on Thursday when both police officers and workers opened fire at each other.

 

"Up to 3,000 police, backed by helicopters and armored vehicles, were facing off against an equal number of miners. Weapons used by the workers include guns they stole from two police officers they killed in an incident earlier in the week, but mainly comprised such items as home-made machetes, spears and clubs.

 

"Police officers first used water cannon, and then stun grenades and tear-gas in an effort to disperse the strikers. Nevertheless, when a group of miners rushed through the underbrush and haze of tear gas at a line of police officers, officers immediately opened fire. ..."

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Finland prepares for break-up of eurozone - Telegraph

Finland prepares for break-up of eurozone - Telegraph | Gold and What Moves it. | Scoop.it

Ambrose Evans-Pritchard reports:

 

"The Nordic state is battening down the hatches for a full-blown currency crisis as tensions in the eurozone mount and has said it will not tolerate further bail-out creep or fiscal union by stealth.

 

“We have to face openly the possibility of a euro-break up,” said Erkki Tuomioja, the country’s veteran foreign minister and a member of the Social Democratic Party, one of six that make up the country’s coalition government.

 

“It is not something that anybody — even the True Finns [eurosceptic party] — are advocating in Finland, let alone the government. But we have to be prepared,” he told The Daily Telegraph.


“Our officials, like everybody else and like every general staff, have some sort of operational plan for any eventuality. ..."

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Trader Dan's Market Views: Silver Quietly Sneaking Higher

Trader Dan's Market Views: Silver Quietly Sneaking Higher | Gold and What Moves it. | Scoop.it

Trader Dan writes:

 

"Silver has managed to rally right to the top of its consolidation pattern without any fanfare and I should add, the participation of a great deal of managed money flows. In other words, without the benefit of the momentum crowd. CAll it a type of stealth rally.

 

"I find this very interesting as it is occuring against the backdrop of rising Treasury yields and a rising equity market. Clearly, for whatever the reason, something seems to be occurring on this inflation front that is moving below the radar screen of many investors. Could silver be sniffing out the first whiff of an inflation play?

 

"Take a look at the following chart and note that the shorter term moving averages, the 10 day and the 20 day, are now trading either ABOVE the longer term 50 day or near par with it. This is a big change that has not been seen on this chart since early March of this year! ..." click through for the rest.

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China Is Looking Into Taking Over One Of Africa's Biggest Gold Miners

China Is Looking Into Taking Over One Of Africa's Biggest Gold Miners | Gold and What Moves it. | Scoop.it

by Matthew Boesler:

 

"Barrick Gold, the world's biggest gold producer, announced today that they are in talks to sell the 74 percent stake in its African mining business to China National Gold Group Corporation, a state-owned enterprise in China, via a statement on its website.


"The deal is a great example of China's desire to push further into Africa to invest in commodities in order to support its rapidly expanding economy. ..."

 

Read more: http://www.businessinsider.com/china-african-barrick-gold-2012-8#ixzz23pIuTX62

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A Few Minutes With Peter Grandich - August 16, 2012

Episode 49 - A weekly discussion with one of the most respected market forecasters. Peter Grandich has accurately predicted market tops and bottoms for over 20 years and he also shares his views on commodities, currencies, politics and life.

 

He discusses the stockmarket and gold.

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Embry - Apple, Gold, Manipulation & Financial Implosion

Embry - Apple, Gold, Manipulation & Financial Implosion | Gold and What Moves it. | Scoop.it

Today John Embry told King World News, “... the market cap of Apple is now greater than three times that of all of the world’s publicly traded gold and silver equities.” Embry also said, “Irrespective of the back and forth in the gold market, in a covert fashion, the Western central banks have been acting much like they did back during the London Gold Pool in the 60s ... the Western central banks can only get away with this for so long, before they are completely overrun.”

 

Here is what he had to say: “I’m focused on the better silver price, which sort of came out of left field. Thirty-eight times silver was recently beaten back on a minute by minute basis at the $28 level. Every time it went though $28 it was jammed back down. So for silver to breakout today and make a run towards $29 is significant, and very promising going forward.

 

“$29 is the major breakout and I still believe silver will hit new all-time highs before the year is out. In the meantime, on a break above $29, with enthusiasm and volume, I think that signals the end of the short-term bear market we have been experiencing for the last 16 months. That means the bear phase will have ended and a new bull move will now begin.

 

"The gold market is also extremely interesting.... "

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Shipping’s Vital Role in the World Economy

Shipping’s Vital Role in the World Economy | Gold and What Moves it. | Scoop.it

by Lori Ann LaRocco:

 

"After several months of interviews with some of the most fascinating people I have ever met in business for “Dynasties of the Sea”, I have an even greater appreciation for the industry. I have always been a big believer that the shipping industry is a forward-looking indicator on the economy. When I have said this in some past conversations, there would be one or two people looking at me as if I have two heads. Considering almost 95% of everything in your home has been on a ship, I think the industry is one of the most underappreciated industries in the world. ..."

 

Shipping is indeed vital and it's something that we have be sure to watch.

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Areva`s Niger uranium mineworkers go on strike

Areva`s Niger uranium mineworkers go on strike | Gold and What Moves it. | Scoop.it

NIAMEY (REUTERS) -
Workers at Areva's Somair uranium mine in Niger started an open-ended strike on Monday over labour conditions, a union official said.

 

"Our strike is open ended and will continue until the management improves our living and working conditions," spokesman Mounkaila Abass told a local television broadcaster. ...

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Fear not fundamentals driving #platinum`s recent rise

Fear not fundamentals driving #platinum`s recent rise | Gold and What Moves it. | Scoop.it

by Geoff Candy:

 

"... according to analysts spoken to by Mineweb, the upward move has a great deal more to do with fear than with fundamentals.


"The reason for this is that most analysts still expect platinum to be in surplus in 2012 so, unless the strike at Lonmin's Marikana operations carries on for a significant amount of time or, it spreads rapidly to the rest of the South African producers, they maintain it is unlikely to change the makeup of the market in the short term. ..."

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The Golden Truth: Boom Goes The Dynamite: #Silver Pops

The Golden Truth: Boom Goes The Dynamite: #Silver Pops | Gold and What Moves it. | Scoop.it

by Dave in Denver writes:

 

"... After almost 9 weeks of trying to break over $28, silver closed over over $28 on Thurs/Friday and, after a concerted and blatant attempt by the silver manipulating banks to take silver below $28 this morning, it inexplicably shot up like a roman candle at 9:12 a.m. Denver time. I say "inexplicably" because I could not find any specific news which might have triggered the move, the SPX did not move at all (so the move in silver was not in correlation with the stock market) and gold moved higher higher as well although not anything that closely correlates with the scale of silver's move.

 

"As subscribers to GATA's Le Metropolecafe know, one of Bill Murphy's sources in Switzerland - someone who is described as being in a position to know - has told Bill that JP Morgan is in trouble with its short position in silver. Please note, that we only see JP Morgan's massive, illegal but unpoliced short position on the NY Comex market. We have no idea what its short position on the LBMA or in OTC silver derivatives looks like (although we do know that JP Morgan has by far the largest position in OTC "metals" derivatives per the quarterly BIS report). ..."

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Twitter / JamesGRickards: #CME Europe will now accept ...

#CME Europe will now accept #gold as collateral in all transactions http://t.co/7U4xqEqg. Doesn't that mean gold is like money? #Buffett
Aug 17 via web Favorite Retweet Reply

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.

 

Why yes, yes it does.

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Tom Luongo's comment, August 18, 2012 8:32 AM
Yeah, Hal, and as I'm sure you remember, Singapore is beginning tariff-free physical gold and silver trading, publicly cleared as well, in October.

So, it's now money in Europe and soon SE Asia. But, Bernanke thinks it's just a tradition.
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Israeli War with Iran and Syrian Chaos Spreading

http://usawatchdog.com/ An Israeli defense minister says that an attack on Iran would last just 30 days. Chaos is spreading to Lebanon as the civil war there...

 

An Israeli defense minister says that an attack on Iran would last just 30 days. Chaos is spreading to Lebanon as the civil war there spins out of control. Looks like Jon Corzine is off the hook for criminal charges in the MF Global debacle where $1.6 billion in missing funds "vaporized." Mitt Romney says he paid a 13% tax rate for the past decade, but is this just an issue to distract the voters? Join Greg Hunter from USAWatchdog.com as he gives his analysis and more in the Weekly News Wrap-Up.

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Ben Davies - This Could Ignite The Gold Market On Monday

Ben Davies - This Could Ignite The Gold Market On Monday | Gold and What Moves it. | Scoop.it

Hinde Capital CEO Ben Davies tells King World News:

“With most of the European Parliament on holiday, there’s been a bit of an impasse with regards to the eurozone situation, which has clearly been driving events of late. There are rumors today that Spain, over the weekend, will ask for a bailout. So that’s going to be an interesting dynamic for the gold market on Monday.

I would say that a bailout means more monies need to be provided in various guises....

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Potential impact of SA mine violence on platinum - and perhaps on gold too

Potential impact of SA mine violence on platinum - and perhaps on gold too | Gold and What Moves it. | Scoop.it

Lawrence Williams writes:

 

"The massacre at Lonmin's Marikana platinum mine has huge implications for the country's struggling platinum mining sector. Could it spread to the gold mines too? ...

 

"... So what does this all mean for the platinum miners and platinum prices? South Africa produces some 70% of the global platinum supply. Prices are weak because platinum is in surplus, but any major disruption spreading to the big Amplats and Impala mines around Rustenburg, and beyond, could very rapidly turn a surplus into a deficit - and also lead to major shutdowns in some of the more marginal operations - at least until prices pick up to the extent that they become worthwhile to reopen again. Lonmin's Marikana mine has already effectively been shut down by the violence. Prices are already beginning to rise with platinum up over 1.5% in early trading in Europe today before settling back a little and up 5% over the past three days. Should the threat of escalation develop then consumers will start to move into the market to secure supplies and the gap between the platinum and gold price could well narrow again.

 

"But, the issues which have led to the platinum mining violence are potentially mirrored in South Africa's gold mines - an even bigger sector (just) - and the government will be hugely worried about the potential spread of mine unrest given the potentially huge impact on the South African economy of a mining meltdown. South Africa may no longer be the world's largest gold producer - a position it held for nigh on a century, but it still remains one of the world's biggest and disruption here could have a very negative impact on global mine supply - and again lead to the permanent closure of some of the more marginal operations, which are struggling to stay afloat even at current gold prices." 

 

 

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Labor Dept. Attempts to Stop Layoffs by Giving $100 Million to States to Subsidize Payrolls | CNSNews.com

Labor Dept. Attempts to Stop Layoffs by Giving $100 Million to States to Subsidize Payrolls | CNSNews.com | Gold and What Moves it. | Scoop.it

Penny Starr reports:

 

"(CNSNews.com) – The Labor Department announced on Monday that it will be awarding almost $100 million in grant funding to states to prevent layoffs by allowing businesses to pay employees as part-time workers and the federal government will pick up the tab  for the cost of a full-time paycheck.

 

"The “work-sharing” program was passed as part of a Republican-led bill in the House, H.R. 3630, and Senate Amendment 1465 to extend the payroll tax deduction and unemployment benefits. In February 2012, President Barack Obama signed the bill into law, which included the $100 million in funding.

 

"Establishing or expanding work-sharing programs nationwide will help business owners better weather hard economic times by temporarily reducing their labor costs while still keeping their existing skilled employees," Labor Secretary Hilda L. Solis said in the press release announcing the grants. "This program is a win-win ..."

 

Hat tip to http://www.caseyresearch.com/gsd/edition/global-gold-demand-down-q2but-central-bank-buying-hits-record

 

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Trader Dan's Market Views: Ancient Rome had Nothing on Modern Day America

Trader Dan's Market Views: Ancient Rome had Nothing on Modern Day America | Gold and What Moves it. | Scoop.it

Dan Norcini writes:

 

"Historians have chronicled the decline of the Roman Empire detailing in great extent the internal rot and moral decadence that helped speed its eventual fall. The lack of ethics and virtue was bemoaned even in those days by some of its leading philosophers/statemen.

 

"I find it therefore rather disconcerting to see the the eerie parallels between the symptoms of rot and decay prevalent in Rome before it fell and the current US financial system, which has become a cesspool/stinking outhouse in terms of any vestige of decency and integrity. ..."

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The Gold Market May Stun Participants With A Move To $6,300

The Gold Market May Stun Participants With A Move To $6,300 | Gold and What Moves it. | Scoop.it

Tom Fitzpatrick gives King World News some analysis on Gold:

 

"... Gold still remains above the supports in the $1,520 area which the market has tested three times over the past year. The parallel of the trend across the highs also comes in here (currently at $1,532). The first resistance level to watch is $1,665 which is the trend line down from the highs and a rally through there would amount to at least a short term bullish break (see chart below).

 

"Important resistance above there is at $1,790-$1,802 which marks the double (or triple) bottom neckline and a breach of that opens the way for new trend highs (see chart below). The price action here reminds us of what was seen in 2006 after Gold corrected down from $730 to $542 (a more aggressive correction then in percentage terms than the one seen since last year’s high). The market spent a long time consolidating but ultimately rallied to new trend highs in the second half of 2007 (as the credit and banking crisis worsened). ..."

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