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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Hathaway - We Are About To See $100+ Up Days In Gold

Hathaway - We Are About To See $100+ Up Days In Gold | Gold and What Moves it. | Scoop.it

John Hathaway tells King World News:

 

"... My view is that the gold market has been receiving this fairly cautiously because they (players in the market) have been burned so many times. I know it’s great to see gold up $30 or $40 in the last couple of days, but once the Fed casts the die and it’s clear which way they are going, I think we should see triple digit ($100+ up-move) kinds of days. ..."

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Spain concedes to full EU/IMF bailout — RT

Spain concedes to full EU/IMF bailout — RT | Gold and What Moves it. | Scoop.it

"Spain has admitted for the first time it might need a full EU/IMF bailout worth 300 billion euro after its borrowing costs soared to a record 7.6 percent.

 

"The money would come on top of the 100 billion euros Spain has already received to prop up its banking sector.

 

"The issue was brought up by Economy Minister Luis de Guindos during a meeting with his German counterpart Wolfgang Schaeuble in Berlin last Tuesday.

 

“De Guindos was talking about 300 billion euros for a full program, but Germany was not comfortable with the idea of a bailout now," a Eurozone official told Reuters."Nothing will happen until the ESM is online. Once it is operational we will see what the borrowing costs for Spain are and maybe we will return to the question," the official said.

 

"The European Stability Mechanism (ESM) will have a total capacity of 500 billion euros, although initially it was supposed to build this amount over a few years.


"This means that a full bailout could exhaust the eurozone's rescue capacity and prompt fresh discussions on the idea of granting the ESM a banking license, the official said. ..."

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oftwominds-Charles Hugh Smith: Bernanke and Draghi Are Dangerous

oftwominds-Charles Hugh Smith: Bernanke and Draghi Are Dangerous | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"... Is talking about printing money as good as actually printing money? It would seem so. Is promising to "do whatever it takes" as good as actually doing whatever it takes? Once again, it seems so; global markets leaped at the "news" that the financial Status Quo was going to be "saved" yet again.

 

"What if it is beyond saving?

 

"What if the cost in treasure, blood, liberty, sovereignty and truth is not worth the 'saving" of a broken, unsustainable, corrupted, parasitic, predatory system? Do we get to choose, or are we just passengers on the train as the central bankers accelerate toward the chasm ahead? ..."

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Oregon Man Sentenced to 30 Days in Jail -- for Collecting Rainwater on His Property | CNSNews.com

Oregon Man Sentenced to 30 Days in Jail -- for Collecting Rainwater on His Property | CNSNews.com | Gold and What Moves it. | Scoop.it

by Kendra Alleyne:

 

"... Harrington said the case first began in 2002, when state water managers told him there were complaints about the three “reservoirs” – ponds – on his more than 170 acres of land.

 

"According to Oregon water laws, all water is publicly owned. Therefore, anyone who wants to store any type of water on their property must first obtain a permit from state water managers.

 

"Harrington said he applied for three permits to legally house reservoirs for storm and snow water runoff on his property. One of the “reservoirs” had been on his property for 37 years, he said.

 

"Though the state Water Resources Department initially approved his permits in 2003, the state – and a state court -- ultimately reversed the decision.

 

"They issued me my permits. I had my permits in hand and they retracted them just arbitrarily, basically. They took them back and said ‘No, you can’t have them,’ so I’ve been fighting it ever since,” Harrington told CNSNews.com. ..."

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Twitter / lmgross: #Silver Price Recovers on ...

#Silver Price Recovers on Improved Market Sentiment - http://t.co/p5uxA4mV
Jul 27 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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US GDP Numbers Mean No Change In Nation's 8.2% Jobless Rate: Analysts

US GDP Numbers Mean No Change In Nation's 8.2% Jobless Rate: Analysts | Gold and What Moves it. | Scoop.it

by Mike Obel:

 

"The U.S. economy grew more slowly in the second quarter than in the previous three months as consumers, struggling with a softening job market, spent less, a trend expected to continue into the third quarter and leave the nation's high unemployment unchanged, analysts said.

 

"The Bureau of Economic Analysis said Friday the value of goods and services produced in the U.S. from April through June grew at 1.5 percent, roughly in line with analyst expectations but hardly inspiring.

 

"That's certainly disappointing given where we are in the recovery," said Gus Faucher, senior macro economist at PNC Financial Services Group. "It's not really strong enough to bring down the unemployment rate. It's definitely a soft quarter. It looks like some of [the second quarter's growth] came from inventories as well, and that's a disappointment because that means that underlying demand is even a little bit softer."

 

"The report left some analysts expecting more of the same in the July-September period. ..."

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Norcini - If This Happens It Will Devastate The Gold Shorts

Dan Norcini tells King World News:

 

"... The gold market has been in this consolidation pattern, and building a base for a long time now. The bigger the base, the larger the move out of that base. If we get a breakout from this very large base that gold has been in, and gold is able to take out $1,700 on the upside, that is where you will really see the shorts panic.

 

"If gold breaks $1,700, it will be absolutely devastating to the gold shorts. With a break above $1,700, I would expect gold to move very quickly to the $1,800 level because of the amount of energy that’s going to be unleashed in that market."

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KWN - Special Friday Gold & Silver ‘Chart Mania’

KWN - Special Friday Gold & Silver ‘Chart Mania’ | Gold and What Moves it. | Scoop.it

With the wild action in gold and silver this week, top Citi analyst Tom Fitzpatrick put together a ‘Gold & Silver Chartapalooza’ where he laid out the roadmap for gold and silver to hit new all-time highs. Below is his interview and the KWN Special Friday Gold & Silver ‘Chart Mania’:

 

Tom Fitzpatrick latest report:

 

"We are still of the view that this has been a base building process for gold, and I would the same is true for silver. This has been similar to the 2006/2007 base before we went higher (See chart below). It's really just a question of timing more than anything else because we are increasingly convinced we are going to get the up move. ..." click through for the rest of the charts.

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Todd McFarlane Spider-Man cover sells for $675,250 — and that’s just the start | The Beat

Todd McFarlane Spider-Man cover sells for $675,250 — and that’s just the start | The Beat | Gold and What Moves it. | Scoop.it

I found this blog post interesting. Hat tip to www.twitter.com/mikecane for it. 

 

Why am I featuring comic book art here on a gold centered daily? Well, note here what the writer at The Beat notes:

 

"... It seems the 1%ers out there, rather than taking their billions and burrowing through them like a gopher, are investing in something that looks snappy and erudite hanging on the wall. A little Cezanne here, a little Munch there. And the value shows no sign of slowing. Art is actually performing better than the stock market. ..."

 

What is it that the rich sense about the future in regard to the need to put their money in more and more tradable hard assest commodities.

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Hong Kong’s Secret $50 Billion Gold Bullion Vault

Hong Kong’s Secret $50 Billion Gold Bullion Vault | Gold and What Moves it. | Scoop.it
Bloomberg TV asks Where do you hide $50 billion of gold in Hong Kong?

 

"... The new gold bullion vault is designed to hold 1,000 metric tonnes of gold, worth about $51 billion at today's price. The vault already holds 2,400 tonnes of gold owned by gold exchange traded funds (ETF).


"Beyond its importance as a storage location, the massive amount of gold holdings that the vault will eventually hold signals a fundamental change for the gold market. The massive holdings of Asian gold will shift price setting action away from the London and the U.S. exchange cartels which dominate and manipulate gold pricing. ..."

 

Go watch the video.

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90% chance Greece will leave eurozone – Citi — RT

90% chance Greece will leave eurozone – Citi — RT | Gold and What Moves it. | Scoop.it

"The chance of Greece leaving the euro in the next year has raised to 90 per cent from the previous 50 per cent says America’s Citigroup.


"Greece will drop out of the eurozone and reinstate the drachma in the next 12-18 months, according to a report published on Thursday.


"Citi economists had previously put the chances of a Greek exit at 50 to 75 per cent.

 

"To keep Greece afloat the European Union and IMF provided 110bn euro of bailout loans in May 2010. The money would help the government pay its creditors. After that a second, 130 bln euro bailout was agreed earlier this year.


"Economists calculate that Greece may need a third rescue package worth up to €50 billion. Greece started a major austerity drive involving drastic spending cuts, tax rises, and labour market and pension reforms. The majority of Greece's private creditors agreed to write off more than half of the debts owed to them by Athens. ..."

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U.S. Grocery Prices Tick Up as Drought Impact Looms

U.S. Grocery Prices Tick Up as Drought Impact Looms | Gold and What Moves it. | Scoop.it
American shoppers paid more for everyday groceries in June than they did in the month and year earlier, and the government warns prices may continue rising as the effects to Midwest drought reverberate to supermarket shelves.
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Ed Steer's Gold & Silver Daily on Commitment of Traders Report

Ed Steer's Gold & Silver Daily on Commitment of Traders Report | Gold and What Moves it. | Scoop.it
It certainly appears that the precious metals are about to break out to the upside...and the current environment is ripe for exactly that to happen.

 

Ed Steer writes on the Commitment of Traders Report:

 

"... Well, the Commitment of Traders Report yesterday...for positions held at the close of Comex trading on Tuesday, July 24th...contained a big surprise. First off, there was almost no change in the Commercial net short position in silver. It actually increased by about 400 contracts. I was hoping for a decline. Ted Butler said that when you looked 'under the hood' in the Disaggregated Report, it wasn't quite as bad as it appeared.

 

"But the big surprise was gold...and I'm still in shock. I was hoping for a small improvement in the Commercial net short position. Well, it was a monstrous improvement, as it declined by 22,574 contracts. Based on the reporting week's price action, both Ted and I were gobsmacked. I'll be interested in his explanation in his weekly review which comes out early this afternoon Eastern time.

 

"The Commercial net short position in gold is down to 13.62 million ounces...which is a multi-year low. The four largest traders are currently short 9.71 million ounces...and the '5 though 8' largest traders are short an additional 4.75 million ounces. So the 'big 8' short holder in gold are short 14.46 million ounces of gold...or 106.2% of the Commercial net short position in gold.

 

"In silver, the 'big 8' short holders are short 252.8% of the Commercial net short position...and [on a net basis] are short 38.5% of the entire Comex silver futures market all by themselves...and that's a minimum number. How's that for concentration? ..."

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Precious Metals Digest | Jeff Clark: Gold Is Nearing the Breaking Point

Jeff Clark writes:

 

"... Gold is approaching the apex of its triangle pattern. That’s the breaking point – where the metal either breaks out to the upside of the pattern or breaks down. Either way, there’s the potential for a $140 move in either direction. And based on the chart, it could happen in the next couple weeks.

 

"Frankly, I’d love to see the metal break down here and give us a chance to buy it near $1,450 per ounce or lower. But I’m starting to doubt we’ll get that lucky.

 

"With all the recent talk about a global recession, deflationary pressures, and Bernanke’s testimony to Congress last week that he does not want a third round of quantitative easing… gold has had plenty of reasons to drop in price. But it’s been holding steady above the $1,550 support zone. Maybe we won’t get a chance to buy it at as huge a discount as I’d hoped. ..."

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Auditing The Fed is Like Auditing a Mafia Counterfeiting Operation - The Dollar Vigilante Blog -

Auditing The Fed is Like Auditing a Mafia Counterfeiting Operation - The Dollar Vigilante Blog - | Gold and What Moves it. | Scoop.it

by the Dollar Vigilante:

 

"... But, here is the plain fact of the matter. We already know what the Federal Reserve is doing. Sure we may not know exactly which banks get exactly which graft, which may be of some interest. But for the most part we know exactly what they are doing. They are artificially price-fixing/manipulating interest rates at 0% through to 2014… which will be six years of ZIRP. And they are counterfeiting as much money as is necessary to support the massive trillion+ dollar deficits that the US Government has been doing for the last five years and with no end in sight in an unprecedented amount of money printing that has never been surpassed in Federal Reserve history.

 

"And, any audit that uncovers these two facts will do nothing to change anything. The western world’s propaganda campaign to teach only Keynesian economics, which are pro-money printing and deficit spending, have enveloped all levels of society now. It is all that is taught in the economics department of almost every university in the west including Harvard and Oxford. So, will auditing the Fed change anything? Of course not. ..."

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KEEP YOUR GOLD & SILVER SAFE - The Prospector Blog

KEEP YOUR GOLD & SILVER SAFE - The Prospector Blog | Gold and What Moves it. | Scoop.it

by TheProspectorSite.com:

 

"... Keeping your PM safe is not difficult but does require a well organized security plan with a continued effort from you and whoever shares your address. I’ve heard from readers who question the above statement by mentioning other family members living in the same home know nothing about the stash of silver or gold. This, my friends, is a recipe for disaster since those not knowing can’t be part of a plan to protect your metal, not good!!

 

"I don’t believe in secret PM storage programs, here is why. My thinking is PM security is a family effort since the fact you are storing the metal in home means you are willing to put all those living there at risk. Risk you ask? Yep, owning PM and storing it at home carries risk and only someone naive will believe differently. Maybe it’s time we put the cards on the table showing exactly the growing risk each PM holder will face as our economy continues to unravel.

 

"I knew when I wrote Storing Silver & Gold that some readers would find true examples of home invasion too much to take. ..."

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From Natural Resources to Currency Wars w/Rick Rule & Jim Rickards

Follow us @ http://twitter.com/laurenlyster http://twitter.com/coveringdelta Welcome to Capital Account. Today is a special episode, because not only do we h...

 

Rick Rule and James G. Rickards.

 

 

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EU may criminalize commodities price distortion | Gold Anti-Trust Action Committee

EU may criminalize commodities price distortion | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

by Barbara Lewis:

 

"BRUSSELS, Belgium -- Manipulating international commodity benchmarks such as Brent crude oil would be a criminal offence, punishable by jail, under a set of reforms the EU Commission has proposed in response to the rigging of a major interest reference rate.

 

"The commission, the EU's executive arm, announced on Wednesday plans to tighten supervision of financial benchmarks after a scandal involving interbank lending rate Libor, used to set prices for trillions of dollars of financial products.

 

"The benchmarks the commission wants to make more "reliable, transparent, and credible" also include commodities such as gold, cocoa, and Brent crude.

 

"It would become an offence to transmit false or misleading information, provide "false or misleading inputs, or any action which manipulated the calculation of a benchmark," if the European Parliament and 27 EU member states endorse the proposals. ..."

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Hilsenrath Has Spoken: GDP Is Worse Than Expected After All, "Won't Constrain Fed" | ZeroHedge

posted by Tyler Durden on www.Zerohedge.com "... the Fed mouthpiece has just released his take on the GDP. His bottom line: Inflation Data Won’t Constrain Fed. In other words, the Fed ignores the modest beat to expectations, and has given the green light after all. ..."

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Would a possible U.S. Fed audit be gold positive?

Would a possible U.S. Fed audit be gold positive? | Gold and What Moves it. | Scoop.it

by Vin Manu:

 

"... COULD THIS BE THE CATALYST THAT GOLD NEEDS FOR A MAJOR BREAK OUT TO THEUPSIDE?


"In a manipulated market, it's tough to say, but the fact that there is support for auditing the Fed and making it accountable is definitely a step in the right direction. With the recent news about major banks manipulating the Libor rate, any investigation into the Fed's involvement is most welcome and has to be gold-positive. Recently, we have been writing about how gold is moving towards the financial system with several different proposals for making it a tier 1 asset class and its use as collateral by financial institutions. If these proposals take effect, they are planned for January 2013, which coincides nicely with this audit being completed by the end of 2012.

 

"Normally, the summer doldrums represent the lows in price for precious metals with a significant rally occurring in the fall and winter. With this recent down turn, we have most likely seen the lows, and there are many catalysts for G&S to move higher into next years. ..."

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Gold climbs on ECB action hopes, softer U.S. dollar

Gold climbs on ECB action hopes, softer U.S. dollar | Gold and What Moves it. | Scoop.it

by Susan Thomas

 

LONDON (REUTERS) -

 

"Gold rose on Friday, holding around a three-week high as the dollar softened a touch and stocks gained on hopes a vow by the European Central Bank chief to prevent a collapse of the euro zone signalled more action to tackle the debt crisis.

 

"The euro fell against the dollar, after rallying to a two-week high on ECB President Mario Draghi's comments on Thursday, helping gold to hold onto gains well above $1,600, while world stocks rose. The dollar was flat against a basket of currencies.

 

"A French newspaper also reported that the ECB and euro zone governments were preparing co-ordinated action to cut Spanish and Italian borrowing costs, further underpinning the rise in financial markets.


"Gold has been particularly sensitive to moves in the wider financial markets in the absence of direction from physical demand, which has been weak in recent months. It tends to benefit from dollar weakness and sharper appetite for risk. ..."

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Sandy Weill's Wrong on Bank Break Up: Banker

Sandy Weill's Wrong on Bank Break Up: Banker | Gold and What Moves it. | Scoop.it

"We should leave it up to the management of the institutions to decide how to maximize shareholder value," says Richard Kovacevich, Wells Fargo former chairman & CEO, explaining why it doesn't make sense to separate investment banks from commercial...

 

I found this CNBC interview this morning with Richard Kovacevich very interesting. There seemed to be some discord on the set at the end of the interview as well. You can here Becky Quick at the end but they cut off the rest of what she had to say. I got the impression that someone in the booth wasn't happy with the interview. I think Becky wanted to continue the interview and perhaps someone was pushing to close it. I could be wrong as I'm just making an assumption, but I watched it live and thought, "Now that's odd." So take that for what it is. But Richard asked questions in the interview which were challenging. His point on Tarp I think is where things got really tenseful. Worth listening to I think.

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Lear Capital: Is Fed About to Skyrocket the Gold Price…AGAIN? | Lear Capital Blog

Lear Capital: Is Fed About to Skyrocket the Gold Price…AGAIN? | Lear Capital Blog | Gold and What Moves it. | Scoop.it

by David Engstrom:

 

"... I know this notion defies reason, but consider this. The more a dollar is worth the fewer you earn. Just ask Apple. And while the cost of food and energy may fall in proportion to the dollars earned, the cost of servicing debt skyrockets. In the case of inflation, the opposite holds. You earn more dollars that are worth less but regardless of the value of the dollar you earn after you borrow money, one dollar 5 years from now still pays one dollar of debt from 5 years ago.

 

"And who is the largest debtor in the world? You got it. It’s us…as in U.S. If deflation rears its ugly head and the economy/incomes contract accordingly, it will become increasingly difficult for us to pay off foreign debt. This is what the Fed is trying to avoid. Inflation is the Fed’s friend.


"Corporate America also embraces a weaker dollar and inflation. It boosts corporate profits on exports and just as it is the case with government, rising inflation makes for an easier time of paying back corporate debt. Hence, upon news from the Wall Street Journal yesterday, of potential Fed actions, in less than an hour the stock market recovered nearly half its losses from its lows of the day. ..."

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Facebook Earnings And Zynga Shares Plunge: "Farmville" Maker Lashes Out At Social Media Giant Over Poor Figures

Facebook Earnings And Zynga Shares Plunge: "Farmville" Maker Lashes Out At Social Media Giant Over Poor Figures | Gold and What Moves it. | Scoop.it
As analysts began to eagerly predict Facebook earnings--its first as a public company--the social media giant's close ally Zynga posted dramatic losses, leading many to question the future the two tech companies may have together.

 

by Yannick Lejacq:

 

"Zynga shares sank to an all-time low Thursday below $3 — falling more than 40 percent in after-hours trading Wednesday evening, and dropping more than 70 percent from its initial public offering price.

 

"The plunge in the social video game developer's shares came after its quarterly report indicated a severe slowdown in growth, rattling conficence in a company company that has built its entire business model on the sale of virtual goods primarily within Facebook itself, a company that was expected to post a profit this quarter. Zynga's rapid plunge has shaken confidence in both companies, leading many analysts to wonder if Facebook can sustain its profitability this quarter in the face of such severe losses by the "Farmville" creator.

 

"Speaking to the Wall Street Journal, Sterne, Agee & Leach analyst Arvind Bhatia called the rapidity of Zynga's plunge "mind-boggling," leading him to conclude that "the softness seen in Zynga's various titles is suggesting general fatigue towards social games, in general."

 

"Facebook and Zynga have been "joined at the hip," in the words of Eurogamer reporter Wesley Yin-Poole. But now in light of the catastrophic losses, both companies are doing their best to distance themselves from one another. Speaking in a conference call to investors, Zynga COO and former EA executive John Schappert put the blame squarely on the social media giant's shoulders, saying "Facebook made a number of changes in the quarter. These changes favoured new games. Our users did not remain as engaged and did not come back as often. ..."

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