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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Twitter / fuTuRe_sHOcK: Hilarious! Dow Jones +194. ...

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Geithner: "Economy Is Not Growing Fast Enough. Unemployment Is Very High." | RealClearPolitics

"I'll tell you my general view on this," Secretary of Treasury Tim Geithner said about the economy in his testimony to Congress. "The economy is not growing fast enough. Unemployment is very high.
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Precious Metals Digest | Precious Metals May Soar As U.S. Treasury Prices Reach Unsustainable Levels

from the Precious Metals Digest:

 

"Gold Stock Trades Editor Jeb Handwerger read my mind when he posted on Treasuries reaching unsustainable levels. He writes:

 

“Treasuries (TLT) are climbing parabolically as a supposed safe haven as the European debt crisis remains at center stage. Spain’s debt yields are reaching a record and Moody’s is lowering their credit rating outlooks on Germany, Netherlands and Luxembourg. Capital has been seeking a safe place to hide, but that trend may change sooner rather than later.”

 

He goes on to say…

 

"We have an inflated treasury market and an undervalued precious metals, commodities and mining equity market. Gold (GLD) is still in an uptrend despite what some short sighted analysts say. One must be careful of manipulations in the dollar and treasuries and look at the price of gold in other currencies such as the Euro (FXE).
Gold in terms of Euros is holding its uptrend and 200 day moving average. ..."

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Eric De Groot: Rising Debt and Default Rates Across the Globe

Eric De Groot: Rising Debt and Default Rates Across the Globe | Gold and What Moves it. | Scoop.it

by Eric De Groot:

 

"Record low interest rates has nothing to do with the growing number of defaults in the domestic nonfinancial sector.

 

"Domestic nonfinancial debt (DNF - magenta line) which includes federal and nonfederal, unlike total credit market debt, has begun to tick higher again in 2012. The world is addicted to debt because no one intends to pay it off ..."

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Mainstream Media Recovery Hoax | Greg Hunter’s USAWatchdog

Mainstream Media Recovery Hoax | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com 

 

"... I really feel today’s MSM thinks it is wrong to question the government. It reports government numbers without a peep about accounting gimmicks that make the data look better than reality. For example, “official” unemployment is 8.2%, but if it were computed the way Bureau of Labor Statistics (BLS) did it in 1994 and earlier, the rate would be more nearly 23%. (See Shadowstats.com). Heck, if you just reported the most severe BLS numbers, we’d still have nearly 15% unemployed and underemployed Americans. Where’s the recovery? Oh, that’s right, it’s a “jobless recovery.”

 

"How many times have we heard that housing was “at the bottom” in the last few years? In a recent interview with Yale Professor Robert Shiller (Case-Shiller Home Price Index), he told me we were in “the 4th inning” of the crisis. This has been going on for 5 years and, apparently, Dr. Shiller thinks we have a long way to go before it’s over. He’s one of the first experts to predict the housing meltdown in the first place! ..."

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GATA files new gold records requests with State, Treasury, Fed, and FOMC | Gold Anti-Trust Action Committee

GATA files new gold records requests with State, Treasury, Fed, and FOMC | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

 

Dear Friend of GATA and Gold:

Through its lawyer, William J. Olson P.C. of Vienna, Virginia (http://www.lawandfreedom.com/), GATA today filed federal Freedom of Information Act requests with the U.S. State Department, Treasury Department, Federal Reserve Board, and Federal Open Market Committee, greatly expanding upon GATA's 2009 FOIA request to the Fed, which sought access to records involving gold swaps.

 

The 2009 FOIA action elicited a revealing admission from the Fed that it has secret and highly sensitive gold swap agreements with foreign banks -- an admission that the Fed, despite its many previous denials, is indeed surreptitiously active in the gold market. That FOIA action led to GATA's lawsuit against the Fed in U.S. District Court for the District of Columbia, which last year produced both a judicial finding that the Fed has many gold-related secrets and a verdict enough in GATA's favor that the Fed was required to pay court costs to GATA:

 

http://www.gata.org/node/9917

 

GATA's new FOIA requests seek access not just to records involving gold swaps but essentially to all records held by the targeted agencies that involve gold -- for example, in the case of the State Department, records of all international agreements involving the United States and gold.

 

We're hopeful that these FOIA requests will liberate material as telling as the confession the Fed was forced to make about secret gold swap agreements in GATA's first FOIA case. But of course contending with the likely resistance of the targeted agencies and then taking them to federal court will involve much effort and expense. If you're inclined to help, information about donating to GATA is here:

 

http://www.gata.org/node/16

 

GATA's new FOIA request to the State Department is here:

 

http://www.gata.org/files/GATA-FOI-Letter-StateDept-07-24-2012.pdf

 

GATA's new FOIA request to the Treasury Department is here:

 

http://www.gata.org/files/GATA-FOI-Letter-Treasury-07-24-2012.pdf

 

GATA's new FOIA request to the Federal Reserve Board is here:

 

http://www.gata.org/files/GATA-FOIA-Letter-Fed2-07-25-2012.pdf

 

And GATA's new FOIA request to the Federal Open Market Committee is here:

 

http://www.gata.org/files/GATA-FOIA-Letter-FOMC2-07-25-2012.pdf

 

GATA this week received inquiries from two more reporters for major news agencies seeking information about the rigging of the gold market, inquiries that seem to have been prompted by your secretary/treasurer's appearance on CNBC Asia last month (http://www.gata.org/node/11490) and the LIBOR interest rate rigging scandal. We gave the reporters the basic background about gold market rigging (http://www.gata.org/node/11507) and suggested specific questions they might put to major central banks, questions that are almost certain to prompt refusals to answer and thus to confirm that the central banks are surreptitiously active in the gold market.

 

We're increasingly hopeful that something will come of this terribly tentative if laughably obvious journalism over the next few years.

 

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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The Golden Truth: On The Economy

The Golden Truth: On The Economy | Gold and What Moves it. | Scoop.it

from Dave in Denver:

 

"... Can we please put any notion of the housing market stabilizing into it's proper grave site? Sometimes I think I'm the only person in the country paying attention to the mortgage purchase application statistic released by the Mortgage Bankers Association weekly. I'm for sure the ONLY commenter out there who has been consistently pointing out the fact the purchase applications index has been in a steady decline since February. And it has been declining nearly every week during the May-now peak home buying season.

 

"So today the MBAA index showed a steep 3% decline in purchase applications: LINK How can this possibly be happening if the housing market is stabilizing or trending higher, as the bubblehead financial media would have you believe? It can't. What makes the statistic even more shocking is the fact the less people are applying for a mortgage to purchase a home despite record low financing rates. Refinancing activity is booming, led by Government-subsidized refi programs. In other words, the mortgage data does not fit the home sale data being released by the National Association of Realtors or the National Association of Homebuilders. ..."

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The Banker Most Responsible for Allowing the Too Big to Fail Banks Says We Must Break Them Up | ZeroHedge

from ZeroHedge contributor George Washington:

 

"Every independent economist and financial expert says that failing to break up the giant banks is ruining the American economy.

 

"Former Fed chairmen Greenspan and Volcker agree, as do presidents of various Federal Reserve banks and high-level Treasury officials, and the "central banks' central bank.

 

"But now even the banker most responsible for the creation of the too big to fails - former Citi boss Sandy Weill, who lobbied vigorously for a repeal of the Glass-Steagall act separating real banking from financial gambling - has called for them to be broken up ..."

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The System Here And There Is Totally Broken « Jim Sinclair's Mineset

From Jim Sinclair:

 

"My Dear Extended Family,

 

"How anyone can put any money in a securities/commodities clearinghouse is beyond me. You risk your financial life to win trading then end up with practically nothing whatsoever.

 

"The system is totally broken. Governments are busted. The securities insurance programs are wildly over extended by the fact that their capitalization cannot guarantee what they are supposed to be guaranteeing

 

"QE invents money out of thin air, and because of that is the only central bank tool and will have to run at full speed to infinity. How the Fed and Treasury utilize QE is totally up to them. They could buy MS or PFG bonds if they wanted to.

 

"Right now in a busted clearinghouse you have no financial relief from anyone because of bankruptcy laws. If you think any industry organization of government regulator is going to give you a cent you are really stupid. You have to assume that if it was not for funds that have to trade commodities, the commodities market volume would be finished. The commodity market of the future has to be guaranteed by the US Treasury and Fed like they guaranteed OTC derivatives, or it will not exist.

 

"You want to see an explosion watch when the clearinghouses in grains implode. Clearinghouse risk exists in shares as well as commodities, so how the hell can you sit back so comfortably, trusting the typical sociopath Wall Streeter to put your money ahead of his/hers?

 

"Those of you with your fancy special tax treatment retirement accounts are sitting ducks dependent on your clearing house broker and/or the will of the government.

 

"Gold is the only asset on the planet without a liability attached to it. Gold is going to and through $3500 without any question in my mind.

 

"9 tries to break $1525 have now failed. The manipulators are put of aces. The proof was a recent email from gold’s father of $1100 calling me a fool three days in a row.

 

"If you own gold in futures or ETFs (they own their gold in paper) take delivery or end up with absolutely nothing whatsoever.

 

"Regards,
"Jim

 

Click over to read what prompted this letter from Jim. Hint PFGBest

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I expect a gold price of 7.000 dollars by the next several years - @JamesGRickards

I expect a gold price of 7.000 dollars by the next several years - @JamesGRickards | Gold and What Moves it. | Scoop.it

James G Rickards was interviewed in FORMAT trend and here's a snippet:

 

"FORMAT Is there a way to go back to the gold standard?

 

"... [James] Rickards: Yes, that´s possible. But it is very important to fix the right price. Just for example: The important industrial nations followed the gold standard from 1870 to the beginning of World War One. Since the nations had to finance the war, they left the gold standard and started to print money. After the war they wanted to return to the gold standard. They had to work out the exchange rates of their currencies to gold. The United States and Great Britain returned to a rate corresponding to the pre-war-level. Particularly the UK printed an enormous amount of money to finance the war. It was necessary to cut the money supply drastically to correct the ratio between the value of the currency and gold to the prior level.

 

"FORMAT: What is the right price for gold if we go back to the gold standard?

 

"Rickards: The value of gold would be in the range between 5.000 to 7.000 dollars per ounce. That would be the right ratio between paper money and gold. That sounds much higher as it is today. But as confidence declines in paper money it becomes more apparant that we have to go back to some kind of standard in order to restore confidence. ..."

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Ed Steer's expectation for gold for the rest of the year.

Ed Steer's expectation for gold for the rest of the year. | Gold and What Moves it. | Scoop.it

"... Precious metals prices will certainly be moving higher as the balance of the year progresses, but it's just what happens between now and Labour Day that I'm most interested in at the moment. We'll see how things unfold as summer winds down in the northern hemisphere. ..." - Ed Steer

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The Shift to a New Global Currency Alters International Relations - Casey Research

I think this is a must read piece from Casey Daily Dispatch. Here is the frist opening paragraphs.:

 

by Marin Katusa, Chief Energy Investment Strategist

 

"Last week I wrote about how Israel's newfound natural gas wealth is catalyzing a shift in Middle-Eastern relations. It was a topic that generated much discussion in our office – we knew that the Mediterranean Sea resource is highly significant for the Jewish state, which has long struggled with energy insecurity, but the deeper we delved into the issue the more we realized that Israel's new resource is already having wide global implications. In particular, we were very intrigued to realize just how cozy Russia and Israel are becoming – this being the same Russia that usually supports Iran and Syria, Israel's sworn enemies.

 

"The article generated a fair bit of feedback from our readers as well, including several good questions. In answering the questions and in continuing to discuss the issues among ourselves, we placed Russia's advances on Israel as but one part of a shifting global web, wherein old allegiances are being dropped in favor of new friends with benefits. Those benefits are energy resources, and the race to control them is changing the way the world turns.

 

"Dozens of countries are slowly altering their international allegiances because of energy considerations. Here I will shine a light on a few of the more significant transitions and how they might impact US and EU energy security.

 

"Russia's Strategic Steps Toward Israel ..."

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Gold the ‘counter to all currencies`

Gold the ‘counter to all currencies` | Gold and What Moves it. | Scoop.it

by Julian Phillips:

 

"The events of the last week and in the Eurozone are all pointing towards a severe increase in the tribulations of the Eurozone Sovereign debt situation and, by extension, its banking system. Talk of a Greek exit, because it has failed to meet the structural reform requirements, is now public, at senior German levels.

 

"We are of the opinion, that plans for the resurrection of the Drachma are now complete. When it happens it will come at a weekend and be a ‘fait accompli' on the Monday morning following.

 

"But of greater importance is the effect that will have on Spain and Italy and their debt positions. The sag in confidence when it happens, will likely propel them into a bailout scene too. The euro will then either tumble rapidly, or the Fed will step in with sufficient swaps to hold it up. That will undermine the dollar as well.

 

"As you can see in the last few days, gold has begun to rise in both the euro and the dollar. If this continues, it will mark the separation of gold from ..."

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Debt crisis: Greece to run out of money by August 20 - Telegraph

Debt crisis: Greece to run out of money by August 20 - Telegraph | Gold and What Moves it. | Scoop.it
Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing eurozone crisis has warned

 

by Robert Winnett:

 

"The beleaguered country will have to refinance billions of euros worth of government bonds in less than a month and requires international assistance — which may not be forthcoming — to repay the money.


"International inspectors arrived back in Greece on Tuesday to assess the country’s austerity programme with European officials warning that it was “hugely off track”.


"David Cameron is now receiving daily written updates on the deteriorating situation and was warned earlier this week that a Greek bankruptcy in the next month is now a serious possibility. ...".

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Peter Schiff - We've Been in a Depression Since End of 2007

Peter Schiff - We've Been in a Depression Since End of 2007...
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Gold up $32 as QE3 drumbeat grows louder | MINING.com

Gold up $32 as QE3 drumbeat grows louder | MINING.com | Gold and What Moves it. | Scoop.it

by Frik Els:

 

"Gold scaled the $1,600 an ounce level for the first time in three weeks on Wednesday as investors, worried about cheap money flooding markets and debasing the US dollar, turn to gold as an inflation hedge.

 

"By early afternoon gold was up 2.1% or $32.80 an ounce at $1,613.60 after a flurry of media reports speculating that stronger action by the US Fed to stimulate the economy was imminent.

 

"Spot gold is now back to the level the metal started the year at and up from 2012 lows of $1,535 struck mid-May. ..."

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oftwominds-Charles Hugh Smith: Global Crisis: the Convergence of Marx, Orwell and Kafka

oftwominds-Charles Hugh Smith: Global Crisis: the Convergence of Marx, Orwell and Kafka | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"The global crisis is not merely economic; it is the result of profound financial, sociological and political trends best captured by Marx, Orwell and Kafka.

 

"The global crisis is best understood as the convergence of the modern trends identified by Marx, Orwell and Kafka. Let's start with Franz Kafka, the writer (1883-1924) who most eloquently captured the systemic injustices of all powerful bureaucracies--the alienation experienced by the hapless citizen enmeshed in the bureaucratic web, petty officialdom's mindless persecutions of the innocent, and the intrinsic absurdity of the centralized State best expressed in this phrase: "We expect errors, not justice."

 

"If this isn't the most insightful summary of the Eurozone debacle, then what is? A lawyer by training and practice, Kafka understood that the the more powerful and entrenched the bureaucracy, the greater the collateral damage rained on the innocent, and the more extreme the perversion of justice.

 

"The entire global financial system is Kafkaesque ..." click through for the rest.

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The Golden Truth: Interest Or No Interest On Excess Reserves, That Is The Question

The Golden Truth: Interest Or No Interest On Excess Reserves, That Is The Question | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"... First, bank excess reserves held at the Fed are bank funds - in excess of Fed capital ratio requirements - which banks keep on "reserve" at the Fed for lack of something better to do with them. Currently the Fed is paying banks .25% in interest on these reserves (IOER - interest on excess reserves). A big debate has erupted over this policy, as critics contend it's keeping banks from lending out that money into the financial/economic system. Defenders of the IOER policy say that because the Fed/bank money system is "a closed system," whether or not the Fed pays IOER is irrelevant other than as a monetary tool to regulate the Fed funds rate. ..."

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Gold Up Nearly 2 Percent On Stimulus Hopes For U.S., Europe

Gold Up Nearly 2 Percent On Stimulus Hopes For U.S., Europe | Gold and What Moves it. | Scoop.it

by Frank Tang:

 

"Gold rose nearly 2 percent on Wednesday, outperforming equities for the third day in a row as renewed talk of U.S. and European monetary stimulus boosted the precious metal's appeal to investors seeking an inflation hedge.

 

Bullion was poised for its biggest daily rise in a month on speculation the European Central Bank will create new money to fund rescue operations for troubled euro zone countries, traders said.

Late on Tuesday, gold got a boost from talk that the Federal Reserve was exploring new tools to boost U.S. growth.

 

"The gold market has been looking for any hints of any quantitative easing program. You are seeing this big bounce today off the fact that there could be something going on in euroland," said Jeffrey Sherman, commodities portfolio manager at DoubleLine Capital LP, which has $38 billion in assets. ..."

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South Africa`s illegal underground gold miners being starved back to surface

South Africa`s illegal underground gold miners being starved back to surface | Gold and What Moves it. | Scoop.it

by Ed Cropley:

 

"One of South Africa's biggest gold firms has taken the drastic step of banning all food underground to cut supply lines to gangs of illegal miners used to staying deep in the mines for months on end, threatening lives and official production.

 

"With gold mining around Welkom, 200 km (130 miles) south of Johannesburg, dating back to the 1930s, the bedrock is criss-crossed by a myriad network of tunnels that provide perfect cover and multiple entry points for illegal miners.

 

"Bosses of Harmony Gold's 2.4 km deep Phakisa mine - one of the world's deepest - have tried blocking up old shafts and installing stadium-style turnstiles at the top of the main shaft to stop imposters slipping through. ..."

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Trader Dan's Market Views: QE3 Timetable Moves Up to August

Trader Dan's Market Views: QE3 Timetable Moves Up to August | Gold and What Moves it. | Scoop.it

"The market is abuzz this morning with chatter that the Fed is going to open the candy store next month instead of waiting until September as many had come to believe. ..." Click through for the rest of the insights from Trader Dan.

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Gerald Celente - Gold & The Greatest Bank Robbery In History

Gerald Celente - Gold & The Greatest Bank Robbery In History | Gold and What Moves it. | Scoop.it

With gold surging nearly $30, today top trends forecaster Gerald Celente gave King World News readers and listeners an exclusive sneak peek into his upcoming Summer Trends Journal. Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world. When asked about one of his headlines in the upcoming Summer Trends Journal titled, ‘The Greatest Bank Robbery In World History,’ Celente stated, “It’s very clear, the banks are doing the robbing. They are the bank robbers. It’s the greatest heist in world history, and the banks are doing the robbing.

 

“If you give a man a gun, he can rob a bank. But if you give a bank to people like Barclays, Robert Diamond, Goldman Sachs, Lloyd ‘I’m doing God’s work’ Blankfein, or JP Morgan’s ‘It’s a tempest in a teapot that $2 billion loss’ Dimon, they can rob the world.

 

"That’s right, one man with a gun robs a bank, but a few guys with banks rob the world. No one has ever seen anything like this in world history....

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8,753,935: Workers on Disability Set Another Record in July; Exceed Population of 39 States | CNSNews.com

8,753,935: Workers on Disability Set Another Record in July; Exceed Population of 39 States | CNSNews.com | Gold and What Moves it. | Scoop.it

by Terence Jeffrey:

 

"(CNSNews.com) - The number of workers taking federal disability insurance payments hit yet another record in July, increasing to 8,753,935 during the month from the previous record of 8,733,461 set in June, according to newly released data from the Social Security Administration.

 

"The 8,753,935 workers who took federal disability insurance payments in July exceeded the population of 39 of the 50 states. Only 11 states—California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Michigan, Georgia, North Carolina and New Jersey—had more people in them than the number of workers on the federal disability insurance rolls in July.

 

"Virginia, the twelfth most-populous state, had 8,096,604 people in 2011, according to the latest Census Bureau estimate. That would make Virginia’s population about 657,331 less than the number of workers who took federal disability insurance payments in July. ..."

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Twitter / JLNMetals: Gunmen rob gold, silver fr ...

Gunmen rob gold, silver from mine http://t.co/2IE5RGqT
Jul 25 via web Favorite Retweet Reply

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Twitter / cboyack: BREAKING: #auditthefed (HR ...

BREAKING: #auditthefed (HR 459) passes the House!
Jul 25 via Twitter for Mac Favorite Retweet Reply

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