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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PRECIOUS-Gold near 3-1/2 month high on ECB hopes - Reuters

Business RecorderPRECIOUS-Gold near 3-1/2 month high on ECB hopesReutersSpot platinum rises to $1511.99/oz, highest since early May * Both spot gold, platinum poised to test 200-day moving average * Spot gold may rise to $1647/oz -technicals * Coming...
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A gold backing for China's renminbi? | MINING.com

A gold backing for China's renminbi? | MINING.com | Gold and What Moves it. | Scoop.it

Michael Allan McCrae writes:

 

"Some central bankers may be listening to Ron Paul after all.

 

"China, which will soon be the world's biggest economy, is rumoured to be thinking about backing its renminbi with gold, according to a post by Mountain Vision. ..."

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Gold: Gaming the System | John Ing | Safehaven.com

Gold: Gaming the System | John Ing | Safehaven.com | Gold and What Moves it. | Scoop.it

John Ing writes:

 

"Markets have been struggling with high frequency trading (HFT) as computers have taken over. Computer or algorithmic related trading makes up more than 50 percent of the market volume and trading is aimed at more gaming than adding liquidity. We believe that high frequency trading puts the client last as institutions try to game the system taking advantage of clients' Maison orders. At one time, markets were held to the test that clients came first! Exchanges are reluctant to shut down these systems because of the business from the trading volume. However the $400 million loss by Knight Capital shows that even in the United States there is no control over these algo traders. Tellingly, it took one week for Knight Capital to discover the software problem. There is no question automated trading has brought gains in price efficiencies and liquidity, but the exchanges have become too fragile and too big to fail. Regulators do not have the financial arsenal to keep up with today's software. So what to do? First there should be a delaying mechanism and software must undergo testing and at a minimum the same regulatory scrutiny that personnel and sales personnel must undergo at least once a year. Add in rules requiring them to hold more capital.


"The unfolding LIBOR saga while not a surprise to us certainly was a surprise to the Street. The big banks rigged for their own benefit the LIBOR rate ..."

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Caterpillar CEO Turns Less Bullish, Warns Of Economic Uncertainty

Caterpillar CEO Turns Less Bullish, Warns Of Economic Uncertainty | Gold and What Moves it. | Scoop.it

By MORAN ZHANG:

 

"Caterpillar Inc. (NYSE: CAT) Chief Exectutive Officer Doug Oberhelman has long been an optimist, but these days he has been scaling back on his optimism.

 

"The global economic outlook is more uncertain now than during late 2008, although the situation isn't as severe, Oberhelman told the Financial Times.

 

"There's never been a more unpredictable set of tea leaves than right now. Even in 2008 and 2009, U.S. housing was already dying and had been for two years. We saw that," Oberhelman is quoted as saying in the Financial Times.

 

"I don't think the situation is as grave as it was in 2008, but the uncertainty, the storm clouds are around things that none of us know about, like what will happen with the political situation in Europe," he said. ..."

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Hot and Explosive? (updated)

TF Metals writes:

 

"... Here's that word again: Maybe. Though I am supremely confident that the metals, particularly silver, are about to charge off into uncharted territory, I cannot be certain that this is happening right now. This is coming, however, and it is coming very soon. Perhaps the leader will survive and even play along? Maybe. In the end, it doesn't mater. Prices are going much, much higher whether they like it or not. ..."

 

click through for the full piece and all the charts.

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Is Gold Money? LCH Accepts Shiny Yellow Metal As Collateral | ZeroHedge

Tyler Durden writes on www.ZeroHedge.com:

 

"Whether it is because the CME just did it; or it's all their clients have left; or Gold volatility is lower than EURUSD volatility (9.0% vs 9.6% in last 3 weeks); or they see the painting on the wall of Draghi's grand-plans, the LCH-Clearnet just announced that as of August 28th, unallocated gold will be accepted as collateral for margin cover purposes. This now means all the major exchanges accept worthless barbarous relics as collateral - as well as worthless fiat paper 'money'. ..."

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Gold prices climb; platinum holds near 2-month high

Gold prices climb; platinum holds near 2-month high | Gold and What Moves it. | Scoop.it

Jan Harvey writes:

 

"Gold prices rose on Monday as the dollar hit its lowest in nearly two weeks against the euro and stock markets rallied, while platinum held near two-month highs as unrest simmered at a mine in major producer South Africa.


"Platinum has been the biggest climber of the last seven days, up more than $100 an ounce week-on-week on Tuesday, after police shot dead 34 people after an outbreak of inter-union violence at a mine operated by Lonmin.

'Gold prices climbed, meanwhile, in line with European shares and the euro, on optimism that meetings on Greece's future and a strategy being drawn up by the European Central Bank will lead to progress in solving the euro zone debt crisis.

 

"Spot gold was up 0.3 percent at $1,623.86 an ounce at 0948 GMT, while U.S. gold futures for December delivery were up $3.40 at $1,626.40. It is approaching key resistance at $1,630 an ounce, which has held it in check since early June.

 

"Gold has got a good gentle uplift at the moment, with the backdraft of positive news on the euro," Sharps Pixley Chief Executive Ross Norman said. "We're seeing a nice gentle pick up in volumes across Europe on the physical side, (but) we've got all the heavy lifting to do between $1,630 and $1,640."


"There's quite a lot of overhead resistance on the charts, so once we've got a convincing breach of that we need to see a bit more volume as well. Over the summer, it's been particularly light. The market just seems to be drifting higher. ..."

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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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Gold zooms to near record at Rs 30,745 on strong global cues - The Times of India

Gold zooms to near record at Rs 30,745 on strong global cues - The Times of India | Gold and What Moves it. | Scoop.it

The Times of India:

 

NEW DELHI: Gold on Wednesday surged to near its record level by gaining Rs 235 to Rs 30,745 per 10 grams buoyed by brisk buying by stockists and investors on strong global cues.

 

In a three-day long rising spree, prices of the precious metal spurted to reach near its all time high level of Rs 30,750 per 10 grams set on June 19, as stockists enlarged their positions to meet ahead of marriage season and investors shifting their funds from easing equities to firming bullion.

 

On similar lines, silver prices shot up by Rs 950 to trade at Rs 56,000 per kg on increased offtake by industrial units and coin makers.

 

Sentiment also bolstered as gold traded near a three- month high in global markets after holdings in the biggest exchange-traded fund backed by bullion increased to the most in six weeks and speculation that leaders may agree to contain Europe's debt crisis. ...

 

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Max Keiser: Global political issue of owning gold & silver

In this edition of the show Max interviews J.S Kim from smartknowledgeu.com. He talks about the Asian economies and precious metal currencies, as well as plans by Germany to force European nations to use their gold reserves as collateral. J.S Kim has an undergraduate degree from the University of Pennsylvania and two master degrees (a Master in Public Policy and a Master in Business Administration) from the University of Texas at Austin. In 2005, dissatisfied with the ethics of the commercial investment industry, J.S. Kim left the corporate world behind to launch SmartKnowledgeU™.

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Lear Capital: When BIG Money Moves Into Gold – What’s Your Next Move??

Lear Capital: When BIG Money Moves Into Gold – What’s Your Next Move?? | Gold and What Moves it. | Scoop.it

By David Engstrom

 

"And the saga rolls on. When measured in dog years it was just days ago when George Soros said gold was the ultimate bubble. Now he's back at it. Like a dog who keeps trying to bite the tires off a passing car, George is chasing Gold again.

 

"According to a recent Bloomberg report, Soros Fund Management added 884,000 shares of SPDR Gold Trust to its portfolio. Not to be outdone, fellow billionaire John Paulson of Paulson and Company, assumed the role of alpha male and increased his fund holdings to 21.8 million shares.

 

"All the while, the pack, the average investor, is being hit here and there with snide little comments suggesting gold has seen better days. The economy is recovering, jobs are plentiful, even housing is bouncing higher and higher off its bottom. And Europe? Fagget it! It's all better now. If we don't talk about it, the problem goes away. In fear of losing hard-earned savings, the pack has fled gold and moved back in the direction of stocks, bonds and housing. ..."

 

Track the spot price of gold with the free widget, Exact Price, from Lear Capital: http://www.learcapital.com/exactprice ;

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Bundesbank Warns Germans Of Costs Of Propping Up Europe

Bundesbank Warns Germans Of Costs Of Propping Up Europe | Gold and What Moves it. | Scoop.it

by Eric Linton:

 

"Germany's central bank warned Monday that Europe's biggest economy could be stressed by the continent's endless financial crisis, with signs of a slowdown building even as it is being relied on ever more to prop up its neighbors.

 

"Confidence in German public finances is a key anchor of stability in the current crisis but it cannot be taken for granted," the Bundesbank said in a monthly report cited by the Washington Post. The central bank cautioned against the potentially "unlimited" financial support being considered for troubled Italy and Spain.

 

"The Bundesbank also stiffened its resistance to a European Central Bank plan to buy billions of euros worth of Spanish and Italian government bonds to reduce those countries' crippling borrowing costs, Reuters reported. ..."

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Jacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming | ZeroHedge

Jacob Rothschild, John Paulson And George Soros Are All Betting That Financial Disaster Is Coming | ZeroHedge | Gold and What Moves it. | Scoop.it
Courtesy of Michael Snyder of Economic Collapse

 

"Are you willing to bet against three of the wealthiest men in the entire world? Jacob Rothschild recently bet approximately 200 million dollars that the euro will go down.

 

"Billionaire hedge fund manager John Paulson made somewhere around 20 billion dollars betting against the U.S. housing market during the last financial crisis, and now he has made huge bets that the euro will go down and that the price of gold will go up. ..."

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There`s lots of gold in Nevada - why look abroad for gold investments?

There`s lots of gold in Nevada - why look abroad for gold investments? | Gold and What Moves it. | Scoop.it

Alec Gimurtu has an interview with David Sidders on mining:

 

Investors do not need to travel the world to make money in gold mining stocks. Nevada has world-class geology, infrastructure and a mine-friendly legal system. Gold Report interview with David Sidders*

 

If you're into mining I figured you'd find it an interesting interview. So click through for it.

 

Here's a snippet:

 

"... In Nevada, something like 24 metal mines and 24 industrial mines currently are in operation. So that's four dozen mines, and all the majors are there. There are more holes in Nevada than there are on a dartboard. That is not bad-it indicates that the ground is good. Many of those holes were drilled long ago; the technology has improved and gold prices are higher. Today's industry is different from 15 years ago.

 

"What is new in Nevada? One example of an area that is getting a second look is the Bullfrog Mining District. We're seeing some juniors working there now. One of the juniors has a resource of greater than 1 Moz Indicated and Inferred in the Bullfrog Hills. There is still exploration opportunity because the technology and the economics have improved dramatically since the area was first mined. The improvements are in addition to the well-known advantages that Nevada already has-low cost surface mining, ores that can be processed by chemical leaching and a favorable legal and tax system. There is a reason that Nevada produces 80-85% of all the gold in the U.S. ..."

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Leeb - Supply Crunch To Send Silver Into The Stratosphere

Leeb - Supply Crunch To Send Silver Into The Stratosphere | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb told King World News, “... it will be very difficult going forward to acquire large amounts of silver.” Leeb, who is Chairman of Leeb Capital Management, also said that because of this, “... the price of silver is literally going into the stratosphere.”

 

Here is what Leeb had to say: “This is going to be very important for the silver market going forward, Eric. As an example, photovoltaics is a tremendous way to generate electricity from the sun, but it uses a large amount of silver. The major difference between photovoltaics and other ways of generating energy from the sun, is that the other methods require a great deal of water.

 

“One of the methods being used to garner energy from the sun requires six to seven times more water than nuclear, and nuclear already requires tremendous amounts of water. The point I am trying to make is that photovoltaics requires a bare minimum of water and in some cases no water.

 

"Water, which is becoming much more of a concern in today’s world, is going to be critical going forward in terms of supplies. ..."

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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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