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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Hedgehog Trader | To Profit, Stray from the Crowd!

Hedgehog Trader | To Profit, Stray from the Crowd! | Gold and What Moves it. | Scoop.it

"... The only thing investors need to answer is – are fundamentals strong for gold and silver, yes or no?

 

"Bankers Must Print … Or Die! (Gold Wins!)

 

"And the answer is yes. The strongest ever. Countries worldwide are deeply in debt and nitwit bankers are printing money to delay their inevitable default (and a move to a gold-backed currency). This is extremely inflationary.

 

"One would think the US dollar would rise sky high, given the desire for ’safety’, but in fact, the dollar has only managed a small, pitiful rally. That tells us big money is not all that enthused about the dollar as a safe haven and that the dollar is likely to fare even worse, while gold and silver (real money) rise when dollar holdings are liquidated. ..."

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How Close Are We to New Great Depression?

How Close Are We to New Great Depression? | Gold and What Moves it. | Scoop.it
The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.

 

“We’re in a very unfortunate position to be here,” Richard Duncan, author of The New Depression, warned on CNBC’s “Squawk Box Europe” Monday.

 

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued. ... [click through for the video]

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Precious Metals Digest | Forget About QE3, Look To The ‘Fiscal Cliff’ For Gold’s Next Big Move

Precious Metals Digest | Forget About QE3, Look To The ‘Fiscal Cliff’ For Gold’s Next Big Move | Gold and What Moves it. | Scoop.it

Tim Iacono of Iacono Research wrote earlier today that…

 

“It was fractious debt ceiling debate and downgrade of U.S. credit that sent the trade weighted dollar sharply lower along with domestic equity markets while the yellow metal was soaring toward the $2,000 mark as shown below and this sort of thing could happen again this year.”

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27 Things That Every American Should Know About The National Debt

27 Things That Every American Should Know About The National Debt | Gold and What Moves it. | Scoop.it
The U.S.government has stolen $15,876,457,645,132.66 from future generations of Americans, and we continue to add well over a hundred million dollars to that...

 

"Both parties are to blame. Both of them get a failing grade.

 

"If the Republicans really wanted to stop the federal government from running up all this debt they could have done it.

 

"If the Democrats really wanted to stop the federal government from running up all this debt they could have done it.

 

"So let's not pretend that one of the political parties is "the hero" in this little drama.

 

"The damage has been done, and both parties will go down in history as being grossly negligent on fiscal issues during this period of American history.

 

"Sadly, neither party is showing any signs of changing their ways."

 

[Hard to disagree with any of that]

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oftwominds-Charles Hugh Smith: Financialization and Crony Capitalism Have Gutted the Middle Class

oftwominds-Charles Hugh Smith: Financialization and Crony Capitalism Have Gutted the Middle Class | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

 

"The neofeudal colonization of the "home market" has transformed the middle class into debt serfs.

 

"According to the conventional account, the Great American Middle Class has been eroded by rising energy costs, globalization, and the declining purchasing power of the U.S. dollar in the four decades since 1973.

 

"While these trends have certainly undermined middle-class wealth and income, there are five other less politically acceptable dynamics at work:

 

"1.  The divergence of State/private vested interests and the interests of the middle class

 

"2. The emergence of financialization as the key driver of profits and political power

 

"3. The neofeudal “colonization” of the “home market” by ascendant financial Elites... "

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FOFOA: Fallacies – 1. Paper Gold is just like Paper Anything

FOFOA: Fallacies – 1. Paper Gold is just like Paper Anything | Gold and What Moves it. | Scoop.it

by FOFOA:

 

"... The mere existence of a commodity-like paper market for gold suppresses the price naturally, systemically. Long term systemic suppression of gold is something totally separate and different from short term price manipulation or distortion which can occur in any commodity or paper market.

 

"Here's ANOTHER explaining that the BIS (primarily European central banks at the time) not only anticipated that a paper gold market would lower the price of gold, but that in the 1980s they supported the creation and expansion of this market for that very purpose ..."

 

You will need to click through for the full piece.

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Rob Kirby: LIBOR rigging is just the tip of the iceberg | Gold Anti-Trust Action Committee

Rob Kirby: LIBOR rigging is just the tip of the iceberg | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Dear Friend of GATA and Gold:

 

"The rigging the LIBOR interest rate report, GATA consultant Rob Kirby of Kirby Analytics in Toronto writes today, was only a small part of the greater scheme of controlling interest rates and the price of gold and supporting the U.S. dollar with vast derivative positions on the books of investment bank JPMorganChase. Kirby's commentary is headlined "LIBOR Rigging: Tip of the Iceberg" and it's posted at GoldSeek here. ..."

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Gold Pops Up To Near $1,600 Ceiling, Lags Silver's Gains

Gold Pops Up To Near $1,600 Ceiling, Lags Silver's Gains | Gold and What Moves it. | Scoop.it

by Eleazar David Melendez:

 

"Gold futures popped Friday to nearly $1,600, tracking wider gains in other asset markets, but were underperforming silver and the broad equity market.

 

"Gold has been trading in a somewhat-narrow band between $1,500 and $1,600 recently, but instruments based on the commodity have consistently hit a ceiling at $1,600, in spite of bullish fundamentals.

 

"Frustration over gold's performance is clearly growing, and this was evident in yesterday's weaker sentiment towards the yellow metal. Taking a step back from near-term price action, the market is actually continuing to consolidate in the area between $1550 and $1650, with the trading range seemingly getting narrower within that space as we delve deeper into the Northern Hemisphere summer months," Edel Tully, a precious metals strategist at UBS, wrote Friday in a client note. ..."

 

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Greyerz - Gold to Hit $3,500 - $5,000 in 12 to 18 Months

Greyerz - Gold to Hit $3,500 - $5,000 in 12 to 18 Months | Gold and What Moves it. | Scoop.it

Today Egon von Greyerz told King World News, “The credit bubble we’ve had, for at least 40 years, is going to accelerate dramatically, and the failures in the system will continue.” Egon von Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “I see gold reaching $3,500 to $5,000 in the next 12 to 18 months.”

 

"Here is what Greyerz had to say about the ongoing financial crisis and where we are headed: “There is a fire in almost every country in Europe. The US is going to catch fire also. There will be a catalyst coming soon, probably some concerted action of QE or money printing between the Fed, IMF and the ECB. That will happen as a result of the economies, worldwide, collapsing.

 

“Just look at the unemployment. We’re looking at 25% unemployment in many countries. The US is at 23% (unemployment) if you count it correctly. Youth unemployment is 50% in many countries. This is a disaster for the world and the social side of this will be terrible.

 

"So the catalyst could come from anywhere, Eric, but the money printing will be part of the next move in gold, that’s for certain. ..."

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$10 Billion Away From $10 Trillion | ZeroHedge

$10 Billion Away From $10 Trillion | ZeroHedge | Gold and What Moves it. | Scoop.it

posted to http://www.Zerohedge.com  by Tyler Durden:

 

"According to the just released M2 update, the broadest publicly tracked monetary aggregate (because the Fed doesn't have enough money to keep track of M3) just hit $9,991.5 billion, a $43 billion increase from last week. In other words, this is the last week in which M2 is under $10 trillion. So enjoy it while the "complete lack of penetration" of the monetary base into broader monetary aggregates, and of the Fed's reserves so tightly locked up in bank vaults, is still only 13 digits (most of it comprising of bank deposits which of course represent no inflationary threat at all). ..."

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Gold to hit new high before year end - Eric Sprott

Gold to hit new high before year end - Eric Sprott | Gold and What Moves it. | Scoop.it

by Liezel Hill:

 

TORONTO (BLOOMBERG) -

 

"Gold will climb to a record by yearend as the global economy slows from the weight of too much debt, says Eric Sprott, the founder and chairman of Canadian fund manager Sprott Inc. (SII)

 

"I just can't imagine the demand for gold is going down," he said in a July 9 interview at Bloomberg's Toronto office. "I don't personally see a solution to the problem that we're in, the financial leveraging issue that we all have where everybody wants to shed debt and there's no buyers."


"Sprott's company manages funds investing mainly in gold, silver, and precious-metals equities. He expects bullion will rise as investors seek the safest assets while governments spend to stimulate their economies, increasing chances that inflation will accelerate.

 

"Gold, which had advanced for 11 successive years, is almost unchanged so far in 2012. It's 18 percent lower than the record $1,923.70 an ounce traded on Sept. 6 in New York after investors favored buying the dollar amid Europe's escalating debt crisis.

 

"The metal "should go to new highs before yearend, that would be my guess," said Sprott, 67. "Gold has blown away every financial market in the world since 2000, let's not forget that. ..."

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India`s Reserve bank looking to put idle household gold to better use

India`s Reserve bank looking to put idle household gold to better use | Gold and What Moves it. | Scoop.it

by Shivom Seth:

 

MUMBAI (MINEWEB) -


"The Reserve Bank of India is looking to mobilise the country's idle gold deposits. The apex bank is mulling ways other than direct curbs on imports of gold to reduce the current account deficit.

 

"With gold imports contributing substantially to India's current account deficit, a bank instituted panel is looking into the aspects of devising some alternative routes.

 

"Anand Sinha, deputy governor of the Reserve Bank of India (RBI) said the bank is considering financial instruments that mimic the returns on gold.

 

"Gold imports have been a substantial part of the current account deficit. Therefore, it is being looked at what best can be done. Import is one aspect, the other aspect is that the gold that already exists in the country can be brought out to satisfy the demand by devising financial instruments which can mimic the returns on gold,'' Sinha told mediapersons. ..."

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Lawrence Williams: LIBOR Scandal Brings Gold Price Manipulation Once More to the Fore - Ed Steer's Gold & Silver Daily

Lawrence Williams: LIBOR Scandal Brings Gold Price Manipulation Once More to the Fore - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
To me, yesterday was just another day of engineered price rigging in the precious metal markets...hidden behind the skirts of a manufactured rally in the dollar index.

 

from Ed Steer:

 

"... But, having said that, today's COT report should be interesting, as JPMorgan et al certainly improved their positions...and the Commercial net short position should show a significant decline. The only unknown is whether or not the price declines in both gold and silver during the reporting week...the cut-off was on Tuesday at 1:30 p.m. Eastern...were enough to reverse the big price rises that occurred during the three days before the Independence Day holiday.

 

"During that rally, JPMorgan et al were doing the usual...either going short against all comers, or selling long positions at a profit. The intended effect of both was to cap the rally...and it was very successful. Was that position entirely reversed in the four business days after the July 4th holiday? Did JPMorgan cover all its shorts [at a profit, of course]...and did the small traders go long once again? I know that silver analyst Ted Butler is more than anxious to find out...and so am I.

 

"If I had to bet a dollar, I'd say we saw the lows in both gold and silver for this particular move down yesterday...and it's always what happens in the ensuing rally that we wait for. Will 'da boyz' pull the usual stunts like I spoke of above...or will JPMorgan stand aside and not go short against all comers...and will Ted Butler's raptors not sell their long positions?

 

"If they decide on the latter course of action, then you can pick a very large closing price for all four precious metals. If they decide on the former course of action, then we'll see the 'same old, same old'. ..."

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Bernanke says Fed prepared to do more to boost jobs - Reuters

Bernanke says Fed prepared to do more to boost jobs - Reuters | Gold and What Moves it. | Scoop.it
BloombergBernanke says Fed prepared to do more to boost jobsReutersWASHINGTON (Reuters) - The Federal Reserve stands ready to offer additional monetary support to a U.S.

 

LOL I wonder what that will be?

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Eric De Groot: US government records $904.2B deficit through June

from Eric De Groot:

 

"Pick and number, any number, because a deficit balanced on a knife's edge of liquidity and confidence could prove to be highly unpredictable. Billions have become trillions without as the game of sweep the problem under the rug continues without much public concern (or awareness). The rising secular trend in gold says, if the economy slows at the margin, even a little, the CBO 2012 full year forecast of $1.17 trillion will prove to be extremely conservative and naive in retrospect."

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Middle East War Preparation, Libor, Gold at $2,000 An Ounce & More: Weekly News Wrap-Up

http://USAWatchdog.com  - Last week, there was news the U.S. was sending more military assets to the Persian Gulf, and it looks like things are continuing to heat up in the Middle East. This week, the buildup continues with news the U.S. is sending underwater drones to combat possible Iranian mines and their drones. Meanwhile, in Syria, the Russians are reportedly sending a flotilla of 11 warships to the Syrian coast for maneuvers. NATO already has ships on the Syrian coast, and surveillance flights by the alliance are increasing in the region. This is not how you set the table for peace in the Middle East, even though the U.N. is attempting to put the East and West together to find a peaceful solution. The Libor rate rigging scandal appears to be the biggest financial fraud in history. Barclays bank paid a $450 million fine last week to regulators, but more than a dozen international banks, and even the U.S. and UK governments, are implicated. $800 trillion in commerce is based on this key rate. Avalanches of lawsuits are reportedly on the way. Another brokerage firm has gone bust (PFGBest), and around $200 million of customer money is missing. The FBI is investigating, but where is the FBI investigation into MF Global? It went bust on Halloween of last year! Former New Jersey Governor and Goldman Sachs CEO Jon Corzine ran the brokerage where $1.6 billion of customer money vanished. What gives?

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Report from an Underwater Wasteland

Report from an Underwater Wasteland | Gold and What Moves it. | Scoop.it

by Douglas French:

 

"Christine Lagarde, the head fixer at the International Monetary Fund, says U.S. policymakers need to be more aggressive in dispensing medication to boost America’s punk recovery. Washington bureaucrats, she believes, have all the fiscal and monetary tools they need to get the job done.

 

"Ben Bernanke’s printing press is collecting dust, she thinks, and legions in Washington have stayed home to escape this summer’s uncomfortable climate change. There’s not enough QEs and Twists to suit Lagarde. Not enough red, white and blue government programs for the IMF brass. Striking an Independence Day theme, Lagarde is hoping for more government “firepower” in the good old U.S. of A.

 

"Well, let’s look at a test case for how the firepower is working out for Las Vegas. On July 4, the titans on the Strip kept their powder dry, and the smattering of neighborhood fireworks displays were no match for the Fourth’s full moon.

 

"If housing demand is all about low rates, why don’t 30-year fixed rates under four percent set loose the animal instincts? Why did the tax incentives for home purchases of a couple years ago only generate a slight blip in sales? ..."

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Gold is Doing its Job

by David Engstrom, Lear Capital:

 

"Where’s the gold price headed from here? For 8 months the gold price has held strong against multiple attempts to drive the price below various levels of support. Each time its nose dives toward the next level of support, (currently $1559 an ounce) buyers race in.

 

"Recent reports would attribute this buying to central bank buying with China alone increasing it’s gold purchase in Q1 2012 by 600% over Q1 2011. Some estimates are for central banks to buy 700 tonnes of gold this year. It is on this premise that many predict the gold price to rise significantly, even before year end. Eric Sprott of Sprott Asset Management puts gold up 25% by year end, Citigroup predicts gold to double by 2013 and market guru Marc Faber says gold could triple. ..."

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Gold: Not just for kooks and weirdos - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb

Gold: Not just for kooks and weirdos - INDEPENDENT VIEWPOINT - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Adrian Ash:

 

"Never mind inflation or credit default. There are plenty of less scary reasons to consider gold investing too...

 

GOLD IS OF COURSE for kooks and weirdos only - those doom-mongers who, bothering to read history, think printing money risks massive inflation, and who also fear banking and even government default today. Can you imagine!


"Still, as we've learnt since gold's record peaks of summer 2011, it does much more than go up in a straight line. And that's why gold investing might also be for other people too - better-paid, less wild-eyed people in sharper suits. Or at least it would be. If only professional money managers studied the data, like the doom-mongers read history. ..."

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Gold market manipulation issue seeping into polite company | Gold Anti-Trust Action Committee

Gold market manipulation issue seeping into polite company | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Dear Friend of GATA and Gold:

 

"Commentary concurring that the gold market is or is probably manipulated by central banks for the same reasons the LIBOR interest rate was manipulated is turning up frequently now.

 

"Jan Skoyles of The Real Asset Co. today notes, as GATA has been doing for a while, that the current manipulation just continues in secret the central bank manipulation that was conducted in the open through the London Gold Pool in the 1960s. Skoyles' commentary is headlined "The London Gold Pool 2012":


http://therealasset.co.uk/2012-london-gold-pool/

 

"And MineWeb's Lawrence Williams, in commentary headlined "LIBOR Scandal Brings Gold Price Manipulation Once More to the Fore," writes today: "The idea of gold price manipulation, once the preserve of the much-derided Gold Anti-Trust Action Committee ..."

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Gold Bulls are Back

Gold Bulls are Back | Gold and What Moves it. | Scoop.it

by Paul a. Ebeling, Jnr.

 

"Gold Bulls are Back and Charging.

 

"It look[s] like now is the time to own Gold, ssentiment is negative, there is a signal of the renewal of the up-trend.

 

"Based on Gold's history, and the prevailing conditions my works augurs for big gains over the next several months.

Investors want to own Gold in a Bull market.

 

"When the USD begins to fall against other currencies, it is also going down in terms of the Gold price. ..."

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CFTC calls emergency meeting after PFGBest scandal - Reuters

CFTC calls emergency meeting after PFGBest scandal - Reuters | Gold and What Moves it. | Scoop.it
USA TODAYCFTC calls emergency meeting after PFGBest scandalReutersWASHINGTON (Reuters) - The Commodity Futures Trading Commission has called an emergency industry meeting to explore how to better protect customer money, days after the discovery that...
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The CME On Gold As Collateral And Its Unsurprising London-Based Custodian | ZeroHedge

The CME On Gold As Collateral And Its Unsurprising London-Based Custodian | ZeroHedge | Gold and What Moves it. | Scoop.it
While the increasing use of gold as accepted explicit (not implied) collateral has long been known, especially with an increasing push by Germany to receive gold as the ultimate guarantee backstop of the only viable Eurozone extension  scheme, the...
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LIBOR scandal brings gold price manipulation once more to the fore

LIBOR scandal brings gold price manipulation once more to the fore | Gold and What Moves it. | Scoop.it

by Lawrence Williams:

 

"LONDON (MINEWEB) -
There has been much written about the latest financial manipulation by global bankers of LIBOR - The London InterBank Offered Rate which is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is the primary benchmark, along with EURIBOR (The European InterBank Offered Rate) for short term interest rates around the world and is calculated for ten different currencies and 15 borrowing periods ranging from overnight to one year and are published daily after 11 am (London time) by Thomson Reuters. Many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it. The global significance of the rate should not be underrated with estimates suggesting that at least $350 trillion in derivatives and other financial products are tied to the LIBOR, which makes the fine imposed on Barclays for its role in manipulating the rate just a tiny slap on the wrist. A fraction of a percent on this size of figure means potential gains across the financial sector of billions of dollars - so why is anyone surprised that the mechanism might be manipulated in this way? ..."

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A Clash Of Two Systems On A Global & Historic Scale

A Clash Of Two Systems On A Global & Historic Scale | Gold and What Moves it. | Scoop.it

Robert Fitzwilson tells King World News:

 

"... The most important paragraph you will ever read is below. It is attributed to a protégée of the Rothschild family, a man named John Sherman. He is reported to have said:

 

"The few who understand the system, will either be so interested in
its profits, or so dependent on its favours that there will be no
opposition from that class, while on the other hand, the great body
of the people mentally incapable of comprehending the tremendous
advantage that capital derives from the system, will bear its burdens
without complaint, and perhaps without even suspecting that the system is inimical to their interests. ..."

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