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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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The Gold Bubble Debate And The Flash Crash In Gold

The Gold Bubble Debate And The Flash Crash In Gold | Gold and What Moves it. | Scoop.it
The flash crash in gold that occurred on Wednesday seemed to have as much logic behind it as the infamous stock market flash crash of May 6, 2010 when the Dow...

 

"There is also a very bullish aspect to gold's flash crash which has gone relatively unmentioned. For every seller there is a buyer and someone was more than happy to buy millions of ounces of gold at a discount. Discussing this bullish side of the gold smash down, Barry Stuppler of Mint State Gold asks "Who Bought The 34 Million Ounces of Gold?""

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Jim’s Mailbox « Jim Sinclair's Mineset

"Liquidity is driving the stock market higher. Spin citing the lack of visible inflation describes the force of this liquidity as a soft, babbling brook. Reality, however, is far different than perception. The force behind the trends in movable assets (stocks, gold, silver, etc.) compares to that of the Colorado River a few months after the first winter’s melt. Anyone that’s jumped unrestricted flow section of the Colorado River has an idea of the forces in play."

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Implats strike costs $322 million, 120,000 platinum ounces

Implats strike costs $322 million, 120,000 platinum ounces | Gold and What Moves it. | Scoop.it

"Impala Platinum said that a crippling illegal strike at its key Rustenburg operation has now cost it 120,000 ounces in lost platinum group metals production, which equates to 2.4 billion rand ($322 million) in lost revenue.

 

"Johan Theron, a senior executive at Implats, also told Reuters on Friday that the operation was still set to reboot next week as almost 15,000 mineworkers have been rehired, but it remained unclear when full production would resume.
"I don't know how long it will take to get back to steady state production," Theron said."

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Asia Buys Gold After Massive Single Trade Sell Off During Bernanke’s Testimony | ZeroHedge

Asia Buys Gold After Massive Single Trade Sell Off During Bernanke’s Testimony | ZeroHedge | Gold and What Moves it. | Scoop.it
From GoldCoreAsia Buys Gold After Massive Single Trade Sell Off During Bernanke’s TestimonyGold’s London AM fix this morning was USD 1,714.50, EUR 1,292.99, and GBP 1,076.14 per ounce.
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Billionaire Hugo Salinas Price - Central Banks Smashed Gold

Billionaire Hugo Salinas Price - Central Banks Smashed Gold | Gold and What Moves it. | Scoop.it

[M]ulti-billionaire Hugo Salinas Price told King World News that central banks were definitely behind the smash in the gold price yesterday.

 

“If I saw the price declining little by little, day after day, that would be a worrisome signal. That would mean the market is not anxious to acquire more gold or silver, but that’s not the case.

 

"As I said, when I see that kind of collapse in gold, I know it’s not the natural market doing that. Nobody getting rid of their gold and silver is going to dispose of it in that manner. They are going to do it little by little.

 

"This seller was definitely not interested in losses, what they were interested in was suppressing the price. What happened yesterday was insignificant from the point of the ongoing overrunning of the fiat money crowd.”

 

Hugo Salinas Price also stated: “Continue to acquire gold if you can afford it. If you can’t, continue to acquire silver and make sure you have physical possession. You can also invest in Sprott’s physical Trust, he has one that is trustworthy."

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John Williams - Horrendous Implications for Systemic Stability

John Williams - Horrendous Implications for Systemic Stability | Gold and What Moves it. | Scoop.it

John Williams just warned that current problems have horrendous implications for the markets. Williams, who founded ShadowStats, also noted that Bernanke continues to pay lip-service regarding inflation-containment. Here is what Williams had to say about the situation: “Recognition of an intensifying double-dip recession as well as an escalating inflation problem remains sporadic. The political system would like to see the issues disappear until after the election; the media does its best to avoid publicizing unhappy economic news; and the financial markets will do their best to avoid recognition of the problems for as long as possible, problems that have horrendous implications for the markets and for systemic stability.”

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Saving with Gold

Saving with Gold | Gold and What Moves it. | Scoop.it

"How can someone on a tight budget best get invested in silver and/or gold? I don't have a lot of savings, but I do not want to see them destroyed by more and more "quantitative easing".

 

"Seeing that I'd practically have to spend $2000 to get one ounce of gold, would silver be a better way to go? I know it's price is high too, but maybe more manageable for someone who isn't starting with a large initial investment.

 

"I've seen some things where you don't get actual silver or gold in your possession, but a certificate (or something like that) instead. Are these plans liable to leave investors defrauded or to have the actual metal confiscated by the government?"

 

{click over to see the answers. Some good suggestions, I think.}

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oftwominds-Charles Hugh Smith: If The Market Rolls Over Here....

oftwominds-Charles Hugh Smith: If The Market Rolls Over Here.... | Gold and What Moves it. | Scoop.it

Charles Hugh Smith: "If this rally runs out of steam, history suggests the next move down could plumb depths not seen in years.

 

"If the market rolls over here, the next bottom might be a lot lower than most players think possible. After all, the "news" is all positive: Europe's debt crisis is now resolved; employment in the U.S. is trending up, GDP is growing nicely, etc. etc. etc.

 

"As food for thought, here are two charts, courtesy of frequent contributor B.C., that suggest the good news might not only be priced in, but it might abruptly cease flowing."

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Texas doctor charged in $375 million health-care scam, the largest of its kind

Texas doctor charged in $375 million health-care scam, the largest of its kind | Gold and What Moves it. | Scoop.it

"A Texas doctor and five owners of home health-care agencies were arrested Tuesday on charges that they fraudulently billed Medicare and Medicaid nearly $375 million in what authorities described as the largest case of its kind.

 

"The doctor, Jacques Roy, 54, of Rockwall, was charged with masterminding a Medicare fraud conspiracy over the past six years. The alleged fraud involved classifying as homebound 11,000 patients recruited by a network of more than 500 agencies, then billing Medicare for services and home visits that were either not medically necessary or were not provided, according to the indictment, filed in the Northern District of Texas..."

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Twitter / Jim Rickards: #ISDA says #CDS system OK ...

#ISDA says #CDS system OK because it was approved by NY Fed http://t.co/FYKUjjXs. That's like #BonnieAndClyde getting approved by #Dillinger
Mar 01 via web Favorite Retweet Reply

#ISDA says #CDS system OK because it was approved by NY Fed http://t.co/FYKUjjXs. That's like #BonnieAndClyde getting approved by #Dillinger...
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Next Leg Of The Ponzi Revealed - Foreign Central Banks To Begin Buying US Stocks Outright Starting Today | ZeroHedge

Next Leg Of The Ponzi Revealed - Foreign Central Banks To Begin Buying US Stocks Outright Starting Today | ZeroHedge | Gold and What Moves it. | Scoop.it
We were speechless when we read this from Bloomberg.The Bank of Israel will begin today a pilot program to invest a portion of its foreign currency reserves in U.S.
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Euro Zone Unemployment, Inflation Inch Up

Euro Zone Unemployment, Inflation Inch Up | Gold and What Moves it. | Scoop.it
Euro zone unemployment rose to 10.7 percent in January from a revised 10.6 percent in December, while the annual inflation rate edged up to 2.7 in February from 2.6 percent in January, the European Union's official statistics agency, Eurostat,...
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Trader Dan's Market Views: Gold holds at support near $1700

Trader Dan's Market Views: Gold holds at support near $1700 | Gold and What Moves it. | Scoop.it

Dan Norcini on gold today:

 

"Considering the spanking that this market received yesterday, it is showing very good resilience."

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Jesse's Café Américain: Corporate Psychopathy: An Interview With One of the Researchers of the Hare Project

Jesse's Café Américain: Corporate Psychopathy: An Interview With One of the Researchers of the Hare Project | Gold and What Moves it. | Scoop.it

"This interview was done by my friend 'Davos' who has agreed to post it here in addition to his own site, Psychopathic Economics 101.

 

"I had always felt that there was something not right, to a dangerous level, with one of the higher up bosses I had in a major division of a Fortune 100 company. Now there is little doubt in my mind that he was a psychopath..." {worth a read and listen}

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Why Gold and Why Now? | Gary Tanashian | Safehaven.com

Why Gold and Why Now? | Gary Tanashian | Safehaven.com | Gold and What Moves it. | Scoop.it
Well, what better time to publish a gold-bullish article than the day after the relic was down a hundred bucks? Here is an excerpt from NFTRH176 (2/26/12) illustrating the continuing case for gold, which probably has more ...
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Gold can still make new highs without QE springboard

Gold can still make new highs without QE springboard | Gold and What Moves it. | Scoop.it

LONDON (REUTERS) -

 

"Gold can still make new highs this year, even as the Federal Reserve shows no sign of continuing market-sweetening bond purchases and the European Central Bank hints it won't supply any more half-trillion euro sugar rushes.

 

"Gold lost nearly 5 percent on Wednesday in its biggest-one day fall since mid-December after Fed Chairman Ben Bernanke issued a downbeat assessment of the U.S. economy, but did not spell out that there would be more quantitative easing, the anchoring of bond yields through government debt purchases.

 

"The ECB, which has loaned over a trillion euros in two roughly equal-sized portions of low-rate, highly-attractive cheap cash to commercial banks to encourage lending and avert recession in the euro zone, has warned the financial sector not to get hooked on these offerings."

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Latest #gold buying and selling both look professional in nature

Latest #gold buying and selling both look professional in nature | Gold and What Moves it. | Scoop.it

Julian Phillips:

 

"Much has been written on why and how the gold price fell $100 late in New York. We now look at why it is holding at current levels and not bouncing right back.

 

"The selling was akin to panic selling much the same as when one is forcing the price down. The quiet time of gold day was chosen to unload around 31 tonnes, or a million ounces. It wasn't Iran, because they are not allowed to trade gold in New York, nor receive dollars for their sales. It is unlikely that any other central bank would have dumped so much at one shot on the market. They would have achieved better prices if they had dealt professionally. Any U.S. institutional dealer who dumped gold in this way is probably looking for another job this morning. Only an institution with a major, urgent liquidity problem would have done this, or someone who wanted the price much lower [probably to make his shorts profitable].


"But of more importance is the fact that the gold price is so steady at these lower levels, so far. There is no running in to get a bargain reflecting buyers with the competence and patience to buy what becomes available at the price, without bidding higher. This pattern is more institutional and is an opportunity for other emerging world central banks. As the price has stopped falling we assume that the gold sold has now moved into firm hands and out of the market."

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Infographic: Is Gold A Bubble? | ZeroHedge

Yes, another infographic, and yes, another answer (always the same) on whether gold is a bubble. 

 

{Great graphic. Pretty clear}

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Will the Market Ever Correct?

Will the Market Ever Correct? | Gold and What Moves it. | Scoop.it
There is no doubt in my mind that this is the calm before the storm.

 

Moses Kim on the stock market:

 

"If I had to hazard a guess, I would say that the market will move above 1400 before coming back down to earth. We may very well see a day soon when the market spikes higher, which in essence reflects short-sellers capitulating. This is when more aggressive traders should seriously look into buying long-dated puts.

 

"The dollar is most likely going to rally sharply before it collapses, and this is going to be brutal for stocks. Long-term it is correct to be bullish on U.S. stocks; however, in the short-term it is a dangerous game to play."

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Inflation Is A Tax And The Federal Reserve Is Taxing The Living Daylights Out Of Us

Inflation Is A Tax And The Federal Reserve Is Taxing The Living Daylights Out Of Us | Gold and What Moves it. | Scoop.it

"Ronald Reagan once famously declared that inflation is a tax, but sadly most Americans did not really grasp what he was talking about. If the American people truly understood what inflation was doing to them, they would be screaming bloody murder about monetary policy. Inflation is an especially insidious tax because it is not just a tax on your income for one year. It is a continual tax on every single dollar that you own. As your money sits in the bank, it is constantly losing value. Over time, the effects of inflation can be absolutely devastating. For example, if you put 100 dollars in the bank in 1970, those same dollars today would only have about 17 percent of the purchasing power that they did back then. In essence, you were hit by an 83 percent "inflation tax" and all you did was leave your money in the bank. So who is responsible for this? Well, the Federal Reserve controls monetary policy in the United States, and the inflationary monetary policy that the Fed has gotten all of us accustomed to is taxing the living daylights out of us. This is madness, and it needs to stop..." {I'll second that!}

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30 Stupid Things The Government Is Spending Money On

30 Stupid Things The Government Is Spending Money On | Gold and What Moves it. | Scoop.it

"If you want to get paid for doing something stupid, just turn to the U.S. government. The U.S. government is paying researchers to play video games, it is paying researchers to study the effects of cocaine on Japanese quail and it has spent millions of dollars to train Chinese prostitutes to drink responsibly..."

 

"#4 The U.S. government spent $200,000 on "a tattoo removal program" in Mission Hills, California.

 

#5 The federal government has shelled out $3 million to researchers at the University of California at Irvine to fund their research on video games such as World of Warcraft. Wouldn't we all love to have a "research job" like that?" {where do I sign up?!}"

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Fractal Gold Report: Flash Crash | David Nichols | Safehaven.com

Fractal Gold Report: Flash Crash | David Nichols | Safehaven.com | Gold and What Moves it. | Scoop.it
Wednesday brought on one of the more shocking trading days in recent gold history, as a "flash crash" hit the gold market while Ben Bernanke was delivering his usual bland remarks to Congress.

 

"Financial journalists were quick to talk about the "disappointment" that Bernanke didn't discuss detailed plans for QE3, but that doesn't make much sense. This bullish pattern was not unfolding merely on speculation that QE3 was imminent. There just really wasn't anything all that remarkable from the Fed chairman on Wednesday, and certainly nothing to trigger this type of sell-off.

 

"The Wall Street Journal ran a story called "Market Roiling Trade Likely Not 'Fat-Finger' Error" that discussed how an order to sell 100,000 treasury futures hit the market just minutes after Bernanke started speaking. This could have caused a cascade effect that knocked other algorithmic and high-frequency trading platforms into chaos, including programs linked to currencies, and therefore, to gold.

 

"There was also a rumor that JP Morgan sold -- shorted? -- a million ounces of gold all at once for an Asian fund, which is 10,000 futures contracts. That is a HUGE order, and that kind of size just cannot be readily absorbed by the gold market. I'm not a gold conspiracy theorist, but it does make you wonder after this type of sudden drop..."

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The Golden Truth: Nothing Is But What Is Not*

The Golden Truth: Nothing Is But What Is Not* | Gold and What Moves it. | Scoop.it

"Curiously, no one has said anything about the "Gold and gold receivables" asset account on the ECB balance sheet. The key term is "receivables." Unbeknownst to many, and in affirmation of the massive Central Bank gold leasing program used to try and keep a lid on the price of gold, several years ago the BIS changed its accounting rules and permitted Central Banks to account for gold leased out as a "receivable" and part of the gold asset account, rather than as a "lease receivable." Any accountant and financial analyst will tell you that a lease receivable is not of the same quality of asset as the actual asset. But what is even more deceptive about this re-classification of leased out gold is it eliminates the fact that the gold lease receivable is actually a counterparty liability. Given the poor credit quality of the EU member banks, the gold lease receivables on the ECB balance sheet are therefore very poor in quality. They certainly are not worth face value. Nothing is but what is not..."

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Gold and Silver Plunge – Called “Intervention”, “Window Dressing”, “Temporary Smash”, “Paper Fiasco” | ZeroHedge

Gold and Silver Plunge – Called “Intervention”, “Window Dressing”, “Temporary Smash”, “Paper Fiasco” | ZeroHedge | Gold and What Moves it. | Scoop.it
From GoldCoreGold and Silver Plunge – Called “Intervention”, “Window Dressing”, “Temporary Smash”, “Paper Fiasco” Gold’s London AM fix this morning was USD 1,721.00, EUR 1,289.812, and GBP 1,079.13 per ounce.

 

"Gold and silver markets saw massive sell orders from large institutional sources - as only large institutions selling could have caused a price falls of the magnitude seen yesterday.

 

"There were highly speculative unsourced rumours of an Asian fund selling gold and rumours of a single bullion sale of 31 tonnes or some 1 million ounces by an unnamed seller.

 

"The unusual trading activity saw some very determined sellers who appeared to not be motivated by maximizing trading profits.

 

"One trader said how he had not seen that sort of volume before and the activity was akin to "computerised manipulation" and that there were “massive volumes going through and appeared as if some large entities had bids and offers at the same price”..."

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Greek Economy Suffers Record Collapse In February | ZeroHedge

Greek Economy Suffers Record Collapse In February | ZeroHedge | Gold and What Moves it. | Scoop.it

"There are those who recall that not ten days ago, according to the IMF's Greek (un)sustainability analysis, worst case scenario no less, Greek GDP would somehow miraculously post just a 1% drop in 2013. There are those who recall that not ten days ago, according to the IMF's Greek (un)sustainability analysis, worst case scenario no less, Greek GDP would somehow miraculously post just a 1% drop in 2013. Unfortunately this won't happen. According to the overnight PMI update out of Europe (where was saw the jobless rate at the highest since 1997), the Greek economy just imploded at a record pace..."

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