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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oftwominds-Charles Hugh Smith: A Little Perspective on What Lies Ahead

oftwominds-Charles Hugh Smith: A Little Perspective on What Lies Ahead | Gold and What Moves it. | Scoop.it

Charles Hugh Smith writes:

 

"Eliminating Elites won't eliminate our structural problems or the reduction in phantom wealth we've all been relying on.

 

"Many finance-oriented critiques start from the position that our problems largely stem from the financial/political dominance of Elitist cartels and cabals. Clearly, the malinvestment, exploitation, predation and disregard for the law that characterizes the rule of political-financial Elites in both developed and developing nations have wreaked havoc on societies and economies around the globe.

 

"Implicit in this critique is a dangerously naive assumption: if all our problems can be traced back to Elitist cabals such as the Federal Reserve and the European Central Bank, then it follows that the subjugation or eradication of these concentrations of self-serving power would remove the cause of our problems.

 

"Alas, that would be a welcome step in the right direction, but that alone would not resolve the structural causes of our devolution. Freeing ourselves of self-serving Elites would certainly create an opening for structural transformation that is currently impossible, but the transformation will require changing much of what the average citizen takes for granted as a "given" or even "right." ..." [click through for the rest]

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Twitter / FortuneGeorge: Can the US Avoid economic ruin? ...

Can the US Avoid economic ruin? http://t.co/hWWfBG5O #finance
Aug 07 via web Favorite Retweet Reply

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Money Printing Doesn't Create Jobs | Michael Pento | Safehaven.com

Money Printing Doesn't Create Jobs | Michael Pento | Safehaven.com | Gold and What Moves it. | Scoop.it

by Michael Pento:

 

"The developed world's central banks are now foolishly preparing for a full assault on their respective currencies in an attempt to lower unemployment rates. Spurring these central bankers into action is persistently anemic markets and employment data, which they believe can be rectified by creating inflation.

 

"U.S. jobs data showed that the Non-farm payroll report for July produced 163k jobs. That sounds ok at first glance. However, the Household Survey conflicted with the Establishment Survey, in that it concluded 195k net individuals actually lost their jobs last month; and that the unemployment rate ticked higher to 8.3%. Americans continue to leave the workforce--150k left last month--while our unemployment rate has now been above 8% for the last 41 months. That stubbornly high and rising unemployment rate will likely cause Mr. Bernanke to announce QE III in September.

 

"Taking a look over in recession-ravaged Europe, the unemployment rate in Spain rose to 24.6% in the second quarter of 2012, which was an all-time high since records were kept starting in 1976. That has already caused Mr. Draghi to promise an unprecedented and unlimited bond buying scheme that will necessitate hundreds of billions in freshly printed Euros--just for starters. ..." [ click through for the rest]

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The Not So Super Hero | Peter Schiff | Safehaven.com

The Not So Super Hero | Peter Schiff | Safehaven.com | Gold and What Moves it. | Scoop.it

Peter Schiff writes:

 

"... Without question, if the Fed had not stimulated the economy with zero percent interest rates, two rounds of quantitative easing and operation twist, the initial economic contraction would have been sharper. But such short-term pain would have been constructive. By not taking away the cheap-money punch bowl, the Fed has delayed the pain and prolonged the party. But to what end? So far all we have received is a tepid phony recovery that has sown the seeds of its own destruction.


"In contrast, real economic restructuring would have resulted if the Fed had withdrawn its monetary props. This would have paved the way for a robust, sustainable recovery. Instead, the Fed helped numb the pain with unprecedented (and apparently permanent) liquidity injections. Its actions merely exacerbate the underlying imbalances that lie at the root of our structural problems, and thus act as a barrier to a real recovery. So long as the Fed fails to learn from its prior mistakes, the phony recovery it has concocted will continue to fade until we find ourselves in an even deeper recession than the one we experienced in 2008. ..."

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Jesse's Café Américain: BBC: Banking With Hitler

Jesse's Café Américain: BBC: Banking With Hitler | Gold and What Moves it. | Scoop.it

posted on Jesse's Cafe Americain:

 

"It is little known that some American and British banks and businessmen continued to do business with the Third Reich, even benefiting from slave labor and the victims of the Holocaust, while the war raged.

 

"If you do not believe that this same mentality, and these same kind of people doing the same things, are at work today, then you may be quite the optimist, or perhaps naive.

 

"Profit has no loyalty and greed has no conscience. And where there is no penalty, few of the nationless oligarchy will be discouraged from participating. ..." click through for video and article that prompted this statement.

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Tame, Tedious and Tiresome Tuesday

Tame, Tedious and Tiresome Tuesday | Gold and What Moves it. | Scoop.it

TF Metals writes:

 

"At least it's not "Terrible"...at least not yet. The only thing of interest, so far, was when gold had the audacity to approach 1620. The banks quickly beat it back and have seemingly decided to take the rest of the day off.

 

"First of all, the metals. We've had a couple of good days in a row and a nice little pop this morning. Apparently, that was all that would be allowed for now as gold was suddenly pressing up against 1620. There would appear to be quite a few stops between 1620 and the top of the range so The Cartel appears intent upon keeping a lid on things here. Silver is facing a similar issue. Having rallied over $1 from the Friday lows, it is now back into the very center of its 3-month range. It needs a propellant to shove it through 28.40 and on towards 29 and 30. Let's hope we see some propellant soon. ..." [click through for all the charts and good info]

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UK Manufacturing Falls Most in Four Years in June Amid Jubilee and Global Slowdown

UK Manufacturing Falls Most in Four Years in June Amid Jubilee and Global Slowdown | Gold and What Moves it. | Scoop.it

by Shane Croucher:

 

"Manufacturing production fell by 2.9 percent in the UK in June on the previous month, according to official data, as the additional day off for the Queen's Diamond Jubilee celebrations and an extra bank holiday moved from May held output down.

 

"The figure represents the steepest fall since November of 2008.

 

"As the UK's recession deepened in the second quarter, slowing emerging economies and the perpetual eurozone crisis dampened export market demand.

 

"Hopes for the sector are now pinned on the Bank of England's latest credit easing efforts free up affordable finance for small and medium-sized manufacturing firms. ..."

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Is a Strong Dollar Trouble for Gold? - Casey Research

Is a Strong Dollar Trouble for Gold? - Casey Research | Gold and What Moves it. | Scoop.it
Statistical data debunk the notion that a strong dollar is always bad for gold prices.

 

By Vedran Vuk, Casey Research

 

"You've probably heard that a strong dollar means weaker gold prices.

 

"Yet anyone who has been watching the markets closely knows that "strong dollar = weak gold" isn't exactly true.

 

"Sometimes, when the dollar strengthens, gold will fall. Other times it will stay flat or can even rise.

 

"So where does that uncertainty leave gold investors? ..."

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Don Coxe - Get Ready, Gold To Re-Enter The Financial System

Don Coxe - Get Ready, Gold To Re-Enter The Financial System | Gold and What Moves it. | Scoop.it

Don Coxe tells King World News:

 

"... Gold has once again become a “risk-on” asset, which means it tends to fall when the stock market falls, and to rise when the market rises. This is paradoxical and illogical. Gold is a “Bad News Bull's” commodity. This schizophrenic period of gold and gold stock valuation is unsustainable. ..."

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Japan's Demographic Death Rattle In 3 Charts And 333 Words | ZeroHedge

Japan's Demographic Death Rattle In 3 Charts And 333 Words | ZeroHedge | Gold and What Moves it. | Scoop.it
Courtesy of Bloomberg's Michael McDonough, here is how the end game for demographically defunct, deflationary debt holes such as Japan looks like extrapolated into the future. And for the time-strapped it is condensed into 333 words and 3 charts.

 

"... In less than two years, more than one in four Japanese citizens will be over the age of 65, up from one in five in 2006 and one in 10 in 1985. The proportion of the population over 65 is expected to swell to 30 percent by 2022 and to 40 percent by 2050, according to government estimates. This will put the country as a whole in the demographic range of the prefectures that experienced the sharpest declines in growth in the decade ended 2009. ..."

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Has The Perfect Moment To Kill The Dollar Arrived? | ZeroHedge

Has The Perfect Moment To Kill The Dollar Arrived? | ZeroHedge | Gold and What Moves it. | Scoop.it

by Brandon Smith:

 

"The idea of “collapse”, social and financial, comes with an incredible array of hypothetical consequences ranging from public dissent and martial law, to the complete disintegration of infrastructure and the devolution of mankind into a swarm of mindless arm chewing cannibals. In an age of television nirvana and cinema overload, I have found that the collective unconscious of our culture has now defined what collapse is based only on the most narrow of extremes. If they aren’t being hunted down by machete wielding looters or swastika wearing jackboots, then the average American dupe figures that the country is not in much danger. Hollywood fantasy has blinded us to the tangible crises at our doorstep.

 

"The reality is that collapse is not a singular event, but a process. It is a symphony of doom, composed of a series of exponentially more powerful crescendos. If the past four years since the implosion of the derivatives bubble have proven anything, it is that catastrophe has the ability to drown a nation slowly like a river of molasses, rather than sweep it away like a flash flood. That said, almost every recorded collapse of modern societies in the past century has been preceded by a primary trigger event; a moment in which the mathematical certainty of failure becomes clear, even if the psychological certainty is muddled.

 

"In 2012, we still await that trigger event, which I believe will be the announcement of QE3 (or any unlimited stimulus program regardless of title), and the final debasement of the dollar. ..." Click through for the rest.

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The Great Train Robbers of 2012 « Jim Sinclair's Mineset

The Great Train Robbers of 2012 « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

from JIm Sinclair:

 

"This might be our only hope versus the demons of finance in the Temple of Wall Street, The City, and Bahnhofstrasse.

It is just that bad.

 

"Do you realize that Knight Financial just purchased a Pension Financial commodity business with over $400,000,000 in accounts deposited for $5,000,000? The other side of the algo bad trades made all the money that Knight lost in 40 minutes.

 

"Could this have been “The Great Train Robbery of 2012?”"

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This Is Why Gold & Oil May Explode Higher In August

This Is Why Gold & Oil May Explode Higher In August | Gold and What Moves it. | Scoop.it

Today acclaimed commodity trader Dan Norcini told KWN, “One spark for gold may be at some point in August we begin to have rumors about what is going to happen at the Jackson Hole meeting. The first round of QE was announced during that Jackson Hole Summit in late 2008. So the upcoming meeting may wind up being very significant when it comes to which direction central planners are going to take.

 

“You may very well get a lift in gold based on the type of monetary response that may come out of Jackson Hole. The other situation which could escalate and have a huge impact in the key markets, particularly crude oil and gold, is the disintegration that is taking place in Syria.

 

"If the war begins to engulf a broader scope of the Middle-East, bringing Israel and Iran into conflict, that powder keg could create an explosion higher in the price of both crude oil and gold.... "

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Pimco’s El-Erian Says World in Serious Slowdown

Pimco’s El-Erian Says World in Serious Slowdown | Gold and What Moves it. | Scoop.it

by Rich Miller:

 

"Pacific Investment Management Co.’s Mohamed El-Erian called recent declines in purchasing manager indexes in Europe and Asia “frightening” and said the world economy is suffering its severest slowdown since the global recession ended in 2009.


"El-Erian, who is chief executive officer of the Newport Beach, California-based Pimco, predicted global growth of 2.25 percent over the next 12 months. That’s down from the 3.9 percent in 2011 and 5.3 percent in 2010 recorded by the International Monetary Fund. The world economy contracted 0.6 percent in 2009.

 

“This is a serious, synchronized slowdown,” El-Erian said in an interview today. ..."

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Subjective value and currencies | The Daily #Gold

Subjective value and currencies | The Daily #Gold | Gold and What Moves it. | Scoop.it

Alasdair Macleod writes:

 

"... The value of that promise is subjectively assessed in foreign exchange markets, where dealers compare fiat currencies. The result is that the purchasing power of a fiat currency can diminish substantially in foreign exchanges before disrupting its domestic monetary role. The dollar, for example, has lost most of its purchasing power since it became completely disconnected from gold in 1971, but Americans still think automatically “I have 10 bucks to spend: what shall I buy?” rather than “I must get rid of these 10 bucks before they lose yet more value”.

 

"We all think like that with our respective fiat currencies, and the moment we don’t marks the start of a collapse in confidence in the issuer’s promise. This could be the euro’s Achilles Heel, because there is no identifiable government actually prepared to stand behind the European Central Bank, and as the crisis intensifies, there is a growing risk the promise will be found wanting by the eurozone’s own citizens.

 

"Fiat money is managed by neoclassical economists at central banks who think they understand price theory. The euro is in danger of a sudden collapse, and it is not clear that the powers-that-be in the ECB understand this. It is not even clear if they understand that hyperinflation is not, as the term in modern usage suggests, an accelerating rise in the price of goods. Instead it is a collapse in the value of fiat money that arises from a reassessment of the issuer’s promise by domestic users. ..."

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The Golden Age Is Here | Stewart Thomson | Safehaven.com

The Golden Age Is Here | Stewart Thomson | Safehaven.com | Gold and What Moves it. | Scoop.it

Here's just a couple of the interesting points from Stewart Thomson:

 

"Gold has been consolidating for almost a year. Two key symmetrical triangles have formed, and they appear to be acting as the "firing pins" that will help gold begin a major price advance. ...

 

"Platinum is a metal that is much more volatile than gold and tends to crash badly when the Dow crashes. In 2008, platinum fell over 60%, while gold only fell by about 30%.

 

"Is platinum hinting that the global economy, and perhaps the Dow, are about to take a hit? Please click here now. ..."

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If hyperinflation ahead gold to $10,000 - if deflation, $2,000 - Taylor

If hyperinflation ahead gold to $10,000 - if deflation, $2,000 - Taylor | Gold and What Moves it. | Scoop.it

by Lawrence Williams:

 

"Jay Taylor, well-respected publisher of the miningstocks.com website and associated newsletter, makes some excellent points on the likely performance of what he calls the real price of gold (as opposed to the nominal price) and on gold stocks - on both of which he is extremely bullish. In part his premise relates to gold's history as a store of wealth which helps those who invest in it maintain their wealth in times of inflation or deflation, not necessarily to increase it hugely, except perhaps relative to those who put their faith in other investment options or just hold their wealth in cash.


"What Taylor points out is that it is the maintenance of, or appreciation in, gold's purchasing power when all about it is descending into the abyss which is most important - particularly in these times of global financial turmoil from which the exit may yet be many years ahead - which is the key, rather than the ultimate price of gold itself.

 

"He notes that some observers see the outcome of the sovereign debt situation which is assailing most major global economies as an ensuing hyperinflation - which, if it happens, in his view may see gold surging to say $10,000 an ounce. However ..." click through for the rest.

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The Golden Truth: To Be Or Not To Be, Is The Silver Market Truly Free?

The Golden Truth: To Be Or Not To Be, Is The Silver Market Truly Free? | Gold and What Moves it. | Scoop.it

Dave in Denver posts:

 

"We now live in a nation where doctors destroy health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the press destroys information, religion destroys morals and our banks destroy the economy - Chris Hedges, "Days of Destruction, Days of Revolt"

 

"Moment of silence for the end of the CFTC investigation into silver manipulation - or is it? In the back of my mind when I read last night's Financial Times article, behind the immediate swell of anger and frustration, I was wondering if the article was a "plant" by someone motivated to force the demise of the investigation. Apparently I'm not the only one who had that thought: LINK Certainly the big move higher in the silver market today indicates that the silver bulls aren't so sure about the validity of that news story either.

 

"It doesn't take a high IQ to understand that the silver market (and the gold market) are heavily rigged by the big banks, likely fronting for a Government that is desperate to prevent a price run-up in precious metals from undermining the validity of its unbacked, paper fiat currency. But I was reminded last night of President Lyndon Johnson's remark back in 1965 when he signed The Coinage Act of 1965, which de-monitized silver and nullified the original Coinage Act signed by George Washington in 1792:


"“If anybody has any idea of hoarding our silver coins, let me say this,” drawled the Texan “Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin.”

 

"Of course, the Treasury unloaded its silver in trying unsuccessfully ..." click through for the rest.

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Central Bank Bazookas Can’t Help the Global Economy

Central Bank Bazookas Can’t Help the Global Economy | Gold and What Moves it. | Scoop.it

by the Daily Reckoning Australia:

 

"Mario Draghi, as expected, didn't have whatever it takes.

 

"Business Times reports:

 

"The European Central Bank will gear up to buy Italian and Spanish bonds on the open market but would only act after euro zone governments have activated bailout funds to do the same, ECB President Mario Draghi said on Thursday.Draghi indicated that any ECB intervention would start at the earliest in September and would depend on countries in trouble on bond markets making a request and accepting strict conditions and supervision.

 

"He also indicated that German central bank chief Jens Weidmann had expressed reservations about bond-buying and further efforts would be needed to persuade the Bundesbank before a final vote to take action.

 

"And, as expected, investors were disappointed. Without Draghi's 'big bazooka' to give them hope, speculators dumped stocks and bonds. The Dow fell 92 points. Here's Bloomberg on what happened to bonds ..."

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Ed Steer on the news that CFTC to Drop Silver Investigation: Bart Chilton Has a Few Things to Say About That

Ed Steer on the news that CFTC to Drop Silver Investigation: Bart Chilton Has a Few Things to Say About That | Gold and What Moves it. | Scoop.it

Ed Steer:

 

"... The big story this past weekend was that silver story in London's Financial Times on Sunday...and it was interesting to see CFTC Commissioner Bart Chilton's immediate response saying that the story was "premature" and "inaccurate". Not only did Bart say that, but he also reiterated his previous comments about their being nefarious goings-on in the silver [and now gold] market. You have to wonder what is going on behind the scenes in the PM market that us mere mortals don't know anything about. It's a given that something is going on.

 

"Since Ted was prominently named in the FT story, I'm sure he'll have something to say about it in his Wednesday commentary to his paying subscribers...or maybe sooner. And if I know Ted, it will also be something that will be posted in the public domain in rather short order I would think. Ted is correct in saying that it seems strange that since he has been the primary force behind all three CFTC silver investigations, that he hasn't been approached by the CFTC to hear what he has to say. Well, dear reader, there's probably a very good reason for that...and it's because they already know what he's going to say. He's got 'em by the short and curlies...and they know it. So do I...and so do you.

 

"Although I'm not a prophet, I would guess that from hereon in, it will be interesting times for the precious metals...and that the 'summer doldrums' are about to end...with that FT article, and Bart Chilton's comments, being the first shot across the bow.

 

"All we can do at the present moment is pop the top off a cold one and await developments. ..."

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Twitter / Silver_Watchdog: If you missed it, check out ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.

 

Go listen.

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Gold edges higher in line with Euro, stock markets

Gold edges higher in line with Euro, stock markets | Gold and What Moves it. | Scoop.it

by Jan Harvey:

"Gold prices rose towards $1,615 an ounce in Europe on Tuesday, lifted by a recovery in the euro versus the dollar and in stock markets, as optimism grew that the European Central Bank will act to lower borrowing costs for Spain and Italy.

 

"Safe-haven German Bund futures extended losses as appetite for assets seen as higher risk picked up. The euro climbed back towards a one-month high against the dollar, while European stocks pared early losses.

 

"Spot gold was up 0.1 percent at $1,612.80 an ounce at 0943 GMT, while U.S. gold futures for August delivery were down 70 cents an ounce at $1,615.50.

 

"It's all about the exchange rates," Citigroup analyst David Wilson said. "We've had a slightly softer dollar, and that's been supportive."

 

"Every so often we get some more optimism that Europe is sorting out its problems, as we did over the second half of last week, but I don't think this (strength) will continue," he added. "For that, we really need to see a significantly softer dollar, and that won't happen until the Fed takes action. ..."

 

If they want a softer dollar that means more QE. And that is what they want as Jim Rickards has often noted. Each country is in a war to debase their currency against the other country.

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Embry: Expect Squeeze In Gold, Price Headed Multiples Higher

Embry: Expect Squeeze In Gold, Price Headed Multiples Higher | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

“... I have been a long time proponent of the idea that we may very well be at peak gold production in the world. We may have seen the peak. The problem is that all of the low hanging fruit has long since been plucked. The high grade ore bodies in geopolitically (friendly) places have (already) been mined and a lot of these open pits have been mined. And they (open pits) have a very finite life. Underground mines last forever (by comparison).

 

"But the fact is all of the easy stuff has been mined and where you are now finding anything of significance, it tends to be in geopolitically unattractive areas. They are hard to mine and they are going to be extraordinarily expensive to mine. As you saw with the Barrick announcement, the cost escalations on that development on the Argentine/Chilean border, which is at enormous altitude, have just gone through the roof.

 

"That’s indicative of how it’s going to be for a lot of these companies, but it will all be compensated for, in their case, by much higher gold prices. So I don’t worry too much about the fact that the production profile can’t grow that much because ultimately that will be extremely bullish for the gold price.

 

"This is a classic supply/demand squeeze. ..."

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Rule - We’re At Risk Of A Spectacular Collapse Of Confidence

Rule - We’re At Risk Of A Spectacular Collapse Of Confidence | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:

 

"“We have a serious issue in the United States. At the federal level, the shortfall in the US is $85 trillion and that doesn’t include state and local debt. They are trying to deal with this issue by pumping money into the system. ...

 

"... The idea that the Fed can pump liquidity through the banks to get the corporations to start spending again isn’t going to work. The reason for this is because the very set of circumstances that the Fed exacerbates, by adding more debt, is keeping the corporations from understanding. It’s the opposite of a virtuous circle.

 

"So these are very, very scary times. What they are able to do by adding this liquidity to the system is foment a series of small, but spectacular bubbles. Of course the other thing they are doing is furthering this war on savers. These are truly strange times. ..."

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Jim Sinclair on news U.S. regulator set to drop silver probe

Jim Sinclair on news U.S. regulator set to drop silver probe | Gold and What Moves it. | Scoop.it

"What a joke the governing bodies have proven to be.

 

"For those who are depressed over the probability that the CFTC will drop their interest in seeking redress for the clear manipulation in silver, it is not regulators who will put an end to manipulation. It is individual company CEOs that will succeed in civil litigation based on common commercial code and get to discovery whereby information can be gathered under subpoena for those who will obtain the redress. ..."

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