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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Bowles: 'We Are Going Over the Fiscal Cliff'

Bowles: 'We Are Going Over the Fiscal Cliff' | Gold and What Moves it. | Scoop.it
"Everyone know we need something done, and they did their job and Congress has not done its job," says Warren Buffett, Berkshire Hathaway CEO, commenting on the Simpson-Bowles plan to reduce the federal deficit, with former Sen.

 

Worth listening too. Bowles lays it out and in his words, "It's crazy" what we are doing right now.

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Gold Manipulation – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Peter Grandich writes:

 

"Once again it hasn’t been hard to spot, but it doesn’t really seem to matter as few care (outside of this author, a handful of other individuals and the good people at GATA) about manipulation of markets, including gold (like the latest scandal over LIBOR, which should have caused widespread anger but most seem resigned to accept it now as business as usual). ..."

 

 

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Biderman's Daily Edge 7/10/12: It's Time for a New Constitutional Convention

Follow TrimTabs' research on Twitter https://twitter.com/#!/charlesbiderman - log on to TrimTabs Money Blog http://trimtabs.com/blog/ - and 'Like' TrimTabs o...

 

"In my opinion, the US needs a new constitutional convention. The first constitutional convention occurred in 1787. The government created back then has obviously done fantastically well. However, if we continue forward in the direction we are headed, what lies ahead is an almost certain major economic calamity.

 

"In last week’s July 4 video I said that the representative form of government set up in 1787 is not working today and has been taken over by the special interest groups. If you doubt that, read convicted lobbyist, Jack Abramoff’s Capitol Punishment, The Hard Truth About Washington Corruption. If as Abramoff claims it no longer matter who wins elections, because the special interest groups control, and in some cases own, the representatives; well then our current form of representative government, has to be changed before calamity hits.

 

"I say that all the special interest groups are parasites. If you are a member of a special interest group the following might be impossible to listen to. A parasite is committed to the death of the host by their actions, and at the same time the parasite has a life and death interest in convincing the host that the parasite is necessary. Taken one step further, these parasites have a death grip hold on the US economy. And they will not let the US government be altered enough to dislodge them, because they know they, the parasites, will die if dislodged. Instead they would rather hold on until the host dies first. ..."

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oftwominds-Charles Hugh Smith: As M2 Money Supply Rolls Over, the Stock Market Will Follow

oftwominds-Charles Hugh Smith: As M2 Money Supply Rolls Over, the Stock Market Will Follow | Gold and What Moves it. | Scoop.it

from Charles Hugh Smith:

 

"M2 money supply rose sharply, driving the stock market higher. Now it has peaked and rolled over. That does not bode well for the Bull market.

 

"Our Chartist Friend from Pittsburgh kindly shared a chart of M2 money supply and the S&P 500 stock market index (SPX). The correlation between expansion of the money supply and the stock market is worth studying.

 

"The primary point is that “real growth,” i.e. rising wages and profits powered by increases in productivity, does not require massive growth of M2. ..."

 

[click over to see the rest of the analysis.]

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For Investors and Customers, PFG is MF Global all Over Again...

Follow us @ http://twitter.com/laurenlyster http://twitter.com/coveringdelta Welcome to Capital Account. More than $200 million in customer money is allegedl...
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Is 'Inept' CFTC "The Get-Away Driver" For PFG? | ZeroHedge

posted by Tyler Durden on ZeroHedge:

 

"I expect to lose money because of the complete incompetence of the Federal regulators" is how Factor LLC's Peter Brandt describes the farce that has rapidly become bankrutpcy for PFG Best to Bloomberg TV today. As we noted earlier, the recent and clearly total ineptitude of the CFTC in identifying (and acting upon) falsehoods is incredible - and twice within one year on a massive scale. In a little over two minutes, Brandt questions the entire CFTC regulatory structure of FCMs and summarizes his views when he reflects on the MFGlobal situation with "the CFTC as the get-away driver of the robbery". What they do in the case of PFG is unclear but we (like Brandt) "have no trust and no faith that the CFTC is capable of handling this mess ..."

 

Click through for video.

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Richard Russell - Gold, Stocks & Massive Fed Manipulation

Richard Russell - Gold, Stocks & Massive Fed Manipulation | Gold and What Moves it. | Scoop.it

With continued uncertainty in global markets, the Godfather of newsletter writers, Richard Russell, wrote, “...we see the stock market up on Fed-created stilts ... I'm stating that deflationary and deleveraging forces are still in command, and all the Fed's manipulations are, and will, fail to turn the bear market into a new bull market.”

 

Russell also pondered, “Yes, we had the usual late-session rally ... Is the Fed buying the Dow at the close? It wouldn't surprise me.” But first, this is what Russell had to say about gold: “Most of my subscribers are interested in gold. All I'm going to say about gold is wrapped up in the chart below. Here we see gold in a large rectangle formation. The 1550 level has been tested numerous times and it has shown to be solid support.

 

"Now gold has its choice of breaking out on the upside of the rectangle or on the downside ... It's obvious that there are buyers at 1550 or below, and that there are sellers near the 1800 area. All of which has given us a trading range of almost one year. ..."

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Get ready for gold bullion's season of strength

Get ready for gold bullion's season of strength | Gold and What Moves it. | Scoop.it

by Don Vialoux:

The Globe and Mail:

 

"The period of seasonal strength for gold bullion is approaching.

 

"Thackray’s 2012 Investor’s Guide notes that the optimal time to invest in gold bullion for a seasonal trade is from July 12 to Oct. 9. The trade has been profitable during 11 of the past 14 periods. During the past 25 periods, gold bullion has outperformed the S&P 500 Index by 4.7 per cent per period.

 

"Traditionally, advances in gold during its period of seasonal strength is attributed to precious metal fabricators in India who purchase bullion to make into jewellery for the Indian wedding season that starts in late October. India is the second-biggest consumer of gold jewellery in the world behind China.

 

"However, demand for gold jewellery in India is expected to be lower than usual this year because the price of gold in Indian rupees has moved sharply higher. Indian rupees recently fell to an all-time low relative to the U.S. dollar. The cost of gold jewellery in India has skyrocketed with the price of gold.

 

"Despite reduced demand for gold in India, prospects for the seasonal trade this year are higher than average. Demand for gold is increasing. Chinese consumer purchases of jewellery continue to increase. ..."

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Jim Rogers` views on oil, gas, nuclear energy, #gold, geopolitics - and children

Jim Rogers` views on oil, gas, nuclear energy, #gold, geopolitics - and children | Gold and What Moves it. | Scoop.it

Jim Rogers told Oilprice.com:

 

"Oilprice.com: You've owned gold for 11 years now and the price is currently correcting. Do you see this as a buying opportunity or would you wait a little longer?

 

"Jim Rogers: I've actually owned gold for longer than 11 years. I'm not buying now. Gold went up 11 years in a row, which is extremely unusual for any asset. I don't know of any asset in history that's gone up 11 years in a row without a correction.


"Corrections are normal and are the way things should work, the way things do work. Having said that, I don't know when the correction will stop. It's normal in my experience for corrections to go down 30 or 40%. It's just the way markets work.


"Gold has not gone down that much. It's only gone down that much once in the past 11 years, and even then it ended the year up. I'm not buying gold at the moment. If it goes down a lot, I hope I'm smart enough to buy a lot more. I'm certainly not selling my gold, because I suspect gold will be much, much, much higher over the next decade. ..."

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BARGAIN BASEMENT SILVER PRICES - The Prospector Blog

BARGAIN BASEMENT SILVER PRICES - The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com

 

"... If the truth be known, some of you are second guessing silver’s worthiness. One of my readers went so far as to email asking for the best way to sell silver bullion purchased last year. Now I’m not trying to be critical here but isn’t this like selling the ship’s life vests under cloudy skies? This leads me to explain why silver is so necessary, and cheap.

"Nothing, not even gold, has the track record of physical silver. Silver is the truest source of money throughout history and more have labored in exchange of silver than any other means of monetary reward. Most of the world longs for silver but even today’s prices are far beyond the reach of our world’s poor. The best they can hope for is shelter, food and clean water; silver is far off the radar.

 

"But you have choices, this makes you different. You have the ability to buy silver but few take advantage of the second most used commodity that is also money. You see silver as an asset in decline but fail to see silver’s long-term value in an age of currency correction and decimation.


"Our technology age thirsts for silver like never before even ..."

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oftwominds-Charles Hugh Smith: The Global Economy: It's All About Increasing Leverage

oftwominds-Charles Hugh Smith: The Global Economy: It's All About Increasing Leverage | Gold and What Moves it. | Scoop.it

From Charles Hugh Smith:

 

"If the global State/finance Empire can't increase systemic leverage, it will implode.

 

"If we look at the global economy with unclouded eyes, we reach this conclusion: "This whole thing is about leverage." If leverage doesn't increase, the system implodes. But since collateral is disappearing from the global economy like sand castles in a rising tide, and disposable income has stagnated, there is no foundation for more leverage.

 

"As a result, the State/finance cartel has only one choice: increase leverage by whatever means are left. There are only two:

 

1. Allow banks to claim phantom assets as capital/reserves
2. Lower interest rates so stagnant income can leverage ever greater quantities of debt

 

"The State/finance Empire and its army of academic toadies (economists) must cloak this reliance on leverage from the citizenry, lest they grasp the precariousness of the entire financial system. As the economic Establishment is discredited by reality (that their sputtering reflation policies have come at an unbearable cost is now undeniable), their attempts to discredit their critics become increasingly comic: only PhD economists in the employ of the Empire are qualified to comment on the Empire's policies, etc. ..."

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ECRI's Achuthan: I Think We're in a Recession Already | Bloomberg | Safehaven.com

ECRI's Achuthan: I Think We're in a Recession Already | Bloomberg | Safehaven.com | Gold and What Moves it. | Scoop.it

Bloomberg:

 

"Lakshman Achuthan, co-founder of the Economic Cycle Research Institute, spoke with Bloomberg Television's Tom Keene today and said that, "What we said back in December was that the most likely start date for the recession would be in Q1 and if not then, by the middle of 2012. I'm here to reaffirm that. I think we're in a recession already."

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The price of gold has been manipulated. This is more scandalous than Libor – Telegraph Blogs

The price of gold has been manipulated. This is more scandalous than Libor – Telegraph Blogs | Gold and What Moves it. | Scoop.it

By Thomas Pascoe 

 

"... The price of gold is traditionally a proxy for the value of money. A soaring bullion price is indicative of a lack of faith in fiat currency.
Our financial system is predicated on the notion that money stands as a proxy for the factors of production – capital, labour, land and enterprise.

 

"In short, the abundance of money in the economy should be related to the abundance of those factors. The harder we work, for instance, the more we create. There is more labour in the economy, therefore a rise in the money supply is legitimate in order to mirror this. There is nothing wrong with printing money per se so long as the printing reflects an expansion in the real economy.

 

"Twentieth and Twenty-First century economics appears to have done away with this. Money is now created ex nihilo to feed both the top and bottom ends of society.


"Money printing or Quantitative Easing is mainly of benefit to two parties. Firstly, the Government, which is able to borrow more and borrow cheaper than it otherwise would have done. This is because QE money is used to buy bonds, forcing down yields. ..."

 

hat tip to Ed Steer: http://www.caseyresearch.com/gsd/edition/telegraph-price-gold-has-been-manipulated-more-scandalous-libor ;

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The Chronology Of A Collapse: Santelli's Primer On The PFG Debacle | ZeroHedge

There remains some confusion about the timing of actions around the PFG Best disaster.

 

Go watch the video. 

 

Hat tip to http://twitter.com/JervisCapital ;

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WHO WAS PFGBEST’S AUDITOR? « The Burning Platform

Posted by Ann Barnhardt on TheBurningPlatform:

 

"When I said, “Get the hell out,” do you understand that I meant to GET. THE. HELL. OUT.?

 

"When I wrote in my Going Galt Letter that the problem was SYSTEMIC, do you now understand that I wasn’t just typing big, fancy words so that I could hear the soft pitter-pat of my keyboard?

 

"When I said over and over again in interview after interview that the so-called regulatory system overseeing the futures industry was no such thing, but rather an evil, despicable mafia, administered by politicking psychopaths on the take, and staffed by affirmative action hires to provide plausible deniability and scapegoats, WERE YOU NOT LISTENING?

 

"How did I see this coming? How could I NOT see this coming?

 

"PFGBest, which used to be the old Alaron Trading, has stolen at least $220 million of customer funds, which is fully HALF the entire customer asset base. The firm’s owner attempted suicide this morning in the parking lot outside of the corporate HQ in Iowa.

 

"While claiming to have over $200 million in bank accounts, it turned out that PFGBest only had $10 million at most. And they had been short NINETY-FIVE PERCENT of their seg funds for at least five months, and it may be closer to two years. The reportage on the timelines is very fuzzy. ..." click over for the rest.

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Gold and silver bombed/More fallout from PGF [sic: PFG] disaster/Fed away of the Libor lie/

Gold and silver bombed/More fallout from PGF [sic: PFG] disaster/Fed away of the Libor lie/ | Gold and What Moves it. | Scoop.it

from Harvey Organ's Daily, a snippit:

 

"... I have also stated that Libor is manipulated constantly to keep gold from entering backwardation and for allowing gold/silver to be borrowed cheaply by our crooks.

 

"Fellow Canadian Rhody, one of the best out there on this issue stated this today:

 

"The drop in gold lease rates is ominous as this generally means the cartel leased a huge pile of gold they don't actually own and are about to dump it on London. I may be wrong and the big surge in leasing may be merely to meet delivery demands, but the pattern from the past is that this leads to a cartel attack on gold. That drop in lease rates is manufactured by dropping LIBOR over ..."

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San Bernardino seeks bankruptcy protection

San Bernardino seeks bankruptcy protection | Gold and What Moves it. | Scoop.it
San Bernardino on Tuesday became the third California city in less than a month to seek bankruptcy protection, with officials saying the financial situation had become so dire that it could not cover payroll through the summer.

 

By Phil Willon, Los Angeles Times

"San Bernardino on Tuesday became the third California city in less than a month to seek bankruptcy protection, with officials saying the financial situation had become so dire that it could not cover payroll through the summer.

 

"The unexpected vote came at the suggestion of the interim city manager, who said the city faces a $46-million deficit and depleted coffers.

 

"We have an immediate cash flow issue," Andrea Miller told the mayor and seven-member City Council.

 

"Mayor Patrick Morris called the decision, passed on a 4-2 vote, a "stain" on the city. But he said the only other option was "draconian cuts" to all city services, including the police and fire departments. ..."

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Ed Steer on #Silver Shorts

Ed Steer on #Silver Shorts | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"Four [4] U.S. Banks are net short 18,272 Comex silver contracts...an insignificant decline of 600 contracts from their June position. I'd bet serious coin that about 80% of this amount is held by JPMorgan...and 19.99% is held by HSBC USA. The other 0.01 percent is held by Citigroup and one other bank...but are immaterial, regardless.

 

"The 11 non-U.S. banks that hold Comex silver contracts are net long 904 contracts...a minor drop of about 300 contracts from the June BPR.

 

"The net Commercial short position in silver in last Friday's COT report was 17,354 Comex contracts. JPMorgan and HSBC hold over 100% of that amount in silver all by themselves. And as I pointed out in the previous paragraph, the 11 non-U.S. banks are actually net long the silver market.

 

"This is not rocket science, dear reader, as the silver price management scheme is obviously 100% 'Made in America'. And with 4 U.S. banks holding just about 50% of the Commercial net short position in gold, they are a powerful force to be reckoned with in gold as well...especially since they collude in this price fixing scheme. When I say "JPMorgan et al"...or 'da boyz'...that's who I'm referring to. Most of the 'et al's are not U.S. banks...but other Commercial traders that work together with JPMorgan.

 

"This is precisely the same way that the LIBOR scandal works/worked. I would guess that a lot of other markets work that was as well...and the dollar index and the New York equity markets would be two others that fall into that category.

 

"As GATA's Chris Powell said..."The are no markets anymore...only interventions. ..."

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Opinion: Losing faith in the system

Opinion: Losing faith in the system | Gold and What Moves it. | Scoop.it

David Levenstein maintains that given the state of the global monetary system, now more than ever, it is important to hold physical gold.

 

Author: David Levenstein
JOHANNESBURG -

 

"Our modern day monetary system has been pervaded by greedy, power seeking liars, thieves and cheats. A week does not go by without a new story about another bank fraud or some illegal activity perpetrated by a supposedly "reputable" financial institution. And it seems that the more reputable the institution, the bigger the fraud. The latest LIBOR scandal is just another example of our corrupt monetary system.

 

"Libor is the benchmark for trillions of dollars of loans worldwide -- mortgage loans, small business loans, personal loans. It is believed that Libor is tied to transactions with a notional value of $500 trillion, and that it is the most important bench mark regarding interest rates. The recent LIBOR scandal is probably the biggest banking scandal in history. So far, the scandal has been limited to Barclays, a big London-based bank that just paid $453 million to U.S. and British bank regulators. But, be rest assured that they are not the only bank involved in this scam. All major UK banks, including the Bank of England have been implicated and so has the British government.


"Whether it is Robert Diamond, the Deputy Bank of England Governor Paul Tucker, or John Corzine of MF Global, when questioned they suddenly suffer from memory loss and deny any knowledge of any of the events in question. But, no doubt their net wealth has expanded exponentially, and for sure none of them will ever be convicted. Yet, the former head of the IMF, Dominique Strauss Khan was arrested on some futile allegation of sexual harassment. And, if some poor soul who has been out of work for months and who out of desperation has been forced to commit a crime in order to buy food for his family, be sure will be arrested and given life imprisonment. ..."

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Trader Dan's Market Views: More Long Term Bearish News for the US Dollar

Trader Dan's Market Views: More Long Term Bearish News for the US Dollar | Gold and What Moves it. | Scoop.it

Trader Dan begins his blog post:

 

"While the near term chart picture for the US Dollar is decidedly friendly, more and more frequently we are reading reports such as the following out of Dow Jones.

 

"It is not difficult to see where all of this is heading. The US is declining and going the way of all empires and kingdoms throughout history who spent themselves into oblivion and refused to consider the long term implications of their policies.

 

"Esau squandered his birthright for a bowl of stew. The US monetary authorities and inept political leaders have squandered the Dollar's reserve currency status for what??? A pox on the whole pathetic batch of them all. ..."

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The War Between Manipulation and Buying « Jim Sinclair's Mineset

from Jim Sinclair's desk:

 

"My Dear Extended Family,

 

"Next week is the war between manipulation of gold by the West, and appetite for buying gold in the East, both from friendlies and enemies. Anyone that does not see today’s gold market as a rig is blind or brain dead. There is a full blown crisis in Western world banking today, right here and now. There is a full blown crisis in sovereign debt of some weaker nations as in a very short while certain government will be out of money. The Eurosnobs hate each other which does not make for a fast reconciliation of a crisis.

 

"It is a myth that Western banks are strong enough to weather the storm of a full blown banking crisis in Europe.

 

"It is a myth that the Federal Reserve will stand as the one hawk in the Western world and fiddle while it’s Rome burns.

 

"It is a myth that Obama could be re-elected if the Fed remains intransigent.

 

"It is a myth that Finland or Germany will strike a match to the euro that totally wipes out the largest part of their exports. ..."

 

[Click through for the rest of what Sinclair has to say.]

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Eric De Groot: Was Gold Manipulated Like Libor Rates?

Eric De Groot: Was Gold Manipulated Like Libor Rates? | Gold and What Moves it. | Scoop.it

"Is this a serious question? People believe what they want, so I follow the money and let the masses argue endlessly about something other than trading consistency and profitability. I will say this, as price goes up, shorting by certain interest always goes up. When price goes down, shorting goes down. This money flow pattern has been displayed consistently since 2000 (chart). Coincidence? Think not.

 

"Believe it or not, the latest "coincidence" suggests another up wave has begun. ..."

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Notes From Underground: Three Negatives Can’t Make A Positive

Notes From Underground: Three Negatives Can’t Make A Positive | Gold and What Moves it. | Scoop.it

"... IS the flattening U.S. 2/10 curve a precursor of trouble or merely reflecting the distortion of the TREASURY DEBT MARKET? Historically, flattening curves have portended coming economic slowdowns as investors rushed to lock up longer term rates prior to the economy slowing and the FED lowering rates to soften the effects of a recession.

 

"In today’s world, this is a much more difficult question to answer because of all the problems previously discussed. The FLATTENING CURVE though must be causing Bernanke some sleepless nights as it is impeding BANKS ability to surf the curve for easy profits. Typically, banks would begin looking for other opportunities to lend money, but with bank balance sheets still laboring under stressed real estate loans, very few banks are aggressively seeking riskier loan portfolios.

 

"When the 2/10 U.S. yield curve was 250 basis points, bank balance sheets were being repaired. With the curve presently at 125 basis points there are far fewer opportunities to generate near risk-free returns.,Oh well, there is always the LIBOR market. ..."

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Lie-More As A Business Model

Lie-More As A Business Model | Gold and What Moves it. | Scoop.it
By Simon Johnson.  For more discussion of these issues, listen to NPR’s All Things Considered,

 

"... Mr. Diamond’s fall was spectacular and complete. It was also entirely appropriate.

 

"Dennis Kelleher of Better Markets – a financial reform advocacy group – summarized the situation nicely in an interview with the BBC World Service on Tuesday. The controversy that brought down Mr. Diamond had to do with deliberate and now acknowledged deception by Barclays’ staff with regard to the data they reported for Libor – the London Interbank Offered Rate (with the abbreviation pronounced Lie-Bore). Mr. Kelleher was blunt: the issue in question is “Lie More” not Libor. (See also this post on his blog, making the point that this impacts credit transactions with a face value of at least $800 trillion.) ..."

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