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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Yamada - Gold & Silver at Critical Points in This Cycle

Yamada - Gold & Silver at Critical Points in This Cycle | Gold and What Moves it. | Scoop.it

From King World News:

 

By Louise Yamada Technical Research Advisors, LLC ("LYA")

 

July 5 (King World News) - Gold spot price (GOLDS-1,597.40) is little changed over the month, unable to hold definitively above 1,600, yet still failing to break below critical support at 1,539 (see Figure 9). A more neutral range may continue for a time as the weekly momentum remains on a Sell, though the angle of decline has moderated. Sideways action could establish a shelf of repair for a renewed attempt to rise at a later date. Parameters remain the same as last month, awaiting either a break to a new low below 1,539, or a move up through 1,641 (price resistance) and then through 1,700 (downtrend line) to suggest an advance may sustain.

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Detroit to be hit by flesh and brain-eating zombie apocalypse (but only if live-action terror theme park plan is pushed through)

Detroit to be hit by flesh and brain-eating zombie apocalypse (but only if live-action terror theme park plan is pushed through) | Gold and What Moves it. | Scoop.it
Entrepreneur Mark Siwak wants to create live-action terror theme park 'Z World' on Motor City's run-down and abandoned streets.

 

So... Fleshing eating once-people to save Detroit. Yeah. It'll probably work. Free bath-salts for every customer.

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PRECIOUS-Gold gains on stimulus hopes after bleak data

PRECIOUS-Gold gains on stimulus hopes after bleak data | Gold and What Moves it. | Scoop.it

By Rujun Shen
SINGAPORE, July 3 (Reuters) - Gold gained half a percent on Tuesday, after weak global manufacturing data rekindled hopes for more easing from central banks to support recovery.


Gold thrives on abundant money supply and low interest rates, which increases inflation outlook and benefits bullion that is seen as a hedge against rising prices.

 

U.S. manufacturing shrank in June for the first time in nearly three years, following a string of data from Europe and Asia that suggested the euro zone debt crisis was reverberating throughout the global economy.

 

"You can take it as a sign that chances of QE (quantitative easing) are improving," said Dominic Schnider, an analyst at UBS Wealth Management in Singapore.

 

But this does not mean that a QE will come anytime soon, he cautioned, given the Fed just recently extended its "Operation Twist" programme which involves selling short-term securities to buy longer-term ones to keep long-term borrowing costs down.

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oftwominds-Charles Hugh Smith: Dear Person Seeking a Job: Why I Can't Hire You

oftwominds-Charles Hugh Smith: Dear Person Seeking a Job: Why I Can't Hire You | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Potential employers have to respond to the incentives and disincentives that exist in today's world, and those do not favor conventional permanent employees.

 

"I know you're hard-working, motivated, tech-savvy and willing to learn. The reason I can't hire you has nothing to do with your work ethic or skills; it's the high-cost Status Quo, and the many perverse consequences of maintaining a failing Status Quo.

 

"The sad truth is that it's costly and risky to hire anyone to do anything, and "bankable projects" that might generate profit/require more labor are few and far between. The overhead costs for employees have skyrocketed. So even though the wages employees see on their paychecks have stagnated, the total compensation costs the employer pays have risen substantially.

 

"Thirty years ago the overhead costs were considerably less, adjusted for inflation, and there weren't billboards advertising a free trip to Cabo if you sued your employer. (I just saw an advert placed by a legal firm while riding a BART train that solicited employees to sue their employers, with the incentive being "free money" for a vacation to Cabo.) ..."

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UK recovery unsustainable as economy stays weak - Reuters

UK recovery unsustainable as economy stays weak - Reuters | Gold and What Moves it. | Scoop.it
BBC NewsUK recovery unsustainable as economy stays weakReutersBy Jonathan CableLONDON, July 3 (Reuters) - Britain's economy is too weak toproduce a sustainable recovery, the British Chambers of Commercewarned on Tuesday, as a survey showed construction...
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Gold surges slightly in Vietnam

Gold surges slightly in Vietnam | Gold and What Moves it. | Scoop.it

"Saigon Jewelry Company, the biggest gold processer and trader in Vietnam, bought gold at VND41.81 million, and sold at VND41.96 million in HCMC; and VND41.98 million in Hanoi and the central city of Da Nang at 10.00am Vietnamese time.

 

"Sacombank quoted price at VND41.89 million for buying and VND41.93 million for selling at 10.30am Vietnamese time.

 

"Hanoi-based Bao Tin Minh Chau Jewelry Company quoted price at VND41.89 million for buying, and at VND41.95 million for selling at 10.53am Vietnamese time.

 

"Internationally, gold may gain as manufacturing in the U.S. trailed estimates, boosting prospects of further stimulus by the Federal Reserve to spur growth and increase demand for bullion as a haven. ..."

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IMF warns on U.S. economy

IMF warns on U.S. economy | Gold and What Moves it. | Scoop.it

NEW YORK (CNNMoney) -- "Boost the U.S. economy now and worry about cutting deficits later, the International Monetary Fund recommended Tuesday.


"The U.S. recovery remains "tepid" and according to the IMF, is expected to grow only 2% this year. Meanwhile, the fiscal cliff looms in 2013, threatening to reduce the economy's growth to only 1% next year.

 

"Amid that weakness and threats from slower growth abroad, the IMF recommended U.S. policymakers spend more on infrastructure, worker training programs, extended unemployment benefits and fixes for the housing market.

 

"Continued policy action is needed to boost the recovery," IMF Managing Director Christine Lagarde said at a news conference. "We believe the U.S. authorities do not have a lot of space available to act, but they should use it to support the recovery in the near term."

 

"The IMF also urged lawmakers to raise the debt ceiling as soon as possible. ..."

 

[Just kind of have to LOL at this kind of thing coming from the IMF. It's true of course in the sense that they see that things aren't good in the US economy, though one wonders at the effectiveness of the suggested ways to fix it.]

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Gold prices gather steam and rise above $1,600

Gold prices gather steam and rise above $1,600 | Gold and What Moves it. | Scoop.it

"... The European Central Bank (ECB) could be leading on the monetary front, with wide expectations for rates to hit a record low later this week. The run of poor data has boosted the case for U.S. policy stimulus further out.

 

"Gold typically gets support in a low interest rate environment as that cuts the opportunity cost of holding metal, with holders relying on rises in its outright value for returns.

 

"Over the last few weeks U.S. numbers have worsened a lot and this has brought about the probability of QE3 - which is probably the most important reason for the market to believe in gold," Commerzbank analyst Eugen Weinberg sa i d. ..."

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The precious metal markets feel just like the summer of 2010 - James Turk

The precious metal markets feel just like the summer of 2010 - James Turk | Gold and What Moves it. | Scoop.it

James Turk tells Eric King of King World News:

 

"... The precious metal markets feel just like the summer of 2010. In fact, this weekend I spent some time going through the KWN archives and listening to my interviews from that time period (2010). It was eery, because just about everything I was saying back then also applies to our present situation, particularly sentiment being at rock bottom.

 

"We had big rallies in both gold and silver starting in the summer of 2010. These are the rallies that took gold over $1900 and silver to $50. Last week's big move should mean that massive rallies are starting again, and because the banking and economic situation is so much worse today, on this new rally, gold and silver are going to break their old highs.

 

"The world is on a knife’s edge, Eric. The geopolitical situation is worrying. Economic activity around the world is rapidly deteriorating, and this is having the effect of putting more and more people out of work. ..."

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Six times in the recent weeks there has been a defined program to break the price of gold « Jim Sinclair's Mineset

Six times in the recent weeks there has been a defined program to break the price of gold « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

From Jim Sinclair:

 

"... Six times in the recent weeks there has been a defined program to break the price of gold and it has failed each time. The manipulators constantly run into major primary buyers in the physical market, more than likely governments with a bullish gold outlook. ..."

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Richard Russell - Is Anything Safe In Our New World?

Richard Russell - Is Anything Safe In Our New World? | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

 

"... is the gold bull market over? In my opinion, it is not over. I believe the gold bull market is still intact. If gold cannot make a new high in the year 2012, be prepared to hear the anti-gold element scream to high heaven that the gold bull market is over. They will be wrong. We still have not seen the third speculative phase of the gold bull market, but that phase lies ahead. ..."

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Have a great weekend everyone.

Wishing you all a great weekend everyone.

 

If this week is any indication, I think the rest of 2012 is going to be very interesting.

 

So be sure to take advantage of the free Adobe Air app Exact Price and keep your eye on the gold, silver, and platinum action:

 

http://www.learcapital.com/exactprice ;

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Biderman's Daily Edge: Why Does the Market Still Believe in Something for Nothing?

Follow TrimTabs' research on Twitter https://twitter.com/#!/charlesbiderman - log on to TrimTabs Money Blog http://trimtabs.com/blog/ - and 'Like' TrimTabs o...
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The Smartest Man is a Firedancer - Byron Wien

From Market Commentary

by Byron Wien:

 

“... In the short term interest rates should keep rising because debt is increasing faster than GDP. This should be true in the United States also, but capital is moving there for perceived safety reasons. After the defaults occur, there will be slow growth. The defaults will ultimately create a banking crisis, and that will result in a World Economic Conference where the leaders will agree on an objective of 7% nominal growth made up of the 2% real growth and 5% inflation.

 

“The Federal Reserve has to keep printing money to prevent a recession. Europe is already in a recession and the ECB will keep printing money, but the Fed may be more aggressive and that could weaken the dollar further. What we are experiencing is an accumulation of bad decisions. The worldwide banking system was able to work together effectively to deal with the financial crisis of 2008 but hasn’t done so well since then. The banks need more capital. Their loans are being written down. Their government bond holdings are declining in value. On top of this, Basel III is imposing additional capital requirements. How does that make sense? It’s impossible. I don’t know whether a default or an economic conference comes first, but in democracies, a crisis usually causes a conference. In the meantime, capital in Europe will continue to flee to Germany, Finland and the Netherlands. ..."

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If One Storm Can Turn D.C. Dark For Several Days, What Would A Massive EMP Burst Do?

If One Storm Can Turn D.C. Dark For Several Days, What Would A Massive EMP Burst Do? | Gold and What Moves it. | Scoop.it

[Good question]

 

"Sometimes we all get a little reminder of just how completely and totally dependent we are on the power grid. Massive thunderstorms that ripped through Ohio, West Virginia, Maryland, Washington D.C. and Virginia left millions without power over the weekend. At this point it is being projected that some people may not get power back until the end of the week. The "super derecho" storm that pounded the Washington D.C. area on Friday night with hurricane-force winds is being called unprecedented. But the truth is that there are other events that could happen that would be far more damaging to our power grid. For example, a substantial EMP burst over a major U.S. city would fry virtually all of the electronics in the city and take the power grid in the area down indefinitely. A gigantic EMP burst over the entire country (caused by a massive solar storm or a very large nuclear explosion high in the atmosphere) could theoretically take down the entire national power grid. Just try to imagine a world where nobody has any electricity, nobody can pump gas, nobody can use their credit cards or get any more money, where most vehicles won't start, where nobody has the Internet, where all cell phones are dead and where nobody can heat or cool their homes. That is how serious an EMP burst could potentially be. We are talking about an event that could be millions of times worse than 9/11. ..."

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Tom L's comment, July 4, 2012 7:27 AM
This is nothing but good, in an unfortunate way, for the forces of decentralization. You will note just how inept the whole thing is because there really is no incentive to get the power back on.
Hal's comment, July 5, 2012 12:57 PM
No incentive? Oh so? I understand your comment about decentralization, but hey, going without heat and ac is good incentive for me.
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WHEN TODAY’S EMPIRES FALL | The Prospector Blog

WHEN TODAY’S EMPIRES FALL | The Prospector Blog | Gold and What Moves it. | Scoop.it

"History tells of no other time or place as promising as the Roman Empire. We often refer to the fall of Rome but actually the fall was more like a long decline ending in a very poor dwindled down version of itself deeply divided into two parts. I can’t help but watch the United States (actually the entire world) follow the same mistakes that buried Ancient Rome and like the Roman Empire history will divide the blame according to wealth and social status. My goal is not to argue why Rome fell but simply compare its fall with ours today. Some readers continue to question gold’s worthiness but fail to connect historical dots proving why real money sustains monetary mistakes, like Ancient Rome and like America 2012. ..."

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Gold and DNA Could Create New Dark Matter Detector

Gold and DNA Could Create New Dark Matter Detector | Gold and What Moves it. | Scoop.it
By Olivia Solon, Wired UK

 

"A combined team of physicists and biologists aim to build a directional dark matter detector using strands of DNA and gold.

 

"Dark matter is a hypothesized type of matter which accounts for much of the mass of the universe. It cannot be seen, but its existence is inferred from its gravitational influence on visible matter and the structure of the universe. Some of the most popular models of dark matter suggest that it exerts itself on galaxy clusters and surrounds the Earth like a sea as it travels around the Sun, which in turn is slowly traveling towards the constellation Cygnus as it rotates around the galactic center.

 

"If this is the case, Earth should experience a “headwind” of dark matter in front of it (coming form the direction of Cygnus) for half of the year and a tailwind for the other half of the year, depending on where it is on its orbit around the Sun. ..."

 

"... They have created a detector using a thin gold sheet with many single strands of DNA hanging from it. The theory is that a particle of dark matter will smash into the heavy gold nucleus, pushing it out of the gold sheet and through into the DNA “forest”, knocking the strands out as it travels. ..."

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The Sovereign-Debt Crisis Is Coming to Asia | Uncommon Wisdom Daily

The Sovereign-Debt Crisis Is Coming to Asia | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it

Video with Tony Sagami:

 

"... The sovereign-debt crisis in Europe continues to dominate the news, after Cyprus became the fifth country to beg for a bailout. I’m sure more member nations will need rescuing before all is said and done, but there’s one country halfway around the world that may be in even worse debt trouble than anyone in Europe.

 

"The country in such danger isn’t some tiny emerging market, but Japan! Its debt-to-GDP ratio is 229%, nearly double that of Italy, nearly quadruple that of Spain, and by far the highest balance of any country in the world!

 

"Meanwhile, Japan’s benchmark stock index is still 77% below its peak in 1986. Can you imagine if your investments were worth a fraction of their value 25 years ago?

 

"The problem is that Japan, like Europe and the United States, thought it could borrow and spend its way to prosperity. But not surprisingly, all that strategy has done is expand Japan’s debt load at an alarming pace. ..."

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Jesse's Café Américain: Banker Fraud Is Undermining Confidence in the Markets

Jesse's Café Américain: Banker Fraud Is Undermining Confidence in the Markets | Gold and What Moves it. | Scoop.it

From Jesse:

 

"People forget, but there are times in history when the financial markets fall out of favor with investors because they lose confidence..

 

"And they now have very good reasons to doubt just about anything that Wall Street says.

 

"I think the low volumes indicate that the Wall Street wiseguys are pushing their luck. Once trust is lost, it is difficult to get it back.

 

"And if justice long denied comes in a rush to Wall Street, hell may come with it. History shows us that. ..."

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Euro Crisis Breakthrough Breakdown - Nigel Farage

Donate to UKIP: http://www.ukip.org/donations | http://www.ukipmeps.org | http://twitter.com/#!/Nigel_Farage • European Parliament, Strasbourg, 3 July 2012 •...

 

"The wheels are coming off."

 

hat tip to http://www.zerohedge.com/

 

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Central Planners Are Destroying the Financial System

Central Planners Are Destroying the Financial System | Gold and What Moves it. | Scoop.it

Robert Fitzwilson tells Eric King of King World News:

 

"... Since the financial meltdown occurred in 2008, nothing has been done to solve the structural issues. They just keep driving the monetary car down the road on the patched tires. How many miles can we go before the tires explode is impossible to know, but there is a limit to be sure.

 

"Another example of patching the tires was yesterday’s announcement of a change in the way pension funds calculate the future liabilities. The funds can now use a 25-year rolling average of corporate bond rates instead of the current 2-year rule that is in place. A higher rate will make the liabilities smaller. However, it does not change the actual outlook for the return on their portfolios, given the interest rates currently available.

 

"What the provision does suggest is that much higher inflation and interest rates lie ahead. If we are to escape this mess, interest rates must be allowed to rise. Nominal, global GDP must begin to close the gap with nominal liabilities. At the same time, fiscal balance must be restored. ..."

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Silver Market Manipulation Taken For Granted by CNBC Host and Panelists - Ed Steer's Gold & Silver Daily

Silver Market Manipulation Taken For Granted by CNBC Host and Panelists - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

From Ed Steer's Daily, which is a must stop...er.. daily ;-) 

 

"... But the story of the day yesterday was that CNBC panel discussion where all parties acknowledged that the silver market is rigged seven ways to heaven will, in my opinion, turn out to be a key moment in the history of the price management scheme in silver. There's no doubt it my mind that this video clip probably got a fair amount of playing time with the JPMorgan et al crowd, the CFTC, the CME Group...and beyond. I would bet that there are forces now in play that can't be stopped.

 

"How big a hammer blow this is may not show up in the silver price immediately, but it indicates to me that the silver fuse is definitely lit...and the end is getting closer with each passing day.

 

"As I mentioned in my Saturday column, the Friday COT report showed that the eight largest Commercial 'traders' in the silver futures market were short 3.27 times the net short position of 60 million ounces...a monstrous concentration held by a small handful of traders, dominated by JPMorgan. This is what silver analyst Ted Butler had to say about it in his Weekly Review on Saturday...

 

"It’s hard to express the true meaning in the proper words, but the 'big 4' now hold a short position that is 2.5 times greater than the total commercial [net] short position, an extreme level never witnessed in my memory. In many ways, even though the total amount of commercial shorts in COMEX silver has never been lower, it has also never been more concentrated than it is now. The true measure of manipulation is the level of concentration because concentration determines market control. ..."

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This Will End In Inflation & Destruction of Paper Currencies

This Will End In Inflation & Destruction of Paper Currencies | Gold and What Moves it. | Scoop.it

Bill Haynes telling Eric King of King World News:

 

"... Eric, the sad history of money is that the politicians print it until it’s worthless. They are hoping (in the US) that somehow they will stimulate this economy. In Europe you have two concepts going. You have the austerity concept or you have the so-called growth philosophy.

 

"Now the growth philosophy is a euphemism for printing more money, and they will print the money until it’s worthless ... It’s going to be a destruction of the dollar and the euro. It’s going to someday be a destruction of the yen and the other currencies.

 

"The establishment has been so successful at selling people on Keynesianism, that it’s a given that all you have to do is print more money and it will stimulate the economy. Paul Krugman told us the only thing we didn’t do is we didn’t print enough. He said we needed $8 to $10 trillion, initially.

 

"So now Krugman is standing there crowing and saying, ‘See how right I was. You didn’t print enough. All you needed to do was print more.’ Eric, it will be inflation and a destruction of paper currencies. ..."

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Metals and Mining Shares – The Good, the Bad, the Ugly – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Metals and Mining Shares – The Good, the Bad, the Ugly – Market, Economic, Social, Political and Life Commentary by Peter Grandich | Gold and What Moves it. | Scoop.it

by Peter Grandich:

 

"... Gold is money. There’s no Central Bank printing it like it’s going out of style. There’s no government(s) borrowed up to their eyeballs in it. Where you find real growing wealth in the world you find those people acquiring it are using gold as a storer of their wealth. ..."

 

click over for his full thoughts on the mining sector.

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The Golden Truth: Friday Thoughts

The Golden Truth: Friday Thoughts | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"... Unless the o/i report is wrong, sometimes it is and they make adjustments reflected two days later, yesterday's gold o/i went up 912 contracts. To me this increase isn't the cartel shorting into momentum- buying by black box funds, it's dip buyers making fundamental buys. The computer hedge funds do not buy on days like yesterday. That's bullish. Second, yesterdays silver smash was all about the liquidation of the July contract ahead of 1st notice today. Silver o/i in July dropped 6268 down to 3952. Interestingly 6704 bought/rolled into Sept silver. My bet is that buying occurred late in the day after the SPX rallied back huge. This too is bullish. Furthermore, and I'm sure July o/i wall fall a bit today, but as of yesterday there were still 19.7 million ounces of silver which are funded for potential delivery. Those contracts can still be sold, but it's a lot of silver standing for delivery. I wouldn't read much into yet, but it's definitely something to keep an eye on. Finally, today's action shows what happens when cartel manipulation wakes up the physical buying world in the eastern hemisphere. Indian import ex-duty premiums were as high as $15 last night which means India was buying physical gold on the sell-off driven by the paper Comex very aggressively. China and Japan were also active buyers last night. When these buyers buy, the physical supply disappears. ..."

 

you should click over for the rest and grab Dave's RSS feed while there.

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