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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UK economy contracts by a shock 0.7pc - Telegraph

UK economy contracts by a shock 0.7pc - Telegraph | Gold and What Moves it. | Scoop.it
The UK economy has shrunk by a shock 0.7pc in the second quarter, far more than expected as record rainfall and the Jubilee holiday added to pressure from austerity cuts and the eurozone debt crisis.
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US banks create 10,000 units to reduce state control – study — RT

US banks create 10,000 units to reduce state control – study — RT | Gold and What Moves it. | Scoop.it

"US major banks such as JP Morgan Chase, Citibank Group and Bank of America spawned more than 10,000 subsidiaries in the past 22 years, using legal structures to reduce taxes and avoid tighter regulation, a Federal Reserve study revealed.

 

"JP Morgan Chase, the largest US lender, has 3,391, as it extended, followed by Goldman Sachs, Morgan Stanley and Bank of America Corp. with more than 2,000 each, according to the study.

 

"The assets of the largest lenders have since tripled to $15 trillion since 1999, when the Depression-era Glass-Steagall Act separating investment and commercial banking was abolished. As banks got bigger, their structure become more complicated making it difficult to mange and control, the report concluded. ..."

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Real Time Gold Prices | Exact Price of Gold | Lear Capital

Real Time Gold Prices | Exact Price of Gold | Lear Capital | Gold and What Moves it. | Scoop.it
Get real time gold prices updates even when you're on the move. Keep abreast of the precious metal market price with Lear Capital.

 

 

Gold Spot price at $1,581.10.

Silver is at $26.94.

Platinum at $1,388.20 How telling is it that there is almost a $200 gap between gold and platinum in favor of Gold!? I'm thinking that's a huge tell as to how healthy the industrial market is.

 

Given how the stock market did today I think it's impressive how gold and silver have held up. Gold Particularly. The floor looks to be in and the buying continues to bite in the $1,565 range.

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Gold’s Fundamental Role In The Financial System

Gold’s Fundamental Role In The Financial System | Gold and What Moves it. | Scoop.it

By Vin Maru
"It is currently estimated that the largest 110 central banks have 16% of their reserves as gold. Anyone who follows the gold market knows that many central banks have become net buyers of gold in the last few years, and the pace of accumulation seems to be growing. While central banks continue to accumulate gold, the misinformed mainstream media are still chanting the “gold is in a bubble” mantra. What they are not acknowledging is the clear evidence that the highest level of bankers and regulators are proposing that gold become a Tier 1 asset class with zero risk, which can also be used for collateral in financial transactions. ..."

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The One Personality Trait that All Gold & Silver Investors Need to be Profitable

by J.S. Kim:

 

"Before one every buys a single troy ounce of gold and silver, one should ensure first and foremost that one understands that gold and silver are volatile in price every single year. Many people commit the same mistake in buying gold and silver that they commit when buying into the stock market – they don’t buy assets when asset prices are low, and only buy them after prices have soared and news of a steep short-term climb in price has been reported by the mainstream media news. However, an even bigger mistake gold and silver purchasers make is not having enough patience to benefit from the long-term trends higher. So to sum up the mistakes people make when buying gold and silver they are:

 

"(1) Not understanding that volatility in gold and silver markets does not equal risk when one knows how to interpret the volatility in these specialized assets correctly; and

 

"(2) Not having enough patience.

 

"These two concepts go hand in hand for the following reasons ..."

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The Golden Truth: The Big Easy

The Golden Truth: The Big Easy | Gold and What Moves it. | Scoop.it

from Dave in Denver:

 

"... I define "hyperinflation" as the parabolic price inflation which occurs once the confidence completely collapses in a paper fiat currency. Zimbabwe and Weimar Germany being the two most cited but there have been several examples in the last 100 years.

 

"The golden truth of the matter is that despite all of the political rhetoric, our Government simply can not and will not cut deficit spending and therefore the amount of debt required to keep the Government going is increasing at an increasing rate. That is, it's going parabolic. We're well beyond the point at which we can hope or expect that we can "grow" our way out of this debt with economic policies. That's actually a ridiculously absurd notion.

 

"So there's only two ways ultimately to solve the problem: either the Government defaults in some fashion - this could take form in several ways - or the politicians decide to hyperinflate the currency in order to pay down the debt with printed money. Either way the currency collapses and the precious metals go absolutely parabolic, as holders of dollars rush into anything available that can be considered a hard asset. Gold and silver are both a hard asset AND a currency. ..."

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What Will Central Banks Do Next Week?

What Will Central Banks Do Next Week? | Gold and What Moves it. | Scoop.it

by Tom Sowanick:

 

"Next week the Federal Reserve, the Bank of Japan, the Bank of England and the European Central Bank (ECB) are all scheduled to hold separate meetings in order to set policy rates. And while it is unlikely that there will be any significant change in policy for any of these Central Banks, there is an outside risk that the ECB may make a move in order to calm European debt and equity markets.

 

"On July 5th, the Central Bank of Denmark made a substantial cut in interest rates from 0.45 percent to 0.20 percent and lowered deposit rates from 0.05 percent to -0.20 percent in order to damp upper pressure on the Danish krone following the ECB’s 25 basis points (bps) cut.

 

"By taking policy rates to close to 0 percent and pushing deposit rates below zero, the move by Denmark may have opened the window for the ECB to take action at their meeting next week.

 

"There is also a modest chance that the Federal Reserve reduces the deposit rate it pays to banks for holding reserves. This is particularly important because banks have parked around $1.6 trillion of excess reserves at the Central Bank earning 0.25 percent while the rest of us are earning close to 0 percent. ..."

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It Is Absolutely Shocking How Much Gold China is Acquiring

It Is Absolutely Shocking How Much Gold China is Acquiring | Gold and What Moves it. | Scoop.it

Today Stephen Leeb told King World News:

 

"... In the past, if the Chinese could step out of the way and let gold tumble in price so they could purchase it cheaper they would. Right now I think they just don’t want to add to their citizen’s frustrations with key markets, gold being one of them. If I’m right, then the Chinese will continue to support the price of this metal.

 

"I would also note that China mined an unbelievable 20% of their proven reserves of gold last year. That’s an almost impossible achievement. That number was reported by the USGS, which is a very credible source for this type of information.

 

"China mined a total of 355 tons, which was by far the largest amount of gold mined for any country. And yet they are still buying every single available ounce they can get in the open market. Australia was second with 270 tons. Keep in mind that Australia has 4 times the reserves that China has. I have never seen any country mine that percentage of any commodity. What China has done in truly a Herculean feat. ..."

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Why We Can All Kiss This Financial System Goodbye

Why We Can All Kiss This Financial System Goodbye | Gold and What Moves it. | Scoop.it

Michael Pento tells King World News:

"... The bottom line is that either of those choices is a default. Europeans have to default for the simple fact that they owe more money than they can ever possibly repay.

 

"The amount of debt outstrips Europe’s tax base many times over. So we are no longer talking about if Europe will default, but rather how they will default They are looking at either an explicit default, which is a restructuring of their debt, or an implicit default through inflation.

 

"Clearly Europe has, at least at this point in time, chosen inflationary default. But in either case it is a default and when you default on your debt, interest expenses must increase dramatically. This is exactly what I foresee happening in Europe. You cannot print money and create inflation and keep yields low forever.

 

"The worse part is when you choose the inflationary default, you always end up destroying your economy to a much greater degree than when you explicitly default. The other problem Europe faces, under the inflationary default, is that their interest rates will not only go higher but they will stay higher for... "

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Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year | CNSNews.com

Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year | CNSNews.com | Gold and What Moves it. | Scoop.it

by Terence P. Jeffrey

 

"(CNSNews.com) - By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.

 

"Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year. ..."

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Embry - Expect Shortages Of Gold As Soon As Next Month

Embry - Expect Shortages Of Gold As Soon As Next Month | Gold and What Moves it. | Scoop.it

John Embry tells King World News:

 

"... We are moving toward a fundamental shortage of gold, and I believe it may start as soon as next month. I think the bottom is being put in right now. You see once again with the stock market trading lower, they just turn the algorithms on and grind the price down.

 

"But this action is all just building a massive base in gold. I think the big issue going forward is this growing shortage of available physical gold. I strongly believe one of the reasons for the shortage is a lot of it is headed East. The last four or five months of the year gold should challenge and easily take out its all-time high.

 

"For what it’s worth, there is an enormous amount of interference in ..."

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Operation Freedom - Dr. Dave Janda

David H. Janda, M.D.is an orthopedic surgeon based in Ann Arbor, Michigan, author and talk radio host on WAAM Talk 1600...

 

Go here and listen to the interview of Ed Steer on July 22, 2012. Topic, Libor, Gold, Silver, Commodities.

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Richard Russell: Bear Market to Last Another 15 Years to 2027

Richard Russell: Bear Market to Last Another 15 Years to 2027 | Gold and What Moves it. | Scoop.it

Today the Godfather of newsletter writers, Richard Russell, shocked King World News with this remarkable and extremely dire prediction: “The primary bear market -- the leveraging and inflation and lying and cheating and shenanigans lasted from 1945 to 2007, about 62 years. My guess is that it will require maybe one-third of that time or roughly 20 years to clean out the economic stupidity and nonsense of those 62 years. That could take this bear market out to the year 2027.”

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Libor probe engulfs bank traders — RT

Libor probe engulfs bank traders — RT | Gold and What Moves it. | Scoop.it

"US and UK regulators are investigating several groups of traders around the world for allegedly teaming up to rig interest rates.

 

"More than a dozen traders from at least nine banks are under investigation, the Wall Street journal writes, citing people close to the probe.

 

"From 2005 to 2011, they allegedly profited by manipulating Libor and other key interest rates. The practice spread as some of the traders moved to other banks and took the conspiracy with them.

 

"The interest rates are used as global benchmarks in determining rates on many types of consumer and business loans.

 

"The emerging details suggest there’s been a widespread conspiracy that continued for several years. As a result, the banks where the traders worked are under growing pressure to explain what they knew.


"The suspected rate-rigging comes on top of allegations that some banks made artificially low submissions for setting Libor during the financial crisis. ..."

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Greece recession will deepen – Greek PM — RT

Greece recession will deepen – Greek PM — RT | Gold and What Moves it. | Scoop.it

"Greece may suffer a much deeper recession this year with the economy expected to shrink more than forecast by the crisis-hit central bank, says the country’s prime minister, Antonis Samaras.

 

"He expects the economy to shrink by 7 per cent compared to the 5 per cent forecast by the Bank of Greece. This would represent the country’s deepest recession since the 1930s.

 

"Inspectors from the EU-International Monetary Fund-European Central Bank troika have returned to Athens in another effort to stabilize the second Greek bailout. They are expected to complete their debt-sustainability analysis next month. The visit comes amid renewed talk about the country leaving the eurozone ..."

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Do Gold, Silver Prices Fall, in a Shrinking, Debt-distressed World? | Julian D. W. Phillips | Safehaven.com

Do Gold, Silver Prices Fall, in a Shrinking, Debt-distressed World? | Julian D. W. Phillips | Safehaven.com | Gold and What Moves it. | Scoop.it

by Julian Phillips:

 

"... The definition of 'deflation' is:

 

"While inflation erodes the value of money, which progressively buys less and less per unit, deflation makes money worth more. That makes people and businesses less likely to spend it - consumers because they expect even better deals if they wait, and businesses because it's less profitable to produce goods or services that will bring a lower real return. These factors can feed on each other to produce a downward economic spiral, as happened in the Great Depression.

 

"To us this is over simplistic as it describes only one picture of deflation. In a global economy, the definition needs to account for the value of each currency area suffering deflation. After all the balance of payments comes into play and in turn the international value of the currencies suffering from the aberrations of deflation and inflation.

 

"As brought out in her recent article, Rhona O' Connell pointed out that in "The Golden Constant", written by Roy Jastram over 30 years ago and recently re-released including fresh material by economist Jill Leyland, tells us that in the U.S. there have been three recorded deflationary periods and gold increased its purchasing power in each of them, by between 44% (1929-1933) and 100% (1814-1830).


"Please note that this was at a time when the gold price was fixed and unable to rise. Nevertheless, the purchasing power of currencies fell against gold. We learn from this that while governmental controls do work, they work only up to a point then are overwhelmed by market forces. ..."

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Gold Price Holds Firm Despite “Some Pretty Solid Headwinds” | GoldAlert

Gold Price Holds Firm Despite “Some Pretty Solid Headwinds” | GoldAlert | Gold and What Moves it. | Scoop.it

"The gold price continued to consolidate near the $1,575 per ounce level on Tuesday amid modest strength in the U.S. dollar. Gold prices ranged between $1,571 and $1,584 in overnight trading, an area they have now occupied for several weeks. The SPDR Gold Trust (GLD), the world’s most liquid gold price proxy, inched higher by $0.05 to $153.08 per share this morning.

 

"On Monday, the price of gold held up relatively well despite widespread liquidation in financial markets. The broad-based sell-off was driven largely by heightened worries over the sovereign debt crisis in Spain and Greece. European concerns were exacerbated on Tuesday by Moody’s Rating Services, which lowered its credit rating outlook to negative for several relatively robust nations in Europe – including Germany, the Netherlands, and Luxembourg. The move indicated that going forward, there is an increased likelihood that each AAA-rated country will be downgraded. ..."

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Jesse's Café Américain: Gold Continues Coiling

Jesse's Café Américain: Gold Continues Coiling | Gold and What Moves it. | Scoop.it

From JESSE'S CAFÉ AMÉRICAIN"

 

"... It is of course a matter of probability as to which way it breaks, and even moreso dependent on a few exogenous monetary events.

But the boundaries of breakout, subject to confirmation to weed out the headfakes, is not a mystery. ..."

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Greece Can't Pay Its Debts: 'Troika'

Greece is not likely to be able to pay its debts, meaning the twice-bailed-out member of the euro zone will have to restructure about $240 billion of sovereign debt, European Union officials told Reuters on Tuesday.

 

"Although the officials, who are part of the so-called Troika that includes the European Central Bank (ECB) and the International Monetary Fund, won't finalize the results of their inspection of Greece's debt-choked economy until next month, their conclusions are already clear.

 

"Prospects of euro zone members or the ECB being willing to bail out Greece yet again appear remote if not nonexistent, especially since the Greek economy is expected to contract by a massive 7 percent this year and Greek officials have not been able to make progress in fixing the 3-year-old crisis.

 

"Greece is hugely off-track," one of the officials told Reuters. "The situation just goes from bad to worse, and with it the debt ratio. ..."

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China`s move into gold and silver part of global monetary plan

China`s move into gold and silver part of global monetary plan | Gold and What Moves it. | Scoop.it

by Dr. Jeff Lewis:

 

"The Chinese currency the Yuan is still pegged to the U.S. Dollar at a level that undervalues it substantially, provoking criticism of this exchange rate policy. The world still believes that China cannot survive and prosper without the West to fund its development, and so most analysts are focused on a hard landing for China.

 

"Nevertheless, what is really happening is that new currency swaps are forming the backdrop of Chinese metals accumulation and production. In essence, China is gradually amassing the lion's share of global wealth in the form of hard assets....

 

"Recent headlines from around the world have focused on how China is spearheading a shift away from the U.S. Dollar as a reserve currency.....


"Another important Chinese policy change has been to legalize precious metals ownership recently. Even silver ownership has been overtly encouraged by Chinese authorities. ..."

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On Gold And The US Debt Trap? | ZeroHedge

On Gold And The US Debt Trap? | ZeroHedge | Gold and What Moves it. | Scoop.it
Via John Butler of Amphora Commodities,

 

"... The US is in a debt trap, plain and simple. Yet policymakers refuse to talk about it because to admit that it is a debt trap is to admit policy failure. After all, it is rather difficult to blame a government debt trap on ‘free-markets’. (Not that free markets had much to do with the world’s most regulated industry—finance and banking—blowing itself up in 2008. No, such colossal blowups require vast amounts of government intervention.)

 

"That said, the US is not in the same debt trap as much of the euro-area because its debts can be systematically devalued through monetisation by the national central bank. In the euro-area, this requires some degree of consensus, and the interests of all members are not congruent. Hence the constant back-and-forth between those who want to be bailed out of their debt traps, and those who are being called upon to do the bailing. ..."

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Don Coxe - The Global Situation Is Becoming Quite Desperate

Don Coxe - The Global Situation Is Becoming Quite Desperate | Gold and What Moves it. | Scoop.it

With stock markets trading in the red around the world, today King World News interviewed 40 year veteran Don Coxe. Coxe told King World News, “The situation (in Europe) has gone from worse to truly awful in the last week.” He also warned that “... by the end of the summer we might be facing two of the PIIGS going into default.”

 

"Coxe, who is Global Strategy Advisor to BMO ($538 billion in assets), also spoke about the drought, which has been one of the worst in the past century: “It’s going to mean that the winter is going to be a much more chilling experience for the consumers because there is no question that food prices will be, by then, meaningfully higher.”

 

"Coxe also discussed gold, but first, here is what he had to say about the severe drought: “This is one of the three biggest droughts of the last 100 years. In the regions where it is established, it’s been brutal. Those farmers who do not have irrigation equipment, in most cases, are just going to have to plow their crops under. ...”

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Indians should reduce gold tributes to God - RBI Deputy Governor - GOLD NEWS - Mineweb.com Mineweb

by Shivom Seth:

 

MUMBAI (MINEWEB) -

"Gold offerings at temples have come under the scanner of the Reserve Bank of India. Deputy Governor K C Chakrabarty has called for a reduction in demand for gold as an offering to the deities.

 

"Ninety percent of the gold demand is jewellery or to offer to God. Both have to stop," said the official of the apex bank. The deputy Governor noted that Indian society's obsession with gold was an archaic idea of pre-historic times when India was a rich society of abundance.

 

"Wearing gold as an ornament was a culture when you were a rich society, when you were contributing to 30% of the GDP of the world. Today, we have become a poor country, we need to change our culture," he added.

 

"For millions of Indian households which think otherwise, this assertion by Chakrabarty, may come as a shocker. Over the weekend, the deputy governor's remarks made at a function has opened up a Pandora's Box.

 

"For centuries, Indian households have had a twin tradition - buying gold during festivities or on auspicious occasions largely in the form of jewellery, and offering gold to their Gods as a form of appeasement or in gratitude.

 

"Both need to change, said Mr Chakrabarty. ..."

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JPMorgan's Surprising Role In The PFG Scandal

JPMorgan's Surprising Role In The PFG Scandal | Gold and What Moves it. | Scoop.it

by Mark Gongloff:

 

"The investigation into the collapse of Iowa brokerage firm Peregrine Financial Group is notable for one name that has not yet turned up: JPMorgan Chase.

 

"JPMorgan, the country's biggest bank, held customer accounts for Peregrine, doing business as PFGBest. But in alleging that Peregrine took customer money, the National Futures Association and Commodity Futures Trading Commission have claimed that customer money is missing not from a JPMorgan account, but from a U.S. Bank account. ..."

 

[I'm shocked, Shocke I say! LOL right. that's sarcasm.] hat tip to Jim Sinclair.

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Sprott - The Frightening Black Swan Nobody Is Talking About

Sprott - The Frightening Black Swan Nobody Is Talking About | Gold and What Moves it. | Scoop.it

"... [Eric] Sprott stunned KWN by speaking about his greatest fear: “My biggest black swan, Eric, is that I think I’ll be right one day. My worry is that one day they just shut everything down. They say, ‘You know what, we just can’t keep this up anymore, the whole Ponzi (scheme), we just can’t do it and we shut it down.’ All of the markets freeze, and the stocks that you are short are never allowed to go where they were.

 

"They might cease gold trading, in the normal sense, or maybe they will even outlaw gold trading. But that’s my biggest worry. Because everything else, everything that one would theorize and watch, in practical terms, all (of it) argues for gold and silver to win the day. So just stay the course. ...”

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