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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India`s Reserve bank looking to put idle household gold to better use

India`s Reserve bank looking to put idle household gold to better use | Gold and What Moves it. | Scoop.it

by Shivom Seth:

 

MUMBAI (MINEWEB) -


"The Reserve Bank of India is looking to mobilise the country's idle gold deposits. The apex bank is mulling ways other than direct curbs on imports of gold to reduce the current account deficit.

 

"With gold imports contributing substantially to India's current account deficit, a bank instituted panel is looking into the aspects of devising some alternative routes.

 

"Anand Sinha, deputy governor of the Reserve Bank of India (RBI) said the bank is considering financial instruments that mimic the returns on gold.

 

"Gold imports have been a substantial part of the current account deficit. Therefore, it is being looked at what best can be done. Import is one aspect, the other aspect is that the gold that already exists in the country can be brought out to satisfy the demand by devising financial instruments which can mimic the returns on gold,'' Sinha told mediapersons. ..."

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Lawrence Williams: LIBOR Scandal Brings Gold Price Manipulation Once More to the Fore - Ed Steer's Gold & Silver Daily

Lawrence Williams: LIBOR Scandal Brings Gold Price Manipulation Once More to the Fore - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
To me, yesterday was just another day of engineered price rigging in the precious metal markets...hidden behind the skirts of a manufactured rally in the dollar index.

 

from Ed Steer:

 

"... But, having said that, today's COT report should be interesting, as JPMorgan et al certainly improved their positions...and the Commercial net short position should show a significant decline. The only unknown is whether or not the price declines in both gold and silver during the reporting week...the cut-off was on Tuesday at 1:30 p.m. Eastern...were enough to reverse the big price rises that occurred during the three days before the Independence Day holiday.

 

"During that rally, JPMorgan et al were doing the usual...either going short against all comers, or selling long positions at a profit. The intended effect of both was to cap the rally...and it was very successful. Was that position entirely reversed in the four business days after the July 4th holiday? Did JPMorgan cover all its shorts [at a profit, of course]...and did the small traders go long once again? I know that silver analyst Ted Butler is more than anxious to find out...and so am I.

 

"If I had to bet a dollar, I'd say we saw the lows in both gold and silver for this particular move down yesterday...and it's always what happens in the ensuing rally that we wait for. Will 'da boyz' pull the usual stunts like I spoke of above...or will JPMorgan stand aside and not go short against all comers...and will Ted Butler's raptors not sell their long positions?

 

"If they decide on the latter course of action, then you can pick a very large closing price for all four precious metals. If they decide on the former course of action, then we'll see the 'same old, same old'. ..."

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Intelligent bet remains on gold Mark Hulbert

Intelligent bet remains on gold Mark Hulbert | Gold and What Moves it. | Scoop.it
Some day, gold will wake up from its dreary, listless state and take off.

 

by Mark Hulbert:

 

"And, if contrarian analysis is right, that day will come sooner rather than later.

 

"Of course, you have every right to be skeptical of this argument, since contrarian analysis has been bullish on gold for several months now and the yellow metal — so far at least — has failed to respond.

 

"But contrarian analysis has been far more right than wrong about gold’s short-term gyrations over the last three decades, which in effect means that the intelligent bet over the years has been to bet against the consensus of gold timers.

 

"And that consensus right now is decidedly bearish — and has been since March. In fact, the gold timers’ average gold market exposure over the last four months has been actually negative. That is, for four months now they’ve been betting that the gold market would go down.

That much persistent bearishness is unprecedented in recent history. ..."

 

hat tip to http://www.grandich.com/ ;

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Twitter / MonetaAdvisors: If Gov used GAAP accountin

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A piece of info that should trouble us all.

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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

Gold has finally picked up some today and followed silver up today which made the move earlier. I'm curious as to what the cause was.

 

Tracking right now via the free real time Adobe Air widget Exact Price at http://www.learcapital.com/exactprice ;

 

Gold $1,573.10

Silver $27.17

Platinum at $1,421.30.

 

Platium for me is the most interesting of late. It continues to trade below gold which should be telling us something about currency and economies around the globe.

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Computer Cowboys Wrestle with Volatile Commodities and Currencies | Gary Dorsch | Safehaven.com

Computer Cowboys Wrestle with Volatile Commodities and Currencies | Gary Dorsch | Safehaven.com | Gold and What Moves it. | Scoop.it

"For most of Wall Street's history, trading in equities was fairly straightforward: buyers and sellers gathered on exchange floors and haggled until they struck a deal. Computerized trading of stocks didn't arrive onto the Wall Street scene until the 1980's. Computer guided "Program trading," - defined by the NYSE as an order to buy or sell 15-stocks or more, valued at over $1-million total, was blamed for the "Black Monday" Crash of October 1987. Then, in 1998, the internet opened-up markets to anyone with a desktop computer, and a trading idea. Since then, computer trading programs have grown vastly more powerful and the algorithms that guide their trading vastly more sophisticated.


"As such, the average PC trader is no longer able to compete with Wall Street's computers. Powerful algorithms, called "Algos," in industry parlance, are executing millions of orders a second and scan dozens of public and private marketplaces simultaneously. Algorithms can spot trends in the global markets, evaluate and integrate the latest news releases, changing orders and strategies within milliseconds, before PC investors can blink.

 

As the use of algorithms moves from hedge funds and Wall Street's trading desks to mutual- and pension-fund managers, these computer guided trades now account for roughly 60% to 70% of total US-equities trading volumes on the NYSE, Nasdaq, and electronic markets, known as Dark Pools. As a result, many banks and brokerage firms have been able to slash their trading desks' staff in half, while more than doubling their equity trading volume. ..."

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Gold to Hit $2,000 by Year-End on More Fed Easing: Merrill

Gold to Hit $2,000 by Year-End on More Fed Easing: Merrill | Gold and What Moves it. | Scoop.it

by Jean Chua:

 

"Merrill Lynch has added its voice to the chorus of gold bulls who have been predicting that bullion will hit $2000 an ounce.

 

"Francisco Blanch, Head of Global Commodity & Multi-Asset Strategy Research at the investment bank, says he expects the Federal Reserve to initiate an asset-purchasing program of as much as $500 billion in the second half of the year, which will drive spot gold much higher by the end of the year.

 

"We think that $2,000 an ounce is sort of the right number,” Blanch said on CNBC Asia’s “Squawk Box” on Thursday. “We believe that ultimately the Fed will be forced to do quantitative easing . If it happens in September, as our economists expect, we will get a rally sooner in gold. If it happens after the election (in November), we will get the rally a little bit later; probably we will touch $2000 an ounce sometime next year. ..."

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Fleckenstein - Central Banks & The Fed Are Close To Panic

Fleckenstein - Central Banks & The Fed Are Close To Panic | Gold and What Moves it. | Scoop.it

Fleckenstein told King World News:

 

“... What I am salivating over is the chance to really press my gold position. I think the next leg is going to be really, really powerful. When I sense that the Fed is going to pull the trigger, I’m going to make my gold investments a lot more aggressive than they are right now ...The American people are going to realize at some point they need to own gold.

 

"The Fed’s track record is absolutely spectacular at one thing and that is destroying the value of the dollar. And when the Americans start stampeding in, on top of the other people, and everybody finally gets the joke, which they are all going to get before this era of central bank money printing is ended, their is going to be the big, unridable phase of the bull market in gold that’s going to take place. That’s in front of us. It’s probably closer than most people think.”

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Here Come The Libor Liability Estimates | ZeroHedge

Here Come The Libor Liability Estimates | ZeroHedge | Gold and What Moves it. | Scoop.it

Posted on http://www.zerohedge.com by Tyler Durden:

 

"Just as we noted here, the analyst estimates for the potential impact of Libor (litigation and regulatory) liabilities have begun. Morgan Stanley sees up to a 17% hit to 2012 EPS (from $420 to $847 million per bank) in a worst case from just regulatory costs, and a further 6.8% potential hit to 2013 EPS if the top-down $400 million average per banks losses from litigation are taken on one year (considerably more if the bottom-up numbers of more than $1 billion are included). They see LIBOR risk in three parts: regulatory fines (we est median 7-12% hit to ‘12 EPS; litigation risk (7% EPS hit over 2 yrs); and less certainty on forward earnings. There are a plethora of assumptions - as one would expect - but the ranges of potential regulatory fine and litigation risk are very large though the MS analysts make the greater point that the LIBOR 'fixing' broadens investor support for more transparency in fixed income trading in addition to fixed income clearing leaving the threat of thinner margins as another investor concern. ..."

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All Hell is Going to Break Loose on the Upside in Gold

With the US dollar hitting fresh two year highs, stock markets struggling around the world, and gold holding firm, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman of Leeb Capital Management, to get his take on what is happening. Leeb told KWN there is a huge scandal because “...the banks don’t have the gold the customers are paying them to have on deposit,” and “all hell is going to break loose on the upside.”

Here is what Leeb had to say about the scandal: “Examples that people like Eric Sprott have given, where an individual depositing gold in 2009, when they asked to get their gold back there were long delays. And the gold bars they got back were certainly not the gold they deposited because they came back dated 2011. What’s that all about?

 

“What’s amazing to me right now, Eric, it’s come down to a world where the war is between those who believe in capitalism and those who don’t. What is interesting is that you have people on the right and the left that have banded together. They don’t trust government and they don’t trust the system, and who can blame them?

 

"But the real scandal here is the banks don’t have the gold the customers are paying them to have on deposit. And the more countries like China and India accumulate, the more likely all hell is going to break loose on the upside. ..."

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Crucial Chart & What to Expect From US Dollar, Euro & Gold

Crucial Chart & What to Expect From US Dollar, Euro & Gold | Gold and What Moves it. | Scoop.it

Dan Norcini tells King World News in relation to gold:

 

"... A lot of people are skeptical of gold's safe haven status, but the fact is it's still an alternative currency. There has also been more talk about bringing it into the monetary system.

 

"Gold is functioning as a quasi-currency right now due to the fears of the health of other global currencies such as the British pound, euro, Japanese yen or the US dollar itself. None of these nations or trading blocs have very strong fundamentals for their currencies.

 

"So you have entities such as central banks that are deeply concerned about the excessive money printing around the world, and they are coming in and buying gold. So there is a pretty decent bid in the gold market down at these levels.

 

"What this pattern in gold is clearly displaying is a very strong and steady accumulation of gold by strong hands. These are value buyers, such as the Chinese, who are doing this heavy accumulation. ..."

 

Click through for the analysis on the dollar and the euro.

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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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A Clash Of Two Systems On A Global & Historic Scale

A Clash Of Two Systems On A Global & Historic Scale | Gold and What Moves it. | Scoop.it

Robert Fitzwilson tells King World News:

 

"... The most important paragraph you will ever read is below. It is attributed to a protégée of the Rothschild family, a man named John Sherman. He is reported to have said:

 

"The few who understand the system, will either be so interested in
its profits, or so dependent on its favours that there will be no
opposition from that class, while on the other hand, the great body
of the people mentally incapable of comprehending the tremendous
advantage that capital derives from the system, will bear its burdens
without complaint, and perhaps without even suspecting that the system is inimical to their interests. ..."

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Sufiy.: Business Insider: Everyone Is Passing Around This Whistleblower Letter Claiming To Know About Market Manipulation At JPMorgan

Sufiy.: Business Insider: Everyone Is Passing Around This Whistleblower Letter Claiming To Know About Market Manipulation At JPMorgan | Gold and What Moves it. | Scoop.it

"With today's news from JP Morgan the old article from Business Insider is taking the new context at least - what revelations will be next now? JP Morgan's name is all over the place with the recent scandals - we can not tell yet that it will become the "Next Lehman moment" which will unleash QE3 - but company's involvements in MF Global bankruptcy, PFG bankruptcy, Trading Loss Revelations and today's announcement about "cooking the books" are not leaving any room for "error"."

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Twitter / Silver_Watchdog: Translated: Set of coins i

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Jim Comiskey Metals July 11th

Worth a listen. He get's to discusing the gold and silver markets and the carry trade.

 

hat tip to http://twitter.com/silvergoldhedge

 

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oftwominds-Charles Hugh Smith: Fed Has No Hammer, Uses Handsaw and Chisel to Pound Nails

oftwominds-Charles Hugh Smith: Fed Has No Hammer, Uses Handsaw and Chisel to Pound Nails | Gold and What Moves it. | Scoop.it

from Charles Hugh Smith:

 

"The next time the Fed unleashes quantitative easing, maybe we'll finally wake up to the fact the Fed is not just powerless, it is actively destructive.

 

"The Fed is promising once again to pound nails with the only tools in its toolbox, a saw and a chisel. The "nails" the Fed is trying to pound down are unemployment and deflation. Needless to say, whacking these big nails with a handsaw and a chisel is completely useless: they can't get the job done.

 

"The Fed claims all sorts of supernatural powers to sink nails at will--"unconventional monetary policy," quantitative easing, money dropped from helicopters and so on. But all it really has are two tools which have no positive effect on unemployment or the real economy. ..."

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Propping Up The Gold Price?

Propping Up The Gold Price? | Gold and What Moves it. | Scoop.it

Interesting blog I stumbled upon:

 

"... demand for gold reflects distrust in finance, distrust in the financial establishment, distrust in banks, distrust in regulators, distrust in government and distrust in the financial media. And it is that distrust — not (by any stretch of the imagination) central bank interventionism — that is the force moving demand for gold.

 

"The distrust is not going anywhere because the system is still rotten. We all know — even Business Insider readers know deep down, I think — that there is something exceedingly rotten at the heart of the global financial system. We don’t know quite how rotten, how deep the rabbit hole goes, who will be implicated, or how fast. But with every LIBOR-rigging scandal (which the Fed, of course, was aware of), every raided segregated account, every devalued pension fund, every failed speculative “hedge”, every Facebook or Zynga pump-and-dump, we get closer to the truth.

 

"There will be no bear market for physical gold until trust in the financial system and regulators is fixed, until markets trade fundamentals instead of the possibility of the NEW QE, until governments represent the interests of their people instead of the interests of tiny financial elites."

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HSBC Faces $1 Billion 'Money Laundering' Fine

HSBC Faces $1 Billion 'Money Laundering' Fine | Gold and What Moves it. | Scoop.it

by Olver Tree:

 

"HSBC [London: HSBA] became the latest banking giant mired in scandal after it emerged Thursday that the British lender could be fined up to $1 billion for failing to implement sufficient money laundering controls.

 

"According to an internal memo, HSBC revealed that it will "acknowledge and apologize" to a U.S. Senate committee next week for failing to spot money laundering activity that could have been used to finance terrorism and organized crime.

 

"The latest banking scandal follows the record fines slapped on fellow British bank Barclays [London:BARC] for its part in fixing the Libor-rate.

 

"As reported by Dow Jones, the internal memo says HSBC will acknowledge that it failed to implement the appropriate systems and controls necessary to prevent the possible financing of terrorism and other criminal activities through money laundering from 2004 to 2010. ..."

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US Attorneys General Jump On The Lieborgate Bandwagon; 900,000+ Lawsuits To Follow, And What Happens Next? | ZeroHedge

US Attorneys General Jump On The Lieborgate Bandwagon; 900,000+ Lawsuits To Follow, And What Happens Next? | ZeroHedge | Gold and What Moves it. | Scoop.it

posted on http://www.zerohedge.com by Tyler Durden:

 

"The second Barclays announced its $450 million Libor settlement, it was all over - the lawyers smelled not only blood, but what may be the biggest plaintiff feeding frenzy of all time. Which is why it was only a matter of time: "State attorneys general are jumping into the widening scandal over whether banks tried to manipulate benchmark international lending rates, a move that could open a new front against the top global banks. A handful of state attorneys general said they are looking into whether they have jurisdiction over the banks, and are starting preliminary discussions to determine what kind of impact the conduct involving the Libor rate may have had in their states. ..."

 

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Rick Rule - We Are Near An Epic Collapse in Confidence

Rick Rule - We Are Near An Epic Collapse in Confidence | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News::

 

“... One of the things that comes to my mind is that what has passed for quantitative easing and refinancing in this market, is, in effect, counterfeiting. We have a situation where one of the biggest buyers of government bonds is the government.

 

"In the United States, as an example, we took in between 40% and 45% of the federal budget last year by way of tax receipts. We took care of the other 55%+ of the budget by borrowing half of the deficit, and in the second instance by printing money which we used to retire government bonds. In other words we bought our own paper.

 

"I guess that’s fine as long as it works. ..." click through for the rest.

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Fed disappointment sees gold, silver at 2 week lows - FAST NEWS - Mineweb.com Mineweb

Fed disappointment sees gold, silver at 2 week lows - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

by Adrian Ash:

 

"... Credit Suisse and BMO Research yesterday joined the growing move to cut commodity-price forecasts for 2012 and beyond, with the Swiss investment predicted only "a modest recovery in the second half of the year" and the Canadian financial services firm lopping 10% off its broad prediction for raw material costs.

 

"The bear market [in mining equities] has intensified with a vengeance," says BMO Research, adding that late-2012 should see gold trade at $1600 per ounce rather than the previous forecast of $1700.

Even so, "The prevailing economic environment remains supportive for the gold price with the European sovereign debt crisis and wealth preservation demand playing on the upside, while weaker Indian jewelry demand weighs on the downside of the metal."

 

"Today in Kolkata, "There is a slight pick-up [in demand to buy gold ]," said one jewelry wholesaler to Reuters, "but this will taper off in a few days" unless local prices continue to ease from their recent record highs.

 

"The strong US Dollar makes local [gold] prices, such as in Indonesian Rupiah, not very attractive," agrees a Singapore bullion dealer, also quoted by the newswire. ..."

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Hoard of ancient gold coins found at Israel crusader site

Hoard of ancient gold coins found at Israel crusader site | Gold and What Moves it. | Scoop.it

Got to love burried treasure:

 

HERZLIYA, ISRAEL (REUTERS) -

 

"A 1,000-year-old hoard of gold coins has been unearthed at a famous Crusader battleground where Christian and Muslim forces once fought for control of the Holy Land, Israeli archaeologists said on Wednesday.


"The treasure was dug up from the ruins of a castle in Arsuf, a strategic stronghold during the religious conflict waged in the 12th and 13th centuries.


"The 108 coins - one of the biggest collections of ancient coins discovered in Israel - were found hidden in a ceramic jug beneath a tile floor at the cliff-top coastal ruins, 15 km (9 miles) from Tel Aviv. ..."

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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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