Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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oftwominds-Charles Hugh Smith: How White Collar Crime Became the "Business Model" of Corporate/State America

oftwominds-Charles Hugh Smith: How White Collar Crime Became the "Business Model" of Corporate/State America | Gold and What Moves it. | Scoop.it

by Charlses Hugh Smith:

 

"Today and tomorrow we publish an important essay by C.D., a correspondent in law enforcement.

 

"White collar crime is now the "business model" of Corporate/State America. The Status Quo does not just incentivize pathological behavior, it is itself a pathological system. CHS

 

"Let's start by identifying the different types of white collar crime (WCC). One is WCC involving individuals against companies (e.g. theft of property from a company) and the government (e.g. Medicare fraud) and the other is WCC of individuals within companies (e.g. MBS debacle) and the government (e.g. taking bribes to favor contractors) against people in our society.

 

"The latter is typically punished and prosecuted less frequently or not as severely than the former for different reasons, one of which is the bias to protect the institution and sweep things under the rug. For instance, a person is allowed to resign, but they're not prosecuted, so that bad press doesn't come down on the institution or the supervisors of the criminal actor. ..." click through for the rest.

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Tim Geithner “Aided and Abetted” LIBOR Crimes: Jim Rickards

Tim Geithner “Aided and Abetted” LIBOR Crimes: Jim Rickards | Gold and What Moves it. | Scoop.it

From The Daily Ticker:

 

"The economy is the main event but the LIBOR scandal will be on the under-card when Fed Chairman Ben Bernanke testifies before Congress today and tomorrow. (See: Bernanke Ready to "Throw in the Towel on Inflation": Jim Rickards)


"At issue is what the Fed, and other bank regulators, knew about manipulation of the key lending rate and whether they condoned banks giving low-ball estimates of LIBOR in order to make themselves look healthier during the crisis of 2008.


"Bernanke is likely to face some inquires about this issue, but the U.S. regulator most questions are being asked about is Treasury Secretary Tim Geithner, who is set to testify about the matter before the House Financial Services committee next week. ..." click through for the video.

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As Greece’s Unemployment Surges, Britain Seeks To Stop Greek Influx

As Greece’s Unemployment Surges, Britain Seeks To Stop Greek Influx | Gold and What Moves it. | Scoop.it

By PALASH R. GHOSH

 

"Unemployment in Greece reached a new all-time record -- 22.5 percent in April, and may continue to edge higher as the debt-stricken country must endure years of economic austerity to reduce its massive deficit and pay back huge bailout loans from the European Union and the International Monetary Fund.

 

"The jobless rate in Greece has jumped from a relatively “modest” figure of 16.2 percent from last April. Only Spain (where almost one-quarter of the adult population is jobless) has a higher unemployment rate in the EU.

 

"Greece’s jobless rate is about double the average for the EU, while the unemployment rate among youths under 25 is an astounding 51.5 percent --- having doubled over the past three years. ..."

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Dan Norcini to King World News: #China seems to have put a floor under #Gold

Dan Norcini to King World News: #China seems to have put a floor under #Gold | Gold and What Moves it. | Scoop.it

Dan Norcini tells King World News:

 

"... China seems to have put a floor under this (gold) market. Whether it’s China, India, or other Asian players, whoever is doing the buying out of the East, it’s very large in size. And it’s sufficiently large where, once again, when gold dipped down below that $1,580 level this week, those buyers were present again.

 

"We went right down to $1,565, and there again were those buyers. They surfaced, and picked it right back up again, and they pushed it up to about $1,600 (on Friday), with some short covering in there.

 

"These swap dealers, I think they are well aware of the amount of (physical) buying that’s taking place down at those lower levels, below $1,580. So they are moving themselves into position, expecting that buying to put a floor of support underneath their ownership of gold. ..."

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Trader Dan's Market Views: Same Play - Second Act

Trader Dan's Market Views: Same Play - Second Act | Gold and What Moves it. | Scoop.it

Trader Dan on Gold's trading pattern:

 

"Nothing has changed in the complexion of the gold market for nearly two months now. It is rangebound in a consolidation pattern. What this means is quite simple - all predictions of gold either collapsing or soaring are just that - predictions - the truth is until this market breaks out of its trading pattern, no one knows with 100% certainty exactly where it it is going or what it is going to do next. ..."

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This Major Fed Move Is About To Create An Explosion In Gold

Michael Pento tells King World News:

 

"... The truth is that most global central banks are now acting in a concerted and unprecedented effort to battle deflation. South Korea cut interest rates by 25 bps and Brazil cut rates 50 bps to a record low last week; joining China, Europe, England and Japan in an aggressive attempt to raise asset prices. Not only have these central banks massively increased liquidity, but they are now moving towards taking measures to punish banks that do not do their part in expanding the money supply.

 

"While it is true that banks don’t depend on a tremendous level of reserves to make new loans, it is imperative not to ignore the increase in the level of their excess reserves. These reserves came into existence when the central banks purchased assets from banks. A bank cannot afford to have a significant portion of its assets, which used to be productive and earning interest, to then become latent for an extended period of time.

 

"However, the key point here is that while the Bernanke Fed has been on hold, other central banks have been cutting rates, reducing reserve requirements, buying equities, and ceasing to pay interest on excess reserves. That has caused the U.S. dollar to rise 12% in the past year. This factor alone has stoked Bernanke’s deflation phobia to an unbearable degree. ..."

 

Click through for the full piece.

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CFTC Chair Gensler Faces Questions Over Peregrine Fraud Case - C-SPAN

CFTC Chair Gensler Faces Questions Over Peregrine Fraud Case - C-SPAN | Gold and What Moves it. | Scoop.it
C-SPANCFTC Chair Gensler Faces Questions Over Peregrine Fraud CaseC-SPANGary Gensler, Chair of the Commodity Futures Trading Commission, appears before the Senate Agriculture Cmte.

 

Should anyone worry if all they face is questions?

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Trader Dan's Market Views: Investors' Attitude: "What? Me Worry? Why?"

Trader Dan's Market Views: Investors' Attitude: "What? Me Worry? Why?" | Gold and What Moves it. | Scoop.it

by Trader Dan Norcini:

 

"Given all that is transpiring across our global economic and financial system, the degree of utter complacency in the US equity markets is astonishing. Looking at the Complacency Index, my name for the Volatility Index or the VIX, one would think that there is hardly a care in the world.

 

"All of this has a somewhat surreal feeling to me. It is almost as if the entire investing community is in a state of denial. It seems to believe that the "all powerful demi-gods" aka, the Central Bankers and monetary officials, are able to suspend the impact of excessive leveraging and exorbitant indebtedness. ..." click through for the rest.

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Turk - Summer Doldrums Over, Gold & Silver To Explode

Turk - Summer Doldrums Over, Gold & Silver To Explode | Gold and What Moves it. | Scoop.it

With volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, “The financial, monetary and economic conditions are so bad ... that everything will spin out of control.” He also warned, “There is a new factor at work that is about to light a fire under the precious metals that few people recognize - food inflation.” He went on to say, “We can expect a rally from here that will take our breath away.”

 

Here is what Turk had to say about what is happening: “The sentiment indicators for gold and silver have been exceptionally low for weeks now, Eric, which is understandable given their lackluster performance during this period, as well as the downright discouraging performance of the mining shares.

 

“But this is no time for complacency. The financial, monetary and economic conditions are so bad, that the situation could spin out of control at any second. Because these problems are not being solved, the point is that everything will spin out of control.

 

"When that happens - as you and I have mentioned many times to the KWN audience around the globe - the best way to protect yourself and your family is with tangible assets...."

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The Naked Shorts Will Be Destroyed In The Gold Market

The Naked Shorts Will Be Destroyed In The Gold Market | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News:

 

"... Gold has also outperformed almost every other major commodity. Warren Buffett, as well as other establishment figures, constantly mock gold and holders of gold, but the reality is that gold has gone up a staggering 50 fold vs the dollar since the early 1970s.

 

"This fact has not gone unnoticed by the ‘super wealthy’ around the world, and more and more of them are turning to gold for wealth preservation, and away from currencies and other paper instruments, including the dollar.

 

"So the world is becoming rapidly divided between those who represent the establishment, such as Warren Buffett and Jamie Dimon, and those who represent the anti-establishment, such as Ron Paul and others who understand that gold is the ultimate wealth preservation mechanism.

 

"In a very strange twist, you now have countries such as China, Russia and other Eastern nations that have joined in the hunt to accumulate more gold reserves. The bottom line here is the gold market is going to continue in a bull market. It will continue going much higher as the establishment is fighting what amounts to a losing battle. Don’t get me wrong, the establishment is going to do everything they can to hold gold down. ..."

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Interview with Gerald Celente of the Trends Journal: A War with Iran Will be the Beginning of WW III

http://usawatchdog.com - Gerald Celente is the publisher of the Trends Journal. He is a renowned forecaster. He has a history of spotting trends and predicti...
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Bernanke says Fed prepared to do more to boost jobs - Reuters

Bernanke says Fed prepared to do more to boost jobs - Reuters | Gold and What Moves it. | Scoop.it
BloombergBernanke says Fed prepared to do more to boost jobsReutersWASHINGTON (Reuters) - The Federal Reserve stands ready to offer additional monetary support to a U.S.

 

LOL I wonder what that will be?

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Eric De Groot: US government records $904.2B deficit through June

from Eric De Groot:

 

"Pick and number, any number, because a deficit balanced on a knife's edge of liquidity and confidence could prove to be highly unpredictable. Billions have become trillions without as the game of sweep the problem under the rug continues without much public concern (or awareness). The rising secular trend in gold says, if the economy slows at the margin, even a little, the CBO 2012 full year forecast of $1.17 trillion will prove to be extremely conservative and naive in retrospect."

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Ignore the Libor scandal at your own risk David Weidner's Writing on the Wall

Ignore the Libor scandal at your own risk David Weidner's Writing on the Wall | Gold and What Moves it. | Scoop.it
America is scandal-fatigued when it comes to Wall Street. But it should summon its ire one more time, because the Libor scandal involves the very people who were supposed to safeguard our financial system and economy.

 

By David Weidner, MarketWatch


SAN FRANCISCO (MarketWatch) — Maybe you’ve seen the headlines mentioning “Libor” or Bob Diamond or the fixing of interest rates. Perhaps you vaguely know that banks were tinkering with the rates for their own advantage.

 

Big deal, you say. So what?

 

So, basically investors, including your mutual fund, were hosed. So, the banks essentially stacked the deck so they would be guaranteed to win. So, it was an organized effort that included more than a dozen participants. And who orchestrated it all? The cops who were supposed to regulate them.

 

You should care because of all the missteps of the financial crisis, this one can’t be explained away by Wall Street’s excuses: “We were just stupid.” “It was the borrowers’ fault.” “We misjudged the risk.” “We didn’t see it coming.” ...

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Bernanke offers downbeat view of economy, but no action

Bernanke offers downbeat view of economy, but no action | Gold and What Moves it. | Scoop.it

"WASHINGTON – Federal Reserve Chairman Ben Bernanke painted a somewhat darker picture of the economy Tuesday but gave no hint the central bank is poised to act within weeks to provide further stimulus.

 

"Still, the recent signs of a weakening recovery have many economists saying the Fed is likely to move by year's end to buy more Treasury bonds in an effort to lower long-term interest rates.

 

"Bernanke also reminded the Senate Bnking Committee that the nation is at risk of slipping back into a recession if Congress doesn't reach a compromise to avoid a "fiscal cliff" — a confluence of tax increases and spending cuts that are slated to take effect at year's end that would stymie growth. ..."

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Rule - The Physical Silver Market Is Getting Dangerously Tight

Rule - The Physical Silver Market Is Getting Dangerously Tight | Gold and What Moves it. | Scoop.it

With continued volatility in global stock markets, and gold staging a big rally off of the lows, today King World News interviewed one of the wealthiest and most street-smart pros in the business, Rick Rule. Rule told KWN that when it comes to silver, “there is the strong case for some very substantial upside.”

 

Rule, who is now part of Sprott Asset Management, discussed silver and gold at length. He also talked about the problems the world currently faces. But first, here is what Rule had to say about Sprott’s very successful offering in the Sprott Physical Silver Trust: “I think it’s evidence of two things: One, we felt we had reasonably good chances of buying the silver if we raised the money. Second, this points to the continuing strength of the high end retail investment market for silver in North America.”

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3 Month 'Slow' In Stocks As Everything Else Goes Nuts | ZeroHedge

3 Month 'Slow' In Stocks As Everything Else Goes Nuts | ZeroHedge | Gold and What Moves it. | Scoop.it
UPDATE: Biggest down day in Faceplant since 5/29 (down 8%) to close at $28.25 on double recent volume.This was the narrowest day's range in S&P 500 e-mini futures (ES) in over three months and volume was dismally ...
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The Libor Interest Rate Rigging Scandal - A Black Swan? | Greg Hunter’s USAWatchdog

The Libor Interest Rate Rigging Scandal - A Black Swan? | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com 

 

"The Libor interest rate rigging scandal is being called the biggest financial fraud in history. Libor is a key interest rate that is used globally to set as much as $800 trillion in transactions. It is used to set interest rates for things such as credit cards, student loans, mortgages, corporate bonds and hundreds of trillions of dollars in derivatives. Libor stands for the London Inter-Bank Offered Rate. It is supposed to be an estimate of what it would cost for some of the biggest banks in the world to borrow money from one another. Sixteen global banks are involved in setting the rate, three of which are in the U.S. (JP Morgan, B of A, and Citi.) It was recently revealed by Barclays Bank (in the UK) that this key interest rate quoted by most of these banks was nothing more than a gigantic rate rigging scheme.

 

"In a financial system reeling from one fraud after another, this is the mother of all rip-offs by the banksters. ..." click through for the rest.

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IMF Says Doubt Weighs On Economy - Wall Street Journal

IMF Says Doubt Weighs On Economy - Wall Street Journal | Gold and What Moves it. | Scoop.it
Telegraph.co.ukIMF Says Doubt Weighs On EconomyWall Street JournalThe International Monetary Fund cut its outlook for global economic growth and urged policy makers to take bolder actions to bolster the faltering recovery.IMF sees 2012 rebound in ...

 

Excuse me, but I question if that should be a misprint. I don't think doubt is really what's weighing on the economy. To me it has been, and continues to be, DEBT!

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Hong Kong Exchange & Clearing has paid £1.4bn for the London Metal Exchange « Jim Sinclair's Mineset

from Jim Sinclair's mail bag:

 

"Jim,

 

I predict the price of gold is about to cease being a fairy tale number.

CIGA Anastasia

 

"Like a lamb London surrenders London Metal Exchange
Hong Kong Exchange & Clearing has paid £1.4bn for the London Metal Exchange, a company which makes £11.2m operating profit – a multiple of more than 124 times."

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Twitter / andilinks: Before 1903 the U.S. gover

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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In The News Today « Jim Sinclair's Mineset

In The News Today « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

From Jim Sinclair:

 

"... You have to admit that the barrel is starting to roll over the banksters. It will make its way to the blatant manipulation of gold/gold share and silver/silver shares.

 

"Jail time is coming.

 

"Senate Report Accuses HSBC Of Involvement In Mexican Money Laundering, Circumventing Iran Sanctions And More ..."

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LIBOR Scandal Is “Huge”: Eliot Spitzer

LIBOR Scandal Is “Huge”: Eliot Spitzer | Gold and What Moves it. | Scoop.it
Follow The Daily Ticker on Facebook! The LIBOR scandal that has engulfed London's financial and political elites is entering its third week and picking up steam on this side of the Atlantic.
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Hedgehog Trader | To Profit, Stray from the Crowd!

Hedgehog Trader | To Profit, Stray from the Crowd! | Gold and What Moves it. | Scoop.it

"... The only thing investors need to answer is – are fundamentals strong for gold and silver, yes or no?

 

"Bankers Must Print … Or Die! (Gold Wins!)

 

"And the answer is yes. The strongest ever. Countries worldwide are deeply in debt and nitwit bankers are printing money to delay their inevitable default (and a move to a gold-backed currency). This is extremely inflationary.

 

"One would think the US dollar would rise sky high, given the desire for ’safety’, but in fact, the dollar has only managed a small, pitiful rally. That tells us big money is not all that enthused about the dollar as a safe haven and that the dollar is likely to fare even worse, while gold and silver (real money) rise when dollar holdings are liquidated. ..."

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How Close Are We to New Great Depression?

How Close Are We to New Great Depression? | Gold and What Moves it. | Scoop.it
The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.

 

“We’re in a very unfortunate position to be here,” Richard Duncan, author of The New Depression, warned on CNBC’s “Squawk Box Europe” Monday.

 

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued. ... [click through for the video]

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