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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Myths and Realities of Returning to a Gold Standard « The Burning Platform

By Terry Coxon, Casey Research

 

"The gold standard, under which any holder of paper dollars could redeem them for gold at the US Treasury, is now within the living memory of just a few million Americans, nearly all of whom would be dangerous behind the wheel. But thanks to the money printing and the federal deficits that have grown to astounding scales since 2008, and thanks also to the clashing pronouncements of Ron Paul and Ben Bernanke, the idea of a gold standard has resurfaced in the public’s consciousness.

 

"I’m happy to see the concept enjoying a revival. Reading about it in the mainstream press and hearing it mentioned on the cable news shows makes me feel a little less like a Martian. It has almost made me feel avant-garde.

 

"Despite my enjoyment of the revival, I’ve noticed that the idea seldom is presented as a clear and definite proposal or as an invitation to revisit an institution that worked well in the past. Too often, it shows up as little more than a slogan or a taunt aimed at central bankers or as just a political fashion statement. So let’s take a closer look at what it really means. It’s not that complicated..." (click through for the rest)

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oftwominds-Charles Hugh Smith: Income Disparity Solution: Restore the Minimum Wage to 1969 Levels

oftwominds-Charles Hugh Smith: Income Disparity Solution: Restore the Minimum Wage to 1969 Levels | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"If we want to lessen income disparity, the solution is easy: restore the minimum wage to levels considered reasonable 43 years ago in 1969.

 

"There is much hand-wringing about the vast income disparity in the U.S. between the top 5% and the bottom 25%, and precious little offered as a solution. Once again we are told the problem is "complex" and thus by inference, insoluble.

 

"Actually, it's easily addressed with one simple act: restore the minimum wage to its 1969 level, and adjust it for the inflation that has been officially under-reported. If you go to the Bureau of Labor Statistics Inflation Calculator and plug in $1.60 (the minimum wage in 1969 when I started working summers in high school) and select the year 1969, you find that in 2012 dollars the minimum wage should be $10 per hour if it were to match the rate considered "reasonable" 43 years ago, when the nation was significantly less wealthy and much less productive.

 

"The current Federal minimum wage is $7.25, though states can raise it at their discretion. State rates runs from $7.25 to $8.25, with Washington state the one outlier at $9.04/hour.

 

"In 40 years of unparalleled wealth and income creation, the U.S. minimum wage has declined by roughly a third in real terms. "Official" measures of inflation have been gamed and massaged for decades to artificially lower the rate, for a variety of reasons: to mask the destructiveness to purchasing power of Federal Reserve policy, to lower the annual cost-of-living increases to Social Security recipients, and to generally make inept politicians look more competent than reality would allow..."

 

[can you imagine what the riots would be like!?]

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Crash the Euro, Print the Dollar, Save the World, Brilliant Plan | Lear Capital Blog

Crash the Euro, Print the Dollar, Save the World, Brilliant Plan | Lear Capital Blog | Gold and What Moves it. | Scoop.it

by David Engstrom:

 

"In the time between Jackson Hole and the expiration of QE2, markets soared. The S&P climbed 28%. Then QE2 ended and the markets threatened another crash. Printed money had become to the markets what a drug is to an addict. Take away the drug and a crash is inevitable. Again the Fed was cornered.

 

"In response, the Fed made an August 9, 2011 announcement of plans to hold interest rates at already historic lows. Shortly after, on September 21, it announced the Twist – a fancy term for “refi”. The quick successive moves were intended to produce similar rescuing effects on the markets as quantitative easing without having to print more money. Instead, confidence failed to be restored as today’s markets flounder in volatility. Hence, rumors of QE3 have surfaced.


"It’s clear, neither the markets or the Fed like a strong dollar. A strong dollar inhibits profits on exports. Hence more money printing to counter this effect and make it easier for the U.S. to pay foreign debt. The goal is to pay off foreign debt with dollars that are worth less than those borrowed. Sorry China.


"If I were to make a call, I would say that soon the Fed will announce some “hula hoop” strategy to print more money and somehow route it to Europe. Then Europe won’t collapse, the Euro will actually get a boost because we printed more dollars and the world will be saved..."

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Best Bullion Blog: Further Confusion in the Markets

Best Bullion Blog: Further Confusion in the Markets | Gold and What Moves it. | Scoop.it

by Laura Gross (Click through for the full blog entry and analysis.

 

"Investors have noticed that it's been difficult to get a good read on the markets the last couple of weeks. Even stable stocks like Kellogg (K), McDonalds (MCD), and Cree (CREE) traded with more volatility this month than usual. Markets were up on Monday but fell sharply during Tuesday and Wednesday, especially during morning trading. Consequently, assets sold off and investors piled into safe havens like the US dollar and Treasuries, which sent yields on ten-year notes down to 1.55%. On Tuesday, it seemed that markets were primarily reacting to bearish news out of Europe as the news wires were dominated by stories concerning Spain bailout jitters and the possibility of Greece leaving the Euro..."

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Student Debt Bubble Delinquencies Surge | ZeroHedge

Student Debt Bubble Delinquencies Surge | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"By now, the bubble in student loans is becoming more widely understood. The absolute level continues to rise significantly and growth is accelerating with 8% YoY growth just reported, via the WSJ. Of course the reasons are anathema but attending college on the back of hope of a better-paying job when everyone else is also attending college in that hope (thanks to endless student-loan funding from your helpful government) seems to be self-defeating as the supply of supposedly better-qualified workers into a stagnant economy will do nothing but reduce higher-end wages further? Of course this is over-simplified but as the rest of the country delevers, pays down credit cards, or BKs, those that remain jobless heading to college for a way out are now struggling also - as is clear from WaPo this last weekend where dropout rates are increasingly dramatically. What is more worrisome is that while every other class of debt, according to the New York Fed's data, is seeing delinquency rates dropping, Student Loans 90+ days delinquent surged in Q1 to 8.7% - near its peak crisis highs and remains above peak mortgage delinquency rates..."

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Butler: "...if it wasn’t manipulation behind this decline, any other reason would sound hollow." - Ed Steer's Gold & Silver Daily

Butler: "...if it wasn’t manipulation behind this decline, any other reason would sound hollow." - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it
All that matters from this point onwards, is what happens on the next rally in silver and gold. Will JPMorgan et al go short again?

 

Ed Steer included this in his daily from Ted Butler. I think it worth posting here. Click through for the rest of Steer's great daily.

 

"Silver analyst Ted Butler posted his mid-week commentary for his paying subscribers yesterday...and here are a couple of free paragraphs...

 

"At the low point [yesterday], silver was down by more than a dollar from Friday’s close, while gold was down more than $40, before both came back somewhat. I’d attribute the decline to HFT manipulation and further attempts to induce speculators to sell into collusive commercial buying. Considering the dreadful news from Europe, I wouldn’t know what else to attribute the decline to. In a sense, I feel sorry for those who don’t believe in the manipulation premise, because if it wasn’t manipulation behind this decline, any other reason would sound hollow. Yes, I’m still living in a sort of twilight zone where world financial conditions are more conducive to strong gold and silver prices than at any time in my personal experience, yet those prices are weak instead."

 

"This has not been an easy time for silver (and gold) investors, mainly due to this counterintuitive and debilitating price action. My own view is that none of this price weakness is accidental or coincidental. I sense the recent takedowns have been designed to break the spirit of silver and gold investors. Sadly, I fear the manipulators, led by JPMorgan, have succeeded in demoralizing some investors, all under the lie of hedging and market-making. I suppose this is as it must be in a manipulated market. I can only speak for myself in that I wouldn’t think of selling here and I know that the ingredients for an explosive rally are in place. I don’t know the timing or circumstances of that explosive rally to come, so I am not going to dwell on that aspect."

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In The News Today « Jim Sinclair's Mineset

Jim Sinclair’s Commentary

"The sign carried by the sage that the end is near is wrong. The end is here now!

 

"Wells Fargo Seizes Stockton, California City Hall
"Thursday, May 31, 2012

 

"The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city hall building.

 

"The city paid $35 million to buy the 8-story building, but was not able to move in because of its money problems, and recently stopped making debt payments all together. This is the fourth building that was repossessed by Wells Fargo; the bank seized three city parking garages for the same reason.

 

"Just wait to financial problems start to put a squeeze on state governments. California and Illinois are high up on the..."

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Flood Water Rising | Diverse Specialties | Bob's Bagger

Flood Water Rising | Diverse Specialties | Bob's Bagger | Gold and What Moves it. | Scoop.it

I recently saw this guys inventions at work and it was amazing. If you've got a tractor like a Bobcat you should consider these add-ons.

 

"Diverse Specialties takes skid steers and tractor-loaders to a new level with their innovative Boom-Grapple. This attachment combines grapple truck capabilities with the versatility of a skid steer and for a fraction of the cost.

 

"During the 2004 Florida Hurricane season with its millions of yards of storm debris, the need was evident. Despite the number of skid steers out there collecting debris, many of the trailers and trucks were too tall for standard buckets and grapples to load. The Boom-Grapple now makes it possible to reach easily over the sides of any road legal vehicle."

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Gold Falls Through $1550, “Bulls Misjudged the Dollar” as Euro Crisis Sparks EU Wrangling | The Daily Gold

by Adrian Ash:

 

"...Trading volume in US gold futures yesterday hit a new 2012 record according to Reuters data, leaping to 484,000 contracts and breaching both the previous high of late January and the current level of open interest outstanding.

 

“Gold continues to consolidate the last leg down, trading sideways for the past 2 weeks,” says strategist Russell Browne at Scotia Mocatta, also pointing to $1522 as support.

 

“The lows near $1520 underpin our greater bullish view for gold,” agrees a note from Barclays, also a market-making bank in the London gold market.

 

“Near term we expect a range to unfold under $1620,” says Barclays, adding that the bank’s analysts are “bullish for silver while above $26.00″ with an initial target of $29 per ounce..."

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The Fear Factor in Gold Equities: Robert Cohen [CNL, CGOOF, ROG] - The Gold Report

The Fear Factor in Gold Equities: Robert Cohen [CNL, CGOOF, ROG] - The Gold Report | Gold and What Moves it. | Scoop.it

The market is like a kid that can only ride a bike with training wheels on it, according to Robert Cohen of GCIC Ltd. As portfolio manager of the Dynamic Precious Metals Fund and the Dynamic Strategic Gold Class Fund (sold in Canada) and the Dynamic Gold & Precious Metals Fund (sold in the U.S.), Cohen is expecting a new set of training wheels in the form of a third round of quantitative easing. In this exclusive interview with The Gold Report, Cohen suggests that, as fear among investors continues to drive down stock prices, the market is now primed for patient accumulation....

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UPDATE 1-China investigates Agriculture Bank vice president

UPDATE 1-China investigates Agriculture Bank vice president | Gold and What Moves it. | Scoop.it

May 30 (Reuters) - 

 

"A vice president at Agricultural Bank of China Ltd , China's third largest bank by market value, is under investigation by the Communist Party's discipline authorities, a source with direct knowledge of the matter said.

 

"Yang Kun has not been in his office in over a week, the source told Reuters on Wednesday, and has been taken away by the party's disciplinary body, which typically probes allegations of corruption and other crimes before handing suspects over to judicial authorities.

 

"Agbank's Hong Kong-listed stock closed down 4 percent on Wednesday, while the main index fell 1.9 percent.

 

"The state-owned bank, which has a stock market value of $137 billion and reported January-March net profit of 43.45 billion yuan ($6.8 billion), said Yang was "currently assisting relevant mainland authorities in connection with certain investigations"...

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When The Derivatives Market Crashes (And It Will) U.S. Taxpayers Will Be On The Hook

When The Derivatives Market Crashes (And It Will) U.S. Taxpayers Will Be On The Hook | Gold and What Moves it. | Scoop.it
Warren Buffett once said that derivatives are financial weapons of mass destruction, and that statement is more true today than it ever has been before. ...

 

"...One of the things that Dodd-Frank does is that it gives the Federal Reserve the power to provide "discount and borrowing privileges" to derivatives clearinghouses in the event of a major derivatives crisis.

 

"This is what our politicians love to do.

 

"They love to have the U.S. taxpayer guarantee everything.

 

"Our politicians look at us as one giant insurance policy.

 

"Apparently they believe that if anything in the financial world goes wrong that U.S. taxpayers should be the ones to clean up the mess.

 

"But will we really have enough money to bail everyone out when the derivatives market crashes?

 

"Today, the 9 largest banks in the United States have a total of more than 200 trillion dollars of exposure to derivatives.

 

"That is approximately 3 times the size of the entire global economy.

 

"The U.S. government is already nearly 16 trillion dollars in debt.

 

"How in the world can we afford to keep bailing out the huge messes that Wall Street makes?

Sadly, most Americans have no idea how vulnerable our financial system really is.

 

"It is a poorly constructed house of cards that could come crashing down at any time.

 

"If you still have faith in our financial system you are being quite foolish and you will soon be bitterly, bitterly disappointed."

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oftwominds-Charles Hugh Smith: "Big Idea Solution": Radically Lower the Cost Basis of the Entire Economy

oftwominds-Charles Hugh Smith: "Big Idea Solution": Radically Lower the Cost Basis of the Entire Economy | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Our choice is simple: either continue on the State-cartel path of complexity and rising costs that leads to a death spiral, or re-energize the forces of the market and community.

 

"We are constantly told all our problems are too complex to be addressed with simple "big idea" solutions. Complex problems require complex solutions, we are assured, and so the "solutions" conjured by the Central State/Cartel Status Quo are so convoluted and complex (for example, the 2,319-page Dodd-Frank Wall Street Reform and Consumer Protection Act or the 2,074-page Obamacare bill) that legislators say they must "pass the bill to see what's in it." (What If We're Beyond Mere Policy Tweaks? February 6, 2012)

 

"The real "solution" is to see that complexity itself is the roadblock to radical reformation of failed systems. Complexity is the subterfuge the Status Quo uses to erect simulacra "reforms" while further consolidating their power behind the artificial moat of complexity..."

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How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More

How The Super Rich Avoid Taxes Even As They Demand That The Rest Of Us Pay More | Gold and What Moves it. | Scoop.it

"The way that we tax people in the United States is fundamentally broken and should be completely discarded. The U.S. tax code is absolutely riddled with loopholes that allow the super rich to legally avoid taxes while many of the rest of us are being taxed into oblivion. In our system of taxation, middle class families that work hard and try to play by the rules are deeply penalized while those that are willing to abuse the system make out like bandits. There is something fundamentally wrong with a system that enables wealthy politicians such as Barack Obama and Mitt Romney to pay a smaller percentage of their incomes in taxes than millions of middle class families. Mitt Romney has millions of dollars parked down in the Cayman Islands and in other tax havens. He does this to avoid taxes. Unfortunately, most Americans do not have the resources to funnel money through offshore tax havens. Most Americans just automatically have their paychecks shredded by taxes and then try to live on whatever is left over. Most Americans are just trying to survive financially from one month to the next. But the super rich have options. Thanks to technology, they can live almost anywhere they want and they can run their companies and manage their investments from anywhere in the world. The truth is that the wealthier you are the easier it is to avoid taxes. But even as the ultra-wealthy do their best to avoid taxes, many of them still feel free to demand that the rest of us be taxed more..."

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allAfrica.com: Zimbabwe: Gold Deliveries Decline

BY TAWANDA MUSARURWA

 

"ZIMBABWE'S total gold deliveries for April declined by 2,9 percent to 1 112,4kg. The decline was largely caused by a dip in the fortunes of the primary producers. But the African Development Bank, in its monthly economic review, reported an increase in gold production by small-scale miners.

 

"Small-scale miners' deliveries increased by 16 percent while deliveries by primary producers declined by 7,3 percent," said the AfDB.

 

"Last month's gold deliveries were higher when compared with figures of the comparable period last year.

 

On a year-to-year basis, total gold deliveries grew by 24,4 percent, while deliveries from small-scale miners and primary producers grew by 66,9 percent and 15,7 percent, respectively.

 

"A positive gold output in the interim will ensure that producers benefit from the prevailing high gold prices.

 

"The international prices of precious metals appear to be largely benefiting from a constantly weak United States dollar and the eurozone financial crisis, as investors now favour investing in commodities.

 

"This should largely benefit the local gold sector, which this year expected to grow by 12 percent..."

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COMMENT: What if the gold megabulls are right?

COMMENT: What if the gold megabulls are right? | Gold and What Moves it. | Scoop.it

by Lawrence Williams:

 

"There is a strong element, even among the respected gold bulls, which is not looking for, say, gold at $2,000 an ounce (more of a mainstream view supported by many banks) but continually preaches a much greater price for gold some as high even as$10,000 an ounce plus - and sooner rather than later.

 

"Far be it from us to deride this position, although deep down we think it could be a step too far - primarily because the factors that could drive gold to this kind of level in the short term are almost too horrific to contemplate - but what if they are right?

 

"After all, it was only a few short years ago that $1,000 gold was considered totally unrealistic by the mainstream and here we are now with gold more than 50% higher than that level - and this in a downturn for precious metals..."

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Desperation Is a Tender Trap

by TF Metals on this morning's gold action (click through for the rest of the analysis and graphs): http://www.tfmetalsreport.com/blog/3844/desperation-tender-trap ;

 

"Now, don't go deluding yourself into thinking this was somehow legitimate selling. The only headline that occurred near the same time was extremely gold-positive. ( http://www.zerohedge.com/news/chicago-pmi-plunges-527-lowest-print-september-2009) No, this plan was coordinated and executed for one simple reason...to lessen a bank's short position. How does that work, you ask?

 

"Let's say that the bank in question began the day with a net short position of 10,000 contracts. The bank takes a look at the order book and concludes that there are a multitude of sellstops in a certain area. If the bank can exert enough pressure (in this case, dump 7000 contracts), they can buy back their 7000 new shorts plus a couple thousand more by the end of the day. Price recovers as this happens and, presto magico, the net result on Comex price is negligible." 

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May an unhappy month for gold (down 5%) and silver (down 10%)

May an unhappy month for gold (down 5%) and silver (down 10%) | Gold and What Moves it. | Scoop.it

by Adrian Ash:

 

"The MSCI index of global stock markets has shed nearly 9% in May.

 

"Gold and to a lesser extent silver decoupled from the rest of the [commodities] group on Wednesday and started to head higher," says a US analyst.

 

"Finally gold is behaving 'normally' and is 'profiting' from the fears surrounding the Euro," agreess Commerzbank analyst Eugen Weinberg, "[resisting] the general downswing experienced by commodities and equities.

 

"Gold is proving to be good 'risk insurance' [but] we believe there may still be downside risks if the US Dollar continues to remain strong...."

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there was some very powerful buying that came into the gold market from some extremely strong hands.

there was some very powerful buying that came into the gold market from some extremely strong hands. | Gold and What Moves it. | Scoop.it

Trader Dan Norcini told King World News:

 

"...The bottom line is there was some very powerful buying that came into the gold market from some extremely strong hands. They were strong enough that they could absorb hedge fund algorithm related selling, which is significant right now across the commodity sector.

 

"What that tells us is the rumors that gold is dead as a safe haven asset are completely unfounded. No market trades the way gold did today if it were not widely considered to be a safe haven. Extremely strong hands are buying gold and they are buying it as a safe haven, and as a way to diversify currency positions. These are the kind of buyers that do not chase prices, Eric.

 

"The longer gold trades above the $1,550 mark, the better it is as far as the longer-term price formation is concerned for gold. What this does is create a very strong area on the chart, or a floor that buyers around the world can key in on and say to themselves, ‘This is where we want to buy gold.’

 

"To see gold accelerate higher, we really need to break back above $1,600. If that move above $1,600 were to take place, people would have to remember that it would be happening with a very low level of hedge fund exposure to gold. This would allow for much greater gains for gold as the momentum swings to the upside..."

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Turk - This Coming Disaster Will Be Worse Than Lehman 2008

Turk - This Coming Disaster Will Be Worse Than Lehman 2008 | Gold and What Moves it. | Scoop.it

With continued volatility in major markets, as well as gold and silver, today King World News interviewed James Turk out of Europe. Turk told KWN, “The money coming out of the stock market is not only going into German and US government paper; it is also going into gold and silver...” Here is what Turk had to say about the accelerating global crisis: “The global financial situation is really starting to spin out of control, Eric. It won't be long now before the Federal Reserve, ECB, Bank of Japan and Bank of England start more QE in an attempt to keep global stock markets from imploding and causing another Lehman Brothers collapse.”

 

[Translation = Gold higher]

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Twitter / alexdgn: Gold is just another commo

Gold is just another commodity, until it's not http://t.co/Rhnh4kl3
May 30 via Tweet Button Favorite Retweet Reply

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The Golden Truth: Gold Isn't Just For Goldbugs Anymore...

The Golden Truth: Gold Isn't Just For Goldbugs Anymore... | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"I don't think China really cares about the Comex other than the fact that the Comex operators do a great job keeping the price of gold and silver artificially low for China as the world's largest buyer of gold and silver. - Dave in Denver

 

"Anyone who buys into the "gold is in a bubble/bear market" proclamations being tossed out on CNBC, Bloomberg and other mainstream disinformation sources needs to examine the real evidence. The real evidence does not come from some asswipe working for a big bank brokerage firm who examines pretty lines drawn on a chart or has spent the last 10 years conning the public into buying stocks like Facebook.

 

"The real evidence comes from looking at what the big buyers of gold are doing. I think many of you have already seen the recent articles which report the latest Central Bank gold accumulation in primarily eastern and southern hemisphere countries. As I mentioned yesterday, China imported the equivalent of about 10% of the world gold production in 2011. In Q1 2012, China imported 50% of the amount it imported for all of 2011.

 

"Venezuela has repatriated most of its gold..."

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Infographic: The history of gold | MINING.com

Infographic: The history of gold | MINING.com | Gold and What Moves it. | Scoop.it
Visualcapitalist has put together an infographic on the history of gold from the pharaohs to the Fed .
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Twitter / reinman_mt: Spain faces 'total emergen

Spain faces 'total emergency' as fear grips markets, Ambrose Evans-Pritchard, via The Telegraph: http://t.co/mfNMxq8K.
May 30 via TweetDeck Favorite Retweet Reply

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GOLD, SILVER & Facebook | The Prospector Blog

GOLD, SILVER & Facebook | The Prospector Blog | Gold and What Moves it. | Scoop.it

"...It is no secret that I feel social sites, like Facebook & Twitter, will play a major role in PM prices extending beyond what most view as expectant or realistic. Nothing will transport the news of another bank holiday, Lehman collapse, or government bankruptcy like social networks can.

 

"To be fair let’s talk about the long-term projections of a giant like Facebook. After all, Facebook stock should offer promise since this is a young company founded by some of the sharpest minds in our tech world, right? Maybe not. Will economic instability help influence Facebook stock upward? Will social unrest, the S & P in retreat, worldwide housing declines, or market volatility in general help elevate Facebook stock over long term?..."

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