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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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U.S. outrage as Egypt bars Americans from leaving

U.S. outrage as Egypt bars Americans from leaving | Gold and What Moves it. | Scoop.it
(Reuters) - Six Americans working for publicly funded U.S. organizations promoting democracy in Egypt have been barred from leaving the country, provoking angry demands in Washington that Cairo's new military rulers stop "endangering American lives".

 

Among those hit by travel bans - one of those targeted called it "de facto detention" - is a son of U.S. Transportation Secretary Ray LaHood, as well as other foreign staffers of the International Republican Institute and National Democratic Institute, officials at the two organizations said on Thursday.

 

[This is not good, folks.]

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J.S. Kim: You won't go wrong just buying real metal on the dips | #Gold #GATA

J.S. Kim: You won't go wrong just buying real metal on the dips | #Gold #GATA | Gold and What Moves it. | Scoop.it

Kim writes:

"If one understands the possibility that all digital credits in your bank and investment accounts could disappear given the failure of a major global bank (an inevitable event, it seems right now), then one should clearly understand that owning physical gold and physical silver is not an option but a necessity if you are to survive the second phase of this global monetary crisis. Even if we are wrong about the failure of digital financial products and fraudulent paper derivatives in the future, we will still be right, as owning physical gold and physical silver will continue to protect the purchasing power of money as this monetary crisis deepens."

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Gold Proves Safest as Goldman Forecasts Record: Riskless Return

Gold Proves Safest as Goldman Forecasts Record: Riskless Return | Gold and What Moves it. | Scoop.it

"Gold provided the best returns of all commodities in the past five years when adjusted for volatility, and Goldman Sachs Group Inc. says the rally will continue as options traders signal no change in the metal’s relatively low risk.

 

"The BLOOMBERG RISKLESS RETURN RANKING shows the Standard & Poor’s GSCI Gold Total Return Index produced a 6.5 percent risk- adjusted return in the five years ended yesterday, the highest among 24 commodities tracked by S&P, data compiled by Bloomberg show. Silver, the next-best performer, yielded a risk-adjusted gain of 3.1 percent, while a total-return index for all raw materials slipped 0.2 percent.

 

"Bullion, which has seen 11 years of gains as investors sought a haven amid two bear markets in stocks and a sovereign debt crisis, also posted the safest return in the past 12 months, even as it fell from a record high to a five-month low in the second half of last year and gold investors led by John Paulson suffered losses. Goldman Sachs forecasts gold will reach a record this year, and a gauge of future price swings is near a five-month low.

 

“Economic problems increased globally, and gold emerged as a safe-haven investment,” Walter ‘Bucky’ Hellwig, who helps manage $17 billion of assets at BB&T Wealth Management in Birmingham, Alabama. “Monetary easing by China and quantitative easing in Europe and the U.S. will help it remain a store of value.”

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John Williams - Accelerating Great Collapse & Hyperinflation

John Williams - Accelerating Great Collapse & Hyperinflation | Gold and What Moves it. | Scoop.it

John Williams, of Shadowstats, just issued the following warning and King World News wanted to pass it along to our global readers: “The U.S. economic and systemic-solvency crises of the last five years continue to deteriorate. Yet they remain just the precursors to the coming Great Collapse: a hyperinflationary great depression. The unfolding circumstance will encompass a complete loss in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and economic activity; a collapse in the U.S. financial system, as we know it; and a likely realignment of the U.S. political environment.

 

"Outside timing on the hyperinflation remains 2014, but events of the last year have accelerated the movement towards this ultimate dollar catastrophe. Following Mr. Bernanke‘s extraordinary efforts to debase the U.S. currency in late-2010, the dollar had lost its traditional safe-haven status by early-2011. Whatever global confidence had remained behind the U.S dollar was lost in July and August."

 

[John Williams definitely does not paint a pretty picture. In short, we're on our own when it comes to protecting ourselves.]

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Gold jumps on broad slip of confidence

Gold jumps on broad slip of confidence | Gold and What Moves it. | Scoop.it

I think the headline should be Gold rises as broad slip of confidence jumps.

 

"Over the pond in Europe, one is still watching the Greek tragedy unfold. But there is a slight difference today. When a situation turns, rather like a man riding a bicycle reaching the top of a hill, his momentum slows too, so that it takes just a slight change of effort to change that momentum. Two factors have now given that slight change, which will dictate future events. First the intransigence of the E.C.B. in being unwilling to take a haircut on Greek debt and second the pointer from Angel Merkel that we may not see a solution to the current impasse between creditors and debtors over Greek debt. Do not be surprised to hear an explosive announcement of failure after the markets have closed, one day soon. You may then be able to have Greek holidays at the cheapest price imaginable then?"

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A Really Bad Plan for Reviving the Housing Market | ZeroHedge

A Really Bad Plan for Reviving the Housing Market | ZeroHedge | Gold and What Moves it. | Scoop.it
 For breathtakingly stupid political ideas and catastrophic “solutions” to America’s biggest problems, it’s hard to beat the New York Times op-ed page.

 

LOL bit of a fun read.

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Ahmadinejad Offers to Revive Nuclear Talks with West, but Remains Defiant on Sanctions

Ahmadinejad Offers to Revive Nuclear Talks with West, but Remains Defiant on Sanctions | Gold and What Moves it. | Scoop.it
Ahmadinejad is the highest Iranian government official thus far to offer to re-start the talks.

 

"EU foreign policy head Catherine Ashton said the new sanctions were designed "to put pressure on Iran to come back to the negotiating table".

The EU’s measure came on the heels of a severe step by the United States by forcing all foreign governments and companies to deal with either Washington or Teheran (but not both).

 

"The U.S. and Europe have been trying to persuade Asian buyers of Iranian oil to cut back. While Japan (a solid western ally) has made some commitments in that direction, China has repeatedly condemned sanctions against Iran, as have the Russian.

 

"China is Iran’s number oil crude oil customer.

 

"Ahmadinejad also implied that the western nations themselves have been unwilling to negotiate in good faith with Iran over the nuclear issue, citing that "those who resort to coercion are opposed to talks"."

 

[This all to me is an interesting thing to watch. Things are a ramping up to a conflict in mind. Very volatile situation.]

 

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Leeb - Fed Game Changer Sparks 2nd Leg of Gold & Silver Bulls

Leeb - Fed Game Changer Sparks 2nd Leg of Gold & Silver Bulls | Gold and What Moves it. | Scoop.it

With gold and silver making huge moves after the Fed announcement yesterday, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb told us yesterday’s Fed announcement is a game changer that has kicked off a huge second leg in the gold and silver bull markets. Here is what Leeb had to say: “I think what the Fed said yesterday is game-changing. They are opting for inflation and what really strikes me here, Eric, is they described their dual mandate in terms of employment first and price stability second. I don’t know any central bank that would put maximum employment in front of price stability. That’s not the mission of a central bank. Again, I think this is absolutely a game-changer.”

 

[It is interesting that they put employment first as a mandate. That emplies to me that they see growing unrest of unemployeed coming, which reminds me of some of the things that Soros has been saying. So, what can one draw from this, can we read between the lines? Good question. Perhaps things are not getting any better. Perhaps there is some fear at the Central Bank? I don't know. But we shall continue to watch.]

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Jim Sinclair - Mainstream Entities Will Now Enter Gold Market

Jim Sinclair - Mainstream Entities Will Now Enter Gold Market | Gold and What Moves it. | Scoop.it

With gold and silver exploding to the upside on the Fed announcement, today King World News interviewed legendary Jim Sinclair, to get his take on where things are headed. Sinclair told KWN he now expects mainstream entities to enter the gold market. Here is what Sinclair had to say: “The announcement itself is a game-changer because of the way this game is going to change, Eric. I think you are going to see a very significant change amongst investors, corporations and companies with extra capital and people of the mainstream. You’re going to find gold being accepted as a hedge against what’s going on by entities, that up to now, you would think would be the last ones to be buying gold. How about someone like General Electric?

 

"I used GE as an example because the principal of GE is a major advisor to the government. That would be the most unlikely thing (for GE to buy gold). But don’t count it out. You are going to see a lot of things this year you thought at one time impossible, becoming reality.

 

"I’m going to predict you are going to see a new definition of investors in gold that, up to now, haven’t even been considered."

 

Click over for the rest. Sinclair is someone that you need place on the top of your radar.

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Irish Artist Frank Buckley Builds Home from €1.4bn of Shredded Notes [SLIDESHOW]

Irish Artist Frank Buckley Builds Home from €1.4bn of Shredded Notes [SLIDESHOW] | Gold and What Moves it. | Scoop.it
Artist responds to Ireland's financial folly by building a folly of his own from decommissioned euro notes.

 

See! Maybe fiat currency has a use after all! It can solve the homeless problems. Of course it means that we'll likely see a lot more house fires but hey, just keep printing fiat currency.

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Delinquent: Feds, military owe $3.4B in unpaid taxes

Delinquent: Feds, military owe $3.4B in unpaid taxes | Gold and What Moves it. | Scoop.it
Active and retired federal workers and folks in the military failed to pay $3,420,168,684 on federal taxes in 2010, according to the IRS, which tracks the dollars by agency.

 

Say what? No, that can't be possible. Surely they are the most upstanding of people in the USA (snark alert) Here's a suggestion. Simplify the TAX CODE!!!!!!!!!!!! I shouldn't need a wheelbarrow just to move around the tax code.

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24 Facts That Show How Ridiculously Unfair Our Economy Is For Americans Under The Age Of 30

24 Facts That Show How Ridiculously Unfair Our Economy Is For Americans Under The Age Of 30 | Gold and What Moves it. | Scoop.it
If you are an American under the age of 30, you have probably figured out by now that the entire economic system is stacked against you.  The way that our...

 

#1 U.S. households led by someone 65 years of age or older are 47 times wealthier than U.S. households led by someone 35 years of age or younger.

#2 Today, only about 55 percent of all Americans between the ages of 16 and 29 have a job.

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U.S. Fed Breaks Precedent, Sets 2% Inflation Target - International Business Times

U.S. Fed Breaks Precedent, Sets 2% Inflation Target - International Business Times | Gold and What Moves it. | Scoop.it
The Federal Reserve took the historic step on Wednesday of setting an inflation target, of 2 percent, a victory for Chairman Ben Bernanke that brings the Fed in line with many of the world's other major central banks.

 

"The U.S. central bank, in its first ever "longer-run goals and policy strategy" statement, said it was not appropriate to adopt a fixed goal for employment, however, because the labor market is not largely determined by monetary factors.

 

"The Fed said the 2 percent target - measured by the annual change in the price index for personal consumption expenditures - is the most consistent over the long run with its mandate.

 

"Communicating this inflation goal clearly to the public helps keep longer-term inflation expectations firmly anchored, thereby fostering price stability and moderate long-term interest rates and enhancing the committee's ability to promote maximum employment in the face of significant economic disturbances," the Fed said."

 

[How many want to bet that 2 percent will be missed to the upside?]

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Gold Rally to $1700

Gold Rally to $1700 | Gold and What Moves it. | Scoop.it

"The people who were so vocal in claiming that the gold bubble popped in the last correction have already been silenced. Gold is in a powerful consolidation pattern that will bring with it a rally that will surprise everyone. I’ve said many times that the bearishness I saw in gold at $1530 was just about the worst I’ve ever seen, which is saying a lot. If gold can hold $1700, look for a dramatic rally that will catch most people off guard." - Expected Returns.

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Rule - Monetary System is Based on Confidence, Fraud & Force

Rule - Monetary System is Based on Confidence, Fraud & Force | Gold and What Moves it. | Scoop.it

King World news interview of Rick Rule who say: "My suspicion is that public confidence with the big thinkers, and public confidence with their product (fiat currencies), will continue to wear thin. People will be driven, whether they would like to or not, to gold and silver. I think it’s sad this is the situation, but it is.

 

"This is a global financial system increasingly based on institutional and government fraud and a monetary system that is based on confidence, based on fraud, based on force. In that environment it is my suspicion that gold and silver are much more likely to trend higher than lower on an intermediate-term basis.”

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Trader Dan's Market Views: The Party Continues

Trader Dan's Market Views: The Party Continues | Gold and What Moves it. | Scoop.it

Trader Dan: "The binge continues unabated in today's session as both gold and silver bulls are giddy with delight over the FOMC statement from yesterday while bears are still trying to locate what is left of their trading accounts. Both metals are pressing higher as the US Dollar continues to plummet now that the Fed has basically given it the kiss of death once again.

 

"Lost in this stupid euphoria over zero interest rates for the next TWO YEARS is the pathetic fact that the Fed has just consigned the savings accounts of all of our retired citizens and the elderly to the wastelands. How in the hell are they supposed to live off the fruit of their labors and enjoy their retirement SAFELY and without concerns when the monetary masters have just laid them on the altar and sacrificed them to the hedge fund gods?"

 

This is a real good read. I encourage you to read the rest on his site.

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Doug Casey on the Collapse of the Euro and the EU - Casey Research

Billionaire George Soros believes the European Union could be saved if it had the power to tax and borrow, but he couldn't be more wrong.It's odd how the world is becoming much more like 1984 in some ways at the same time that the nation-state...

 

(Interviewed by Louis James, Editor, International Speculator)

 

L: "So Doug, a lot of readers are concerned about what's going on in Europe. Is this the beginning of the proverbial "it?" Or can the Eurozone be saved?"

 

Doug: "In brief, the answers are "yes," then "no" – and a "good riddance" to both the Eurozone and the euro. But most people think the old order should be maintained at almost any cost. That would include George Soros, who recently penned an article called Does the Euro Have a Future?

 

"Now, I don't normally look to Soros for economic commentary, despite the fact that he's one of the shrewdest and most successful speculators in the world. He does, however, represent the way the Davos people, Eurocrats, and the ruling classes in general think. But just because he's made a lot of money doesn't make him an expert in economics, any more than financial success is proof that Ted Turner, Bill Gates or Warren Buffet know anything about economics. They're all idiot savants, a bit like Dustin Hoffman's character in Rain Man. But that's another subject."

 

"...the problem with every currency in the world today; they're not backed by a commodity, but only by the ability of government to steal from the people. And the euro doesn't even have that going for it."

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Taxpayers Lose Another $118.5 Million As Next Obama Stimulus Pet Project Files For Bankruptcy | ZeroHedge

Remember that one keyword that oddly enough never made it's way into the president's largely recycled SOTU address - "Solyndra"?

 

"It is about to make a double or nothing repeat appearance, now that Ener1, another company that was backed by Obama, this time a electric car battery-maker, has filed for bankruptcy. Net result: taxpayers lose $118.5 million. The irony is that while Solyndra may have been missing from the SOTU, Ener1 made an indirect appearance: "In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries." Uh, no. Actually, the correct phrasing is: "...positioned America to be the world's leading manufacturer of insolvent, bloated subsidized entities that are proof central planning at any level does not work but we can keep doing the same idiocy over and over hoping the final result will actually be different eventually." We can't wait to find out just which of Obama's handlers was may have been responsible for this latest gross capital misallocation. In the meantime, the 1,700 jobs "created" with the fake creation of Ener1, have just been lost."

 

[ I just don't understand? I thought government was the smart ones when it came to investing? The world is bizarro's realm now. (snark alert)]

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Looking Good, Billy Ray! FOMC thoughts.

Looking Good, Billy Ray! FOMC thoughts. | Gold and What Moves it. | Scoop.it

"EU foreign policy head Catherine Ashton said the new sanctions were designed "to put pressure on Iran to come back to the negotiating table".

The EU’s measure came on the heels of a severe step by the United States by forcing all foreign governments and companies to deal with either Washington or Teheran (but not both).

The U.S. and Europe have been trying to persuade Asian buyers of Iranian oil to cut back. While Japan (a solid western ally) has made some commitments in that direction, China has repeatedly condemned sanctions against Iran, as have the Russian.

China is Iran’s number oil crude oil customer.

Ahmadinejad also implied that the western nations themselves have been unwilling to negotiate in good faith with Iran over the nuclear issue, citing that "those who resort to coercion are opposed to talks"." - TF Metals

 

Click over to read the rest of his comments and thoughts of what lies ahead from here on out.

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NEC Stuns Japanese Markets, Will Lay off 10,000

NEC Stuns Japanese Markets, Will Lay off 10,000 | Gold and What Moves it. | Scoop.it
Japanese electronics giant NEC Corp. stunned the Japanese markets Thursday, announcing it expected to lose ¥100 billion ($1.3 billion) and lay off 10,000 employees globally next year. 

 

[things aren't looking good for Japan]

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Bank Of America’s Offer To Homeowners: We’ll Modify Loans If You’ll Erase All The Mean Things Said About Us On Twitter

Bank Of America’s Offer To Homeowners: We’ll Modify Loans If You’ll Erase All The Mean Things Said About Us On Twitter | Gold and What Moves it. | Scoop.it
In late 2010, Arizona launched an investigation into Bank of America, alleging that the bank misled homeowners who were seeking mortgage modifications.

 

"According to BusinessWeek, Bank of America is fighting back by giving loan modifications to borrowers who have made complaints. The catch is that, in return for the modification, the borrower must agree to stay silent and expunge any previous criticisms of the bank from his or her public record:

 

"Bank of America Corp. is impeding an investigation of its loan modification practices by negotiating settlements with borrowers who must agree to keep them secret and not criticize the bank in exchange for cash payments and loan relief, Arizona officials say. [...]"

 

[it just boggles the mind!]

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Update 5:30AM EST – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Peter Grandich: "Gold and Silver – What can I say (past comments here) that I haven’t said over and over? Where did all those bearish forecasters (and the media that gives them carte-blance over and over again without questioning their constant wrong forecasts) gone? Back to their little holes and shall return after the next serious correction above $2,000 gold and $50 silver."

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Obama: "This Is Not Class Warfare ... It's Common Sense" | RealClearPolitics

Now I hear folks running around calling this class warfare. This is not class warfare, let me tell you something. Asking a billionaire to pay at least as much as a secretary, that is just common sense.

 

Let the MOPE, War of Words, and Missdirection begin. It's a race to November. Best get out your rubber overalls.

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oftwominds: The New American Divide

oftwominds: The New American Divide | Gold and What Moves it. | Scoop.it

"The housing bubble was a gigantic scam foisted on the top layer of the working class and the lower layer of the middle class as a "sure-fire way" to join the speculative financial frenzy that enriched the top 1% and their enablers, the Upper Caste technocrat class. When the bubble burst, so did fantasies of living the Upper Caste lifestyle without the hard slog to a meaningful university degree and long hours slaving away for Corporate America to join the Upper Caste."

 

This is just a snippet of a good article.

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The Golden Truth: Buffet Spoons With Obama; Holder Spoons With Big Banks

The Golden Truth: Buffet Spoons With Obama; Holder Spoons With Big Banks | Gold and What Moves it. | Scoop.it

“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A), said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”

 

"I had been trying to figure out why Obama nuked the pipeline proposed by Canada's TransCanada Corp that would have transported oil from oil sands in Canada to refineries in the Gulf of Mexico. The cover story was "environmental factors." Hmmm. I don't believe that I've ever in my life heard any politician or environmentalist anywhere give a rat's ass about the eco-system in Nebraska. It turns out that Warren Buffet's railroad will potentially get the business to haul that oil now."

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