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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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The Broken Window Fallacy

http://thevictoryreport.org/ This short video explains one of the most persistent economic fallacies of our day. http://thevictoryreport.org/ Produced by Sam...

 

Hat tip to ZeroHedge

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China’s Premier: Bank Monopoly Must Be Broken

China’s Premier: Bank Monopoly Must Be Broken | Gold and What Moves it. | Scoop.it
China’s Premier Wen Jiabao called the country’s state-owned banks a “monopoly” that has to be broken to allow freer flow of capital to loan-hungry smaller businesses, as the world’s second largest economy appears to have skidded to its slowest...

 

"Wen's comments, carried on China National Radio, were blunt.

"Frankly, our banks make profits far too easily. Why? Because a small number of major banks occupy a monopoly position, meaning one can only go to them for loans and capital," Wen told local businesses at a roundtable discussion held in the city of Fuzhou.

"That's why right now, as we're dealing with the issue of getting private capital into the finance sector, essentially, that means we have to break up their monopoly," Wen said..."

 

{Capitalism and competetion coming to China? wow. the world is a changing.}

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Spain Borrowing Costs Surge On Budget, Debt Fears

Spain Borrowing Costs Surge On Budget, Debt Fears | Gold and What Moves it. | Scoop.it
Spain's borrowing costs jumped Wednesday and demand for its debt tumbled at the country's first debt sale since the government unveiled its latest austerity budget last week, which apparently failed to convince investors that Madrid can be counted...

 

"Spain sold €2.6 billion ($3.4 billion) of government bonds Wednesday, compared with a maximum target of €3.5 billion, the Bank of Spain said.

 

"The sale is the first since Budget Minister Cristobal Montoro presented the government's 2012 spending plan on March 30 and said public debt will rise to 79.8 percent of gross domestic product. That's the highest since at least 1980 even as Spain makes the deepest budget cuts in three decades.

 

"Prime Minister Mariano Rajoy told a party meeting in Malaga, Spain, that the nation's economic situation is of "extreme difficulty...."

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CFTC orders JPMorgan to pay $20 million in Lehman case

CFTC orders JPMorgan to pay $20 million in Lehman case | Gold and What Moves it. | Scoop.it
The Commodity Futures Trading Commission said on Wednesday that JPMorgan Chase & Co will pay $20 million to settle charges that it unlawfully handled customer segregated funds at Lehman Brothers Holdings Inc.

 

"The CFTC said that for about 22 months, ending with Lehman's bankruptcy in September 2008, JPMorgan had improperly extended intra-day credit to Lehman Brothers based in part on customers' segregated funds Lehman had deposited at the bank.

 

"JPMorgan also violated rules by refusing to release customers' segregated funds for nearly two weeks after the bankruptcy, the CFTC said..."

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Gold takes holiday-fueled breather

Gold takes holiday-fueled breather | Gold and What Moves it. | Scoop.it

from Julian Philips:

 

"Price Drivers

 

"While the jewelers strike in India is coming to an end the pent-up demand that built up during the strike has not fed through to the gold market, yet. The lower prices will add impetus to the release of this demand pressure. Add to this that in China there is a holiday for the rest of the week. We expect to see a marked drop in demand until either later this week or early next week.

 

"Once the Chinese holiday is over and the Indian jewelry market back in action next week, the picture will do an about turn.

 

"The head of the World Bank has accepted the likely formation of an emerging world, World Bank, stating that for India, infrastructural development would be the purpose, for China, to facilitate the internationalization of the Yuan. It is significant that the developed world is moving to accept these developments. They are inevitable and will undermine the developed world's financial system, particularly the dollar.

 

"The development of a monetary system that is aimed at being independent of the present U.S. dominated monetary system is likely to lead to a wounding of the dollar permanently and for gold to be brought to a more active role in both systems."

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IMF chief calls on US for more cash - The Times of India

IMF chief calls on US for more cash - The Times of India | Gold and What Moves it. | Scoop.it
IMF managing director Christine Lagarde implored the United States to help back-stop debt-ridden European countries Tuesday, wading neck-deep into bubbling US political waters.
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Trader Dan's Market Views: The FOMC Strikes Again

Trader Dan's Market Views: The FOMC Strikes Again | Gold and What Moves it. | Scoop.it

"All one needs to know about how the Fed is attempting to knock down the price of commodities in general was demonstrated in today's FOMC minutes.

 

"The idea that I believe it wants to keep uppermost in the mind of traders is that the US economy is recovering, very slowly, but recovering - enough to justify the idea that growth will be steady, that employment will be increasing - slowly - but that there are still headwinds.

 

"However those headwinds, while they bear watching, are not sufficiently strong enough to derail the recovery - this will prevent any slipping back into recession. If they are - of course the ever vigilant Fed stands ready to act - if not now however..."

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Jim Sinclair - Fed Minutes, Gold Manipulation & Fool’s Play

Jim Sinclair - Fed Minutes, Gold Manipulation & Fool’s Play | Gold and What Moves it. | Scoop.it

On the heels of the release of the Fed minutes, today legendary trader and investor Jim Sinclair told King World News the release of the Fed minutes and subsequent market reaction in gold was orchestrated. Sinclair also said this is government manipulation against the tide of the bull market and it will be overrun. Here is what Sinclair had to say about what transpired today in the gold market: “The tactic is always the same. The gold banks enter the COMEX and offer more gold for sale at the market than has been mined in the last five years. Immediately, the locals (pit traders) try to run in front and hit any bids they happen to have on their book or are out there in order to get the price down.

 

“Gold tanks down to the $1,640 level and now the brokers for the gold banks begin to enter the market to cover shorts to reduce the short position taken, and most likely to completely flatten it on the day. This has been going on from 1968 to 1980 and it’s also been going on from 2001 to today.

 

"The net effect is absolutely nothing. The idea that there is a significant, improving economy directly in front of us is absolutely, completely and utterly a fabrication. The only reason car sales are firm is because they are giving away easy credit out there, so much so that even my dogs could buy a Cadillac Escalade....

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Charles Biderman: The Problem with Rigged Markets

Charles Biderman: The Problem with Rigged Markets | Gold and What Moves it. | Scoop.it
"Even Wile E. Coyote had to come back down to
earth sooner or later", says Charles Biderman,
founder of TrimTabs Investment Research.

 

"However at some point, hard money wins
out over phoney money. And of the investor class or
those with capital, which right now seems to be the emerging markets, they are buying gold and bullion and they are not buying dollars.


"Or China appears to have slowed their buying of dollars, even though China might be having their own growth problems, or their own bad debt problems.


"But Singapore and all those other countries with huge cash flows, the emerging world, I would not be surprised — maybe by 2013 of 2014 — seeing a non-US dollar alternative currency by those countries..."

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Nine Gold Myths Everyone Needs to Understand to Survive this Global Economic Crisis | The Underground Investor

JS Kim:

 

"There are a nine prevalent myths and false arguments that bankers and their puppet commercial investment firms have used to keep people from buying physical gold and physical silver over the years (remember the paper GLD and the paper SLV is NOT a proxy for physical gold and physical silver and from the information in the prospectuses, very likely nowhere near 100% backed by physical gold and physical silver as they claim). To counteract this misinformation and counterintelligence that bankers spread so that they may continue to impose their immoral and criminal fiat currency monetary system upon global citizens, I have made two videos that pick apart and disprove the nine most popular pieces of misinformation disseminated by bankers against gold (and silver). In part one below, I discuss myths 1 through 4..."

 

click over to see the list.

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Game Changer for Gold and Stocks | Neil Charnock | Safehaven.com

Game Changer for Gold and Stocks | Neil Charnock | Safehaven.com | Gold and What Moves it. | Scoop.it

Neil Charnock:

"I am saying that non Central Banks are buying gold as well as the Central Banks. This is in preparation for a upcoming total acceptance of gold as a first tier asset for reserve ratios. Think about the difference this can make to the gold market. Imagine banks in favour of gold rising because it improves the capital adequacy in the system; why that is revolutionary. With many asset classes in decline and the need for the banks to try to repair their balance sheets gold becomes a very special asset class indeed. The Central Banks will be just as happy about a rising gold price in this case, based on demand from their sector as it will act as a stabilization factor in the system. This is the game changer I speak of for gold."

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Gold Miners Dig Deep — To The Ocean Floor | KERA News

Gold Miners Dig Deep — To The Ocean Floor | KERA News | Gold and What Moves it. | Scoop.it

"Next year, if all goes as planned, a rather different expedition will take place 1,000 miles south of that dive: An Australian company will start mining for copper, gold, silver and zinc on the seafloor off the shore of Papua New Guinea.

 

"People have thought about mining the seafloor's mineral wealth for many decades. But now, a combination of high metal prices and sophisticated technology is making that possible..."

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Baden Todd's curator insight, March 25, 3:05 AM

Off shore mining is a touchy subject but a career path that always interested me, after finishing my degree i would love to work on an off shore platform. as we deplete our land locked resources this type of mining may become mandatory, which would open up a huge range of new jobs and opportunities.

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Twitter / Jim Rickards: @DrinkLiberty Good questio ...

JamesGRickards Jim Rickards
DrinkLiberty DrinkLiberty
in reply to @DrinkLiberty

@DrinkLiberty Good question. Policy makers think you "win" a #CurrencyWar by trashing your currency the most. History says opposite is true
Apr 03 via web Favorite Retweet Reply

@DrinkLiberty Good question. Policy makers think you "win" a #CurrencyWar by trashing your currency the most.
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Markets Tailspin On New Greek Bank Woes

Markets Tailspin On New Greek Bank Woes | Gold and What Moves it. | Scoop.it
Stocks and commodities plunged Wednesday after the head of the European Central Bank -- a lynchpin in the euro zone's effort to contain the effects of its sovereign debt crisis -- suggested that some Greek banks will be left to collapse.
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Euro Zone Data Offer Further Signs Of Recession

Euro Zone Data Offer Further Signs Of Recession | Gold and What Moves it. | Scoop.it
Fresh figures on business activity and retail sales in the 17-member currency area reinforce earlier signs of recession, even as the European Central Bank left its main interest rate unchanged at an all-time low of 1 percent.

 

"Data company Markit Economics Ltd. said its composite purchasing managers' index for the euro zone fell to 49.1 in March from 49.3 in February. But the month-to-month index, which measures business activity, did show some improvement: The average reading over the first three months of this year was 49.6, up from 47.2 for the fourth quarter of 2011.

 

"Chris Williamson, chief economist for Markit, said the PMI data "indicate that the region has slipped back into a technical recession ."

 

"With the exception of a marginal expansion seen in January, the economy has been in continual decline since last September," he said."

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Spain: Jobless Numbers Add To Economic Paralysis

Spain: Jobless Numbers Add To Economic Paralysis | Gold and What Moves it. | Scoop.it
Unions, students and others have protested the proposed cuts by staging huge demonstrations in Barcelona, Madrid and other cities across the beleaguered country.

 

"Spain, already suffering the highest unemployment rate in Europe, received even more grim news on the job front Tuesday.

 

"The number of workers officially registered as unemployed climbed last month by 0.8 percent, or 38,769, to 4.75 million, the Ministry of Employment and Social Security said. That's the highest reading since the current statistical series began in 1996.

 

"On an annual basis, unemployment was 9.6 percent higher in March. According to data released by Eurostat, Spain's February jobless rate stood at 23.6 percent, the highest in the European Union..."

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A Thought Experiment: Why Not Just Print, Print, Print And Then Print Some More? | ZeroHedge

A Thought Experiment: Why Not Just Print, Print, Print And Then Print Some More? | ZeroHedge | Gold and What Moves it. | Scoop.it

"In the past we have jokingly discussed the creation of a Death Star as the way the world can save itself by printing an almost infinite amount of money to support growth. As almost everyone, especially the MMT crowd it seems, can plainly see, if printing some money is good (well it must be, markets are up) then printing more money must be better, right? Well, no (as we discussed in detail here). There are unintended consequences and as we pointed out recently, we are already seeing less and less effervescence in the real economy from QE's impact and the spectre of the inflationary pressures that implicitly limit the 'benefit' of this action is nowhere more painful than in energy prices (and in fact the price of anything in relative limited supply as opposed to cash which is printed daily). Professor Antony Davies, of Duquesne, takes this subtle concept to task in this exceptionally straightforward 206-second video on money as an IOU and its solution to the caveman's ills providing the background for why money's inherent value is relinquished once it becomes printed en masse. Printing more money doesn't make more goods and services appear, simply spreads the value of the existing goods and services among a larger number of dollars - this is inflation. Our wealth comes not from money but from the goods and services that money buys. Q.E.D." click through for the video.

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Peter Schiff - Reaction to Fed Minutes Wrong, QE3 is Coming

Peter Schiff - Reaction to Fed Minutes Wrong, QE3 is Coming | Gold and What Moves it. | Scoop.it

Peter Schiff tells King World News:

“They know that complicates what they are trying to do. The Fed is trying to stimulate the economy with inflation, without letting people know there is inflation. It would complicate this charade if they were to telegraph their intentions because that would make prices rise even faster.

 

"So, they don’t want to come right out and say it, but they leave the door wide open. They basically say if the economy needs it then we’ll do more (QE), but right now we don’t think it needs it. Well, okay, they don’t think it needs it now...."

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Murtha Airport, brought to you by American taxpayers

"The Murtha Airport in Johnstown, Pa., is a prime example of taxpayer spending that refuses to die. Representative John Murtha steered some 150 million of taxpayer dollars to this eponymous airport over the last decade and despite the fact he died more than a year ago, the money keeps on coming.


"Three years ago, we first visited the tiny airport, and found a monument to pork barrel spending: An airport with a $7 million air traffic control tower, $14 million hanger, and $18 million runway big enough to land any airplane in North America. For most of the day, the only thing this airport doesn't have is airplanes.

 

"We flew there on one of three flights that arrive there daily, all of them from Washington D.C. About half the cost of every ticket, $100, is paid by American taxpayers, a subsidy Congress voted to renew just this past February..."

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Ed Steer on yesterday's gold and silver market - Ed Steer's Gold & Silver Daily

Ed Steer on yesterday's gold and silver market - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer on yesterday's gold and silver market:

 

"If you honestly believe that what was in the minutes of that meeting had anything remotely to do with the hit on the metals yesterday, then I have a bridge that I can sell you.

 

"With gold, silver, platinum and copper all shows signs of a break-out to the upside, JPMorgan et al showed up in force to crush these rallies in their tracks. This was especially easy to see in silver.

 

"As I said at the top of this column, every rally attempt in silver during the New York trading session got hit before it could go anywhere. And the big smack came at 2:00 p.m...which was half an hour after the cut-off for this Friday's Commitment of Traders Report. Coincidence? I think not. As you know, they pull this stunt all the time..."

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Vulturecrats

This is a must read. Here is the opening snippet:

 

by Golem XIV on APRIL 3, 2012 in LATEST

 

"A horrid thought has been incubating for the last few days.

 

"I don’t know how many of you know much about Vulture Funds, what they do and how they do it, but it forms the basis of my horrid thought.

 

"Nations issue debt. After it is bought, it often gets re-sold on what is called the secondary market. The price of debt on the secondary market changes much as stock prices change. The market is big.

 

"When a nation looks like it might default the price of its debt begins to sink. What was bought for full price is offered for sale at a reduced price – say 60 cents on the dollar. Buyers and sellers have to decide if they think the nation will proceed to default or avoid it. The decision is, sell now and accept a loss but avoid a potentially larger loss later, or buy now at a discount and if the nation avoids default, profit as the value of that cheaply bought debt recovers its original value.

 

"But then there are the vulture funds. They follow a quite different path. They are creatures of the law not of finance and there are not many. One of the biggest, most notorious and best connected is Elliot Associates of Manhattan. They have very close links with the Republican Party and to Mitt Romney in particular ( They are large donors to his campaign). Another is FG Capital management. These companies are financial companies all founded and largely owned by Wall Street lawyers. FG Capital Management was founded by a former Morgan Stanley consultant..."

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Nine Gold Myths Everyone Needs to Understand to Survive this Global Economic Crisis, Part II | The Underground Investor

JS Kim:

 

"There are a nine prevalent myths and false arguments that bankers and their puppet commercial investment firms have used to keep people out of buying physical gold and physical silver over the years (remember the paper GLD and the paper SLV are NOT proxies for physical gold and physical silver and from the information in the prospectuses, very likely nowhere near 100% backed by physical gold and physical silver as they claim). To counteract this misinformation and counterintelligence that bankers spread so that they may continue to impose their immoral (and should be illegal) fiat currency monetary system on the global economy, I have made two videos that pick apart and disprove the nine most popular pieces of misinformation disseminated by bankers against gold (and silver). Here is part 2 below in which I discuss myths 5 through 9." click over for the list and video.

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oftwominds-Charles Hugh Smith: There Is No Shortcut, But All We Have Are Shortcuts

oftwominds-Charles Hugh Smith: There Is No Shortcut, But All We Have Are Shortcuts | Gold and What Moves it. | Scoop.it

Charles Hugh Smith:

 

"We've already borrowed and squandered over $6 trillion of future citizens' money in deficit spending over four years, 40% of the entire Federal budget. Is the current tepid "recovery" all we got for the shortcut of massive deficit spending? Is there any rational reason to believe that borrowing and blowing another $6 trillion will generate anything other than the same flatline we "bought" with the first $6 trillion?

 

"We all like shortcuts because they minimize the pain and sacrifice required to reach a destination. But there is no shortcut to mastery of a difficult skill or subject; cheating on the final exam to get an A doesn't mean you mastered the subject. Yet cheating is all we have in America because sacrifice and adult trade-offs are too painful..."

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Gold Market “To See Little Business” This Week with India Striking and China Closed, Stocks “Overbought” as S&P Hits Fresh High | The Daily Gold

Gold Market “To See Little Business” This Week with India Striking and China Closed, Stocks “Overbought” as S&P Hits Fresh High | The Daily Gold | Gold and What Moves it. | Scoop.it

"Demand to buy gold on physical markets remained light, with Chinese markets closed until Thursday for Qingming festival and the Indian gold jewelers’ strike continuing into its third week.

 

“The absence of China…and a shorter week in Europe and the US for Easter break should theoretically result in little business for the remainder of the week,” says a note from Swiss refiners MKS.

 

“People are watching for signs of possible monetary policy moves in the United States, as well as the moves in the currency market,” adds Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong..."

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Gold's Breakout or Gold Stock's Breakdown? | P Radomski | Safehaven.com

Gold's Breakout or Gold Stock's Breakdown? | P Radomski | Safehaven.com | Gold and What Moves it. | Scoop.it
Gold seems mercurial lately sliding up and down causing some gold investors to grey prematurely. Technical analysis is not an exact science nor does it act as a crystal ball, but there is comfort and even beauty to be found in ...

 

By: P Radomski

"The fundamentals for gold are in place-- rising wealth in China, Europe's financial instability and high fiscal deficits in the U.S. Real interest rates are still negative in many countries and we now have Bernanke's assurance that they will stay that way in the U.S. for the foreseeable future. Although the U.S. debt situation has not been front-page material for a while let's not forget that the Fed's balance sheet is deep in the red. The European Sovereign debt crisis is creeping back into the financial news headlines this week, with Spain in focus amid its financial problems. Even though the markets seem to feel that the worst is over, any significant heating up of the EU debt crisis would support safe-haven gold buying..."

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