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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Rick Santelli - Traders Taxing JP Morgan to Exit Losing Position

Rick Santelli - Traders Taxing JP Morgan to Exit Losing Position | Gold and What Moves it. | Scoop.it

Rick Santelli tells King World News:

 

"...it’s going to be much more painful for JP Morgan to flee or unwind this complicated position/hedge, with the competition just breathing down their neck..."

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Exclusive: ECB stops operations with some Greek banks

Exclusive: ECB stops operations with some Greek banks | Gold and What Moves it. | Scoop.it
(Reuters) - The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters.
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WHEN YOUR $ DISAPPEARS | The Prospector Blog

WHEN YOUR $ DISAPPEARS | The Prospector Blog | Gold and What Moves it. | Scoop.it

TheProspectorSite.com:

 

"...Andy Hoffman was correct last Friday when he mentioned 99% of all Americans don’t have precious metals on the radar. If true, this means they still believe in banks that lose $2.3 billion dollars by betting on risk and debt. This story is eerily similar to MF Global’s multibillion dollar disappearance which leaves me to ask how much longer will the pack accept excuses from guys still receiving multimillion dollar bonuses, win or lose?

 

"So many of us are quick to judge silver or gold right now. We all know both metals have done well over the last decade but we aren’t sure how they will fair in the future. I understand this and personally feel it is wise to question what is real from not.

 

"We are soon to enter a period when all assets are suspect, especially ones who lose billions overnight. I have little doubt stories like the one today will eventually drive remaining wealth into history’s safest long-term asset, gold..."

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Monkey See Monkey Do | Captain Hook | Safehaven.com

Monkey See Monkey Do | Captain Hook | Safehaven.com | Gold and What Moves it. | Scoop.it
Nobody wants to talk about it. And certainly the mob does not want change when it is painful and violently alters the illusion. This is why the fascist oligarchs and bureaucracy that control power in America (and abroad) are ...

 

by Captain Hook:

 

"...And again, this is the perfect circumstance to sponsor a wall of worry related advance in precious metals once the market(s) see collapse is not on the immediate horizon. Just like the newly elected socialists in France, like-minded thinkers around the world will ensure such an outcome in monkey see monkey do fashion, abandoning austerity measures en masse. Make no mistake about it folks; this is the event horizon we have been waiting for to signal all out inflation moving forward. France is considered a core and important (big) EU member, so breaking from the ranks will be viewed as a game changer - a game changer that could spread across the entire globe in a monkey see monkey do chain reaction of austerity abandonment. (i.e. because jealousy amongst children spreads like wildfire.) Just think of what will happen to the $ once traders figure out US currency debasement rates will need to exceed those in Europe soon given this is an election year. Is it any wonder the $ can't rally.

 

"So, don't be fooled by superfluous statements out the Fed this week (think FOMC meeting), watch gold and silver prices for the truth. They have been firm (think foreign central bank buying), and precious metals shares appear to be finding a bottom (possibly prior to reaching a signatured 50% retrace - this number is ~ 395 off 2009 lows for the HUI), which would be extremely bullish. A great number of people are looking for a repeat of 2008 here and they are not going to get it because of all the inflation, although with the public broke and essentially not participating in the share markets these days, debt will need to become less attractive to the institutions before precious metals will catch a bid.


"This reasoning is why you can expect some sort of QE3 announcement out the Fed as summer approaches, because bonds should be feeling the pressure of all this inflation by then, where increased monetization (monetary authorities already buy more than half the bonds issued by all governments today) will be required for yields not to skyrocket. What's more, this will likely be happening as economic data continues to weaken, which is already the case, putting an especially good bid under gold and silver at some point. A monkey see monkey do chain reaction of widespread austerity abandonment and currency printing (including new means) should be expected as the year presses on for these reasons..."

 

click through for the full analysis.

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Another Signpost On The Road To Inflation | John Rubino | Safehaven.com

Another Signpost On The Road To Inflation | John Rubino | Safehaven.com | Gold and What Moves it. | Scoop.it

by John Rubino:


"When eurozone bureaucrats describe a Greek departure as "nonsense" and "propaganda" that's of course what they have to say to avoid giving up the game immediately. They know a Greek exit is possible and maybe inevitable, but to keep it from becoming a self-fulfilling prophecy they have to pretend that things are under control. Always assume heated denials from government officials are lies because most of the time they are.

 

"Before this is resolved, the eurozone will make some truly breathtaking offers of leniency to Greece, but by then it will be clear that if Greece accepts, the cost of extending the same deal to Spain and Portugal will be ruinous -- or highly inflationary.

 

"Looked at another way, if Greece does leave the eurozone, then the headlines will stay the same, but with Spain and Portugal in place of Greece. The crisis can't end until all the PIIGS countries are made solvent, which is to say until the ECB buys up all their debt.


"The probable result: by year-end the currency war will be in full swing, with the ECB, the Fed, and the Bank of Japan operating in helicopter mode. The precious metals markets haven't begun to anticipate this yet, but they will, once the Greek negotiations get down to specifics."

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Goldman Sachs e-mails show illegal naked short selling was bank's policy | Gold Anti-Trust Action Committee

Goldman Sachs e-mails show illegal naked short selling was bank's policy | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"...We also find out here how Wall Street professionals manipulated public opinion by buying off and/or intimidating experts in their respective fields. In one email made public in this document, a lobbyist for SIFMA, the Securities Industry and Financial Markets Association, tells a Goldman executive how to engage an expert who otherwise would go work for "our more powerful enemies" -- i.e., would work with Overstock on the company's lawsuit.

 

"He should be someone we can work with, especially if he sees that cooperation results in resources, both data and funding," the lobbyist writes, "while resistance results in isolation."

 

"There are even more troubling passages, some of which should raise a few eyebrows, in light of former Goldman executive Greg Smith's recent public resignation, in which he complained that the firm routinely screwed its own clients and denigrated them (by calling them "Muppets," among other things)..." click through for the full piece. Eye opening.

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Greeks Withdraw Cash On Concern About Euro Exit

Greeks Withdraw Cash On Concern About Euro Exit | Gold and What Moves it. | Scoop.it
Greece put a senior judge in charge of an emergency government on Wednesday to lead it to new elections on June 17 and bankers sought to calm public fears after the president said political chaos risked causing panic and a run on deposits.

 

"Greeks have been withdrawing hundreds of millions of euros (dollars) from banks in recent days as the prospect of the country being forced out of the European Union's common currency zone seems ever more real - although there has so far been no sign of a run on bank branches in Athens.

 

"Political leaders failed to form a government following an inconclusive parliamentary election on May 6, leaving the state with its coffers almost empty and no elected cabinet in place to satisfy lenders it deserves the money needed to stay afloat..."

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Great Quote from Bill Buckler. Gold & Silver a bet against the system - Ed Steer's Gold & Silver Daily

Great Quote from Bill Buckler. Gold & Silver a bet against the system - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

"While the US Dollar and Treasury debt are the twin foundations of the system, the major modern indicators of how the system is functioning are the stock market and the precious metals, Gold in particular but also Silver. A stock market investment is a bet ON the system, a purchase of physical Gold and/or Silver is a bet AGAINST it. This is clearly shown by the lengths to which the financial powers that be will go to support the stock market - and to undermine the price of the precious metals." - Bill Buckler, The Privateer, 12 May 2012

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Does 12-Year-Old Canadian Victoria Grant Understand More About the Most Important Truth in Life Than You? | ZeroHedge

I love this girl! If 12-year old Victoria Grant can explain how banks that print our nation's currency and their puppet global banks are the most immoral criminal institutions on our planet responsible for oppression, mass suffering, and misery,...
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Nic Colas On India's Temple Of Gold | ZeroHedge

Nic Colas On India's Temple Of Gold | ZeroHedge | Gold and What Moves it. | Scoop.it

"Summary: India is known for its historically high per capita demand for gold, particularly before festivals and the wedding season, which peaks in the months of October to December. With more than ¼ of the entire global world market for the metal, the country has long been leading world demand, though fellow BRIC member China is catching up. But recent developments in India have gold bugs stirring – protests, boycotts, and a proposal for a tax on the sale on gold jewelry has severely dampened demand ahead of one of the most lucrative festivals in the country. And with global gold prices down more than 10% since their February high of $1,787.75, there seems to be good reason to worry about India’s role in the decline. But a longer-term analysis of Indian demand, global gold prices, and global GDP yield some surprising results about the country’s connection to the metal. While acceleration in gold prices and Indian GDP seem to link up as do Indian demand and global GDP growth, increases in demand have little correlation to gold price growth. Similarly, rampant inflation has almost no role in stifling demand for the metal. If these correlations hold true in 2012, gold investors might be able to sleep a little easier.

Gold trend-adjusted seasonal performance..."

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Peter Grandich on gold and silver.

Peter Grandich on gold and silver. | Gold and What Moves it. | Scoop.it

Peter Grandich on gold and silver:

 

"Gold and Silver – As you can see from the charts, both gold and silver have entered not only key support areas, but are recording some of the most oversold readings in quite some time. This is without a doubt the most bearishness overall mood I felt since gold bottomed at the start of the millennium. While there shall be no quick fix and the pain can linger awhile longer, the “mother’ of all bull markets is far from over. I think my views have been cleared in all my recent interviews and commentaries. The boat of real and no-hedge gold bulls has only a few passengers left (and I’m glad to see Captain Jim Sinclair still at the helm) while the gold bear boat is filled up and sailing under the S.S. Titanic 2012 model."

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Brodsky and Quaintance: Central banks aim to redistribute gold and push it way up | Gold Anti-Trust Action Committee

Brodsky and Quaintance: Central banks aim to redistribute gold and push it way up | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Dear Friend of GATA and Gold:

 

"In their May letter, Paul Brodsky and Lee Quaintance of QB Asset Management in New York argue that the investment case for gold is to a great extent a matter of its likely official revaluation upward to support confidence-based currencies that have lost the market's confidence.

 

"As improbable as it may seem lately, what with the constant suppression of gold and silver prices on the futures markets, Brodsky and Quaintance conclude that central banks now really mean to push the gold price up -- way up -- once the gold necessary for the plan has been obtained and redistributed among central banks. Brodsky and Quaintance write:

 

"The key to a successful transition is a credible monetary reset. Gold is the default collateral for money because it has a long and established precedent in this role. All that would be needed would be a fairly equitable distribution of gold among global monetary authorities (taking place now?), and an agreed-upon exchange rate vis-a-vis baseless paper. It would have to be an exchange rate at which central banks could successfully monetize assets by tendering for physical gold with newly manufactured paper money, an exchange rate high enough to attract enough gold to cover unreserved credit held in the banking system. It's a high figure..."

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Everything is a 'fiat' currency | ZeroHedge

by Robert Brusca:

 

"There seems to be a lot of interest in currency regimes with the failings in EMU and concerns about what might happen there next. The US and the dollar have become part of this dialogue as the dollar has over the years lost value and gold bugs are quick to propose gold as an alternative that would be better at preserving capital.

 

"I don’t think there is really much doubt about that.

 

"On a gold standard a country commits itself to fix its currency value to a certain price of gold. But such a link has its costs as a peg to gold eliminates flexibility. And, I know that to many that is a great benefit or even the point of having a gold-based system. But even a gold-based system uses currency, as we did under Bretton Woods. Gold cannot be the coin of the realm. It may back the coin of the realm but gold is not used in transactions.

 

"When gold and other precious metal coins did circulate as ‘money’ there was always someone making an attempt to undermine the integrity of the circulating coin. Some people would shave them others might clip them, depriving them of intrinsic value. In today’s world we have heard of gold bars that are filled with titanium, another form of debasement.

 

"Gresham’s Law describes the result of these sorts of antics on a precious metal circulating coin: ‘bad money drives out the good’. This is the earliest statement that I know of that referred to a phenomenon we have come to be call ‘adverse selection’..." click through for the rest.

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Ice-cream spot hits rocky road - Lowell Sun Online

Ice-cream spot hits rocky road - Lowell Sun Online | Gold and What Moves it. | Scoop.it

by Chris Camire:

 

"CARLISLE -- Looking to hit the spot with a savory ice cream at Great Brook Farm State Park this week?

 

"You may be out of luck.

 

"The park's popular ice-cream stand was unexpectedly shut down by state officials over the weekend, after the stand's operator made building improvements at the site without getting permission first.

 

"Mark Duffy, who has operated the dairy farm at the state-owned park for 26 years and has a lease with the state to run the stand, said armed Environmental Police officers showed up at stand on Friday evening and stood guard throughout the weekend, turning away customers craving delectable sundaes and frappes.

 

"To make matters worse, said Duffy, the shutdown happened right before the sunny Mother's Day weekend..."

 

Read more: http://www.lowellsun.com/todaysheadlines/ci_20635020/ice-cream-spot-hits-rocky-road#ixzz1v46biAtF 

 

Government at work folks.

 

 

 

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Jim Sinclair's Mineset: Chaos, Derivatives, and Quantum Physics

Jim Sinclair's Mineset: Chaos, Derivatives, and Quantum Physics | Gold and What Moves it. | Scoop.it

clipped from Jim Sinclair's posting:

 

"Hi Jim,

 

"This is a very interesting and ominous scientific observation regarding derivatives and the inability of their creators to control them.

 

"As the article states, the banksters have “created a monster they cannot control—a monetary system that operates at a level beyond human comprehension.”

 

"It doesn’t get much scarier than that, does it?

 

Best regards,
CIGA Black Swan

Chaos, Derivatives, and Quantum Physics

 

By Cris Sheridan
05/11/2012

"Every day the financial markets get more chaotic—a fact that couldn’t be made any more clear than with a recent revelation given by ex-physicist and author, Nick Dunbar, in describing a new level of complexity facing banks and derivatives. Ironically, Thurdsay night’s emergency conference call by JP Morgan of a massive $2 billion unavoidable loss is perhaps a confirmation of what banks are now starting to grapple with.

 

"After attending a recent conference in Barcelona featuring some of the top thinkers in quantitative analysis, Dunbar says that the financial crisis has now left "quants grappling with a new landscape…that has turned the old world upside down."

 

"What is this new landscape he’s referring to? One in which derivatives have become so chaotic that they no longer obey the classical laws of physics. The derivatives world now, he says, is beginning to operate at a level of mathematical complexity associated with quantum physics—specifically, a field known as "Quantum Chromodynamics".

 

"Up until now derivatives mostly obeyed "simple" and definable mathematical models first invented in the 1970s. However, today, in the aftermath of the financial crisis, a new level of hyperconnectedness has resulted where "complex interactions between banks and within portfolios dominate the pricing of derivatives, as opposed to the behavior of the assets the contracts are supposedly ‘derived’ from." This math, he says, is the same for "unseen particles" like quarks and gluons "trapped within atomic nuclei."

More….." http://www.financialsense.com/contributors/cris-sheridan/chaos-derivatives-quantum-physics

 

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Correction In Gold and Gold Stocks Spells Opportunity For Long Term Investors

Correction In Gold and Gold Stocks Spells Opportunity For Long Term Investors | Gold and What Moves it. | Scoop.it

"It is no secret that the price of gold has been declining since reaching almost $2,000 per ounce last year. After rallying in the early part of the year, gold prices have now fallen to $1,556, representing a decline of $42 per ounce or 2.6% below the closing price on the first trading day of 2012.

 

"The devastating declines in the stock prices of major gold mining companies since early 2012 have been far out of proportion to the decline in the price of gold bullion. Viewing the gold stocks in isolation, one would assume that the price of gold had collapsed by hundreds of dollars per ounce.


"While opinions vary on where we go from here, the deeply bearish price action and bearish press articles on gold and gold stocks lead this writer to believe that we are setting the groundwork for a major rally at some point in the future. Actions by global central banks to prevent a collapse of the financial system via the creation of oceans of newly printed paper currencies leads to the inevitable conclusion that at some point gold and gold stocks will soar far beyond the most bullish gold price forecasts. As always, however, the question is the timing of gold's ascent..."

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Political and Economic Factors Bode Well for Gold | The Daily Gold

Political and Economic Factors Bode Well for Gold | The Daily Gold | Gold and What Moves it. | Scoop.it

"So far, 10 European political leaders out of 17 have been ousted out of office like a falling dominos in a little more than a year.

 

"The issue that has angered voters other than unemployment is austerity. We know from personal finances that when we overspend, we must cut back, pay our debts and rebuild our savings. That’s the prudent thing to do and that’s what the austerity school preaches. But what happens if the financial hole is so deep that there is no way to climb out by reasonable cutting back and saving? That’s when you declare bankruptcy and your creditors share the pain. The laws of capitalism decree that if you don’t assess risk correctly, you lose money. The conclusion is that austerity has to come with a mechanism for default, which is not the case in Europe..."

 

"...History has shown over and over again that when there are deep economic problems, the monsters that lurk in dark, dank corners come out brazenly into daylight looking for victims or scapegoats. It wasn’t so long ago when this is precisely what happened in Europe. This week in Greece a Neo Nazi party took 21 out of 300 seats and 7% of the popular vote – the first neo-Nazi party to enter a European assembly since the Second World War. This is enough to give us shivers. The center seems to be falling apart and the extremes of left and right are gaining power...."

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Bank of England Slashes UK Growth Forecast for 2012

Bank of England Slashes UK Growth Forecast for 2012 | Gold and What Moves it. | Scoop.it

"Bank of England economists have slashed their growth forecasts for the UK economy and say inflation will not meet the government's 2 percent target for year another year, as the eurozone crisis builds, austerity takes its toll, and the country re-enters a recession.

 

"Britain's economy will grow just 0.8 percent in 2012, according to the Bank's latest quarterly inflation report, well down from its previous estimate of 1.2 percent.

 

"Inflation, which rose to 3.5 percent in March will not hit target until late 2013 at the Bank's best estimate and it could take as long as a decade to get back to pre-financial crisis levels of GDP output.

 

"The prospects for UK growth remain unusually uncertain. The single biggest threat to the recovery stems from the challenges within the euro area, in particular the need to reduce the indebtedness and improve the competitiveness of some member countries," said the report.

 

"Even if a credible and effective set of policies is successfully implemented, the scale of the necessary adjustments suggests that a prolonged period of sluggish growth and heightened uncertainty is likely."

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ECB Stops Monetary Policy Operations To Some Greek Banks | ZeroHedge

ECB Stops Monetary Policy Operations To Some Greek Banks | ZeroHedge | Gold and What Moves it. | Scoop.it
Just as we predicted moments ago, and as Dutch Dagblad warned overnight:ECB STOPS MONETARY POLICY OPERATIONS TO SOME GREEK BANKS AS RECAPITALISATION NOT IN PLACE -CENBANK SOURCESThe beginning of the end?
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Tanzania`s gold production up 13% in 2011

Tanzania`s gold production up 13% in 2011 | Gold and What Moves it. | Scoop.it

by Dar Es Salaam (Reuters):

 

"Tanzania's gold production rose to 40.4 tonnes in 2011 from 35.6 tonnes a year ago after mining companies invested in higher output due to cash in on the rising price of the precious metal, its central bank said on Tuesday.


"The east African state, Africa's fourth largest gold miner behind South Africa, Ghana and Mali, said exports earnings surged 47 percent to $2.226 billion from gold exports last year, helped by higher output and world market prices..."

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Pento - Here Is What Is Facing Investors & The World Today

Pento - Here Is What Is Facing Investors & The World Today | Gold and What Moves it. | Scoop.it

Michael Pento tells King World News:

 

"“Gold investors are faced with two scenarios -- Either the mining shares have already priced in a massive reduction in the price of gold, and in that case they are fairly valued here, or they have priced in a correction in gold that is simply not going to materialize. In the latter case, mining shares are severely undervalued.

 

"If the mining shares are correct in what they are forecasting, gold would have to experience a correction. If that takes place, the mining companies would be forced to shut down operations across the globe.

 

"Precious metals companies are now pricing in the notion that central bankers will fiddle while the global economy burns to the ground, and that would be an unprecedented occurrence in the history of fiat money. In my opinion, these shares need to be accumulated on this panic selling...."

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A Greek exit`s impact on gold

A Greek exit`s impact on gold | Gold and What Moves it. | Scoop.it

by David Levenstein:

 

"...As I have mentioned countless times before, the problems in the Eurozone are far from being resolved and will only get worse before they get better. And, as far as gold is concerned, I remain as bullish as ever. We are in a period where political and financial corruption is at an all-time high. And, while the world needs a monetary system that functions, our leaders cannot be trusted. It is a disgrace that we have come to this. What example are we setting for future generations? If you are aware of this one simple fact, then you will realise that these people who run our governments and financial institutions have no concern of any individuals' well-being. So, it is important to look after yourself and invest in hard assets that can protect your wealth, especially gold and silver..."

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The End Is Near

The End Is Near | Gold and What Moves it. | Scoop.it

by TF Metals:

 

"...So, we'll see. IF we've reached The Bottom of this 11-week torture session, step one was placed early this morning with a low at important chart support, near 1525. After a brief rally, which has already begun, we'll inevitably see a pullback to near the lows. From there, having double-bottomed, the next rally then extends to a higher high and The Bottom is officially in..."

 

click through for full analysis.

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Daily Insights for Tue May 15

Daily Insights for Tue May 15 | Gold and What Moves it. | Scoop.it
Big Al, Carter and Peter Grandich from the New York Hard Assets Conference...

 

"Here is yet another possible explanation on the mystery of the falling gold and silver prices. In the gold markets powers are at play that act counter to intuition.


"We start by asking: Who decides on what trades get executed when and under what conditions? Who decideds on a minute to minute basis? Who on a day to day basis? Is it usually people?

 

"In the past it would have been people, but this is by no means the case today. Much of market action is driven by algorithms. And one of the algorithms active today (inanely) goes something like this:

 

"Falling euro = rising USD = falling price in gold..."

 

Click over for the audio interview.

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The Golden Truth: Soros Quadruples His Investment In Gold

The Golden Truth: Soros Quadruples His Investment In Gold | Gold and What Moves it. | Scoop.it

from Dave in Denver:

 

"Everyone in the precious metals/mining stock sector is looking for anything to grab onto for optimism. Nothwithstanding that this type of sentiment always demarcates a bottom, and notwithstanding the fact that the basic fundamentals underpinning the precious metals - like catastrophic Government deficit spending and disastrous Central Bank negative interest rate policies - get stronger by the day, here's an excellent harbinger of a potential bottom/upturn in the metals/miners: Soros has quadrupled his exposure to gold via GLD:..."

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