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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Indian central bank challenged in court to repatriate country's gold | Gold Anti-Trust Action Committee

Indian central bank challenged in court to repatriate country's gold | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"A technocrat-turned-public interest litigant, Raghunath Shankar Kelkar, has challenged the Reserve Bank of India's move to deposit abroad 265.49 tonnes of gold out of its total stock of 557.75 tonnes by filing a public interest litigation in the Bombay High Court and has demanded that the precious metal be brought back into the country according to the provisions of the law.

 

"Kelkar, 56, who used to manufacture computers, has filed the petition as he found that the move by the central bank contradicts Section 33(5) of Reserve Bank of India Act of 1934, which stipulates that 85 per cent of the bank's gold reserves should be kept in India...."

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Bernanke Warns Of Potential Problems With Community Banks

Bernanke Warns Of Potential Problems With Community Banks | Gold and What Moves it. | Scoop.it

By ELEAZAR DAVID MELÉNDEZ 

 

"Federal Reserve Chairman Ben Bernanke, speaking on Thursday via teleconference to a Chicago bankers' conference, took an uncharacteristic swipe at community banks, suggesting that those institutions might not be as sure-footed as their balance sheets would have them appear.

 

"While standard measures of community banks' profitability, such as return on equity and assets, improved last year, as was also true at larger institutions, most of the gains were due to reductions in loan loss provisions rather than to more sustainable sources of profit, such as expanded lending," Bernanke said.

 

"The comment stood out in a speech otherwise focused on the country's financial system being in recovery. While noting that "banks still have more to do to restore their health and adapt to the post-crisis regulatory and economic environment," the Fed chairman pointed out how stabilization in non-mortgage lending and rising asset prices meant the business landscape for banks had "improved significantly in the past few years..."

 

{It's not enough for him to tell you gold is useless (while CB's are hoarding it) but now he's telling you that community banks who aren't into risky trading aren't all that great either? Wow. What do you think this man's game plan is?}

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Gold ‘Will Go To 3,000 Dollars Per Ounce’ - Rosenberg | ZeroHedge

Gold ‘Will Go To 3,000 Dollars Per Ounce’ - Rosenberg | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"A close below $1,580/oz could see gold test support at $1,523/oz and $1,533/oz – the lows in December and September 2011 respectively.

 

"Gold fell after shares in Asia were hit by JPMorgan's massive $2 billion loss, political turmoil in the euro zone and also by weak economic data from China. The JP Morgan loss may be higher than $2 billion and could lead to sharper sell offs in markets which could lead to further gold weakness.

 

"However, the JP Morgan loss is gold positive as it shows how little reform there has been of Wall Street and the global financial system which continues to resemble a casino. It also shows that systemic risk remains..."

 

Click over to read Rosenberg's take on Gold.

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Twitter / Reinman_MT: Inevitable. RT @edwardnh: ...

Twitter / Reinman_MT: Inevitable. RT @edwardnh: ... | Gold and What Moves it. | Scoop.it
Inevitable.RT @edwardnh: Banks prepare for the return of the drachma | Reuters http://t.co/tfy3qxQs...
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MSM and MOPE on the French/Greek elections « Jim Sinclair's Mineset

by Jim Sinclair:

 

"Confusion is the net effect of MSM and MOPE on the French/Greek elections. However there is one point you can take home. The application of austerity will be blamed for the upcoming recession in Western world finance so you can be sure QE to infinity, which is debt monetization on steroids, is coming here and there.

 

"Be patient and stay the course."

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Precious Metals Monitor: China’s Surging Demand For Gold Reduces Its Safe-Haven Status, Prices To Test $1533

Precious Metals Monitor: China’s Surging Demand For Gold Reduces Its Safe-Haven Status, Prices To Test $1533 | Gold and What Moves it. | Scoop.it

by Sumit Roy:

 

"...One might think that these two pieces of bullish news from China and India would give a boost to gold, which up until now had been stuck in a lackluster trading range. But in typical (counterintuitive) market fashion, prices actually tumbled.

 

"The primary catalyst for the drop is fairly straightforward: Risk assets across the financial markets have been facing selling pressure in recent sessions amid economic concerns in the U.S. and sovereign debt concerns in Europe.

 

"Since September of last year, gold and the rest of the precious metals complex have exhibited a strong correlation with other risk assets, such as stocks and commodities; thus, this latest correction is not surprising in that context.

 

"In fact, the latest news from China may actually be exacerbating the selling. The gold market is becoming increasingly reliant on buying from the Asian giant, which in turn depends on China’s economic growth..." 

 

{Sounds counterintuitive? Maybe but ask yourself what this means long term}

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THE ART OF MONEY (three lessons to teach your children) | The Prospector Blog

THE ART OF MONEY (three lessons to teach your children) | The Prospector Blog | Gold and What Moves it. | Scoop.it

"Do you want the best for your children? Of course you do, this is why you work hard and worry about their well-being. Today I want to share three necessary steps that will empower your children for their lifetime. The art of money need not be complex or confusing. The understanding of silver and gold need not be complex or confusing. Our world is at a critical stage from a lack of money knowledge and the derived compromise this causes. Your family, your children need not be part of either.

 

"Regardless if you like it or not your children are part of a debt based system (economy). They are told, at a young age, to borrow money for education, a home, a car, even a tropical vacation. If not told then led, maybe by your example, to perceive debt as a necessary part of a complete life.

 

"Just for fun make a mental list of organizations in your life depended on debt.

 

"Your community (most likely since only four states are debt free). Your employer. Your country. Your school system. Your state. Your church. Your neighbors. You..."

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TF Metals gold analysis

TF Metals gold analysis | Gold and What Moves it. | Scoop.it

TF Metals: "In the grand scheme, really big picture, you must remember that this is exactly how this is supposed to work. When price moves through a down trendline, it typically springs higher and then retraces and "rides" the line lower, on the other side. We've talked about this phenomenon here at length on several occasion. As you can see on the weekly chart, gold is doing just that. Up until this week, the pattern was perfectly fine and gold looked ready to finally skip away from the line. Instead, here we are. It is faith in this pattern, however, that leads me to conclude that it is highly unlikely that gold will trade much lower than 1575, maybe 1550. The horizontal support there should be sufficient to allow gold to base between 1575 and 1625 and then, finally, break through and out of the channel."

 

{You need to click through for the full charts and rest of his analysis.}

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Eric Sprott on CNBC discussing the manipulation in gold market

Eric Sprott on CNBC discussing the manipulation in gold market | Gold and What Moves it. | Scoop.it

Discussing the trade on metal commodities, with Eric Sprott, Sprott Assett Management CEO & CIO; Pierre Lagrange, GLG Partners co-founder; Pete Najarian, TradeMonster.com co-founder; and CNBC's Scott Wapner.

 

Sprott discussing Gold market's manipulation on CNBC?!

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South Africa`s March gold output drops 11.6%

South Africa`s March gold output drops 11.6% | Gold and What Moves it. | Scoop.it

by Sherilee Lakmidas and Olivia Kumwenda:

 

"South Africa's gold output fell by 11.6 percent in volume in March while total mineral production was down 9.8 percent compared with the same month last year, data showed on Thursday..."

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Gold recovers after dropping to four-month low

Gold recovers after dropping to four-month low | Gold and What Moves it. | Scoop.it

by Jan Harvey:

 

"...Prices have fallen 3 percent this week as concerns over the euro zone debt crisis pressured the euro and other risk assets. While investors bought gold as a haven from risk during the debt crisis last year, it is now trading more in line with its traditional drivers, the dollar and other commodities.


"Gold seems to be currently trading more as a risky asset than a safe haven," Anne-Laure Tremblay, an analyst at BNP Paribas, said. "While the U.S. dollar has gained on the back of higher risk aversion, gold was sold off."


"The decline is likely a consequence of liquidation in the paper market rather than lack of interest on the physical side..."

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Hathaway - Complete Flush in Gold & Savers to Get Screwed

Hathaway - Complete Flush in Gold & Savers to Get Screwed | Gold and What Moves it. | Scoop.it

John Hathaway tells King World News:

 

"I don’t know whether we are going to have QE3 or not, but I do know, at the end of the day, there is so much debt in the system, the only thing that policymakers can do is to paper over the debt.

 

"We cannot let the debt default without serious, adverse economic conditions. What we’re going to have, instead, is some kind of inflation, and I think the next chapter in gold is going to be less about QE and much more about inflation..."

 

{Debt is going to drive gold higher}

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Peter Schiff talks to @KingWorldNews about #gold

Peter Schiff talks to @KingWorldNews about #gold | Gold and What Moves it. | Scoop.it

Peter Schiff tells King World News:

 

"There is a lot of uncertainty out there, and I’m surprised that gold is not rising. Ultimately, all of the problems are bullish for gold. In fact, I am on the road in Brazil and while watching Bloomberg today a reporter said, ‘People are discovering that gold has no intrinsic value.’ That kind of talk makes me very bullish.

 

"What’s so appealing about gold is that it does have intrinsic value. It’s paper money, it’s the dollar and the euro that ultimately have no intrinsic value. They are just pieces of paper with numbers written on them. The government can put any number they want on that paper, but gold is real. The government can’t create gold out of thin air, it has to be mined. The big picture is all bullish for gold..."

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Living the California debt based dream – Bankruptcies in California increased 557% | ZeroHedge

Living the California debt based dream – Bankruptcies in California increased 557% | ZeroHedge | Gold and What Moves it. | Scoop.it

"The California housing market sits in an odd stage of limbo. You can see that the public for the most part is fully aware of the situation like an Alamo standoff in real estate. People fully acknowledge now that banks are holding off a tremendous amount of inventory. There is little that is secretive about the shadow inventory at this point. Yet with all the distressed properties, people are looking at artificially low rates and are wondering if this is the time to buy (assuming they are not one of the 20+ percent that are underemployed). Adjustable rate mortgage use is at all-time lows and why would you not go with a fixed rate given the insanely low rates? Yet the market and economy is not healthy. Mortgage rates and low inventory would be signs of a healthy market in other times but the opposite is the case. What does this mean for housing going forward?"

 

{Forward?... Isn't that the President's new slogan?}

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India's March Industrial Output Tanks

India's March Industrial Output Tanks | Gold and What Moves it. | Scoop.it
India's industrial output fell 3.5 percent in March from a year earlier, according to government data, triggering a fall in the Sensex and the rupee.
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Nick Laird, "Gold Price Oscillator" chart - Ed Steer's Gold & Silver Daily

Nick Laird, "Gold Price Oscillator" chart - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"While on the subject of Nick Laird, here's his "Gold Price Oscillator" chart that he sent me in the wee hours of this morning...and he's not at all happy with what it shows...and this is what he had to say about it..."This indicator over the last five years has given some of the most brilliant buy signals of all the charts I have. On each of the buy signals the markets ended up considerably higher many months later. Now it has just given a sell signal."

 

"I don't know what will follow, but I think we'll find out soon enough. New lows won't surprise me now. Sub $1,500 is a good possibility."

 

"But I want to add the caveat that we could still bottom between here and the low in December...and if we bottom in the next $30 and then move higher then the low in December...that will validate it as the low. If we break that low, then yes, it could get ugly."

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5 reasons the sell off sets up a gold buying opportunity

5 reasons the sell off sets up a gold buying opportunity | Gold and What Moves it. | Scoop.it

by Frank Holmes

 

"There was a strong reaction on Tuesday to the elevated debt crisis in Europe, with commodities and equities being indiscriminately sold. Gold fell 3 percent this week, losing its safe haven status as the dollar grew stronger and the 10-year government note headed lower.


[T]he markets generally overreact to negative news, however, investors should keep in mind gold's normal monthly historical volatility. Throughout the past 20 years of monthly returns, the precious metal generally increased only 0.5 percent in May, and has historically declined in June and July..."

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Norcini - If This Happens, It Will Signal A Collapse

Norcini - If This Happens, It Will Signal A Collapse | Gold and What Moves it. | Scoop.it

LOL Eric King gets some of the best pics for headlining articles! LOL 

 

"With global investors concerned about key markets, today King World News interviewed legendary Jim Sinclair’s colleague and fellow trader, Dan Norcini. Norcini told KWN that a decisive break below the 1.8% level on the US Ten-Year Note would signal that a tsunami of deflation could engulf the globe. Norcini said this could trigger “a collapse in tax revenue” and budget deficits would “blow out of control.” Here is how Norcini described the precarious situation: “If we see the yield on the US 10-Year Note break below the 1.8% level, what it’s to signal to bond traders around the world is that we have a deflationary wave coming. I think the reason the 1.8% level has been a floor so far is because most traders are convinced the Bernanke-led Fed will not allow deflation to occur.”

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A Chinese Group Plans To Construct A 200 Acre “China City” In Michigan

A Chinese Group Plans To Construct A 200 Acre “China City” In Michigan | Gold and What Moves it. | Scoop.it

"A Chinese group known as "Sino-Michigan Properties LLC" has bought up 200 acres of land near the town of Milan, Michigan. Their plan is to construct a "China City" with artificial lakes, a Chinese cultural center and hundreds of housing units for Chinese citizens. Essentially, it would be a little slice of communist China dropped right into the heartland of America. This "China City" would be located about 40 minutes from both Detroit and Toledo, and it would be marketed to Chinese business people that want to start businesses in the United States. Unfortunately, this is not just an isolated incident. In fact, Chinese companies have been buying up land and businesses all over the country in recent years. There has even been talk of establishing "special economic zones" inside the United States modeled after the Chinese city of Shenzhen. It was inevitable that the Chinese were going to do something with the trillions of dollars that they have made flooding our shores with cheap products. Now they are rapidly buying up pieces of America, and many of our politicians are welcoming them with open arms."

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Harvey Organ's - The Daily Gold and Silver Report: Spanish 10 yr bonds rise to 6.08% yield/Italian bonds 5.60%/Nationalization of Spanish Bankia/

Harvey Organ's - The Daily Gold and Silver Report: Spanish 10 yr bonds rise to 6.08% yield/Italian bonds 5.60%/Nationalization of Spanish Bankia/ | Gold and What Moves it. | Scoop.it

"The total OI for silver was even more baffling to our bankers. With silver falling on its sword to finish in the low 29's one would have thought that many silver longs would throw in the towel. Nope!! The total OI actually rose by 1410 contractions from 112,139 to 113,549. Both Ted Butler and I agree that some strong entity is after physical silver. There is no other explanation for this. The front delivery month of May also shocked our bankers. The OI actually rose by 3 contracts (from 406 to 409 contracts) despite the huge downfall in the silver price.


"Nobody liquidated. I wish the regulators can explain this phenomena to us.


"The next delivery month is July and here the OI rose by 1055 contracts to 61,107 from 60,052..."

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Peter @Grandich on Precious Metals and the haters

by Peter Grandich:

 

"In nearly 30 years in and around Wall Street, I never seen so many people discourage/dislike/hate metals and mining shares as I’ve witnesses of late. Given the still relative high price for most metals, the shares part is clearly the worse ever. I hope many of you remember this when gold crosses $2,000." 

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China Investment Corp. stops buying European government debt | Gold Anti-Trust Action Committee

China Investment Corp. stops buying European government debt | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

by Andres Martinez:

 

"China Investment Corp. has stopped buying European government debt because of an economic crisis on the continent, though it continues to look for new investments there, said CIC President Gao Xiqing.

 

"What is happening in Europe right now is of course of concern," Gao said yesterday in an interview in Addis Ababa, Ethiopia, during the World Economic Forum on Africa. "We still have our people looking at opportunities in Europe, even though we don't want to buy any government bonds."

 

"European leaders are struggling to contain a debt crisis that has entered its third year and led to bailouts of Greece, Portugal, and Ireland..."

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Ed Steer on Gold & Silver performance yesterday

Ed Steer on Gold & Silver performance yesterday | Gold and What Moves it. | Scoop.it

Ed Steer had this to say on Gold's - and the kissing cousin, silver - performance yesterday:

 

"The paper money disease has been a pleasant habit thus far and will not he dropped voluntarily any more than a dope user will without a struggle give up narcotics. - Howard Buffett

 

"I would say without too much reservation that the bottom is in for all the precious metals. I alluded to that in this space yesterday, but now that Wednesday's trading is in the history books, it's a pretty easy call.

"We may see a bit more 'backing and filling' for a while...but if we didn't see the absolute lows yesterday, they're only a chip shot away. I'm hedging my bets a bit here, because if you look at the 6-month gold and silver charts posted below, you'll note that the first penetration of the RSI index into oversold territory in mid-December did not turn out to be the bottom of the price cycle. That came about two weeks later in the thinly-traded market between Christmas and New Years...so that sort of 'in your ear' scenario is still a possibility going forward..."

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Goldman Sees “Currency of Last Resort” Up 15% At $1,840/oz In 6 Months | ZeroHedge

Goldman Sees “Currency of Last Resort” Up 15% At $1,840/oz In 6 Months | ZeroHedge | Gold and What Moves it. | Scoop.it
From GoldCoreGoldman Sees “Currency of Last Resort” Up 15% At $1,840/oz in 6 MonthsGold’s London AM fix this morning was USD 1,590.00, EUR 1,228.37, and GBP 987.39 per ounce. Yesterday's AM fix was USD 1,585.50, EUR 1,221.87 and GBP 984.17 per...

 

"...Gold is relatively unchanged after 3 days of gradual losses despite the degeneration in the Eurozone crisis with the deteriorating situation in Greece and Spain increasing the risk of contagion.

 

"The continuous short term panaceas of recent months look set create an even bigger crisis – which will benefit gold in the medium term.

 

"Spain’s banking troubles could create the next political and economic crisis in Europe. Spanish yields remain near 5 months high (10 year at 6.07%) after Madrid took over the country's 4th biggest bank Bankia in an effort to clean up its banking sector.

 

"Greece’s political turmoil threatens their solvency and risks an exit from the euro currency just months after Athens secured the latest round of ‘bailouts’ from international lenders.

 

"While gold may go lower in the short term, it looks oversold. The Relative Strength Index (RSI) on gold is just above 30 which shows that gold is oversold..."

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Trader Dan's Market Views: HUI holds Critical Support - Upside Reversal

Trader Dan's Market Views: HUI holds Critical Support - Upside Reversal | Gold and What Moves it. | Scoop.it

Trader Dan writes:

 

"...This reversal pattern used to be very reliable in the past but with the advent of the hedge fund algorithms and their inept, clumsy and downright incompetent trading patterns, rushing ALL IN or ALL OUT on any given day, I have seen too many of these patterns turn out to be one day fake outs. This is why I tend to be a bit more conservative or cautious and prefer to see some additional signs of solid buying before getting too optimistic. All too often we see sellers come right back in and use the rally to unload on the new longs that have just come back into the market after patiently waiting for an entry point only to get slapped in the face.

 

"If the bottom is for real, it will manifest itself shortly. Let's see what we get the next couple of days..."

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