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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Gold falls as Euro feels pinch of European election results - #GOLD ANALYSIS

Gold falls as Euro feels pinch of European election results - #GOLD ANALYSIS | Gold and What Moves it. | Scoop.it

by Amanda Cooper:

 

"Gold fell for a second day on Tuesday, under pressure from the slide in the euro on the back of political uncertainty in Greece and a change of president in France, while Chinese import figures did little to offset the impact of the weaker currency.

 

"Data showing a sharp jump in exports of gold in March from Hong Kong to mainland China, soon to be the world's top bullion consumer, did little to support the price, but reinforced analyst expectations for gold to benefit in the longer term from Chinese demand.

 

"In the shorter term, however, gold was more affected by the decline in the euro.

 

"The correlation between the single European currency and the gold price hit its highest in four months in late April, meaning the two are more likely to move in lockstep than inversely to each other..."

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Gold - Electronic (COMEX) Jun 2012, GCM2 Advanced Chart - (CNS) GCM2, Gold - Electronic (COMEX) Jun 2012 Stock Price - BigCharts.com

Gold - Electronic (COMEX) Jun 2012, GCM2 Advanced Chart - (CNS) GCM2, Gold - Electronic (COMEX) Jun 2012 Stock Price - BigCharts.com | Gold and What Moves it. | Scoop.it
GCM2 - Gold - Electronic (COMEX) Jun 2012 Advanced Chart, Quote and financial news from the leading provider and award-winning BigCharts.com.

 

How about that volume. 

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Indian government rolls back gold tax - GOLD NEWS

Indian government rolls back gold tax - GOLD NEWS | Gold and What Moves it. | Scoop.it

by Shivom Seth:

 

"In yet another comedown and bowing to the needs of the bullion industry, the Indian government has decided to withdraw the levy of 1% excise duty that it had imposed in the Budget. Gold is set to become cheaper for consumers in India, with traders expecting a revival in demand in the following crucial months.

 

"Gold will immediately become cheaper by about $5.63 (Rs 300) per 10 gram. The roll back has come at the right time as the next two months are very crucial for gold jewellers. June and July are important months for weddings here and also for rural India as the monsoon rolls in across the country,'' said Mangal Shah, bullion trader.

 

"Giving in to the demands from various sections, both "within and outside the House'', Finance Minister Pranab Mukherjee announced in Parliament that the government had decided to withdraw the 1% excise duty on all precious metal jewellery, branded or unbranded..."

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Two Charts Exposing America's Record Shadow Welfare State | ZeroHedge

Two Charts Exposing America's Record Shadow Welfare State | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"There was a little mentioned tangent to last Friday's very disappointing NFP print of +115,000 (driven by a surge in temp jobs offsetting a collapse in full time positions): as David Rosenberg notes, the jobs number was about half of another far more important number - that of Americans applying for disability, which in April was +225,000. He continues: "this is the new stealth stimulus program - so far in 2011, nearly one million Americans have applied for disability and year-to-date, 333k have actually enrolled (covering 539k family members). In total, more than five million people have been added to disability coverage since President Obama took over three years ago..."

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The Emperor is Naked: David Stockman

The Emperor is Naked: David Stockman | Gold and What Moves it. | Scoop.it
A "paralyzed" Federal Reserve Bank, in its "final days," held hostage by Wall Street "robots" trading in markets that are "artificially medicated" are just a few of the bleak observations shared by David Stockman, former Republican U.S.

 

"TGR: What should the role of the Federal Reserve be?

 

"DS: To get out of the way and not act like it is the central monetary planner of a $15 trillion economy. It cannot and should not be done.

 

"The Fed is destroying the capital market by pegging and manipulating the price of money and debt capital. Interest rates signal nothing anymore because they are zero. The yield curve signals nothing anymore because it is totally manipulated by the Fed. The very idea of "Operation Twist" is an abomination.

 

"Capital markets are at the heart of capitalism and they are not working. Savers are being crushed when we desperately need savings. The federal government is borrowing when it is broke. Wall Street is arbitraging the Fed's monetary policy by borrowing overnight money at 10 basis points and investing it in 10-year treasuries at a yield of 200 basis points, capturing the profit and laughing all the way to the bank. The Fed has become a captive of the traders and robots on Wall Street.

 

"TGR: If we are in the final innings of a debt super-cycle, what is the catalyst that will end the game?

 

"DS: I think the likely catalyst is a breakdown of the U.S. government bond market. It is the heart of the fixed income market and, therefore, the world's financial market..."

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The Golden Truth: Things Just Got Interesting

The Golden Truth: Things Just Got Interesting | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system....

 

"Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week...

 

"A long-time friend and colleague had told me early last week that someone he knows who lives in Switzerland said that the financial circles had been buzzing with a rumor that the BRICs were going to unveil a new currency trading/clearing system that would enable the world to conduct commercial trade without using the dollar or the nefarious SWIFT system.

 

"Looks like there may be some truth to that rumor..."

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The Golden Truth: The Non-Farm Payroll Catastrophe

The Golden Truth: The Non-Farm Payroll Catastrophe | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"At any rate, I bring all of this up because I was having a discussion with a long-time friend who opined that Romney had a shot to beat Obama in November (he's either not voting or writing in Ron Paul). I replied by saying "not a chance." Why? Because Bernanke will lose his job as the most powerful front-man in the United States (see the quote above) and he isn't going to relinquish that. Romney already said that Bernanke is gone if he's elected. All Bernanke has to do is shift his money printing and helicopter dropping into high-gear in June and we'll experience a big move higher in all the markets (especially the metals and miners) and a superficial, Government-hiring/stimulated (more road work) economic bounce by October. Election done - in June.

 

"I bring all of this up because, not only was the headline employment report today a disaster, the details behind the headlines and in the footnotes were an unmitigated catastrophe. The headline number reported an increase of 115,000 supposed jobs in April, well below the 165,000 consensus expectation and even below the lowest big bank forecast (125k by Goldman, revised lower a couple days ago). The headline unemployment rate was 8.1%, a slight decline from the March print. What was not in the headline was the fact that 522,000 people were erased from the labor force by Government statisticians..."

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Is an Economic Deluge Nigh? | David Galland | Safehaven.com

Is an Economic Deluge Nigh? | David Galland | Safehaven.com | Gold and What Moves it. | Scoop.it

by David Galland:

 

"If history has taught one certain lesson, it is that the less fettered an economy, the better humankind is able to do what it does best: run from trouble and run toward opportunity. In this way mistakes are quickly resolved and progress assured.

 

"Conversely, the deeper the muck of regulation, mandates, taxes, subsidies and other bureaucratic meddling, the slower we humans are in following our natural instincts until the point that progress is slowed or even stopped.

 

"It is said that history doesn't repeat itself, but it often rhymes. In the current circumstances, it appears that enough time has passed that current generations have completely forgotten the critical connection between the ability of humans to freely pursue their aspirations and economic progress.

 

"You can see this ignorance in the popular demand for even more, not less, meddling in the affairs of humankind. Should this trend continue – and for reasons I will touch on momentarily, I firmly believe it will – then the aspirations of the productive minority will soon be dampened by ever higher taxes and other attempts to "level the playing field" and the global economy, already in tatters, will fall off the edge..."

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There Are 100 Million Working Age Americans That Do Not Have Jobs

There Are 100 Million Working Age Americans That Do Not Have Jobs | Gold and What Moves it. | Scoop.it

"The unemployment crisis in America is much worse than you are being told. Did you know that there are 100 million working age Americans that do not get up in the morning and go to work? No wonder why it seems like there are so many people that do not have jobs! According to the federal government, there are 12.6 million working age Americans that are considered to be "officially" unemployed, but there are another 87.8 million working age Americans that are not working either..."

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Santelli On Propaganda And Ostrich Economics | ZeroHedge

by Tyler Durden:

 

"Everyone's favorite Chicago-ite, Rick Santelli, once again presents himself as the truth-teller-in-chief on the propaganda channel. This morning's dismal jobs data but utopian reporting of the improvement in the headline unemployment rate appears to have hit a nerve. Santelli takes on just how bad the employment picture really is, how mainstream media practices 'Ostrich Economics', and finally how nothing is deemed important to most politicians except who is to blame. One of Rick's best as perhaps CNBC has been looking at its ratings and realizes investors want the truth not the spin."

 

Click over for the Santelli video.

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Opinion: Gold and silver - Crazy to give up now?

Opinion: Gold and silver - Crazy to give up now? | Gold and What Moves it. | Scoop.it

Dudley Pierce Baker sees the current malaise in the precious metals markets as presenting a major buying opportunity for gold and silver investors - most particularly in bullion.

 

by Dudley Pierce Baker:

 

"We suspect that many precious metals investors are saying, "We don't want to play anymore!" and our reply is, "You want to quit right now, right at the bottom of this cycle? You must be crazy - crazy with a capital C!" True, this is a very challenging market environment for resource shares, but we know what the ultimate outcome will be: higher share prices. The only question is "when" and our opinion is that we are very close in time (within days or a week or two at most) of being able to say that the lows are behind us. Let me explain.

 

"Unfortunately, most resource investors, especially those new to this sector, are greatly disillusioned, have little staying power and are just scared to death. Who can blame them? They have spent all of their psychological capital and the theme of the day for them is, "How low can they go?..."

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Quote from Jim Sinclair's Mineset on HUI and Gold.

Quote from Jim Sinclair's Mineset on HUI and Gold. | Gold and What Moves it. | Scoop.it

Jim Sinclair:

 

"Think about the value of the HUI declining 35% while gold is trading in the $1600s. That defies logic, and screams manipulation.

 

"The MOPE about higher costs is, as always, a tool of the manipulators..."

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Buy the Bear - Casey Research

Buy the Bear - Casey Research | Gold and What Moves it. | Scoop.it
In spite of the relentless downward spiral in gold stock prices, some legendary resource investors are buying with both hands.

 

"I interviewed Rick in Florida, as you may have seen in last week's Conversations with Casey. We both have a sense that the meltdown in our sector may well get worse before things get better. The "sell in May" conventional wisdom could collide with an already bearish sentiment and truly rustle the whole resource-sector herd to the share-price slaughterhouse..."

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Twitter / Fidel Castellanos: @gold_tracker Boring? Come ...

@gold_tracker Boring? Come on! There's more scared people today than the day they announced a new twilight movie....
May 08 via web Favorite Retweet Reply

@gold_tracker Boring? Come on! There's more scared people today than the day they announced a new twilight movie....
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Silver at lowest since January, China should offer key support for gold

Silver at lowest since January, China should offer key support for gold | Gold and What Moves it. | Scoop.it

by Ben Traynor:

 

"It is a much more hazardous [gold] environment at the moment because of the downside risks to Euro/Dollar," says Michael Lewis, chief commodity strategist at Deutsche Bank

 

"One of the supportive factors [is] we've already seen quite a dramatic scaling-back in speculative length in gold over the last few months, so that might reduce the positioning risk for the market, but it is definitely going to be an environment where gold is going to struggle."

 

"In New York, the difference between bullish and bearish gold futures and options contracts held by noncommercial traders on the Comex - the so-called speculative net long - rose 5.7% in the week ended last Tuesday, according to data from the Commodity Futures Trading Commission

 

"Despite the improvement, net speculative length remains relatively weak...signaling a continued lack of confidence," says Standard Bank commodities strategist Marc Ground.


"While investors are not overtly bullish, short positioning is also relatively low, a mildly encouraging sign that investors appear cautious of running too short..."

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LearCapital - Mobile Live Prices

LearCapital - Mobile Live Prices | Gold and What Moves it. | Scoop.it

Well, it didn't get to 1650 like I had hoped but there's always next week. The pathetic jobs data was a factor I think in the uptick today as traders saw that as a sign that QE was forth coming.

 

But for me one of the more telling things this week has been the amount of coins that the US Mint has been selling. There has been some very active buying in these first few days of May and I think that goes to the underlying sentiment in the minds of folk.

 

It's an election year, and I am sure that the controlling powers are going to do everything they can to keep things running smoothely. Or at least to seem smooth. It's all MOPE.

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Twitter / Laura Gross: #Indonesia to impose tax, ...

#Indonesia to impose tax, curbs on raw metal exports, including #gold and #silver http://t.co/h8ATqAMk
May 04 via SkyGrid on iOS Favorite Retweet Reply

#Indonesia to impose tax, curbs on raw metal exports, including #gold and #silver http://t.co/h8ATqAMk...
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The gold market’s steep wall of worry Mark Hulbert

The gold market’s steep wall of worry Mark Hulbert | Gold and What Moves it. | Scoop.it
While bullion’s listless behavior over the last couple of months is undeniably frustrating, a very robust wall of worry is being built, writes Mark Hulbert.

 

by Mark Hulbert:

 

"...In other words, gold traders today are just as pessimistic about gold’s prospects as they were when gold was trading for more than $700 less. No wonder contrarians are impressed by the wall of worry that exists in the gold arena these days.

 

"How long must traders wait for gold to begin to respond to these positive sentiment conditions? Assuming the market responds the way it typically has done in the past, the wait could be as much as several more weeks..."

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Charlie Munger: "Gold Is For Pre-Holocaust Jews To Sew Into Their Garments; Civilized People Don't Buy Gold" | ZeroHedge

Charlie Munger: "Gold Is For Pre-Holocaust Jews To Sew Into Their Garments; Civilized People Don't Buy Gold" | ZeroHedge | Gold and What Moves it. | Scoop.it
While Becky Quick's CNBC interview with the Charlie Munger has a little for everyone to love and hate (from Keynesian-doctrine to easy-living-Greeks and Bad-trading-robots), Buffett's right-hand was particularly eloquent in his views (at around...

 

This is a great post from Tyler Durden.

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Bernanke’s Pet Peeve: The Gold Standard

Bernanke’s Pet Peeve: The Gold Standard | Gold and What Moves it. | Scoop.it

by Gary North:

 

"Ben Bernanke journeyed across town to give a 4-part seminar to 30 undergraduates at George Washington University.

 

"This was clearly a public relations stunt. Why would the head of the world’s most powerful central bank lecture to 30 undergraduates? This was not quite the equivalent of George W. Bush reading “My Pet Goat” to third graders, but it was close. Think of it as “My Pet Peeve.” His first speech was an overview of central banking. He used PowerPoint to create slides. The presentation had 49 slides.

 

"Any experienced lecture listener, had he known of this in advance, would have headed toward the exit. Here is the man whose verbal skills produce narcolepsy in normal people who have slept at least 10 hours. To this he added 49 slides. This violated Guy Kawasaki’s 10-20-30 rule: 10 slides, 20 minutes, 30-point font. The slides are here...."

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Guest Post: Debt Serfdom In One Chart | ZeroHedge

Guest Post: Debt Serfdom In One Chart | ZeroHedge | Gold and What Moves it. | Scoop.it
Submitted by Charles Hugh Smith from Of Two MindsDebt Serfdom In One ChartThe essence of debt serfdom is debt rises to compensate for stagnant wages.I often speak of debt serfdom; here it is, captured in a single chart.
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Ed Steer on US Mint sales data so far this month - Ed Steer's Gold & Silver Daily

Ed Steer on US Mint sales data so far this month - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer on US Mint sales data so far this month:

 

"We're only three business days into May, and the Mint has already sold as many ounces of gold eagles as they did in all of April. Someone with very deep pockets is obviously buying while "blood is running in the streets"...as should you, dear reader. I was a buyer yesterday as well. But I was buying silver, not gold..."

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Peter Grandich - On those throwing in the towel on gold

From Peter Grandich:

 

"As each day passes, I see more and more towels being thrown in and former gold bulls now trashing or “temporary” divorcing themselves from bulls camp by throwing their colleagues who remain bullish (like me) under the bus. It’s a contrarian’s dream come true..."

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