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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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John Hathaway - 9 Key Points for the Gold & Silver Markets

John Hathaway - 9 Key Points for the Gold & Silver Markets | Gold and What Moves it. | Scoop.it

"John Hathaway’s 9 key points sent to KWN:

Brief comments on recent market action and outlook for precious metals:

 

"1.The recent sharp decline appears to have been another test of the December low of $1532/oz intraday. Gold fell to $1675 on March 9th from $1788 including a drop of $72 on February 29th. So far, the downside was contained near the 200 day moving average. From a purely technical standpoint, the uptrend in gold seems intact.

 

"2. Still, we may see another test to shake out weak hands in the next month or so..."

 

Click over for teh remaining seven. But point two looks like it could be occuring now with gold getting hit today for almost $20 and platinum finally overcoming the yellow metal. 

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Stockton residents watch their port city slip away

Stockton residents watch their port city slip away | Gold and What Moves it. | Scoop.it

Within three months, the Central Valley city of 300,000 could become the nation's largest municipality to file for bankruptcy. The City Council is trying to slow or stop the bust by entering mediation.

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Real Time Gold Prices Widget

Real Time Gold Prices Widget | Gold and What Moves it. | Scoop.it

Not to bad a way to end a week like this.

 

Gold spot price at $1,713.20.

Silver at $34.32.

Platinum at $1,690.20.

 

Next week might prove rather interesting as Greece and the jobs data from this morning get digested.

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Did BP Cause Damage to the Gulf Sea Floor … Which Is Leading to Ever-Larger “Natural” Oil Seeps from the Macondo Reservoir? | ZeroHedge

In June of 2010, BP officials admitted to damage beneath the seafloor under BP’s Gulf Macondo well.Nmerous scientists have speculated that the blowout and subsequent clumsy attempts by BP to plug the well could have created new seeps, and made...
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BUREAU OF LIES & SHAMS VERSUS GALLUP « The Burning Platform

BUREAU OF LIES & SHAMS VERSUS GALLUP « The Burning Platform | Gold and What Moves it. | Scoop.it

"The Bureau of Lies and Shams (aka BLS) reported 227,000 new jobs this morning. Of course the good old Birth Death Fake Job Adjustment added 91,000 jobs. Plus, 45,000 of the jobs were from temporary help services companies. Sure sounds like a strong jobs recovery of phantom and temp jobs. Let’s look at the actual figures..."

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The Fed’s Newest Trick

The Fed’s Newest Trick | Gold and What Moves it. | Scoop.it
Gary Gibson, Introduction...
Does the Fed's latest colorfully named plan amount to anything more than money printing and legerdemain?

 

"The money masters at the Federal Reserve have done a splendid job, haven’t they? Well, no, and all the more reason to End the Fed, in the legendary slogan of Ron Paul.

 

"Every few months since the great meltdown of 2008, there’s been some announcement that appears in the financial press about the latest fancy-pants move that the Fed will undertake to save the day.

 

"These guys aren’t just printing money! They are engaged in amazingly technical maneuvers that mere mortals can’t fathom. The catchphrases are multiplying: quantitative easing, Operation Twist, sterilized QE, ZIRP (zero interest rate policy) and now reverse repo..."

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Price It In GOLD & SILVER Before You Believe What You Hear About Global Stock Market Recoveries | The Underground Investor

For the investor that invests in gold, silver and PM (precious metal) stocks, one must look at the performance of the global benchmark US S&P 500 chart for...

 

"Even though it should be crystal clear from these charts that gold and silver are real money and have been hands down among the best investments in the world for 10 years running now, we incredibly still receive worried emails asking for our opinion about recent comments that Warren Buffett, chairman and CEO of Berkshire Hathaway, made about gold being a bubble ready to pop. One always must take into account the context in which Buffet makes these comments. Buffet recently made more than $1.4 million a day from his investment in a very special dividend paying preferred class of Goldman Sachs shares and he recently just invested $5 billion in Bank of America. Rising gold prices are kryptonite for banks and Buffett invests in banks."

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Did We Jump The Gun on This Economic Recovery?

"The Obama administration would have us believe that unemployment in the United States has declined, but the truth is that the percentage of working age Americans that are employed has stayed very, very flat for more than two years and now there are some measures of unemployment that are actually getting worse.

 

"For example, according to Gallup the unemployment rate in the United States has risen from 8.5% in December to 8.6% in January to 9.1% in February. The Obama administration would have us believe that it is actually going the other direction..."

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oftwominds-Charles Hugh Smith: Our "Let's Pretend" Economy: Let's Pretend "Job Growth Is Best Since 2006"

oftwominds-Charles Hugh Smith: Our "Let's Pretend" Economy: Let's Pretend "Job Growth Is Best Since 2006" | Gold and What Moves it. | Scoop.it

Charles Smith:

 

"Instead of just swallowing Ministry of Propaganda swill, let's examine actual data. If we do that, we find job growth is mostly smoke and mirrors...

 

"How do you add 33 million people to the workforce while the number of full-time jobs hasn't budged in 12 years and claim "job growth is on a tear"? First you arbitrarily subtract 20 million people from the workforce. call them "discouraged" or "marginally attached," whatever, just don't call them what they really are which is jobless..."

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Fed Manipulating Markets In Zero Sum Game To Create Higher Inflation

Fed Manipulating Markets In Zero Sum Game To Create Higher Inflation | Gold and What Moves it. | Scoop.it

"In an interview with CNBC, Jim Grant of Grant's Interest Rate Observer, and a frequent critic of destructive Federal Reserve monetary policies, says the Fed is manipulating interest rates for the sake of achieving "desirable macro outcomes". Discussing the Fed's latest scheme to expand money printing, known as "sterilized bond-buying", Grant says he is uncomfortable with the program which will create inflation and distortions that will destabilize the entire debt market.

 

"Grant also feels that Bernanke, a self proclaimed "expert' on the depression of the 1930's is making fundamentally flawed decisions to forestall Depression II that many feel is looming in front of us. According to Grant, Bernanke can't "stop talking about the '30s", but when the economy fell off a cliff in 1920 - 1921, the government actually balanced the budget and the Fed raised interest rates and the economy soon recovered on its own and not due to running "immense deficits"."

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Caesar Bryan - Physical Buying in London Reverses Gold Market

Caesar Bryan - Physical Buying in London Reverses Gold Market | Gold and What Moves it. | Scoop.it

Today 25 year veteran Gabelli Gold Fund manager, Caesar Bryan, told King World News the Southern periphery countries of Europe will experience a turbulent period that will be worse than the Great Depression. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar also said physical buying in London helped turn the gold market around. Here is what Bryan had to say about the situation:

 

“Well, I think the gold market was looking fine from yesterday. Then we had reasonable payroll numbers here in the US and that took the gold price down. But then we had a sudden reversal which is quite interesting. My understanding is the PM fix in London saw some physical buying and was fixed a few dollars higher than gold was trading on a spot basis.”

 

{It's all about physical folks.}

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MF Global Trustee Giddens Asks Customers To Release Legal Claims In Return For Their Money

MF Global Trustee Giddens Asks Customers To Release Legal Claims In Return For Their Money | Gold and What Moves it. | Scoop.it

"MF Global Inc. trustee asked futures customers to release claims on the defunct brokerage in return for money they are owed, demanding an “unwarranted” transfer of legal rights, a group of customers said.

 

"The customers, including William Fleckenstein, Thomas Wacker and Summit Trust Co., said in a court filing yesterday that they were notifying the judge supervising the firm’s liquidation of their “concern” in case he wasn’t aware that trustee James Giddens had mailed his demands to some customers along with his determination of their claims. One of Giddens’s demands may require customers to release claims made in class- action lawsuits, they said..."

 

{Isn't this a lot like a blackmailer saying, give me the money and I'll give you the pictures? Or the kidnapper saying drop the money on the corner and we'll release your kid?}

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Falling Sales Cut Inventory Growth More Than Expected

Falling Sales Cut Inventory Growth More Than Expected | Gold and What Moves it. | Scoop.it
Wholesale businesses increased their inventories less than economists had expected in January, as firms across the U.S. sought to manage their supply chain in the face of weaker sales.

 

"Wholesale inventories rose 0.4 percent in January, less than the 0.6 percent consensus economists surveyed by both Reuters and Bloomberg predicted they would rise. Sales unexpectedly dropped by 0.1 percent.

 

"Inventories now appear to be in pretty good shape, certainly not bloated, but not too tight either," Rusell Price, a senior economist at Ameriprise Financial, told Bloomberg.

 

"Changes in business inventories should be a modestly positive contributor to GDP over the next several quarters as inventory levels are kept in balance with demand growth."

 

{in other words, the sales over the holidays were not as good as promoted and other sales are not as positive as MSM is spinning. And I guess we'll read between the lines tighteing and streamlining has meant cost cutting and likely job cutting. Hence why the jobless rate is unchanged this month in spite of an above 200k jobs reported. Just saying}

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EDITORIAL: Germany proposes a Drudge Tax

EDITORIAL: Germany proposes a Drudge Tax | Gold and What Moves it. | Scoop.it

"European politicians are on the hunt for new sources of revenue as the continent’s fiscal situation worsens. The level of desperation is clear in the latest move from German Chancellor Angela Merkel’s coalition government to tap into the cash reserves of Internet search engine giant Google to bolster that country’s ailing publishing industry."

 

The tax man or woman, cometh because their coffers are bare.

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UPDATE 4-Harrisburg, Pa. to skip two debt payments

UPDATE 4-Harrisburg, Pa. to skip two debt payments | Gold and What Moves it. | Scoop.it
By Hilary RussMarch 9 (Reuters) - Pennsylvania's distressed capital city, Harrisburg, will skip $5.3 million of debt payments due next week, the first time the city has defaulted on its general obligation bonds, to ensure there is enough cash to fund vital services.

 

"Pennsylvania's capital of 50,000 people is mired in $326 million of debt due to the expensive retrofits and repairs of its troubled trash incinerator.

 

"Although this default on general obligation bonds is unfortunate, I don't think it's going to hold up the process for proceeding under the recovery plan," Receiver David Unkovic said..."

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Eveillard - All Hell May Break Loose & Gold is Way Undervalued

Eveillard - All Hell May Break Loose & Gold is Way Undervalued | Gold and What Moves it. | Scoop.it

When asked about the action in gold [by Eric King of King World News], Eveillard stated, “I was intrigued to see gold opened and traded down to $1,675 and then had a $40 reversal to the upside, hitting $1,715. I thought this was a very nice rebound. As far as the price of gold is concerned, I think we are far from what an appropriate price would be.

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Fiat's Fire: Greek Salad Fryday- Greek Bond Yields Top 1000% as Greek GDP Collapses; Lakota Indians Declare All Treaties and Contracts With U.S. Void; Gun Sales Skyrocket; You Reap What You Sow; Il...

Fiat's Fire: Greek Salad Fryday- Greek Bond Yields Top 1000% as Greek GDP Collapses; Lakota Indians Declare All Treaties and Contracts With U.S. Void; Gun Sales Skyrocket; You Reap What You Sow; Il... | Gold and What Moves it. | Scoop.it

"Not six months ago, Greek 1 year bonds were trading at 105% yield, and we laughed about the insanity of it all to believe that things (the economy of Greece) were "getting better." Nevertheless, after a careful and unbiased analysis, we cautioned that the situation in Greece would not only get worse, but that contagion would spread to all EU periphery.

 

"Fast forward. Not one week ago, Greek 1 year bonds were 932%. Fast forward. Today, even after all the propaganda (and rumors of a 90% take rate) of debt swap participation, Greek bonds are worthless, trading as of this morning at a [insert any word that combines comedy with insanity] rate of 1140% and climbing. So much for the ponzi trying to write yourself IOU's and thinking it will work. (Shhhhh! Pay no attention to the coming downgrades! Just expect more fiat!)..."

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ROT & DECAY – AMERICAN STYLE « The Burning Platform

ROT & DECAY – AMERICAN STYLE « The Burning Platform | Gold and What Moves it. | Scoop.it

"I thought it might be challenging finding enough pictures of dead or dying malls to make this post worthwhile. To my chagrin, it was as easy as taking a credit card from a baby. After completing this post I’m more convinced than ever that a retail collapse tsunami is headed our way. There are so many malls on the verge of collapse that I could have posted 300 more pictures without blinking an eye. There are entire websites dedicated to dying malls. The funniest part is that banks across the country are carrying the loans on these dead malls on their books at 100%. The Mall owners pretend to collect rent and make loan payments and the banks pretend they will get paid off.

 

"Please add your own dead or dying mall stories or pictures."

 

{You have to click over and see this. All I can say is, "Wow."}

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Eric De Groot: 1-2-3 Bottom In Gold Ahead

Eric De Groot: 1-2-3 Bottom In Gold Ahead | Gold and What Moves it. | Scoop.it

Eric De Groot:

 

"Looks like the third count of a 1-2-3 bottom in gold. While this setup suggests a major turn in gold ahead, it will likely be ignored by many within the gold community. Fear and disinformation will be removing them from the gold train."

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Fried by the Volt

Fried by the Volt | Gold and What Moves it. | Scoop.it
[The following post is by Redmond Weissenberger, Managing Editor of the Dollar Vigilante an...

 

"The wholesale socialization and subsequent destruction of the US economy continues apace. The most recent example of the massive malinvestment brought on by the Federal leviathan is the saga of the Chevy Volt.

 

"GM recently decided to suspend production of the volt due to declining sales - they have also stopped releasing sales projections."

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To Die and Let Live

"...As our civilization has aged, it has become obsessed with erecting economic guardrails, stringing safety nets, straightening curves and legislating Bubble Wrap around almost every conceivable mishap. As a result, the financial system is so thoroughly insulated with regulations and “protections” that it is suffocating.

 

"As a nation, we have become intolerant of any economic adversity…even when that adversity serves an essential economic purpose. We want our summers without any winters. We want our victors without any vanquished. We want our successes without any failures.

 

"That’s not good news for free enterprise..."

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Time to Accumulate Gold and Silver | Jeff Clark | Safehaven.com

Time to Accumulate Gold and Silver | Jeff Clark | Safehaven.com | Gold and What Moves it. | Scoop.it
Do you own enough gold and silver for what lies ahead? If 10% of your total investable assets (i.e., excluding equity in your primary residence) aren't held in various forms of gold and silver, we at Casey Research think ...

 

Jeff Clark:

 

"Regardless of what you think will happen over the remainder of this decade, one thing seems virtually certain: the value of paper money will be affected, perhaps dramatically. Even if the economy slips into deflation, the deflation wouldn't last long. A panicked Fed would print to the max and set off a wild rise in prices. This is why we're convinced currency dilution will not only continue but accelerate."

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Jesse's Café Américain: MF Global Trustee Freeh Asks Court to Pay MF Global Executive Bonuses

Jesse's Café Américain: MF Global Trustee Freeh Asks Court to Pay MF Global Executive Bonuses | Gold and What Moves it. | Scoop.it

Jesse had this to say on the matter:


"The entitlement of the financial class is the gift that keeps on giving.

 

"And as for the customers? They are being asked to surrender their legal rights in order to receive partial payments.

 

"Let them eat...er, is that even cake?"

 

{What a farce the MF Global drama is. It continues, I believe, to be the watershed moment where the curtain is pulled back showing what is really going on}

 

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Do Precious Metal Investors Believe QE Will Be Dialed Back? - International Business Times

Do Precious Metal Investors Believe QE Will Be Dialed Back? - International Business Times | Gold and What Moves it. | Scoop.it
The mere mention of more bond-buying was enough to send gold and silver higher, subdued inflation or not.

 

"Since the report about another bond-buying program on Wednesday, gold and silver have increased about 2 percent and 4 percent, respectively. The market is signaling little faith in the Fed’s ability to provide sterilized QE or a reduction of current QE because of an improved unemployment report. While it is not politically safe for the Fed to announce new quantitative easing programs, it will need to keep interest rates low to fund government debt."

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The Golden Truth: But Do The "Estimates" Make Sense?

The Golden Truth: But Do The "Estimates" Make Sense? | Gold and What Moves it. | Scoop.it

"There's no doubt the the second part of that statement is true. The latest consumer credit report showed that consumer debt rose substantially in January. The source was primarily credit cards and non-revolving credit - student loans and [Government-subsidized] auto loans. Can't find a job? Enroll at the University of Phoenix and get a robo-stamped student loan. Then the Government can remove you from the labor force statistics and a reduce the number of people not working or in the labor force. The debt to personal income ratio is rising quickly again. It's even worse if you remove Government transfer payments from the personal income LINK. Does it make sense to make that particular adjustment? Yes, because that's taking money from your pocket and giving it to someone who feebly qualifies for Government assistance. We know the Government is borrowing more and more everyday - at an accelerating rate. The Government spending deficit hit an all-time record in February..."

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