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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Amity Shlaes: Nutty would be NOT considering return to a gold standard | Gold Anti-Trust Action Committee

Amity Shlaes: Nutty would be NOT considering return to a gold standard | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"Nut cases. That's what they are. And if you take an interest in them, you are a nut case too.

 

"That's the consensus among credentialed economists who describe advocates of a return to the monetary regime known as the gold standard. In fact, the economic pack will marginalize you as a weirdo faster than you can say "Jacques Rueff" if you even raise the topic of monetary policy in relation to gold.

 

"An example of such marginalizing appears in a recent issue of the Atlantic magazine. Author Adam Ozimek lists four rules upon which economists overwhelmingly agree. Right away, that puts readers on guard; they don't want to be the only one to disagree with eminences.

 

"The first rule Ozimek offers is that free trade benefits economies. So obvious. That makes the penalty for disagreement higher. Then you read down to the final principle: "The gold standard is a terrible idea." By putting the proposition..."

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David Einhorn Explains Why Only Gold Is An Antidote To The Fed's Destructive "Jelly Donut Policy" | ZeroHedge

David Einhorn Explains Why Only Gold Is An Antidote To The Fed's Destructive "Jelly Donut Policy" | ZeroHedge | Gold and What Moves it. | Scoop.it

"David Einhorn who crushed it this week with huge profits on his short positions in both Herbalife and Green Mountain, finally takes on the ultimate challenger: the Federal Reserve, seemingly unaware to never "fight the Fed", likening its "strategy" to a Jelly Donut policy, and explains what everyone who has been reading Zero Hedge for the past 3 years knows too well: "I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls." Or, as Kyle Bass said last year, "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!" Not surprisingly, it is only the idiots out there who still don't get what these two investing luminaries are warning about..."

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Rick Rule on Contrarian Speculation - Casey Research

A wildly successful natural-resource speculator reveals how he has made fortunes as a contrarian.

 

Video Interview with Rick Rule:

 

"...Louis: Very good. Okay, so resources are broad; are there any focuses within that? Are you more interested in metals, precious metals, oil and gas – what's your favorite flavor right now?

 

"Rick: A lot of it is personal; and with me it's precious metals. The reason for that is that I'm a reasonably well-known gold broker, and in 2010, as a consequence of the pricing, I was way underweight gold stocks. I was afraid because if gold had broken out, my clients would, for some reason, probably have strung me up. I would like to address those imbalances. It's very seldom that you see an opportunity to buy the junior gold sector – or the senior gold sector – at reasonable prices. This is the first time that I have seen the sector at reasonable prices relative to the price of gold since 2004.

 

"These are rare events, and in my experience in my career, when you have the opportunity to build positions in high-quality precious metals companies at reasonable prices – not cheap prices, but at reasonable prices – you're well advised to take that opportunity. So my principal focus is in the gold, silver, and platinum sector, in the precious metal sectors as we speak. That isn't to say that I don't like some other sectors, including broadly the energy sector, but I have more opportunities spread over a decade to be in the energy business. It's a much bigger business – it's the business I'm from – and in my experience opportunities to participate efficiently in the precious metals sectors are rare and this is one..."

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Turk - Banks & Governments Will Collapse Together

Turk - Banks & Governments Will Collapse Together | Gold and What Moves it. | Scoop.it

"With increased demonstrations across the globe, today King World News interviewed James Turk out of Europe. Turk told KWN that banks and governments around the world are set up for a massive collapse, and they will go down together. Turk also discussed key markets and what he is doing with his own money right now. But first, here is what Turk had to say about the situation: “Have you seen the growing demonstrations here in Europe, Eric? So far, the protests have mainly been non-violent. They're protesting in the streets for good reason. Eleven of the seventeen countries in the EU are in a recession. With unemployment growing to record levels in some countries, certain key European nations are definitely in a depression..."

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Trader Dan's Market Views: Draghi Derails Gold

Trader Dan's Market Views: Draghi Derails Gold | Gold and What Moves it. | Scoop.it

by Trader Dan:

 

"Apparently ECB President Draghi believes things are going so well over in Euroland that traders are "correct" in their perceptions that no near term stimulus is needed. Down went gold, and silver, and copper, etc. as money flowed out of those markets and elsewhere into I have no idea what based on the fact that the equity markets are lower and are the bonds. Let's call it mattress money flows..."

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Real Time Gold Prices | Exact Price of Gold | Lear Capital

Real Time Gold Prices | Exact Price of Gold | Lear Capital | Gold and What Moves it. | Scoop.it
Get real time gold prices updates even when you're on the move. Keep abreast of the precious metal market price with Lear Capital.

 

Looks like some selling going on at the open this morning. I wonder who is behind it? Another "Fat Finger"? or just some folk looking to make a profit on previous dips?

 

Good buying opportunity though. ;-)

 

 

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Gold Breaks 3-Month Rule for 1st Time in 11 Years | Adrian Ash | Safehaven.com

Gold Breaks 3-Month Rule for 1st Time in 11 Years | Adrian Ash | Safehaven.com | Gold and What Moves it. | Scoop.it

Adrian Ash:

 

"Last time gold fell for 3 months running was March 2001. And so...? It had become so rare, you could take its absence for granted to buy gold on the cheap. Between March 2001 and April 2012, the price of gold never fell for 3 months ..."

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Forget Retirement... and Retirement Savings - The Dollar Vigilante Blog -

Forget Retirement... and Retirement Savings - The Dollar Vigilante Blog - | Gold and What Moves it. | Scoop.it

"You've been sold a bill of goods for the last four to six decades. You've been told that nation-states, democracy and socialism is good. You've been told our monetary system prevents instability. And, while the government and central banks put your unborn children or grandchildren into debt for life they've been telling you that there will be a socialist safety net to protect you and that the "American dream" includes retiring in your 50s or 60s to a wonderful life of golf and lying on the beach..."

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A Weak Economy Remains Gold’s Best Friend | The Daily Gold

A Weak Economy Remains Gold’s Best Friend | The Daily Gold | Gold and What Moves it. | Scoop.it

"The current decoupling of precious metals and equities combined with an unsustainable recovery provides insight into the future. With equities nearing major resistance and precious metals emerging from an important low, it is obvious which asset class is in position to benefit from disappointing economic data and which asset class could enter a mild cyclical bear market. Equities have already experienced two nasty bear markets and two recessions. Though still in a secular bear, the likely outcome of the next few years is far more likely to be something on the order of the late 1970s and not the mid 1970s.

 

"The combination of the failure of equities to make new highs and continued disappointing economic data would likely serve as a catalyst to ignite the precious metals sector while equities could enter a situation similar to the late 1970s. The potential struggle of equities combined with a resurgence in precious metals will ultimately attract the hot money inflows that we have not seen since 2006-2007..."

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Stephen Leeb sees mad dash to gold once inflation heats up.

Stephen Leeb sees mad dash to gold once inflation heats up. | Gold and What Moves it. | Scoop.it

Stephen Leeb tells King World News "But what I’m saying is the Western world is going to need even more easing, more money. All of this is incredibly bullish for gold longer-term. I do think you have to navigate the end of the euro before the next massive move in gold, but that’scoming. It’s possible that gold may get hit initially as the euro fails, but you have to buy it if it does.

 

"In the end, the only way this is going to work out is with massive liquidity and inflation. This inflation is already much more prevalent than any of the numbers suggest. But once the public realizes inflation is heating up, you will see a mad dash for gold...”

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Today's Darwin News: Two Teens Hit By Car While Sunbathing ON the Road | Jr Deputy Accountant

Today's Darwin News: Two Teens Hit By Car While Sunbathing ON the Road | Jr Deputy Accountant | Gold and What Moves it. | Scoop.it

"I'm not sure what's the stupidest part of this story, the fact that they were in the road tanning or that they were tanning at all.

 

"While it's tragic two young girls were run over, the real tragedy is that we've reached the point in our civilized development where news like this is no longer shocking..."

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Twitter / Laura Gross: Total US Debt Soars To 101 ...

Total US Debt Soars To 101.5% Of GDP - http://t.co/EnVDYrvq
May 02 via bitly Favorite Retweet Reply

Total US Debt Soars To 101.5% Of GDP - http://t.co/EnVDYrvq...
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Hugh Hendry On Europe "You Can't Make Up How Bad It Is" | ZeroHedge

"At The Milken Institute conference yesterday, Hugh Hendry delivered his usual eloquent and critical insights on the state of Europe. Beginning with the statement that "All of Europe has defaulted", the canny-wee-fella (translation: shrewd and cautious young chap) explained that "The political economy in Europe is such that the politicians chose to default on their spending obligations to their citizens in order to honor the pact with their financial creditors and so as time goes on, the politicians are being rejected." Between France's election of Mr. Hollande and Luxembourg's 'when times get tough you have to lie' Juncker, Hendry says the only inspiration for Europe is fiction as "you just can't make up how bad it is" as he goes on to discuss the precedent for a way forward, the grotesque distortions of fixed exchange rate regimes, why Weimar happened, why the transfer union will never happen, Ayn Rand's reality, and fear politicians are feeling.

"The entire discussion is well worth watching..."

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Biderman's Daily Edge 5/2/2012: A Reason Not to Trust Friday's BLS Numbers

TrimTabs President & CEO Charles Biderman explains why the BLS number that comes out Friday could be flawed. Follow TrimTabs' research on Twitter https://twi...
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Swiss Gold Stored At “Decentralised Locations” – SNB Does Not Disclose Where | ZeroHedge

Swiss Gold Stored At “Decentralised Locations” – SNB Does Not Disclose Where | ZeroHedge | Gold and What Moves it. | Scoop.it

"Swiss Gold Stored Internationally – SNB Will Not Disclose Where


"There are increasing calls in Switzerland for transparency regarding the location of the remaining Swiss gold reserves. The Swiss National Bank said overnight that it keeps its gold in “decentralized” locations, according to Walter Meier, a spokesman for the Swiss central bank as reported by Bloomberg.

 

"The SNB has also sold a large part of the Swiss gold reserves in recent years.

 

"There are deepening concerns in Switzerland about the debasement of the Swiss franc. The SNB has pegged the franc to the euro and is engaged in the same ultra loose monetary policies as the Federal Reserve, BOE and the ECB. The SNB won't allow the franc to rise above an arbitrary “ceiling” against the euro Walter Meier himself said on April 5 that the SNB is ready to buy foreign currencies in "unlimited quantities."

 

"Meier’s comments regarding the vastly depleted Swiss gold reserves came after Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland, called on the SNB to disclose where its gold is stored, in a letter published in the respected Swiss publication Finanz und Wirtschaft..."

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Gold to gain as financial crisis moves from Greece to Spain

Gold to gain as financial crisis moves from Greece to Spain | Gold and What Moves it. | Scoop.it

"David Levenstein says although gold prices remain range bound, prices firmed up during last week indicating a more bullish sentiment in the short-term."

 

by David Levenstein:

 

"...Yet, in spite of the fact that the unemployment rate in Spain hit 24.4%, an 18-year high, and the highest in the industrialised world, and as well as having a contracting economy, a crippled banking sector, soaring bond yields, and increasing unrest in the country, Spain's Economy Minister Luis de Guindos Spanish doesn't see any problem.

 

"This is exactly how it all started with Greece. And, if you can recall, Papandreou, the then Prime Minister often told the world that Greece does not have a problem. Now in a somewhat familiar tone, Spain's Economy Minister Luis de Guindos Spanish recently said that Spanish banks won't need external aid, nor will Spain need a bailout from its European partners. Mr De Guindos ruled out any Greek-style debt rescue and said there are no plans for new tax increases or budget cuts this year.

 

"He said the country had no "Plan B", adding: "Spain is not going to ask for a rescue. No intervention will take place.


"A country needs a rescue or an intervention when its sources of financing are cut off. That is to say, what happened in Greece, Portugal and Ireland. That is absolutely not the case in Spain."
In the first three months of 2012, Spain's Treasury had already raised 50% of its financing needs for the year, he said, and the banks had enough liquidity to make interest payments for the next two years...."

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Gold to remain high on the backs of inept central bankers - Faber

Gold to remain high on the backs of inept central bankers - Faber | Gold and What Moves it. | Scoop.it

by Drew Voros:

 

"Marc Faber: People say the price of gold is in a bubble stage and it is up substantially from the lows in 1999, which was, at the time, around $252 per ounce. But at the same time, we had an explosion of debt, not just government debt, but private sector debt, and an explosion of unfunded liabilities such as in the pension fund industry, and not just with Medicare, Social Security and Medicaid.

 

"So now, 12 years after the gold's low, we are essentially in a situation where maybe the price of gold should be much higher because the economic and financial conditions are worse than they were 12 years ago. I go to lots of conferences and I usually ask the audience, "How many of you own gold?" Normally, hardly anyone owns it. I've been to conferences with thousands of people attending, and nobody owned any physical gold.

 

"I doubt we are in a bubble stage. When you went to an investment conference in 1989, everybody owned Japanese stocks. And in 2000, everybody owned tech stocks. That is the bubble, when the majority of market participants own an asset. I think there are more people that own Apple stock than gold...."

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Billionaire Hugo Salinas Price - Elites Plan to Control the World

Billionaire Hugo Salinas Price - Elites Plan to Control the World | Gold and What Moves it. | Scoop.it

Today multi-billionaire Hugo Salinas Price told King World News in stunning detail what he believes to be the frightening plan to “control the world” going forward. He described this as a “very disturbing fact that is facing humanity.” Here is how he described the situation: “Eric, the problems we are seeing in the West are not going to be resolved in any positive way. What we have had in the West, in recent decades, has been the welfare state. The welfare state is, in my view, what I would call, ‘socialism light.’ We’ve had ‘socialism light’ and now we’re going to transition to full-blown socialism.

 

"This could not be paid for out of taxes: It had to be financed. This is what has caused the explosion of debt in the West. The people who are in power, the elite, do not want to relinquish their power. They plan to retain it under full-blown socialism for the populations of the West.

 

"This includes all countries that have central banks: They are going to have to follow suit. This is a very disturbing fact that is facing humanity. It means the inevitable decline of industrial civilization, and the inevitable impoverishment of the world’s population..."

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The Real Reason Ben Bernanke Resists the Gold Standard - Economic Intelligence (usnews.com)

The Real Reason Ben Bernanke Resists the Gold Standard - Economic Intelligence (usnews.com) | Gold and What Moves it. | Scoop.it
A gold standard can work, but only if monetary authorities are honest about the extent to which money has already been debased by rampant printing.

 

by James G. Rickards:

 

"Bernanke's public attack on gold comes down to two propositions, both demonstrably false:

 

"Gold cannot be used as a monetary standard because there's not enough gold. This is one of the most frequent charges used by gold standard opponents. In fact, the quantity of gold is never an issue; the issue is one of price. There are approximately 31,000 metric tons of gold held by central banks today and another 130,000 metric tons in private hands. It is true that if this gold were valued at the current market price of about $1,650 per ounce, a money supply of equivalent value would be far less than the current money supply. This would be highly deflationary and probably result in a contraction of world trade and gross domestic product. However..."

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LOOMING RETURN TO GOLD | The Prospector Blog

LOOMING RETURN TO GOLD | The Prospector Blog | Gold and What Moves it. | Scoop.it

"Doesn’t it sound silly to imagine a proud Olympic champion sporting around a dollar ribbon as first prize? Can you imagine a champion’s homecoming as they parade by a cheering crowd so proud of their winner’s feat, all while wearing a reward made of fiat currency?

 

"If this scenario sounds silly then I want to ask each reader one question. Is this as silly as a society saving, working, or investing for the same fiat reward?

 

"The inevitable return to gold will happen by choice or natural monetary forces. We will look back at the last few decades of credit expansion (borrowed or created currency) and see all wealth derived from such a period as futile.

 

"But like a 4-year-old being told the party must end, we too must accept a lifestyle and society built on easy credit must also come to a sobering end. This is not easy for some, in fact, this is unimaginable for most..."

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oftwominds-Charles Hugh Smith: We Are Not Powerless: Resisting Financial Feudalism

oftwominds-Charles Hugh Smith: We Are Not Powerless: Resisting Financial Feudalism | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"It's comforting to think "I can't do anything to resist the Central State and its financial Plutocracy," but it's not true. There are many of acts of resistance you can pursue in your daily life; here are 12 perfectly legal ones.

 

"That we are powerless is one of the key social control myths constantly promoted by the Status Quo. What better way to keep the serfs passive than to reinforce a belief in their powerlessness against the expansive Central State and its financial feudalism?

 

"But we are not powerless. Our complicity gives the aristocracy its power. Remove our complicity and the aristocracy falls.

 

"The pathway of dissent is to resist financial feudalism and its enforcer, the expansive Central State. Here are twelve paths of resistance any adult can legally pursue in the course of their daily lives:..."

 

Click over for the rest.

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Video: Marshall Berol Says Gold Still Very Attractive

Video: Marshall Berol Says Gold Still Very Attractive | Gold and What Moves it. | Scoop.it
Co-portfolio manager of Encompass Fund finds despite current geopolitical and debt problems, the modest economic growth is good for precious/industrial metals and energy.

 

Marshall Berol, co-portfolio manager, Encompass Fund: 

 

"I think if you look at gold and silver, it’s more of a consolidation and a correction, if you will. That’s terminology. But the fact of the matter is, there are a variety of reasons that gold went up — and it’s gone up for the last 11 years — and basically none of them are solved."

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The Central Bankers' Gold Price Manipulation Footprints or "Fat Fingers"? :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website

The Central Bankers' Gold Price Manipulation Footprints or "Fat Fingers"? :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website | Gold and What Moves it. | Scoop.it
The Central Bankers' Gold Price Manipulation Footprints or...

 

"The trend that we and others have noticed in the last decade is that the Asians usaully buy gold overnight and then the Americans sell it when their markets open from around 8AM New York time. As you can see from the chart below the gold price once again dropped sharply during U.S. hours (chart is London time or 5 hours ahead of EST) today after looking like it was ready to break out through the $1670 level. Could it really be that we have gotten a case of two "fat fingers" in two days or is t more a case of price management by the central banks?..."

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America’s “Safest Long Term Investment” Is Gold – Gallup | TheTradersWire.com

America’s “Safest Long Term Investment” Is Gold – Gallup | TheTradersWire.com | Gold and What Moves it. | Scoop.it

Seriously?-

 

"America’s “Safest Long Term Investment” Is Gold – Gallup

 

"Americans feel “gold is the safest long term investment” today, a Gallup survey has found.

 

"Gold was favoured over four other types of investments perceived as the best long term choice for American investors today.

 

"28% of the American public choose gold as their favoured investment of choice today..."

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Activist Post: States To Use Gold and Silver as Legal Tender

Activist Post: States To Use Gold and Silver as Legal Tender | Gold and What Moves it. | Scoop.it

As America slips into monetary oblivion, some states are turning to the US Constitutional right and desiring to use alternative currencies – preparing for the hyper-inflation that Bernanke is currently creating.

 

"Minnesota, Tennessee, Iowa, South Carolina and Georgia are awaiting approval from their respective governments to create a separate currency. This number is up from 2011, when just 3 states were brave enough to attempt this constitutional right.

 

“In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System … the State’s governmental finances and private economy will be thrown into chaos,” said North Carolina Republican Representative Glen Bradley. He introduced a new currency bill in 2011.

 

"These states are planning on issuing gold or silver coins as tender “in payments of debts” as allotted them in the US Constitution. Law makers are becoming at ease with this proposal as the worth of the US dollar is further lessened by the actions of the Federal Reserve, and the prices of precious metals like gold and silver soar higher...."

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