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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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Trader Dan's Market Views: Gold crashes through support at $1680

Trader Dan's Market Views: Gold crashes through support at $1680 | Gold and What Moves it. | Scoop.it

Trader Dan: "The result of this long liquidation has been a breach of a very important downside support level near $1680 on the charts. The market is holding within the support zone noted that extends down past this level but it will be critical to the metal to hold today's low and last week's low if it is to prevent a further bout of long liquidation that could very quickly take it down to $1620 or even lower."

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“INVESTING” OUR WAY INTO A DEPRESSION | The Prospector Blog

“INVESTING” OUR WAY INTO A DEPRESSION | The Prospector Blog | Gold and What Moves it. | Scoop.it

"It shocks me how easily the American people are now distracted while those in power toss what history will describe as an investing Hail Mary, but with less odds. This only proves that the line between optimism and denial is nearly washed away leaving only those skeptical to question investing trillions into programs and too big to fails, like this is our best odds for prosperity. Investing is beginning to look like the rich getting richer while the masses struggle to stay employed, regardless of new numbers. Make no mistake; this is only good news to those invested in gold, silver, and few other assets."

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Allysia Finley: Coffee Is an Essential Benefit Too

Allysia Finley: Coffee Is an Essential Benefit Too | Gold and What Moves it. | Scoop.it
In The Wall Street Journal, Allysia Finley lists some other health-care mandates that government should impose on employers.

 

{LOL}

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Taiwan bank made bonanza from gold purchases - CBS News

Taiwan bank made bonanza from gold purchases - CBS News | Gold and What Moves it. | Scoop.it

"TAIPEI, Taiwan — Taiwan's central bank governor says the bank has made a bonanza from gold purchases in 2008 but does not plan to buy more of what he calls a risky asset.

 

"Governor Perng Fai-nan said Monday that Taiwan has a policy to diversify its foreign reserves that now stand at $394 billion and does not plan to reduce its U.S. Treasury holdings to buy more gold." {Yeah, right. Don't believe it.}

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The Golden Truth: The Government Data Farce Continues

The Golden Truth: The Government Data Farce Continues | Gold and What Moves it. | Scoop.it

This whole, short, post is a must read. But here's a snippet:
 

"Nothwithstanding the fact that the massive growth in student loans is - in and of itself - quite horrifying, but you'll note that it looks like the so-called household "deleveraging" is coming to an end. In fact, as we've discussed in the past, the "deleveraging" was really the erasing - writing off - of credit card, auto and mortgage debt by the big banks. If your pour through the numbers in the report that I linked above, you'll see that a preponderance of spending took place in food and gasoline. These are necessities that people often use credit cards to purchase. Ergo, the growth in consumer credit. To the extent that retail sales are "growing," the "growth" is fueled by 1) inflation and 2) the purchasing of necessities on credit."

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Notes From Underground: Paging Dr.Bernanke … The Stress Tests Results Have Arrived

Notes From Underground: Paging Dr.Bernanke … The Stress Tests Results Have Arrived | Gold and What Moves it. | Scoop.it
Tuesday brings the release of the FED’S FOMC STATEMENT. Will it see its shadow or will the light be blocked by an extended period of darkness? Since the January 25 statement that announced ...

 

"***Last week it was noted that the Brazilian Central Bank lowered its lending rate by a larger percentage than forecast. Today, the Brazilian government extended its tax on foreign loans and bonds issued by local companies abroad and extended the duration out to five years.

 

"There is no question that the Brazilians are worried about the overly strong REAL and are trying to have a controlled depreciation to some level that will slow manufactured imports. As reported by BLOOMBERG, “President Dilma Rousseff pledged last week to take all necessary measures to protect Latin America’s biggest economy from what she dubbed a ‘monetary tsunami’ unleashed by rich nations seeking to devalue their currencies.”

 

"If the yield curve in Brazil continues to steepen it will signify that the Brazilian government, with the help of the central bank, is having an impact in weakening the currency and driving inflation expectations higher. The BANK has a great deal of work to do as Brazilian rates are still offering some of the most positive real returns in the world. Stay focused on this because it is an important indicator for the sensitivity of many of the G-20 nations. The media reports about all the camaraderie in the G-20, but Brazil’s latest concerns indicate there is far more dissonance than kumbaya hand holding..."

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In Today's Market, Can You Afford to Be Misled By Fantasy Financial Reporting? | The Underground Investor

JS Kim: "Today, almost every financial journalist that is published in the mainstream media prefers to be steered by their controlling interests into being a “cleaner”, scrubbing clean the facts and hard evidence of every financial crime scene and instead,...

 

"The headlines say the financial crisis is behind us”. Yes, the mainstream media headlines do say that the financial crisis is behind us but this is pure fantasy. The only reason the headlines state this is because financial and banking shills are the ones that are writing them. The reality is that we are just moving into the second phase of this global monetary crisis right now and that those that don’t adequately prepare now may spend the rest of their lives trying to recover. I will explain some of the reasons why this is reality and why the journalist’s view is not..."

 

{This is a great read. Be sure to click over and see the whole thing.}

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Analysts Predict Gold Will Plunge Below $1000

Analysts Predict Gold Will Plunge Below $1000 | Gold and What Moves it. | Scoop.it
It's over folks. According to some analysts recent price swings indicate that the gold and silver run-up will soon be coming to an end.

 

"The only serious reason given for this recent volatility and rapid drop in the price of gold is that Fed Chairman Ben Bernanke promised he wouldn’t engage in more money printing. However, as is generally the case when discussing capital flows of hundreds of billions of dollars, things are just a bit more complicated than that.

 

"It’s no secret that the gold markets are completely manipulated by large financial institutions and interested parties within our government that are intent on keeping the price as low and/or volatile as possible.

 

"What better way to scare the masses away from true value than to create such extreme price swings in both directions that the misperception of risk and constant attacks by mainstream media experts diverts capital from one of the few true safe havens into the fabricated safety of, say, US dollar backed Treasury bonds? After all, unlike the US dollar which is backed by the full faith and credit of the United States, gold is backed by nothing!"

 

{couldn't have put it better myself.}

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Fiat's Fire: Return To Sender Monday- Nearing 3 Year Anniversary of Recession's End; Wave of Muni Defaults Begin; Greece Defaults, Another Non-event Event

Fiat's Fire: Return To Sender Monday- Nearing 3 Year Anniversary of Recession's End; Wave of Muni Defaults Begin; Greece Defaults, Another Non-event Event | Gold and What Moves it. | Scoop.it

"The fact of the matter is, the recession never ended - it regressed into a full blown depression. Notice how the debt monster (required to keep the banksters bonuses rolling) has reached a 90 degree trajectory, similar to the inflation rate the whole world will soon experience once that "excess liquidity" begins to seep into the lower rungs of the population. And more fiat requires exponentially more fiat to keep it going.

 

"Case in point - the "big" news Fryday afternoon from the ISDA that stated Greece has officially defaulted (our diligent readers already knew that) has amounted to not even a blip for the ponzi markets - this with Portugal looming in the coming weeks. Why? Besides the fact that retail suckers investors have left the building and will never return (a MUST read), besides the fact that fundamentals mean nothing to pricing/risk, the "markets" run by the banksters are expecting - no, correction - they are demanding that more fiat be printed; Dr. Deficit will gladly oblige. If the Federal Reserve's prime objective was to remove all risk/uncertainty/reality from the markets, they have succeeded - and killed everything that a free market is in the process. Thus the accelerated rate of fiat that is required to keep the ponzi going..."

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Coiling for a Move

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Coiling for a Move | Gold and What Moves it. | Scoop.it

From yestereday:

 

"The metals are coiling for a move.

 

"The odds favor an upwards breakout, but there is still the possibility of a drop, most likely if stocks drop as well, most likely in a liquidation driven sell off."

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Japan starts buying Chinese debt to diversify away from dollar | Gold Anti-Trust Action Committee

Japan starts buying Chinese debt to diversify away from dollar | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"TOKYO -- Japan said on Tuesday it had received approval from China's government to purchase 65 billion yuan ($10.3 billion) in Chinese government debt in a move that can help Japan diversify its reserves away from the dollar and strengthen economic ties between the two Asian countries.

 

"The timing of purchases hasn't been set yet as Japan still needs to make some administrative preparations, but Japan is likely to start with a small amount and then increase purchases, Japan's Finance Minister Jun Azumi said."

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US Budget Deficit On Track To Exceed $1 Trillion Again

US Budget Deficit On Track To Exceed $1 Trillion Again | Gold and What Moves it. | Scoop.it

"The U.S. budget deficit grew by $231.68 million last month, more than at any time since August 2010, but the government's overall deficit in fiscal 2012 is improving.

 

"The government spent $335.1 billion and collected $103.4 billion in February, which was sharply lower than receipts in February of fiscal 2011, the Treasury Department said Monday.

 

"Through the first five months of the current fiscal year, which began Oct. 1, the federal government has run a deficit of $580.8 billion, about $60 billion less than it did during the first same period of fiscal 2011.

 

"However, the latest figures also show the United States on course to have an annual budget deficit of more than $1 trillion for the fourth straight year..."

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Portuguese Liquidity Trap: When You Add Too Much Liquidity To F.I.R.E. It Burns! | ZeroHedge

Portuguese Liquidity Trap: When You Add Too Much Liquidity To F.I.R.E. It Burns! | ZeroHedge | Gold and What Moves it. | Scoop.it
In this followup to Greece Is Trying To Convince Portugal To Make F.I.R.E.

 

"For one, we are on up to the 3rd Greek Bailout (Portugal has only received one hence it could be getting envious:-)). Portugal has had extreme austerity measures inflicted upon it. So extreme that it has materially and significantly depressed the economy. Portugal's GDP growth contracted even further by 1.3% q/q in Q4. Its HICP Moderated to 3.4% y/y in January. Very high unemployment (currently at 14% and rising), weakening wages, and a total dearth of credit to businesses and households (do you really think bond-busted banks are lending to and within Portugal like the good 'ole days) will lead to a downward spiraling self-fulfilling prophecy that is the antithesis of what appears to be driving all of those rosy estimates behind reports that Portugal won't default. I do mean rosy, see Lies, Damn Lies, and Sovereign Truths: Why the Euro is Destined to Collapse! for examples. Let it be known that instead of growing the economy out of the doldrums, Portugal's austerity measures will push it down the drain."

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This Could Spark a Massive Move in Gold

"Get ready for a golden summer.

 

"Precious metals have been selling off lately. Gold is down 10% from its peak last August, including a violent $100 drop last Tuesday. Silver is down almost 30% since its peak last April. It dropped 6% in just one day last week.

 

"But if gold and silver sell off hard today – perhaps in response to the Federal Open Market Committee announcement this afternoon – get ready to buy. A big drop today will set up a bullish chart pattern, which could lead to sharply higher prices by the summer.

"Let me explain..."

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Why I Am Leaving Goldman Sachs

Why I Am Leaving Goldman Sachs | Gold and What Moves it. | Scoop.it
An executive resigns from his position over an integrity problem too big to ignore.

 

Greg Smith

"TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it."

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Market Unsure How To Trade FOMC | ZeroHedge

Market Unsure How To Trade FOMC | ZeroHedge | Gold and What Moves it. | Scoop.it
It's nothing if not choppy. Treasuries are selling off now (having initially oscillated) and the initial 'upgrade' of the economy juiced stocks but that has been faded.
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oftwominds-Charles Hugh Smith: Four Charts of Interest on Fed-Speak Day

oftwominds-Charles Hugh Smith: Four Charts of Interest on Fed-Speak Day | Gold and What Moves it. | Scoop.it

From Charles Hugh Smith: "Here are four charts to ponder on Fed-Speak Day, the devotional time set aside to reassure us that all is well due to the god-like competence of the Federal Reserve. Let's start with a chart of M2 money supply, i.e. "Fed printing." Note that the "recovery" was so strong and self-sustaining in 2010 that the Fed had to goose money supply as frantically as it did in the global financial meltdown of 2008. We'd hate to see how much they'd have to print if we (gasp) ever had another recession...."

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Rule - $150 to $170 Oil, Gold, Fraud & Dangerous Times

Rule - $150 to $170 Oil, Gold, Fraud & Dangerous Times | Gold and What Moves it. | Scoop.it

With continued volatility in gold, silver and oil, today King World News interviewed Rick Rule, CEO of Sprott USA. Rule told KWN the world is out of $60 oil and maybe out of $70 oil. He also said the circumstances in Greece bring up the issue of moral hazard and the situation is extremely dangerous. Here is what Rule had to say: “I don’t know if it spins out of control, but it’s clearly fraud. Greece had an engineered default, which they chose not to call a default. This is just plain fraud and if you and I tried to do this, in the context of a private issue, we would go to jail. The fact that people who operate under a sovereign do it is very strange and very dangerous.”

 

{Fraud, indeed. And governments around the globe are engaging in it ever more, it would seem. Our own... cough MF Global... cough... is not immune.}

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WHAT WILL HAPPEN TO THE SILVER MARKET? | The Prospector Blog

WHAT WILL HAPPEN TO THE SILVER MARKET? | The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com exists to provide proof via current events and history that precious metals are one of the best ways to preserve and grow your wealth.

 

The Prospector answers this question from a European reader:

 

"QUESTION:
Hello, I am an European reader and I am very fond of your site ( found about it while reading dailyreckoning.com ). I have read your website from the beginning, started last month and only now got to March. It has been very enlightening but I never said anything up until now. I wanted to read the whole site so that I could have a grasp on what the global scene was month after month, since March last year, basically reading the gold/silver economy trend, trough your posts. I have now stepped up and registered at Bullionvault.com buying small amounts of silver."

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Broken Promises: Pensions All Over America Are Being Savagely Cut Or Are Vanishing Completely

Broken Promises: Pensions All Over America Are Being Savagely Cut Or Are Vanishing Completely | Gold and What Moves it. | Scoop.it

"How would you feel if you worked for a state or local government for 20 or 30 years only to have your pension slashed dramatically or taken away entirely? Well, this exact scenario is playing out from coast to coast and in the years ahead millions of elderly Americans are going to be affected by broken promises and vanishing pensions..."

 

{Once this gets into full swing - if it gets into full swing - we can expect a Greece type situtation here with lots of rioting.}

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oftwominds-Charles Hugh Smith: Money from Nothing: A Primer on Fake Wealth Creation and its Implications (Part 1)

oftwominds-Charles Hugh Smith: Money from Nothing: A Primer on Fake Wealth Creation and its Implications (Part 1) | Gold and What Moves it. | Scoop.it

"What is fraud except creating “value” from nothing and passing it off as something?

 

"Frauds interlink and grow upon each other. Our debt-based money system serves as the fraud foundation. In our debt-based money system, debt must grow in order to create money.

 

"Therefore, there is no way to pay off aggregate debt with available money. More money must be lent into the system to make the payments for old debts. This causes overall debt to expand as new money for actual people (vs. banks) always arrives at interest and compounds exponentially. This process is called financialization..."

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Is the Banque de France eager to show it still has its gold? | Gold Anti-Trust Action Committee

Is the Banque de France eager to show it still has its gold? | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"After the Netherlands, Switzerland, and Germany, maybe gold suspicion now has struck France, for the Banque de France has just granted a newspaper reporter, Le Figaro's Katia Clarens, a tour of its vast gold vault beneath the streets of Paris, where she discovered many bars of shiny yellow metal, some, perhaps, repatriated from the vault of the Federal Reserve Bank of New York almost a half century ago. (As all true Americans -- revolutionaries and anti-imperialists -- might say, just as was shouted in defiance by the denizens of Rick's Cafe Americain in December 1941: "Vive la France! Vive la democratie!")"

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Jesse's Café Américain: MF Global: Mark Melin Interviews Haar And Koutoulas On What Really Happened

Jesse's Café Américain: MF Global: Mark Melin Interviews Haar And Koutoulas On What Really Happened | Gold and What Moves it. | Scoop.it

The MF Global saga continue:

 

"The MF Global story is being largely ignored by the mainstream media in the US, with a few notable exceptions like Forbes. Most of the stories that are carried merely parrot the cover story that the money just 'vaporized' and no one is to blame.

 

"I have been told by multiple members of the media that JPMorgan Chase has called them and stated that if their media outlet has me on television again, that JPMorgan Chase will pull their advertising from the offending network."

 

"James Koutoulas"

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Fed To Take Propaganda To The Schoolroom: Will Teach Grade 8-12 Students About Constitutionality Of... The Fed | ZeroHedge

Fed To Take Propaganda To The Schoolroom: Will Teach Grade 8-12 Students About Constitutionality Of... The Fed | ZeroHedge | Gold and What Moves it. | Scoop.it
Back in September we noted a peculiar RFP by the Fed which sought to become a secret 'big brother' to the social media world, and to "monitor billions of conversations and generate text analytics based on predefined criteria." The Fed's desired...

 

{A sign of desparation, I do believe!}

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How can gold and silver not rise?

How can gold and silver not rise? | Gold and What Moves it. | Scoop.it

"...History shows that man's management of a paper currency system has shown NO success over the last few thousand years. Why should man succeed today in a divided world, where central bankers need to stimulate growth, maintain price stability and defeat deflation? To make matters worse the system is structured so that government bears that burden, but is too concerned with votes to fulfill it properly. This leaves central bankers inadequate tools and too few of them to do the job properly.

 

"Under these conditions how can gold and silver not rise? Contrary to what the popular media is reporting, deflation remains the greatest danger to the monetary system.

 

"This gives rise to the most important question of all. Can central bankers rein in inflation when economies return to growth? Bear in mind that deflation can become a vortex that demands more and more liquidity. At what point does this become unstoppable as it has done in the past? Bear in mind too that some parts of the economy grow while others shrink so it is not a one-stop solution. It takes so little for the situation to spin out of control.

 

"The current consolidations of the gold and silver prices are very tight now promising a breakout one way or the other. Are you ready?..."

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