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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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Ugandan Businesses Shut Down, Boycott Banks, to Protest High Interest Rates - International Business Times

Ugandan Businesses Shut Down, Boycott Banks, to Protest High Interest Rates - International Business Times | Gold and What Moves it. | Scoop.it
Banking officials said its hands are tied with respect to rates.

 

"Soaring inflation -- from 30 percent to 45 percent over the past year -- forced Uganda’s central bank to sharply raise interest rates, prompting local banks to do likewise. From August 2011 to December, the central bank raised the benchmark interest rate from 13 percent to 23 percent. The average prime lending rate for Uganda’s commercial banks stands at between 28-29 percent, making it virtually impossible for business owners to repay debt.

 

"The Kampala City Traders' Association, which organized the strike after negotiations with government officials broke down, has vowed to keep stores closed for three days. Over that period, business owners threatened to withdraw their savings from local commercial banks and make no deposits."

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Gold, silver to have strong upward bias in US trade

Gold, silver to have strong upward bias in US trade | Gold and What Moves it. | Scoop.it

Julian Phillips - Price Drivers


"The bad news just doesn't stop. Today we heard that Germany's economy will shrink by 0.5% in 2012 and by 1.5% in 2013. Of course the other, weaker members of the Eurozone will fare worse. It could not have come at a worse time. Austerity measures in themselves are shrinking each national country that applies them. This gives local economies the double whammy as government itself is a source of growth. Expectations are growing that the Eurozone will break up. We don't see this as a break-up en masse, but individual weak members leaving. The remaining members will show far greater economic strength pushing the euro itself higher, despite the recession.

 

"But today the euro continues its weak tone. Reasonably, the gold price has severed any perceived connection to the euro and continues to rise against it as you can see below. Today and the days ahead will demonstrate just how gold can act independently of currencies.

 

"2012 is going to be a very different year than 2011 and we do expect fundamental changes in so many facets of the global economy. In the weeks to come, we will give our forecasts on what we feel are the pertinent facets to the gold price, such as oil, currencies and in depth aspects of the gold market."

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Gold rises high as physical demand emerges

Gold rises high as physical demand emerges | Gold and What Moves it. | Scoop.it

"Gold has come well through that (the 200-day moving average) and I would not be surprised if some of the buying we are seeing is short-covering. This is a big relief for gold bulls that, in fairly short order, we've managed to overcome that technical level," Ross Norman, director at bullion dealer Sharps Pixley, said.


"The other thing I think that is fairly significant is the Chinese story ... the imports from Hong Kong have been phenomenal," he added.
China imported nearly a fifth more gold from Hong Kong in November than the previous month, continuing a trend of sharply rising purchases that has seen bullion flows to the mainland more than treble in the first 11 months of the year.

 

"A record 102.525 tonnes of gold entered the mainland from Hong Kong in November, pushing the total gold flow in the first 11 months of the year to 389.295 tonnes, said the Hong Kong Census and Statistics Department."

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Commentary from Jim Sinclair on the problem before us.

Commentary from Jim Sinclair on the problem before us. | Gold and What Moves it. | Scoop.it

Jim Sinclair’s Commentary

 

"Debt is the problem.
The problem is permanent.
The gold bull market has a long way to go."

 

I agree.

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Ahead: Inflation and a gold rally - How to invest - MSN Money

Ahead: Inflation and a gold rally - How to invest - MSN Money | Gold and What Moves it. | Scoop.it
Out with the old, up with the new

 

"I'm sure precious-metals bulls were extraordinarily frustrated late in 2011, as gold and silver were sold regardless of the news. Certainly markets can be maddening as well as unprofitable at times, especially at the end of the year, when forced selling (or, in some years, herd-driven buying) causes the markets to ignore favorable news. Selling sometimes feeds on itself.


"Of course, when a trend is as powerful as the recent decline in gold was, I'm sure there were computerized trading programs jumping on the bandwagon as well, and betting on lower prices by getting short.

 

"In any event, as the year ended, the stage was set for a potent rally in the metals, and that was what I think we saw starting on Tuesday. The questions now are whether the last week of December was the low for this entire decline, and whether we get some sort of test of those prices (as well as what such a test might look like).

 

"Since so many people trade gold on a technical basis, the determining factor for what the next pullback looks like may be dictated by whether it can get over its 200-day moving average, at around $1,625 per ounce. I don't have a strong opinion at this point -- it would be almost impossible to have one yet. But it is entirely conceivable, given the forced liquidation and computer activity, that the lows for this correction have been seen."

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People Want More Coins, That's A Good Sign For The Economy : NPR

The United States Mint says demand for quarter, dimes, nickels, and pennies was up this year. During the financial crisis, demand for coins hit record lows as people dug into their piggy banks and coin jars for extra cash.
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The MF Global Case Has Its First Plea Deal Request

The MF Global Case Has Its First Plea Deal Request | Gold and What Moves it. | Scoop.it

"It's Edith O'Brien who's asking for the case's first immunity agreement. The New York Times reports that the FBI has named O'Brien "a person of interest" in the investigation, and she's reportedly the person who pulled the trigger on a $200 million transfer of customer funds to JP Morgan Chase on the eve of MF Global's bankruptcy. "Authorities had expected to interview Ms. O’Brien last month," The New York Times' Dealbook reported late last night. "She instead balked at meeting voluntarily, asking first to strike a deal with criminal authorities that would excuse her from prosecution, the people said." Though The Times is quick to note that being named "a person of interest" doesn't indicate guilt, her request for an immunity agreement--seems to indicate that O'Brien is holding on to some pertinent information and that she might very well be on the verge of cracking."

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Eric De Groot: Corzine Sued by Montana Farmers Over MF Global Futures Account Money

Eric De Groot: Corzine Sued by Montana Farmers Over MF Global Futures Account Money | Gold and What Moves it. | Scoop.it

"Jon Corzine, former chief executive officer of collapsed commodity brokerage MF Global Holdings Ltd. (MFGLQ), was sued for fraud by Montana farmers who claim he oversaw the misappropriation of their commodity trading account funds.

 

"The lawsuit filed today by three farmers and a cattle- raising operation in Montana seeks to represent a nationwide group of commodities futures customers whose money went missing amid the $41 billion bankruptcy of MF Global, parent of the futures brokerage that is being liquidated. A trustee is looking for $1.2 billion or more in money missing from commodity customers’ accounts.

 

"Corzine, the former governor of New Jersey, and other executives at MF Global made “knowingly false statements” to induce the plaintiffs to enter into contracts with the brokerage, according to the complaint filed in federal court in Missoula, Montana.

 

"The executives failed to disclose to customers that their money was used to finance MF Global’s bad bets on European sovereign debt, the farmers said in the complaint.

 

"The lawsuit also names JPMorgan Chase & Co. (JPM), MF Global’s clearing broker and custodian, as a defendant, alleging it failed to detect suspicious activity at the brokerage and aided and abetted in the fraud."

 

Well, since it appears the regulators and law enforcers aren't going to do anything....

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How To Prepare For The Difficult Years Ahead

How To Prepare For The Difficult Years Ahead | Gold and What Moves it. | Scoop.it

"Many of the things discussed throughout this article are things that most of us should be doing anyway. Now is not the time to be splurging on luxuries or expensive vacations. Now is not the time to be going into large amounts of debt. Instead, we all need to get back to the basics and we all need to do what we can to become more independent of the system. Just remember what happened back in 2008. Millions of Americans lost their jobs and millions of Americans lost their homes. Now experts all over the globe are warning that another great financial crisis that could be just as bad as 2008 (or even worse) is coming. Those that don't take the time to prepare this time are not going to have any excuse.

 

"But there is also a lot of sensationalism out there. There are some people out there that claim that the economy is going to collapse all at once and that we are going to go from where we are now to some type of a post-apocalyptic "Mad Max" society almost overnight.

 

"Well, that is just not going to happen. We are not going to wake up next week in a world where we are all fighting each other with sharp pointed sticks."

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Harvey Organ's - The Daily Gold and Silver Report: Unicredit/Raid on gold/silver/Greece/Italy/Sprott silver premiums rise to 34.22%

Harvey Organ's - The Daily Gold and Silver Report: Unicredit/Raid on gold/silver/Greece/Italy/Sprott silver premiums rise to 34.22% | Gold and What Moves it. | Scoop.it

"The price of gold fell today by $8.60 to $1607.50. Silver finished the comex session at $28.76 for a gain of 11 cents. It seems that the entire comex session is manipulated by the bankers as they hit round 3 am our time with the first London fix and generally around the second fix at 10 am our time. Once London is put to bet, the whack again knowing full well that the world is trading only in paper.

Late last night, we were alerted that the lease rates went negative which surely indicates that the raid was on again...."

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Gold/silver price ratio getting silly again | Silver Prices

"The misunderstanding of most novice investors in this sector (and a source of tremendous frustration) is that these short-term episodes of manipulation somehow delay (or even prevent) gold and silver prices from reaching their “maximum” levels. In fact the precise opposite is the truth: each and every manipulation operation translates to even higher long-term prices for gold and silver. It’s all just simple arithmetic.

 

"Perhaps the easiest way to illustrate these dynamics is through comparing the gold market and the silver market. While both of these markets have been subjected to extreme manipulation, it is clear that manipulation of the silver market has been much more severe. There are two related numbers which illustrate this point."

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Twitter

The US has burned through $900 billion of the preauthorized $1.2 trillion in debt supposed to last it through January 2013 in 5 months
Jan 10 via TweetDeckFavoriteRetweetReply

You don't say? LOL 

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Hyperinflation Comes To Iran | ZeroHedge

Hyperinflation has struck again, this time at ground zero of the most sensitive geopolitical conflict in ages: Iran.

 

If this is true, desperation is going to be the word of the day. 

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South Pole Attracts Record Number of UK Job Applicants

South Pole Attracts Record Number of UK Job Applicants | Gold and What Moves it. | Scoop.it
BAS was expecting more than 3,000 Brits to apply for the 36 vacancies on offer.

 

"Successful candidates will get food, accommodation, outdoor clothing allowance and an annual salary of £23,000. They may, however, be scared off by the -40C temperatures and the 24-hour-a-day darkness for six months of the year.

 

"The bases run on minimal staff during the southern winter and consist mainly of skilled tradesman. Most scientists do their work in the southern summer.

 

"James Miller, human resources manager for BAS said: “It appears a symptom of the economic slowdown that we are receiving so many job applications for our bases."

 

[If you ask me that's not enough money.]

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Gasparino: Break-Up of CME on the Table - Fox Business Video - Fox Business

Gasparino: Break-Up of CME on the Table - Fox Business Video - Fox Business | Gold and What Moves it. | Scoop.it
FBN's Charlie Gasparino says a senior regulatory source says the break-up of the CME is on the table.

 

Video interview. This would be very interesting if it happens. Hard to imagine it happening.

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Trader Dan's Market Views: Gold clears initial resistance hurdle

Trader Dan's Market Views: Gold clears initial resistance hurdle | Gold and What Moves it. | Scoop.it

"If this market can continue higher tomorrow and take out $1650, we will see $1680 in very short order as shorts begin exiting more earnestly while buyers sitting on the sideline observing its performance will grow emboldened. That will bring the open interest up as hedge fund money returns more strongly.

 

"Downside probes should meet up with valued-based buying above and just slightly below the $1600 level. Only a failure there will see the metal retreat deeper back towards $1575."

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KWN Exlcusive - Huge Rally in Gold & Silver, 2012 Outlook

KWN Exlcusive - Huge Rally in Gold & Silver, 2012 Outlook | Gold and What Moves it. | Scoop.it

King World News:

 

"Since the global credit meltdown of 2008, governments in the Western democracies have stepped in to stabilize the financial and economic system. Their strategy has been to substitute sovereign for private credit. Unfortunately, changing the wrapping does not alter the contents. This approach bought time, but now time is running out as sovereign credit itself is under attack. Stress is most visible in Europe, but the U.S. is implicated because the Fed is complicit in measures to shore up the European banking system through dollar swap arrangements. The contagion is not limited to a few peripheral states in Europe that have spent beyond their means. In our opinion it is a fundamental ailment common to democratic societies, reversible only through a financial and economic crisis sufficient to galvanize public will.

 

"What this portends for 2012, we believe, is unfortunately, further turbulence in the financial markets, anemic economic conditions, and ultimately, overt and undisguised monetary debasement. The flashpoint for gold and related equities will, in all likelihood, occur when central bankers and political leaders cave in to market stress. In the absence of economic growth, mob clamor for money printing to ease the burden of debt that is destabilizing markets and economic activity seems likely. Therefore, maintaining precious metals exposure while this painful correction winds down would appear to be the most advisable course of action. When the policy dilemma becomes so obvious that central banks begin dumping dollars for gold, it may be too late to replace positions. Gold has a history of shaking out all but its staunchest holders and making losers out of sold out bulls."

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Hathaway - Short Squeeze in Gold to Crush Naked Shorts

Hathaway - Short Squeeze in Gold to Crush Naked Shorts | Gold and What Moves it. | Scoop.it

[Got to love the choice of pics for this piece]

 

From King World News. Interview with John Hathaway:

 

When asked about Louise Yamada’s 30-year XAU vs gold chart, which showed gold shares being dramatically undervalued, Hathaway responded, “I’ve noticed that the universe of investors for gold stocks is slowly expanding. Those (value investors) are people who are coming into the gold space that are basically agnostic about the future course of paper money versus gold. They’re saying, ‘Boy these stocks are cheap, got to own them.’ So there’s a new bid for gold stocks, completely different that what we saw over the last five or six years....."

 

''...Lastly, the (mining) stocks themselves are as cheap as they’ve been relative to bullion prices in the 12 years I’ve been doing this. There wasn’t a kind word anywhere for gold stocks. Most people would say, ‘Bullion is okay, but those companies are just terrible.’ People forget that in a better market for gold bullion, which I think we’re going to see, the stocks tend to outperform."

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Lawmakers accuse Facebook of ducking questions on its privacy practices - The Hill's Hillicon Valley

Lawmakers accuse Facebook of ducking questions on its privacy practices - The Hill's Hillicon Valley | Gold and What Moves it. | Scoop.it

[Well if anyone knows about ducking questions it's lawmakers.]

 

"The co-chairmen of the Congressional Privacy Caucus said the social networking giant failed to adequately answer questions raised by the patent application that suggest Facebook could be tracking users on other websites. Facebook has denied tracking users, arguing its social plug-ins are voluntary.

 

“Facebook seems to be saying one thing and doing another,” Barton said. “In the company’s response, it talks a lot about how they don’t currently ‘track’ users online, but they just asked for a patent that would allow them to do just that. Why ask for something you don’t ever plan on using?"

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When the Bond Buying Stops, the Game Is Over

When the Bond Buying Stops, the Game Is Over | Gold and What Moves it. | Scoop.it

"I would not touch bonds with a barge pole, especially government bonds. After 40 years of unending fiat money expansion, the world suffers from excess levels of debt. A lot of this debt will never be repaid. My expectation is that the market will increasingly question the ability and the willingness of most states – and that, crucially, includes the big states – to control their spending and to shed their addiction to debt financing.

 

"What happens to high-spending credit-dependent states when the market loses confidence in them has been evident in cases such as Ireland, Portugal and Greece? Among the big financial calamities of 2011 were notably government bond markets. Perversely, some of the big winners of 2011 were also government bond markets."

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Eric De Groot: Blow Off Top In Gold Will Stick Out Like A Sore Thumb

Eric De Groot: Blow Off Top In Gold Will Stick Out Like A Sore Thumb | Gold and What Moves it. | Scoop.it

"A blow off top in gold is coming. It's sigma reading will exceed that of 1980.01 and will stick out like a sore thumb on the long-term gold chart"

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Who Really Owns Your Gold Stocks? - The Dollar Vigilante Blog -

Who Really Owns Your Gold Stocks? - The Dollar Vigilante Blog - | Gold and What Moves it. | Scoop.it
THE WESTERN FINANCIAL SYSTEM IS IN A STATE OF COLLAPSE

 

"The reason for this coming broker-dealer crisis is simple. The entire western financial system is built on debt… it’s an anti-capitalist system set-up to make the rich richer and the poor poorer. It started in 1913 with the founding of The Federal Reserve, it went further down the slippery slope with gold confiscation in the US in 1933 and reached the beginning of the end in 1971 with Nixon closing the gold window, turning the US dollar (officially called the Federal Reserve Note) into a completely fiat currency."

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BOE Stimulus Expansion May Not Be Enough for Recovery, BCC Says - http://buswk.co/z9FJ8t via @BW

BOE Stimulus Expansion May Not Be Enough for Recovery, BCC Says - http://t.co/HaPPpcLS via @BW
Jan 10 via Tweet ButtonFavoriteRetweetReply

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Gold Confiscation, a Reality? | Julian Phillips | FINANCIAL SENSE

Gold Confiscation, a Reality? | Julian Phillips | FINANCIAL SENSE | Gold and What Moves it. | Scoop.it

by Julian Phillips

 

"Many of the leading fund managers in the U.S. and elsewhere are expecting that governments will confiscate their citizen’s gold. This will not be for the same reasons used in 1933. It will be to facilitate loans, swaps lower interest rates, and shore up international confidence in the turbulent, stressed paper-currency world in which we live. Each nation issues paper as money, dependent on the trust that nation can engender at home and abroad. But is this going to be sufficient, moving into an ever more turbulent 2012?"

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Why Silver For A Monetary Collapse? Part 2 | Hubert Moolman | Safehaven.com

Why Silver For A Monetary Collapse? Part 2 | Hubert Moolman | Safehaven.com | Gold and What Moves it. | Scoop.it
What this debt-based monetary system has done, is to create what I call a "mirror-effect", whereby, silver (and gold) is pushed down in value, to a similar extent as to which paper assets such as general stocks are pushed up in value.

 

[hat tip to http://twitter.com/lmgross ]

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