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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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Citi Joins The Cost-Cutting Ranks By Slashing Bonuses Up To 70% | ZeroHedge

Citi Joins The Cost-Cutting Ranks By Slashing Bonuses Up To 70% | ZeroHedge | Gold and What Moves it. | Scoop.it

Bloomberg's Trish Regan (yes, she is no longer at CNBC), has just announced that the bank which earlier announced it is shutting down its catastrophic prop trading desk (at which point shreholders let out a sigh of relief), has proceeded with slashing banker pay by 30% for overall comp and some bonuses by as much as 70%. This follows earlier announcements by Bank of America and Morgan Stanley which earlier said they would limit cash bonuses to $150K for senior positions. At the end of the day, the biggest losers are secondary, non-financial New York jobs (supposedly there are some: rat exterminators; strippers; limo drivers; food spitters also known as waiters?) as each banker jobs indirectly supports up to 3 downstream jobs. In other words between layoffs and comp cutting, the immediate impact will likely be to leave New York City, which is the farthest point on the economic procyclical receiving end, with hundreds of thousands of layoffs. Which incidentally, to the bizarro crazy scientists at the BLS, means that initial claims are about to go negative (with the traditional upward revision in the following week).

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Trader Dan's Market Views: Euro Gold right at Resistance level

Trader Dan's Market Views: Euro Gold right at Resistance level | Gold and What Moves it. | Scoop.it

We often forget that gold does trade in other currencies. Trader Dan does a good job of reminding us about this fact with his analysis.

 

Trader Dan: "Take a look at the following chart of gold priced in Euros, or "Euro-Gold" as I prefer to term it. I have mentioned here and on some of my KWN Weekly Metals Wrap that this chart is one that all gold traders must continue to reference if they are to get a proper handle on the technical aspects of this market. The reason for this is that the issue most shaking the gold market during the "risk off" trades was the mess in the sovereign debt situation of many countries in the Euro-Zone."

 

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Twitter

HanumanCapital Hanuman Capital
in reply to @gold_tracker

@gold_tracker There's too much debt in the system so margin traders had to be flushed out. 2012 should be a ramp up. 2013 an explosion.
Jan 27 via web Favorite Retweet Reply

From a conversation that I had on twitter. Good thoughts here I do believe.

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Gold Spikes as the Fed Provides Target for Dollar Destruction

Gold Spikes as the Fed Provides Target for Dollar Destruction | Gold and What Moves it. | Scoop.it

Today Michael Pento told King World News that QE3 has officially commenced. Pento, who founded Pento Portfolio Strategies, said the Fed is determined to continue its war against the middle class and savers by ramping up inflation. Pento had this to say about the situation: “The Fed has indicated that quantitative easing part three has commenced. As a part of the Fed’s own version of glasnost, Bernanke has sought to lift the veil on the sausage making behind the decisions reached by the FOMC. To that end, our central bank has disclosed they now have an inflation goal of at least two percent. Therefore, the plain and sad truth is that the Bernanke Fed has now provided the holders of U.S. dollars a target rate for its destruction.”

 

[I love the pic that King World News has picked for the piece. How cool would it be though if they superimposed Ben's smiling mug?]

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Justice Dept. unit to probe mortgage-backed securities

Justice Dept. unit to probe mortgage-backed securities | Gold and What Moves it. | Scoop.it
Federal and state law enforcement launch fraud-fighting probe to root out wrongdoing in market for mortgage-backed securities.

 

[Wow. Just in time for the elections. I'm shocked, shocked I tell you. #FAIL]

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Rand Paul calm during TSA patdown, video shows - Mackenzie Weinger

Security footage offers no visible evidence of the Kentucky Republican acting “irate.”...
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Gold Rally to $1700

Gold Rally to $1700 | Gold and What Moves it. | Scoop.it

"The people who were so vocal in claiming that the gold bubble popped in the last correction have already been silenced. Gold is in a powerful consolidation pattern that will bring with it a rally that will surprise everyone. I’ve said many times that the bearishness I saw in gold at $1530 was just about the worst I’ve ever seen, which is saying a lot. If gold can hold $1700, look for a dramatic rally that will catch most people off guard." - Expected Returns.

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Rule - Monetary System is Based on Confidence, Fraud & Force

Rule - Monetary System is Based on Confidence, Fraud & Force | Gold and What Moves it. | Scoop.it

King World news interview of Rick Rule who say: "My suspicion is that public confidence with the big thinkers, and public confidence with their product (fiat currencies), will continue to wear thin. People will be driven, whether they would like to or not, to gold and silver. I think it’s sad this is the situation, but it is.

 

"This is a global financial system increasingly based on institutional and government fraud and a monetary system that is based on confidence, based on fraud, based on force. In that environment it is my suspicion that gold and silver are much more likely to trend higher than lower on an intermediate-term basis.”

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Trader Dan's Market Views: The Party Continues

Trader Dan's Market Views: The Party Continues | Gold and What Moves it. | Scoop.it

Trader Dan: "The binge continues unabated in today's session as both gold and silver bulls are giddy with delight over the FOMC statement from yesterday while bears are still trying to locate what is left of their trading accounts. Both metals are pressing higher as the US Dollar continues to plummet now that the Fed has basically given it the kiss of death once again.

 

"Lost in this stupid euphoria over zero interest rates for the next TWO YEARS is the pathetic fact that the Fed has just consigned the savings accounts of all of our retired citizens and the elderly to the wastelands. How in the hell are they supposed to live off the fruit of their labors and enjoy their retirement SAFELY and without concerns when the monetary masters have just laid them on the altar and sacrificed them to the hedge fund gods?"

 

This is a real good read. I encourage you to read the rest on his site.

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Doug Casey on the Collapse of the Euro and the EU - Casey Research

Billionaire George Soros believes the European Union could be saved if it had the power to tax and borrow, but he couldn't be more wrong.It's odd how the world is becoming much more like 1984 in some ways at the same time that the nation-state...

 

(Interviewed by Louis James, Editor, International Speculator)

 

L: "So Doug, a lot of readers are concerned about what's going on in Europe. Is this the beginning of the proverbial "it?" Or can the Eurozone be saved?"

 

Doug: "In brief, the answers are "yes," then "no" – and a "good riddance" to both the Eurozone and the euro. But most people think the old order should be maintained at almost any cost. That would include George Soros, who recently penned an article called Does the Euro Have a Future?

 

"Now, I don't normally look to Soros for economic commentary, despite the fact that he's one of the shrewdest and most successful speculators in the world. He does, however, represent the way the Davos people, Eurocrats, and the ruling classes in general think. But just because he's made a lot of money doesn't make him an expert in economics, any more than financial success is proof that Ted Turner, Bill Gates or Warren Buffet know anything about economics. They're all idiot savants, a bit like Dustin Hoffman's character in Rain Man. But that's another subject."

 

"...the problem with every currency in the world today; they're not backed by a commodity, but only by the ability of government to steal from the people. And the euro doesn't even have that going for it."

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Taxpayers Lose Another $118.5 Million As Next Obama Stimulus Pet Project Files For Bankruptcy | ZeroHedge

Remember that one keyword that oddly enough never made it's way into the president's largely recycled SOTU address - "Solyndra"?

 

"It is about to make a double or nothing repeat appearance, now that Ener1, another company that was backed by Obama, this time a electric car battery-maker, has filed for bankruptcy. Net result: taxpayers lose $118.5 million. The irony is that while Solyndra may have been missing from the SOTU, Ener1 made an indirect appearance: "In three years, our partnership with the private sector has already positioned America to be the world’s leading manufacturer of high-tech batteries." Uh, no. Actually, the correct phrasing is: "...positioned America to be the world's leading manufacturer of insolvent, bloated subsidized entities that are proof central planning at any level does not work but we can keep doing the same idiocy over and over hoping the final result will actually be different eventually." We can't wait to find out just which of Obama's handlers was may have been responsible for this latest gross capital misallocation. In the meantime, the 1,700 jobs "created" with the fake creation of Ener1, have just been lost."

 

[ I just don't understand? I thought government was the smart ones when it came to investing? The world is bizarro's realm now. (snark alert)]

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Looking Good, Billy Ray! FOMC thoughts.

Looking Good, Billy Ray! FOMC thoughts. | Gold and What Moves it. | Scoop.it

"EU foreign policy head Catherine Ashton said the new sanctions were designed "to put pressure on Iran to come back to the negotiating table".

The EU’s measure came on the heels of a severe step by the United States by forcing all foreign governments and companies to deal with either Washington or Teheran (but not both).

The U.S. and Europe have been trying to persuade Asian buyers of Iranian oil to cut back. While Japan (a solid western ally) has made some commitments in that direction, China has repeatedly condemned sanctions against Iran, as have the Russian.

China is Iran’s number oil crude oil customer.

Ahmadinejad also implied that the western nations themselves have been unwilling to negotiate in good faith with Iran over the nuclear issue, citing that "those who resort to coercion are opposed to talks"." - TF Metals

 

Click over to read the rest of his comments and thoughts of what lies ahead from here on out.

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NEC Stuns Japanese Markets, Will Lay off 10,000

NEC Stuns Japanese Markets, Will Lay off 10,000 | Gold and What Moves it. | Scoop.it
Japanese electronics giant NEC Corp. stunned the Japanese markets Thursday, announcing it expected to lose ¥100 billion ($1.3 billion) and lay off 10,000 employees globally next year. 

 

[things aren't looking good for Japan]

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Trader Dan's Market Views: Gold regains half of its losses from the record peak price

Trader Dan's Market Views: Gold regains half of its losses from the record peak price | Gold and What Moves it. | Scoop.it

Trader Dan is on fire today: "Today gold went through this [1725] level and as of the time of this writing has not as of yet shown any indication of wavering on the part of the bulls or any eagerness to cut losses if they have been riding the wave down from $1900. This fact bodes well heading into next week as it sets the gold market up for a potential test of first, $1750, and then $1770."

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Trader Dan's Market Views: US GDP remains mired in mediocrity

Trader Dan's Market Views: US GDP remains mired in mediocrity | Gold and What Moves it. | Scoop.it

"Reports out this morning show that US GDP for 2011 was a pathetic 1.7% compared to 3.0% for 2010." - Trader Dan.

 

Funny how things continue to be in the mainstream media that, "Things are getting better."

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Jim Opines On Martin Armstrong’s Latest Prediction « Jim Sinclair's Mineset

Jim Sinclair: "There are special circumstances in the dollar now as the Fed has turned the light on domestic QE. I cannot see a significant dollar rally as a result. I also cannot see gold doing worse than chopping into the $1700 range.

 

"If there is anything correct to his bearish prediction, which I doubt, it would take this action to a chop between $1650-1764, but I think we are now moving into the $1700-2111 range.”

 

Jim nicely disagrees with Martin Armstrong's bearish call in his post which you should click over and read. Jim proves himself not only a master of gold (in my opinion) but also ever the gentleman.

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Rickards: Gold May Super Spike as We See the End of the Dollar

Rickards: Gold May Super Spike as We See the End of the Dollar | Gold and What Moves it. | Scoop.it

James Rickards on King World News: "Bernanke made it crystal clear they were going to go to some kind of quantitative easing. One of the reporters asked, ‘Do you worry that inflation may get out of control?’ The Chairman (Bernanke) responded, ‘We’re targeting 2% inflation.’ Of course, I don’t believe that. My belief is they are targeting something like 4% or 5%.

 

"When they hit 4% or 5% and, in effect, (they will) spook people into spending money or getting into riskier assets. They want to stampede people into lending and spending again to get the velocity up and get the economy going. That’s the plan. It’s a game of expectations, it’s a game of psychological manipulation."

 

If you guys haven't gotten Rickards book Currency Wars, it's a must. http://amzn.to/yenjxH

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FITCH GOES ON RAMPAGE: CUTS SPAIN, ITALY, BELGIUM, CYPRUS, AND SLOVENIA

FITCH GOES ON RAMPAGE: CUTS SPAIN, ITALY, BELGIUM, CYPRUS, AND SLOVENIA | Gold and What Moves it. | Scoop.it
BOOM....

 

Fitch just cut the long-term issuer ratings of 5 EU sovereigns:
Belgium: AA+ to AA
Spain: AA- to A
Italy: A+ to A-
Cyprus: BBB to BBB-
Slovenia: AA- to A
It affirmed Ireland's BBB+ rating with a negative outlook.

Read more: http://www.businessinsider.com/fitch-goes-on-rampage-cuts-spain-italy-and-belgium-2012-1#ixzz1kgWTsWyL

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U.S. outrage as Egypt bars Americans from leaving

U.S. outrage as Egypt bars Americans from leaving | Gold and What Moves it. | Scoop.it
(Reuters) - Six Americans working for publicly funded U.S. organizations promoting democracy in Egypt have been barred from leaving the country, provoking angry demands in Washington that Cairo's new military rulers stop "endangering American lives".

 

Among those hit by travel bans - one of those targeted called it "de facto detention" - is a son of U.S. Transportation Secretary Ray LaHood, as well as other foreign staffers of the International Republican Institute and National Democratic Institute, officials at the two organizations said on Thursday.

 

[This is not good, folks.]

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J.S. Kim: You won't go wrong just buying real metal on the dips | #Gold #GATA

J.S. Kim: You won't go wrong just buying real metal on the dips | #Gold #GATA | Gold and What Moves it. | Scoop.it

Kim writes:

"If one understands the possibility that all digital credits in your bank and investment accounts could disappear given the failure of a major global bank (an inevitable event, it seems right now), then one should clearly understand that owning physical gold and physical silver is not an option but a necessity if you are to survive the second phase of this global monetary crisis. Even if we are wrong about the failure of digital financial products and fraudulent paper derivatives in the future, we will still be right, as owning physical gold and physical silver will continue to protect the purchasing power of money as this monetary crisis deepens."

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Gold Proves Safest as Goldman Forecasts Record: Riskless Return

Gold Proves Safest as Goldman Forecasts Record: Riskless Return | Gold and What Moves it. | Scoop.it

"Gold provided the best returns of all commodities in the past five years when adjusted for volatility, and Goldman Sachs Group Inc. says the rally will continue as options traders signal no change in the metal’s relatively low risk.

 

"The BLOOMBERG RISKLESS RETURN RANKING shows the Standard & Poor’s GSCI Gold Total Return Index produced a 6.5 percent risk- adjusted return in the five years ended yesterday, the highest among 24 commodities tracked by S&P, data compiled by Bloomberg show. Silver, the next-best performer, yielded a risk-adjusted gain of 3.1 percent, while a total-return index for all raw materials slipped 0.2 percent.

 

"Bullion, which has seen 11 years of gains as investors sought a haven amid two bear markets in stocks and a sovereign debt crisis, also posted the safest return in the past 12 months, even as it fell from a record high to a five-month low in the second half of last year and gold investors led by John Paulson suffered losses. Goldman Sachs forecasts gold will reach a record this year, and a gauge of future price swings is near a five-month low.

 

“Economic problems increased globally, and gold emerged as a safe-haven investment,” Walter ‘Bucky’ Hellwig, who helps manage $17 billion of assets at BB&T Wealth Management in Birmingham, Alabama. “Monetary easing by China and quantitative easing in Europe and the U.S. will help it remain a store of value.”

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John Williams - Accelerating Great Collapse & Hyperinflation

John Williams - Accelerating Great Collapse & Hyperinflation | Gold and What Moves it. | Scoop.it

John Williams, of Shadowstats, just issued the following warning and King World News wanted to pass it along to our global readers: “The U.S. economic and systemic-solvency crises of the last five years continue to deteriorate. Yet they remain just the precursors to the coming Great Collapse: a hyperinflationary great depression. The unfolding circumstance will encompass a complete loss in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and economic activity; a collapse in the U.S. financial system, as we know it; and a likely realignment of the U.S. political environment.

 

"Outside timing on the hyperinflation remains 2014, but events of the last year have accelerated the movement towards this ultimate dollar catastrophe. Following Mr. Bernanke‘s extraordinary efforts to debase the U.S. currency in late-2010, the dollar had lost its traditional safe-haven status by early-2011. Whatever global confidence had remained behind the U.S dollar was lost in July and August."

 

[John Williams definitely does not paint a pretty picture. In short, we're on our own when it comes to protecting ourselves.]

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Gold jumps on broad slip of confidence

Gold jumps on broad slip of confidence | Gold and What Moves it. | Scoop.it

I think the headline should be Gold rises as broad slip of confidence jumps.

 

"Over the pond in Europe, one is still watching the Greek tragedy unfold. But there is a slight difference today. When a situation turns, rather like a man riding a bicycle reaching the top of a hill, his momentum slows too, so that it takes just a slight change of effort to change that momentum. Two factors have now given that slight change, which will dictate future events. First the intransigence of the E.C.B. in being unwilling to take a haircut on Greek debt and second the pointer from Angel Merkel that we may not see a solution to the current impasse between creditors and debtors over Greek debt. Do not be surprised to hear an explosive announcement of failure after the markets have closed, one day soon. You may then be able to have Greek holidays at the cheapest price imaginable then?"

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A Really Bad Plan for Reviving the Housing Market | ZeroHedge

A Really Bad Plan for Reviving the Housing Market | ZeroHedge | Gold and What Moves it. | Scoop.it
 For breathtakingly stupid political ideas and catastrophic “solutions” to America’s biggest problems, it’s hard to beat the New York Times op-ed page.

 

LOL bit of a fun read.

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Ahmadinejad Offers to Revive Nuclear Talks with West, but Remains Defiant on Sanctions

Ahmadinejad Offers to Revive Nuclear Talks with West, but Remains Defiant on Sanctions | Gold and What Moves it. | Scoop.it
Ahmadinejad is the highest Iranian government official thus far to offer to re-start the talks.

 

"EU foreign policy head Catherine Ashton said the new sanctions were designed "to put pressure on Iran to come back to the negotiating table".

The EU’s measure came on the heels of a severe step by the United States by forcing all foreign governments and companies to deal with either Washington or Teheran (but not both).

 

"The U.S. and Europe have been trying to persuade Asian buyers of Iranian oil to cut back. While Japan (a solid western ally) has made some commitments in that direction, China has repeatedly condemned sanctions against Iran, as have the Russian.

 

"China is Iran’s number oil crude oil customer.

 

"Ahmadinejad also implied that the western nations themselves have been unwilling to negotiate in good faith with Iran over the nuclear issue, citing that "those who resort to coercion are opposed to talks"."

 

[This all to me is an interesting thing to watch. Things are a ramping up to a conflict in mind. Very volatile situation.]

 

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