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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Dennis Gartman – Love Him or Hate Him? – by Peter Grandich

Peter Grandich on gold and silver:

 

"Quick note on gold and silver – The hate gold mongering continues as an onslaught of bearish forecasts and media articles continue unabated. But somehow gold holds key support around $1,635 and silver actually wants to go considerable higher. As noted previously, it’s best to wait until gold has two consecutive closes above $1,700 before going from defense to offense and worse case scenario is to hold some buying power if we breakdown and head to ultimate support in the $1,550 area. But please don’t hold your breadth waiting for such an occurrence."

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oftwominds-Charles Hugh Smith: When Does This Travesty of a Mockery of a Sham Finally End?

oftwominds-Charles Hugh Smith: When Does This Travesty of a Mockery of a Sham Finally End? | Gold and What Moves it. | Scoop.it

Charles Hugh Smith:

 

"Intersecting global crises cannot be papered over with artifice and propaganda for long.

 

"We all know the Status Quo's response to the global financial meltdown of 2008 has been a travesty of a mockery of a sham--smoke and mirrors, flimsy facades of "recovery," simulacrum "reforms," and serial can-kicking, all based on borrowing and printing trillions of dollars, yen, euros and yuan, quatloos, etc.

 

"So when will the travesty of a mockery of a sham finally come to an end? Probably around 2021-22, with a few global crises and "saves" along the way to break up the monotony of devolution..." click over for the rest of the charts and post.

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Twitter / NightBlogger: IMF inches toward deal on ...

IMF inches toward deal on yet another taxpayer funded EU bank bank bailout http://t.co/Xt2AZJAj
Apr 17 via Tweet Button Favorite Retweet Reply

IMF inches toward deal on yet another taxpayer funded EU bank bank bailout http://t.co/Xt2AZJAj...
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Giant Banks Now 30% Bigger than When Dodd-Frank Financial “Reform” Law Was Passed | ZeroHedge

For years, many high-level economists and financial experts have said that – unless we break up the giant banks – our economy will never recover, real reform will be blocked, and democracy and the rule of law will be corrupted.So how did the...
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Biderman's Daily Edge 4/16/2012: Ignorance is Bliss Regarding Economic Data

TrimTabs President & CEO Charles Biderman questions the validity of recent reports about economic data. Follow TrimTabs' research on Twitter https://twitter....
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Gold - "the most divisive asset class of them all"

Moses Kim:

 

"Today I will talk about the most divisive asset class of them all– gold. Even though real estate has been crushed, the general thinking still is that real estate is a good long-term investment. Bonds are still a viable investment for many people, as evidenced by falling yields. But gold? Good luck trying to convince people on that one.

 

"The most common arguments against gold I hear are: Isn’t gold expensive? And, gold serves no purpose (the “I can’t think for myself but I’ll believe whatever Warren Buffett says” argument).

 

"The easiest argument to shoot down is the one that claims gold is expensive. Gold has doubled since 1980 while the stock market has risen about 15X and somehow gold is the overvalued asset. Interesting. Heck gold hasn’t even kept up with the growth in the national debt, but again, somehow gold is overvalued. Doesn’t make sense to me, but that’s fine because it is nearing the time to load up again..." Click over for the rest.

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The Future of Gold and Money

The Future of Gold and Money:Matthew Bishop, author of 'In Gold We Trust,' stops by Mean Street to discuss gold and the future of money. recorded on USTREA...
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Ditching the Dollar - Casey Research

The dollar may not be the world's reserve currency much longer, thanks in no small part to arrogant US sanctions against Iran.

 

By Marin Katusa, Chief Energy Investment Strategist

 

"The dominance of the dollar gave the United States incredible power and influence around the world… but the times they are a-changing. As the world's emerging economies gain ever more prominence, the US is losing hold of its position as the world's superpower. Many on the long list of nations that dislike America are pondering ways to reduce American influence in their affairs. Ditching the dollar is a very good start.

 

"In fact, they are doing more than pondering. Over the past few years China and other emerging powers such as Russia have been quietly making agreements to move away from the US dollar in international trade. Several major oil-producing nations have begun selling oil in currencies other than the dollar, and both the United Nations and the International Monetary Fund (IMF) have issued reports arguing for the need to create a new global reserve currency independent of the dollar.

 

"The supremacy of the dollar is not nearly as solid as most Americans believe it to be. More generally, the United States is not the global superpower it once was. These trends are very much connected, as demonstrated by the world's response to US sanctions against Iran..."

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The return of gold to the mainstream monetary system - Part 3

The return of gold to the mainstream monetary system - Part 3 | Gold and What Moves it. | Scoop.it

Julian Phillips:

 

"For one thing, we will continue to live in a global world with nations trading amongst each other. To gold investors, such an eventuality -let alone its potential reality-would cause a return to the use of gold as a foundation for any monetary system, but not as a means of exchange, ever again.

 

"That journey has already started. Whether in a cooperative or uncooperative world, gold will have to provide international liquidity and facilitate trade between nations in place of the dollar. This will include the U.S. too.

 

"The world is headed irrevocably to a multi-currency system with the dollar as one of the world's leading currencies, but not the sole one. Gold, as always, will have to inspire the trust it once did. It will have to fill the gap left by the world of currencies that occurred when the developed world removed itself from gold and at the same time removed currencies from supplying adequate measures of value.

 

"It is thus appropriate to look at whether we will see the likes of the Gold Standard again..."

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Twitter / Cafe AJM Open 24/7: @gold_tracker tightening t ...

in reply to @gold_tracker

@gold_tracker tightening the lid only means: 1) bargain buying continues 2) upside pressure building 3) inflation trending up
Apr 17 via Twitter for Android Favorite Retweet Reply

@gold_tracker tightening the lid only means: 1) bargain buying continues 2) upside pressure building 3) inflation trending up...
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Does gold ever pay?

Does gold ever pay? | Gold and What Moves it. | Scoop.it

Adrian Ash:

 

"Is it fair to characterize gold bullion as an investment...?

 

"WHY BOTHER investing? Five years into the financial crisis - and more than a decade after the US market hit its big top in real terms - you might well ask. Especially now that cash, bonds, Treasuries and stocks pay between zero and sweet nothing in yield, just like gold bullion.

 

"The aim if not the outcome of investment is simple, however. "Investing [is] the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power - after taxes have been paid on nominal gains - in the future," as Warren Buffett wrote earlier this year to his Berkshire Hathaway shareholders..."

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IMF Lifts Eurozone Growth Targets and Warns on Italy and Spain

IMF Lifts Eurozone Growth Targets and Warns on Italy and Spain | Gold and What Moves it. | Scoop.it
Global lender says spillover risks in eurozone sovereign debt crisis remain high.

 

"The International Monetary Fund (IMF) said the eurozone economy will not begin to expand until 2013 at the earliest and warns that the sovereign debt crisis may again spark another turn to recession.

 

The global lender raised its forecast for Europe as part of its regular World Economic Outlook, in which it also said global growth was improving but remained "very fragile".

 

"With the passing of the crisis and some good news about the US economy, some optimism has returned. It should remain tempered," said Oliver Blanchard, the IMF's chief economist.

 

"Even absent another European crisis, most advanced economies still face major brakes on growth. And the risk of another crisis is still very much present and could well affect both advanced and emerging economies."

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BIS trader removes gold 'interventions' from his biography | Gold Anti-Trust Action Committee

BIS trader removes gold 'interventions' from his biography | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

"ZeroHedge's report notes the lately much-shortened biography offered for BIS foreign exchange and gold trader Mikael Charoze, who until a few days ago boasted of running the BIS' foreign exchange and gold "interventions." Missing from Charoze's biography now is the latter word. Does that mean that the BIS doesn't do gold market interventions anymore? Whatever it means, you can be sure that mainstream financial news organizations and know-it-all market analysts won't be asking even as they ridicule complaints of surreptitious gold market intervention as mere "conspiracy theory" -- even when the "conspiracy" is admitted over and over again in official documents"

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The Implications Of A Failed Monetary System | ZeroHedge

Santiago Capital has put together a concise and highly informative 10 minutes video, which explains in the amount of time that a traditional economics professor takes to prepare their coffee, virtually everything that is at risk, and fundamentally...
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The Big Rally in Gold is Getting Closer and Closer | The Daily Gold

The Big Rally in Gold is Getting Closer and Closer | The Daily Gold | Gold and What Moves it. | Scoop.it

"The Hindu festival of Akshaya Tritivai is coming up this month and this is of interest for gold investors. The holiday, which falls on April 24th, is a day when Indians go on a major gold buying binge. It is one of the most auspicious occasions to buy gold, the ultimate symbol of wealth and prosperity. The timing couldn’t be better for the ending last week of the 20-day strike by India’s jewelers and gold importers who protested new government taxes on bullion. Moreover, the wedding season has already started in some parts of India and gold is an integral part of most Indian weddings. It is expected that in April and May imports will be around a 100 metric tons to India, the world’s largest consumer of gold. The nationwide strike is estimated to have cost the industry at least $3.91 billion.

 

"According to an annual report released Wednesday by metals consultancy GFMS, gold’s speculative investors may have been shaken by gold’s volatile ride last year, but the physical market—particularly in China—remained faithful to bullion and the trend is expected to continue in 2012..."

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Chris Martenson: "The Trouble With Money" | ZeroHedge

Chris Martenson: "The Trouble With Money" | ZeroHedge | Gold and What Moves it. | Scoop.it
Submitted by ChrisMartenson.com

 

"Recently I was asked by a high school teacher if I had any ideas about why students today seem so apathetic when it comes to engaging with the world around them. I waggishly responded, "Probably because they're smart."

 

"In my opinion, we're asking our young adults to step into a story that doesn't make any sense.

 

"Sure, we can grow the earth's population to 9 billion (and probably will), and sure, we can extract our natural gas and oil resources as fast as possible, and sure, we can continue to pile on official debts at a staggering pace -- but why are we doing all this? Even more troubling, what do we say to our youth when they ask what role they should play in this story -- a story with a plot line they didn't get to write?

 

"So far, the narrative we're asking them to step into sounds a lot like this: Study hard, go to college, maybe graduate school. And when you get out, not only will you be indebted to your education loans and your mortgage, but you'll be asked to help pay back trillions and trillions of debt to cover the decisions of those who came before you. All while operating within a crumbling, substandard infrastructure. Oh, and by the way, the government and corporate sector appear to have no real interest in your long-term future; you're on your own there.

 

"Yeah, I happen to think apathy is a perfectly sane response to that story. Thanks, but no thanks...."

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Guest Post: "All Transactions To Be Conducted In The Presence Of A Tax Collector" | ZeroHedge

Submitted by Simon Black of Sovereign Man

 

"In the terminal collapse of the Roman Empire, there was perhaps no greater burden to the average citizen than the extreme taxes they were forced to pay.

 

"The tax 'reforms' of Emperor Diocletian in the 3rd century were so rigid and unwavering that many people were driven to starvation and bankruptcy. The state went so far as to chase around widows and children to collect taxes owed.

 

"By the 4th century, the Roman economy and tax structure were so dismal that many farmers abandoned their lands in order to receive public entitlements.

 

"At this point, the imperial government was spending the majority of the funds it collected on either the military or public entitlements. For a time, according to historian Joseph Tainter, "those who lived off the treasury were more numerous than those paying into it."

 

Sound familiar?..."

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The Golden Truth: There's No "BS" Like Government "BS"

"The Government reports garbage and the morons in the financial media reports that garbage as hard facts - Charles Biderman, Trim Tabs Independent Research

 

"Mr. Biderman didn't exactly discover plutonium here with this revelation, but he provides excellent analyis of why the Government-released retail sales report this week is a complete farce. Yesterday's retail sales report for March was reported to up strongly led by auto sales. However, as Biderman details in the brief video presentation linked below, the Government numbers on auto sales for March are at an extreme divergence from the numbers reported by the auto manufacturers themselves, which showed an unexpected and precipitous drop for March. Biderman's 4 1/2 minute rant is well worth watching, and he offers realistic replacements to track retail sales data and employment simply by tracking credit card sales and tax revenues. Not only would that be more accurate, but it would enable to the Government to get rid of part of its Census Bureau and BLS bureaucracy, cut expenses and take a step toward reducing wasteful, useless Government spending..." click over for the links and the rest of Dave in Denver's post.

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TF Metals: Mornings With Andy | Gold hit.

TF Metals snippet http://www.tfmetalsreport.com/blog/3675/mornings-andy :

 

"So, we are supposed to believe that someone or something somewhere suddenly decided at 9:55 EDT to sell 600,000 ounces (almost 19 metric tonnes!) of their physical stash of gold. This is inconceivable! The dumping of 6,000 contracts is an entirely paper, manipulative event and yet it's allowed to happen and physical price is subject to this nonsense. Doesn't it just strike you as amazing that this is even possible? The world's oldest form of money can be devalued (in fiat terms) at the whim of a WOPR and a few keystrokes? Simply ridiculous."

 

 Click over for the full piece and charts.

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The Application Process to Become a Reserve Currency Explained « Jim Sinclair's Mineset

Jim Sinclair:

 

"Anyone that thinks the dollar is not in the process of cessation as a reserve currency by choice is a world class moron or an economic flag waver."

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How China is Driving the Gold Price

How China is Driving the Gold Price | Gold and What Moves it. | Scoop.it

"Having an international currency promotes trade, cutting the US dollar out of the equation. The ultimate goal may be to pitch the renminbi as a reserve currency to compete with – or displace – the US dollar.

 

"To really sell the RMB as an international currency, it helps if it is backed with a significant amount of gold. China would never openly admit this, but a snippet from an embassy in China, via a wikileaks story, as good as confirmed it last month:

 

“The U.S. and Europe have always suppressed the rising price of gold. They intend to weaken gold’s function as an international reserve currency. They don’t want to see other countries turning to gold reserves instead of the U.S. dollar or Euro.

 

"Therefore, suppressing the price of gold is very beneficial for the U.S. in maintaining the U.S. dollar’s role as the international reserve currency. China’s increased gold reserves will thus act as a model and lead other countries towards reserving more gold. Large gold reserves are also beneficial in promoting the internationalization of the RMB.“

 

"China has long been the world’s biggest gold producer, with all of this gold staying within its borders. China is now adding to this with huge gold purchases on the international market. Every time the price dips, as it is now, China buys dozens of tonnes of gold. Chinese buying started in earnest halfway through last year. At the current rate, China will overtake India as the world’s biggest gold consumer..."

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US Editor Of The Economist: “Paper Dollar” And “Paper Euro” Will “Debase” In A “Big Way” | ZeroHedge

US Editor Of The Economist: “Paper Dollar” And “Paper Euro” Will “Debase” In A “Big Way” | ZeroHedge | Gold and What Moves it. | Scoop.it

Zero Hedge:

 

"People Have Lost Faith In the 20th Century Religion Of Government Backed Fiat Money"

 

"Matthew Bishop, the US Editor of The Economist, has been interviewed by the Wall Street Journal TV about gold and why “people have lost faith in the 20th century religion of government backed fiat money."

 

"He says that he has become an agnostic or an atheist with regard to his belief in government-backed money as he fears that governments are in a position whereby they are going to debase currencies such as the “paper dollar and “paper euro” “in a big way.” Gold becomes one of the “alternative religions” in that environment.

 

"History shows that a deleveraging downturn takes a long time and can take 7 or 8 years. Inflationary pressures are building and will be seen in the second half of the cycle, according to Bishop.

 

"Bishop says he would put some of his money into gold but is prohibited from this due to the investment policies of The Economist..." click over for the full piece.

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Mad Money

Mad Money | Gold and What Moves it. | Scoop.it

Abby Rapoport: "The Utah measure might sound like one of the many thousands of fringe bills that get filed in state legislatures and then are never heard of again—except occasionally as a punch line on late-night TV. But Galvez’s bill became law last year. Now he’s working on new proposals to make silver and gold easier to use. While Utah is the first state to pass such a law, others are trying. In the 2011–2012 legislative cycle, bills were introduced in 17 states to either recognize gold and silver coins or study the options for alternative currencies.

 

"Ian Millhiser, a policy analyst for the liberal Center for American Progress (CAP), says that these bills come not from an organized national effort but from “people who are sympathetic with the Ron Paul vision of the world going out on their own.”

 

"For years, Paul—the long-serving Texas congressman and three-time presidential candidate—has claimed that the Federal Reserve and its paper currency will eventually doom the U.S. to insolvency. Reviving silver and gold was long a concept relegated to conspiracy theorists, survivalists, and extreme free-marketeers. But the 2008 financial crisis, along with the bank bailout and stimulus bills, lent further credence in far-right circles to the idea that the U.S. was dashing headlong toward financial ruin. The hard right turn of the Republican Party, combined with the Tea Party surge in statehouses in 2010, has further inflamed Fed hysteria.

 

"Paul’s persistent warnings of an unchecked Federal Reserve recklessly printing too much money—the grand theme of his campaigns for president—have found a growing audience. At least six of the state legislators sponsoring gold bills have endorsed him for president. While Paul has focused on auditing (or abolishing) the Federal Reserve, these measures assume its eventual demise and offer, according to their sponsors, a survival plan..."

 

 

Hat tip to:

http://twitter.com/#!/dgcmagazine/  

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Gold Sliding On Central Banker Script - First India Cuts Rates, Next Tries To Talk Down Gold | ZeroHedge

Gold Sliding On Central Banker Script - First India Cuts Rates, Next Tries To Talk Down Gold | ZeroHedge | Gold and What Moves it. | Scoop.it

ZeroHedge:

 

"Gold has moved rather rapidly in the past few minutes and many are scrathcing their heads just why this is happening? The reason is simple: central planning script 101, page 1. As we noted earlier, the RBI did a very surprising overnight repo rate cut from 8.5% to 8.0%, the first in three years, and in other words it has just joined the global central planning cartel in attempting to stimulate the economy nominally, even as inflationary packets still abound across the land (see China), by reliquidifying. Yet what does that mean from a modern monetarist standpoint: why crush gold as an alterantive to the local paper currency of course. Sure enough:

 

"INDIA ECONOMY SECRETARY: EXPECT TO LOWER GOLD CONSUMPTION IN ECONOMY - DJ..."

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Gold edges above $1,650/oz as Spanish bill sale lifts Euro - GOLD ANALYSIS

Gold edges above $1,650/oz as Spanish bill sale lifts Euro - GOLD ANALYSIS | Gold and What Moves it. | Scoop.it

Jan Harvey:

 

"Physical gold demand has softened a touch this year from last year's levels. American Eagle gold coin sales from the U.S. Mint fell 30 percent in the first quarter, and demand in India, historically the world's biggest gold consumer, has been light.

 

"India's central bank cut interest rates on Tuesday for the first time in three years by an unexpectedly sharp 50 basis points to give a boost to sagging economic growth. If this stimulates growth, it is likely to prompt more gold buying.

 

"The unexpected lowering of the interest rate in India could lend support by increasing the hitherto weak demand for gold in the country," Commerzbank said.

 

"Among other precious metals, silver was up 0.3 percent at $31.54 an ounce, spot platinum was flat at $1,568.94 an ounce, and spot palladium was up 0.4 percent at $650.70 an ounce.

 

The platinum/gold ratio, or the number of gold ounces needed to buy an ounce of platinum, rose to a two-month high at 1.05 on Tuesday. As an investment vehicle, gold is finding more support in the current climate than industrial metal platinum, which is heavily exposed to the European car market...."

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