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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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Capital exodus from China reaches $800bn as crisis deepens

Capital exodus from China reaches $800bn as crisis deepens | Gold and What Moves it. | Scoop.it

China is engineering yet another mini-boom. Credit is picking up again. The Communist Party has helpfully outlawed falling equity prices.
Economic growth will almost certainly accelerate over the next few months, giving global commodity markets a brief reprieve.
Yet the underlying picture in China is going from bad to worse. Robin Brooks at Goldman Sachs estimates that capital outflows topped $224bn in the second quarter, a level "beyond anything seen historically".
The Chinese central bank (PBOC) is being forced to run down the country's foreign reserves to defend the yuan. This intervention is becoming chronic. The volume is rising. Mr Brooks calculates that the authorities sold $48bn of bonds between March and June. ...

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Gerald Celente - The Panic That's Happening Right Now Is Much Bigger Than Just The Gold Market - King World News

Gerald Celente - The Panic That's Happening Right Now Is Much Bigger Than Just The Gold Market - King World News | Gold and What Moves it. | Scoop.it
Gerald Celente:  “Because the markets are rigged.  That’s not a conspiracy theory; that’s a fact.  We already know that LIBOR and forex are both rigged and we also know there have been investigations about the rigging of the gold market.  And it’s not in the best interest of central banks, who are printing trillions of dollars of fiat money in order to prop up global equity markets, to see their currencies devalued….
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Take More Cash Out of Markets and Banks-Nomi Prins | Greg Hunter’s USAWatchdog

Take More Cash Out of Markets and Banks-Nomi Prins | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
By Greg Hunter’s USAWatchdog.com 

Best-selling author Nomi Prins says the only thing propping up the system is money printing. The tip of the iceberg was the Greek debt crisis. Prins says, “Before it happened, there was a lot of concern at the central bank level. That wasn’t really discussed very much in the press . . . but I believe behind the scenes there were a lot of fearful conversations about the financial system, not just the relationship of the euro and Greece politically, which was a part of it, but you don’t want any chips to fall off your table. Anything could open the door for a run on liquidity (cash), which is also why I talk about what individuals should do more and more now is try to preserve their own liquidity and to take more cash out of the markets or out of banks to just have on the side before this period of volatility, before we have the actual crash. This is a tenuous situation. I am afraid of things that look like a bail-in up to the level of a bail-in.”
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Doom and gloom for gold overdone? - Are there positives ahead?

Doom and gloom for gold overdone? - Are there positives ahead? | Gold and What Moves it. | Scoop.it

Seldom has the media been more bearish on gold’s prospects, and this will undoubtedly present itself in a further retreat from gold derivatives and gold stocks.

China seems to be being fingered for the latest gold price crash, but should it be?  A truly Machiavellian argument might be that the crash was perpetrated by those elements seen as anti-gold seeking to gain maximum advantage at a time when gold was already under pressure. And by undertaking some of the activity on the Shanghai markets seeking either to try and apportion the blame to Chinese hedge funds, but also to dampen the appetites of the gold purchasing Chinese people and institutions who may be seen as standing in the way of a major manipulated gold price downturn.

What is the evidence here?  The gold price crash was actually initiated in New York with an enormous futures sale – which then continued in Shanghai with ...

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Gold And Silver Shortages Become Acute - GLD Is Being Looted Again

Gold And Silver Shortages Become Acute - GLD Is Being Looted Again | Gold and What Moves it. | Scoop.it

A client of mine, a jeweler just called.  His refiner called him – looking to buy gold or silver. The refiner has very tight stock. My client buys “shots” to melt and builds into rings etc. His refiner volunteered info on the selling this am – says the system is manipulated, which shocked the client only in that it was openly admitted. When my client’s refiner needs product you know there is a shortage. This is the first time in 10 years this refiner said there were shortages.  – A colleague and friend of mine who manages high net worth accounts

GATA was the first in this country to warn, based on a historically very reliable source from London, that there would be acute shortages of gold and silver this fall at refiners in Europe.  A few weeks later the mint ...

Hal's insight:

Click through for the rest. If true, the snap back could be violent. I certainly think that the manipulation in the paper markets is by design of a select few. It's all gone way past the point that I thought the illusion could be sustained. So I have no idea how long it will continue.

 

It's a must read.

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Speculators smash gold as dollar squeeze tightens

Speculators smash gold as dollar squeeze tightens | Gold and What Moves it. | Scoop.it

by Ambrose Evans-Pritchard:

 

Powerful speculators have launched an unprecedented attack on the world gold market, driving prices to a five-year low as commodities wilt and the US Federal Reserve prepares to tighten monetary policy.

 

Spot prices slumped by more than 4pc to $1,086 an ounce in overnight trading after anonymous funds sold 57 tonnes of gold in Shanghai and New York, choosing the moment of minimum market liquidity in what appears to have been a synchronized strike intended to smash confidence.

 

The move came after China’s central bank dismayed "gold bugs" by revealing that the country’s bullion reserves stand at just 1,658 tonnes, far lower than widely assumed. While holdings have risen 60pc since the last update in 2009, they are still a fraction of China’s total $3.7 trillion foreign exchange reserves.

 

Ross Norman, a veteran gold analyst at brokers Sharps Pixley, said sellers dumped 7,600 contracts covering 24 tonnes on the Globex exchange in New York in a two-minute span after it opened late on Sunday night. ...

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The President Of France Wants Eurozone Members To Transfer Their Sovereignty To A United States Of Europe

The President Of France Wants Eurozone Members To Transfer Their Sovereignty To A United States Of Europe | Gold and What Moves it. | Scoop.it
The President of France has come up with a very creative way of solving the European debt crisis.  On Sunday, a piece authored by French President Francois Hollande suggested that the ultimate solution to the problems currently plaguing Europe would be for every member of the eurozone to transfer all of their sovereignty to a newly created federal government.  In other words, it would essentially be a “United States of Europe”.  This federal government would have a prime minister, a parliament, a federal budget and a federal treasury.  Presumably, the current national governments in Europe would continue to function much like state governments in the U.S. do.  In the end, there may be some benefits to such a union – particularly for the weaker members of the eurozone.  But at what cost would those benefits come?

When I first learned that French President Francois Hollande had proposed that the members of the eurozone should create their own version of a federal government, I was quite stunned.  But I shouldn’t have been surprised.  For the global elite, the answer to just about any problem is more centralization.  The following comes from a Bloomberg article that was posted on Sunday…
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Can you hear the pin drop... from the grenade?

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oftwominds-Charles Hugh Smith: We Need a Crash to Sort the Wheat from the Chaff

oftwominds-Charles Hugh Smith: We Need a Crash to Sort the Wheat from the Chaff | Gold and What Moves it. | Scoop.it
Once the phantom collateral vanishes, there's no foundation to support additional debt and leverage.
When a speculator bought a new particle-board-and-paint McMansion in the middle of nowhere in 2007 with nothing down and a $500,000 mortgage, the lender and the buyer both considered the house as $500,000 of collateral. The lender counted the house as a $500,000 asset, and the speculator considered it his lottery ticket in the housing bubble sweepstakes: when (not if) the house leaped to $600,000, the speculator could sell, pay the commission and closing costs and skim the balance as low-risk profit.
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Shanghai Gold Exchange Sees 61.8 Tonnes Withdrawn In Eighth Largest Week Ever - Talk To the Hand

Shanghai Gold Exchange Sees 61.8 Tonnes Withdrawn In Eighth Largest Week Ever - Talk To the Hand | Gold and What Moves it. | Scoop.it
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."

Bernard M. Baruch

Asia continues to add significant amounts of gold bullion to their wealth reserves.

Wall Street and its sycophants would like us to consider gold to be just 'a pet rock' or 'like trading sardines.'   And yet central banks have turned to be net buyers, and Asia and the Mideast continue to buy bullion in record amounts.
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Jim’s Mailbox :: Jim Sinclair's Mineset

Jim’s Mailbox :: Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

When society starts stooping so low as protect the profits of its corporations (no more losses allowed), we know we are near the end. These are blatant actions by our leaders without a care to our reactions.

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Jesse's Café Américain: Thousands of Gold and Silver Futures Contracts Dumped at Market Open

Jesse's Café Américain: Thousands of Gold and Silver Futures Contracts Dumped at Market Open | Gold and What Moves it. | Scoop.it

This was a little enthusiastic even by current standards, or lack thereof.

About seven thousand gold futures contracts, representing about 21.8 tonnes of paper gold, were dumped at market in one minute driving the price down to $1,080.

Several thousand contracts were bought back in the following two minutes.

No legitimate profit-oriented sellers would operate in this manner, since they are selling against themselves.  You do not dump large volume without limit into a quiet market unless you are trying to disrupt the price.

A similiar operation happened in ...

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The Bankruptcy Of The Planet Accelerates - 24 Nations Are Currently Facing A Debt Crisis

The Bankruptcy Of The Planet Accelerates - 24 Nations Are Currently Facing A Debt Crisis | Gold and What Moves it. | Scoop.it
There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment.  As you are about to see, there are 24 nations that are currently facing a full-blown debt crisis, and there are 14 more that are rapidly heading toward one.  Right now, the debt to GDP ratio for the entire planet is up to an all-time record high of 286 percent, and globally there is approximately 200 TRILLION dollars of debt on the books.  That breaks down to about $28,000 of debt for every man, woman and child on the entire planet.  And since close to half of the population of the world lives on less than 10 dollars a day, there is no way that all of this debt can ever be repaid.  The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself.

As we are seeing in Greece, you can eventually accumulate so much debt that there is literally no way out.  The other European nations are attempting to find a way to give Greece a third bailout, but that is like paying one credit card with another credit card because virtually everyone in Europe is absolutely drowning in debt.
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Richard Russell Warns Panic Will Set In If We Get Confirmation That Economist John William's Dire Prediction Is Now Unfolding - King World News

Richard Russell Warns Panic Will Set In If We Get Confirmation That Economist John William's Dire Prediction Is Now Unfolding - King World News | Gold and What Moves it. | Scoop.it

As people continue to digest breaking news out of Greece and around the world, the Godfather of newsletter writers, 90-year-old Richard Russell, warned that panic will set in if we get confirmation that economist John William's dire prediction is now unfolding.

Richard Russell: "The economist Richard Koo calls this the balance sheet recession. The problem here and in the whole world is a four letter word — debt. Despite the fact that the Fed has been spewing forth trillions of dollars of fiat money, the retail public, chocked up with debt, is saving and paying off debt rather than spending more. The balance sheets of the retail public, the US, and the world, are loaded with debt. ...

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Richard Russell - We're Living Through One Of The Greatest Coverups And Explosions Of Lies And Propaganda In History - King World News

Richard Russell - We're Living Through One Of The Greatest Coverups And Explosions Of Lies And Propaganda In History - King World News | Gold and What Moves it. | Scoop.it

Richard Russell:  "The Fed continues to deny inflation. Yet their denials are now almost a joke, with nearly every conceivable item in daily use rising in price. Furthermore, with the minimum wage rising across the nation, inflation is now starting to accelerate.

Industrials are again above the critical 18,000 level, with the Nasdaq above 5,000 again and flirting with a record high. Are the averages forecasting an economic boom ahead? The Transports continue to deny the good times. The lowly Transports are telling us that something is very wrong. The action of one average alone (Industrials) cannot forecast things to come. The Transports continue to negate the Industrials' forecasts of good times ahead. ...

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Whatever We Say It Is

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Whatever We Say It Is | Gold and What Moves it. | Scoop.it
The recent gold and silver smack down, which was artificial and predatory selling by any measure, was also the occasion of the largest volume ever on the GDX Gold Miners Index on the NYSE.  And through continuing abuse of the financial system, more and more productive assets fall into fewer and fewer hands.  We can see this growing inequality in our society now as a corrosive influence on the republic.
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Lies, Damned Lies & The BLS Inflation Statistics

Lies, Damned Lies & The BLS Inflation Statistics | Gold and What Moves it. | Scoop.it

by Jim Quinn:

 

The government released their monthly CPI report this week. Even though it came in at an annualized rate of 3.6%, they and their mouthpieces in the corporate mainstream media dutifully downplayed the uptrend. They can’t let the plebs know the truth. That might upend their economic recovery storyline and put a crimp into their artificial free money, zero interest rate, stock market rally. If they were to admit inflation is rising, the Fed would be forced to raise rates. That is unacceptable in our rigged .01% economy. There are banker bonuses, CEO stock options, corporate stock buyback earnings per share goals and captured politician elections at stake.

The corporate MSM immediately shifted the focus to the annual CPI figure of 0.1%. That’s right. Your government keepers expect you to believe the prices you pay to live your everyday life have been essentially flat in the last year. Anyone who lives in the real world, not the BLS Bizarro world of models, seasonal adjustments, hedonic adjustments, and substitution adjustments, knows this is a lie. The original concept of CPI was to measure the true cost of maintaining a constant standard of living. It should reflect your true inflation of out of pocket costs to live a daily existence in this country. ...

Hal's insight:

You'll need to click through for the rest of the article. It continues to amaze me that people accept the data coming out of DC and not the data coming out of their bank accounts.

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4 Things That Are Happening Today That Indicate That A Deflationary Financial Collapse Is Imminent

4 Things That Are Happening Today That Indicate That A Deflationary Financial Collapse Is Imminent | Gold and What Moves it. | Scoop.it
When financial markets crash, they do not do so in a vacuum.  There are always patterns, signs and indicators that tell us that something is about to happen.  In this article, I am going to share with you four patterns that are happening right now that also happened just prior to the great financial crisis of 2008.  These four signs are very strong evidence that a deflationary financial collapse is right around the corner.  Instead of the hyperinflationary crisis that so many have warned about, what we are about to experience is a collapse in asset prices, a massive credit crunch and a brief period of absolutely crippling deflation.  The response by national governments and global central banks to this horrific financial crisis will cause tremendous inflation down the road, but that comes later.  What comes first is a crisis that will initially look a lot like 2008, but will ultimately prove to be much worse.  The following are 4 things that are happening right now that indicate that a deflationary financial collapse is imminent…

#1 Commodities Are Crashing
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Bill Fleckenstein - Violent Reversal Coming As Available Physical Gold Disappearing - Fred Hickey On The Gold Plunge, Plus A Bonus Q&A - King World News

Bill Fleckenstein - Violent Reversal Coming As Available Physical Gold Disappearing - Fred Hickey On The Gold Plunge, Plus A Bonus Q&A - King World News | Gold and What Moves it. | Scoop.it
By Bill Fleckenstein President Of Fleckenstein Capital

July 20 (King World News) – Overnight the financial markets were largely uneventful, though that wasn't the case for commodities (more about that below). As for our stock market, the early going saw the indices modestly higher, with the high-priced (i.e., valuation, not absolute), momentum-oriented, "growth-y" sorts of names driving the Nasdaq.

The early strength led to a bit more and the Nasdaq gained about 0.5%, with the Dow/S&P lagging until the last hour, when the rally fell apart and the market closed flattish. Away from stocks, green paper was mixed in rather dull trading, oil lost a percent, fixed income was lower, but, as I noted, the real action was in the commodity complex….
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Is Gold a "Pet Rock" or a Bedrock asset?

Is Gold a "Pet Rock" or a Bedrock asset? | Gold and What Moves it. | Scoop.it
The story that should be investigated is why paper markets are not reflecting rising investment demand for the physical metal.


By Clint Siegner

Greece defaulted at the end of June, and metals investors expected higher prices in July. What we expected isn’t what we got. It isn’t the first or last time markets surprised investors. Do lower spot prices mean precious metals are failing as a safe-haven investment?

Jason Zweig, from the Wall Street Journal, thinks so. He’s deriding gold, calling it a “pet rock.” Given this month’s disappointing price action, he does have a point. But he needs to distinguish the physical rock from the paper rock.
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Click through for the rest of the article. He notes that apparently central banks don't appear to think of gold as a pet rock.

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Governments Leading World To Economic Collapse And Chaos As China Increases Debt $20 Trillion In Just 8 Years - King World News

Governments Leading World To Economic Collapse And Chaos As China Increases Debt $20 Trillion In Just 8 Years - King World News | Gold and What Moves it. | Scoop.it
By Michael Pento of Pento Portfolio Strategies

July 18 – (King World News) – China's four-week-long stock market rout wiped out nearly 30 percent off the Shanghai Composite Index since its highs of June. To stem those losses the Chinese government has formulated an interesting hypothesis: stocks won’t go down if you ban sell orders….
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Ray Dalio: "If You Don't Own Gold, You Know Neither History Nor Economics" - The Reason For Our Unbroken Confidence In Gold - King World News

Ray Dalio: "If You Don't Own Gold, You Know Neither History Nor Economics" - The Reason For Our Unbroken Confidence In Gold - King World News | Gold and What Moves it. | Scoop.it

By Ronald-Peter Stoferle, Incrementum AG Liechtenstein

July 20 (King World News) – The Reason For Our Unbroken Confidence In Gold

What is the reason for our unbroken confidence in gold? Our predilection for gold is primarily based on our understanding of monetary history. At the moment, it appears as though faith in the omnipotence and infallibility of central banks is at an all-time high. This goes hand in hand with new record highs in stocks and especially government bonds. According to Jim Grant, who describes the price of gold as the reciprocal of the credibility of central banks, this is inter alia a likely explanation for the somewhat directionless performance of the yellow metal. Should the omnipotence of central banks be questioned by the markets, it could cause a fundamental change in perceptions and help gold regain its former respect and reach new heights. ...

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Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Hidden Dragon, Crouching Dollar

Jesse's Café Américain: Gold Daily and Silver Weekly Charts - Hidden Dragon, Crouching Dollar | Gold and What Moves it. | Scoop.it

China made its long awaited restatement of its official gold reserves, and it was widely received as a 'lowball number.' China was under some pressure from official central bankdom to update its numbers, the last time being in 2009. And since they are trying to play nice, and have their yuan including in the SDR basket of currencies, they had to say something. I am not sure how to take it except with some serious skepticism.

I include two new charts below that compare the performance of gold against the euro/dollar cross and the inverse of the dollar DX index. Clearly at this point gold is running inversely against the strong dollar and with the weaker euro. ...

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Greece is Disaster Capitalism-Catherine Austin Fitts | Greg Hunter’s USAWatchdog

Greece is Disaster Capitalism-Catherine Austin Fitts | Greg Hunter’s USAWatchdog | Gold and What Moves it. | Scoop.it
Investment banker Catherine Austin Fitts says the world is getting tired of what she calls “disaster capitalism.” What does she mean? Look no further than Greece as Fitts explains, “Greece essentially looks to me like disaster capitalism. You are trying to get another positive return by liquidation, but the reality is if you liquidated the global economy, you are not going to get a positive return. The game can go on for a while. The reason I said Greece and Puerto Rico rang the bell is you can see this game is getting very old. The IMF (International Monetary Fund) . . . is saying this is not sustainable. This debt is not sustainable. This is why this is important. When we loan money to somebody and it is predatory, we reduce the ability of paying back the debt. So it’s a lose/lose situation. If you skim off the top as a predator, you get a kick, but the reality is the longer you play that game, you cannot get a return on the money you have stolen. What I am saying is it is a spiral down, and it’s not going to work. . . . The IMF is saying we can get more debt paid back with a sustainable plan than we can get with an unsustainable plan.”
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One Of The Signs Another Financial Collapse Is Coming

One Of The Signs Another Financial Collapse Is Coming | Gold and What Moves it. | Scoop.it

As everyone knows, the primary stock indices are being aggressively supported and pushed higher by the Fed using the liquidity with which it as flooded the banking system. However, most of the non-marquee indices have been selling off.  As an example, the SOX semiconductor index is down 10.5% since June 1st.  I’ll bet a lot of you are surprised by that fact, given that the tech-heavy NASDAQ hit an all-time high last week.

When I was a junk bond trader, one of the sectors I traded was semiconductors/electronics. Because semiconductors are used in many everyday-use consumer goods, including automobiles, semiconductor sales is considered to be bellwether economic barometer. Thus, if the SOX is tanking ...

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oftwominds-Charles Hugh Smith: Thank Goodness Everything's Fixed

oftwominds-Charles Hugh Smith: Thank Goodness Everything's Fixed | Gold and What Moves it. | Scoop.it

The trick is to borrow as much as you can and leverage it to the hilt, and buy, buy, buy.

Thank goodness everything's been fixed. Now that the bigshots in the Eurozone have given Greece the Humphrey Bogart treatment-- When you're slapped, you'll take it and like it, Bogart's line as he bullied Peter Lorre in The Maltese Falcon--and a chastened Greece is in line for another 17 billion, or is it 17 trillion, I'm losing track of the numbers ... but anyways, it's all fixed, and squeezing Greek pensioners was the trick needed to save Europe from itself.
Now everyone can get back to their summer vacations and the good life resumes. It doesn't get much better than this ....

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