Gold and What Mov...
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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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Fleckenstein - Gold & Silver Set Up For An Explosive 2013

Fleckenstein - Gold & Silver Set Up For An Explosive 2013 | Gold and What Moves it. | Scoop.it

... when asked about the Germans repatriating their gold, Fleckenstein responded, “They want to have their gold inside Germany.  There was a flap inside Germany about them wanting to make sure they had it (their gold).  This is in response to that.


“So, while I think it’s psychologically bullish for gold, I don’t know that there is that much there yet.  We might find reasons for it that suggest there is a lack of trust between central banks.  The people who believe in conspiracies that are determined there’s really no gold there will view this as proof positive that the Germans are now afraid there’s no gold there.

 

"This is part of the argument that central banks are realizing that gold is valuable, which is why you see so many of them buying it with the confetti they print up every night. ...


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Top UBS Analyst Predicts Carnage For The US Dollar & Equities

Top UBS Analyst Predicts Carnage For The US Dollar & Equities | Gold and What Moves it. | Scoop.it

On the heels of Germany looking to repatriate their gold, today King World News spoke with top UBS analyst Peter Lee about his rather frightening forecasts for the US dollar and equities.  Interestingly, his call for the dollar to plunge comes right after Germany expressed that it wants its gold out of the Fed and back inside German vaults.  If Lee is right in his outlook, this will have massive global ramifications.  Lee also provided KWN with some incredible charts to back up his rather ominous predictions for both the dollar and equities.  

Hal's insight:

click through for the full piece and the charts.

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China, Gold and Reserve Currencies

China, Gold and Reserve Currencies | Gold and What Moves it. | Scoop.it

Our pal, John Butler, has alerted us to this very interesting new report from the OMFIF (Official Monetary and Financial Institutions Forum). The report discusses the likelihood/probability that, one day soon, the world will be offered an additional "reserve currency", the Chinese renminbi.

 

Many of you will recall the podcast I had with John Butler back in May. If you need a refresher, here's a link. Obviously, the material covered is still relevant. http://www.tfmetalsreport.com/podcast/3835/tfmr-podcast-22-john-butler-author-golden-revolution

 

This new report covers some material that is near and dear to our hearts here in Turdville. However, since it was compiled for the OMFIF by the World Gold Council, some of its conclusions are debatable. Namely ...

Hal's insight:

Click over for the letter from Butler.

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Western Australia's gold sector in jeopardy | MINING.com

Western Australia's gold sector in jeopardy | MINING.com | Gold and What Moves it. | Scoop.it
High exploration costs are to blame.

 

 

The Australian Association of Mining and Exploration Companies (AMEC) warned Monday  the future of Western Australia's gold sector is uncertain as high exploration costs hamstring miners.

 

ABC News reports that several of the state's operating gold mines have declining reserves and lower ore quality as they dig deeper.

Hal's insight:

So how do you think the gold spot will react to this?

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Yellow Metal's Blue Chips Are Greener Than You Think - Casey Research

Yellow Metal's Blue Chips Are Greener Than You Think - Casey Research | Gold and What Moves it. | Scoop.it
Is the bearish sentiment against gold miners warranted?

 

By Alena Mikhan, Casey Metals Team Researcher, and Andrey Dashkov, Research Analyst

 

Disenchanted with gold's lackadaisical performance over the last year, some investors are losing interest in the equities that are supposed to provide leverage to the metal's price movements. The press has added fuel to the fire by increasingly attacking gold-mining CEOs for rising production costs and weak stock prices. This has driven some investors to pursue ETFs or other vehicles as a replacement for gold stocks, while others have simply thrown their hands up and left the precious-metals space. Is this overreaction or rational decision-making?

 

In this article, we set out to objectively evaluate how gold-mining majors have been performing operationally in the current commodity bull market that started roughly at the beginning of 2002. We compare them against the S&P 500 – the mainstream "blue chip" index – to see if gold miners deserve the beating they've received. We also look at what may lie ahead for one of our favorite subsectors of the gold universe. ...

Hal's insight:

Click over for the rest of the article on miners.

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Silver eagle sales are now through the five million coin/ounce mark - Ed Steer's Gold & Silver Daily

Silver eagle sales are now through the five million coin/ounce mark - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

... at the U.S. Mint on Monday.  They sold another 13,000 ounces of gold eagles...3,000 one-ounce 24K gold buffaloes...and 300,000 silver eagles.  Silver eagle sales are now through the five million coin/ounce mark at 5,082,000...along with 150,000 ounces of gold eagles and buffaloes combined to date.  These are serious numbers...and we're only halfway through January.

Hal's insight:

Physical. Physical. Physical.

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China sets up new unit to hike Gold share in foreign reserves

Analysts said the world's second largest economy needs to add to its gold reserves to ensure national economic and financial safety, promote yuan globalization and as a hedge against foreign- reserve risks.

 

BEIJING(BullionStreet): As part of it's attempt to increase share of gold in foreign exchange reserves, China have set up a new unit called Co-Financing office.

 

CHINA'S top currency regulator State Administration of Foreign Exchange, (SAFE) said the new office would supervise entrusted loans of country's foreign currency reserves that provide credit for Chinese businesses investing overseas.

 

The loans will be provided in line with market principles, the regulator said. ...

Hal's insight:

The Red Dragon continues to seek ways to add to its horde.

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People fights [sic] for Gold in Iran

People are virtually fighting for gold after the central bank opened several special counters across the nation to sell Bahar-e Azadi coins to citizens.

 

TEHRAN(BullionStreet): Gold prices in sanctions hit Iran reached historic heights as each Azadi gold coin was sold at the price of 13.05 million rials at the free market here Sunday.

 

Analysts said Iranians still opt for gold as they have traditionally saved in the precious metal, especially in coin forms as it is easy to hide and easy to trade during trouble.

 

They added that many people in Tehran started to invest in gold coins as the value climbed almost 100 percent in two years. ...

Hal's insight:

More evidence of the currency war going on with Iran and the rest of the Western world.

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Gold Is The Only Asset With No Counterparty Risk

Gold Is The Only Asset With No Counterparty Risk | Gold and What Moves it. | Scoop.it

While the introduction of a trillion-dollar coin has been shrugged off as nonsense, there are plenty of nonsensical concepts employed in our monetary system. Here we’ll shed light on a few of them.

 

Governments – or their central banks – can print a $100 bill. The value of such a piece of paper is worth exactly as much as the supply and demand of a currency dictates. Dollar bills are legal tender for payment of debt, but if someone does not like that the $100 bill is not backed by anything, then anyone is free to decline a $100 bill in exchange for services, and barter instead.

 

The problem arises when the government decrees that something is worth a certain amount, unless it becomes the basis of the government’s entire framework of reference, as in a gold standard. In my humble opinion, no one, let alone a government can precisely value anything. The value of goods, services, even debt, is in the eye of the beholder, and varies based on supply and demand: ...

Hal's insight:

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Ireland remains silent on Gold reserves with BoE

The bank further said it had not entered into any lease arrangements regarding any of its gold but would not provide specific details of its storage arrangements with the Bank of England.

 

DUBLIN(BullionStreet): Irish authorities remained silent over it's gold storing arrangements with the Bank of England despite recent controversies.

 

The Central Bank of Ireland stuck with the two earlier statements which said the value was 235 million pound last time it checked. This represents just over 1 per cent of its total investments.

 

The bank further said it had not entered into any lease arrangements regarding any of its gold but would not provide specific details of its storage arrangements with the Bank of England.

Hal's insight:

If you don't hold the gold, than do you really own it?

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SA Gold production dips 32.2% in Nov

Analysts said the impact of a wave of wildcat strikes that swept the sector last year remained and reflecting in the outcome.

 

JOHANNESBURG(BullionStreet): Former top gold producer, South Africa's production continued to fell [sic] on the impact of the illegal mine strikes last year.

 

Statistics South Africa said country's gold output fell by 32.2% in volume terms in November, while total mineral production rose 1.1% compared with the same month last year.

 

Production of non-gold minerals was 4.5% lower, Statistics South Africa said. Production of platinum group metals climbed 3% in November. ...

Hal's insight:

I figured those strikes would continue to be a factor. I imagine that more strikes will be in the future of mining this year as well.

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Swiss Gold Refiners Overwhelmed, Major Delays In Deliveries

Swiss Gold Refiners Overwhelmed, Major Delays In Deliveries | Gold and What Moves it. | Scoop.it

Today Egon von Greyerz told King World News that Swiss gold refiners have been overwhelmed with orders for physical gold and buyers are now experiencing major delays in deliveries.  Here is what Greyerz, who is founder of Matterhorn Asset Management in Switzerland, had this to say in this remarkable, exclusive interview:  “I had stated previously that gold would bottom in the last week of December, and this is what happened.  That daily, intraday low that we’ve seen was a screaming buy both fundamentally and technically.  I can tell you there were many banks and other parties taking advantage of this low, Eric.


“This is important information for your (readers and) listeners:  There has been major buying in the physical market as gold came down in the last week of December, and the first week of January.  The Swiss refiners are now working at absolute full capacity.

 

There is a delay in fulfilling orders. ..."


Hal's insight:

Click through for the rest from King World News.

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Nonovercomplication from TF Metals

Nonovercomplication from TF Metals | Gold and What Moves it. | Scoop.it
Sometimes the answers are right in front of your face.

 

... Note how closely gold, silver and platinum tracked each other through 2012. However, suddenly on 1/3/13, they began to disconnect. Now, maybe there's some fundamental reason for this that I'm overlooking? Maybe, though, the beatdown at year-end and following the FOMC minutes was a deliberate washout attempt on gold and silver only? I'm going with the latter. And maybe now it's simply time for gold and silver to catch up? ...

Hal's insight:

Click through for the full analysis from TF Metals

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A China Gold bar that rusts

A gold bar sold by China's state-controlled China National Gold Group showed signs of rust.

 

BEIJING(BullionStreet): A gold bar sold by China's state-controlled China National Gold Group showed signs of rusting, reports Beijing Times.

 

According to the tabloid, In October 2010, a man identified only by his surname, Shen, purchased what he believed to be pure gold product manufactured by China National Gold from a Beijing department store for 14,900 yuan ($2,400).

 

The bar was stored in a bank safe until Dec. 18, when Shen noticed that it had developed red spots and what appeared to be rust corrosion on the base. As the most non-reactive of all metals, gold should never rust unless it has been mixed with other metals or has been contaminated with additives.

 

On Dec. 24, Shen took the gold back to the store and was offered a refund once staff verified that it was the same item he originally purchased.

 

Shen refused, saying that all he wanted was an explanation. ...

Hal's insight:

LOL China not minting pure gold? LOL go figure.

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KEY GOLD BREAKOUT

KEY GOLD BREAKOUT | Gold and What Moves it. | Scoop.it

Submitted by Stewart Thomson

Gold has risen above HSR (horizontal support & resistance) at $1675, and did so while bursting above a key short term trend line.  The arrival of the gold price at key HSR, in the $1630-$1650 area, was accompanied by rampant bearishness amongst most gold investors. The Hulbert sentiment index for gold is currently at one of the lowest points in the history of the index.


The general sentiment for gold still appears to be very negative.  That’s great news for gold, because markets tend to rise strongly, on the biggest walls of worry!

 

Most gold timers that I keep an eye on, are still looking to short rallies, rather than buy declines.  I think they are making a serious technical error with this strategy.  Gold is the lowest risk asset in the world.  It’s arguably the “ultimate asset”.  There are not many really good shorting opportunities in a gold bull market.

 

1.   The American government credit card limit, aka the debt ceiling, was just increased.  Politicians around the world are loudly cheering this supposedly great news. ...

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Trader Dan's Market Views: Silver Builds on Previous Gains; Nears Breakout Point

Trader Dan's Market Views: Silver Builds on Previous Gains; Nears Breakout Point | Gold and What Moves it. | Scoop.it

"... This latest move higher in the index must therefore be closely monitored as any change in the technical posture of this chart, will be the first sign of inflationary pressures beginning to surface in the economy at large. If, and this is a big, ""IF", the index pushes past BOTH resistance levels noted on the chart and breaks out of the channel, especially if it clears the region near 578, expect to hear increased chatter about inflation. This should especially benefit silver, which is much more sensitive to inflation pressures than is gold, or least has been if recent past is any indication.

 "Quite frankly, I have been a bit surprised that it has taken so long for the sector to see much in the way of money flows, especially with the equity market moving so strongly higher on the thesis that the global economy is recovering. If it is, especially in the case of China, then commodities as a whole would also benefit under such a scenario. ..."
Hal's insight:

Click through for the full analysis and chart.

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Bundesbank develops new concept to bring back German Gold

Bundesbank develops new concept to bring back German Gold | Gold and What Moves it. | Scoop.it
The US Federal Reserves holds 45 percent of Germany's 3396 tons of gold while the Bank of England holds 13 percent and the Bank of France holds 11 percent. The rest is with the Bundesbank headquarters in Frankfurt.

 

BERLIN(BullionStreet): After criticisms flared up over it's silence over country's huge gold reserves stored abroad, the German central bank said it has devoloped a new concept on the issue, reports Handelsblatt.

 

According to the German language business newspaper,the Bundesbank has devoloped a plan to retrieve large parts of the German gold reserves stored for safety in the US, UK and France.

 

The plan, according to which Germany will hold more gold reserves, will be announced soon. ...

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Iran to phase out dollar, euro, to add more Gold

Iran to phase out dollar, euro, to add more Gold | Gold and What Moves it. | Scoop.it
The Iranian minister noted that a change in trade model would reduce the country's need to vehicle currencies, including dollar and euro.

 

TEHRAN(BullionStreet): Sanctions hit Iran announced plans to phase out dollar and euro in it's trade exchanges and to add more gold to reserves.

 

According to country's economic affairs and finance minister Shamseddin Hosseini, Iran plans to phase out dollar and euro in its future international transactions after the US and the European Union imposed sanctions on Iran.

 

Talking to newsmen here, he said after the imposition of sanctions on Iran by the US and the EU, the Central Bank of Iran immediately moved to change the country's hard currencies reserves into euro and gold which “was beneficial to the country. ...

Hal's insight:

No surprise.

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Politicians Already Committed to Inflation-Catherine Austin Fitts

http://usawatchdog.com/guns-protect-honest-people-catherine-austin-fitts/ ;


Catherine Austin Fitts of Solari.com says the real fight over the fiscal cliff is how we are going to pay for the mess. Fitts thinks, "Politicians have already committed to inflation." Fitts predicts, "The chances of another financial collapse are very small because every time we come up to a moment where a financial collapse starts to be a real risk, what happens? We get war." Join Greg Hunter of USAWatchdog.com as he goes One-on-One with financial expert Catherine Austin Fitts.

Hal's insight:

Worth a watch.

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QE is for the Banksters and nothing else. « Jim Sinclair's Mineset

QE is for the Banksters and nothing else. « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Commenting on an article by Matt Taibbi, Jim Sinclair wrote:

 

"This has been our thesis and mindset from 2008 forward. QE is for the Banksters and nothing else. The problem is there is no other tool able to create unlimited liquidity at the push of a computer button via electronic money transfers.

 

"The world as we knew it ended with the flushing of Lehman. There is no way back.

 

"Gold will go to and above $3500. The single reason for this monetary and human disaster is the manufacturing and distribution of OTC derivatives, a fraud from day #1. ..."

Hal's insight:

Click over for the article.

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Germany Wants Their Gold Back | LiveCharts.co.uk

Germany Wants Their Gold Back | LiveCharts.co.uk | Gold and What Moves it. | Scoop.it
The significance of this can not be over-stated.  This is a breakdown of trust between Germany and those who have held their sovereign gold reserves for the

Via Tom Luongo
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Eric De Groot: Review of Gold

Eric De Groot: Review of Gold | Gold and What Moves it. | Scoop.it

"... The invisible hand uses spreads to profit from phase transitions within a trend.  These transitions include inflection and acceleration points (chart 3).  A spike in spreading activity will hint an acceleration point is near. ..."

Hal's insight:

Click through for all his points and charts.

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Vietnam Bullion trade in disarray since new regulation

Analysts questioned this claims and said gold bar holders are having trouble finding a proper place to sell their precious metal.

 

HANOI(BullionStreet): Gold bullion trade in Vietnam continued to get affected as majority businesses were kicked out of gold trading market following the new regulation.

 

Analysts said more than eighty percent gold shops were banned from gold bullion transactions after failed to meet financial requirements necessary to maintain business after the implementation of the January 10 regulation.

 

However, country's central bank, State Bank of Vietnam claims that there are 2,500 facilities available countrywide, licensed to trade gold bullion, are enough to serve public need. ...

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Federally Assistance Or Just A Hedge Fund? « Jim Sinclair's Mineset

My Dear Friends,


The early morning operation took place today taking gold off the $1704 level. Many of us are convinced that what we are seeing has Federal assistance. That means to us that the Fed is lending gold to the gold banks to facilitate the operation. Because of that there is a fear of taking on the operation.

 

I got a call last evening from a friend in the huge private hedge managed money telling me that we have all been bamboozled. The size of hedge funds today can easily mimic what would be considered Federally sponsored. The Fed is quite pleased, but is not the infinite power behind the bear operation that started at $1800.

 

It is a wild man/women with very big, but not infinite funds that is operating the gold market. That which the longs fear is air, and nothing more than a major huge hedge fund operation.

 

It is certainly is worth considering. Apple is not off from $750 on its own power. Herbalife did not drop off its recent high without significant help.

 

In another life at 35 years old I did similar things on the long side. I used banks common then to the Middle East to run gold hard on the upside. I even hired an actor to dress up like a Saudi Sheik. I hired armed private guards. I hired a stretch limo. Nobody knew it was a spoof except the actor, myself and my partner . We arranged ...

Hal's insight:

Read this missive from Jim Sinclair carefully, folks. Click through for the full piece.

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Gold as a Weapon in the Currency War: Chris Mancini - The Gold Report

Gold as a Weapon in the Currency War: Chris Mancini - The Gold Report | Gold and What Moves it. | Scoop.it
There is a war raging behind the scenes among the world's currencies. Chris Mancini, an analyst with the $400-million Gabelli Gold Fund, believes that gold will emerge the victor.

 

... TGR: You don't hear many pundits predicting a falling gold price in 2013, yet we continue to see volatility in the space. What's your forecast for the gold price in 2013?


CM: We're very constructive on the gold price in all currencies. All over the world, money is being printed, and gold is the one currency that can't be reprinted or replicated. The money that's being printed will ultimately lose its purchasing power, and gold should retain its purchasing power. Gold should continue to go up relative to currencies that will be losing their value. More debt leads to more money printing, and more money printing leads to continued devaluation of currency. It's a positive macroeconomic environment for gold.


TGR: Some investors don't view gold as a currency. They view it as a metal, a relic.

 

CM: Historically, gold has been the ultimate currency and, at some point in the future, will again be the ultimate currency. It's not legal tender, but that still doesn't mean it's not something that will hold its value over time relative to paper. ...

Hal's insight:

Click over for the full interview.

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