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Articles relating to gold, what moves it its prices and what to expect next.
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Video of the Week: Man Has Got To Know His Limitations

Video of the Week: Man Has Got To Know His Limitations | Own Gold LLC | Scoop.it
Like Pavlov's dogs, investors have become conditioned to the machinations of Federal Reserve Chairman Ben Bernanke. When Ben barks....I mean talks, investors listen. In fact, Ben doesn't even have to speak anymore as investors, like the ...
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Gold Prices Search for That Illusive Ignition - The Market Oracle

Gold Prices Search for That Illusive Ignition
The Market Oracle
Let me start by stating that I am a gold and silver bull and that the precious metals sector has been very good to me.
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Gold Extends Best Week Since 2011 as Stimulus Seen Sustained - Bloomberg

Gold Extends Best Week Since 2011 as Stimulus Seen Sustained - Bloomberg | Own Gold LLC | Scoop.it
Economic Times
Gold Extends Best Week Since 2011 as Stimulus Seen Sustained
Bloomberg
Spot gold climbed 5.1 percent last week after Bernanke said that highly accommodative monetary policy is still required for the foreseeable future.
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Paper Vs. Physical Gold: Picturing The COMEX/SGE Divide | Zero Hedge

Chinese gold demand, from both individuals and central banks, garnered increasing attention as the gold price rose consistently in the last twelve years.

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Diamonds and gold record big production drop in South Africa

Diamonds and gold record big production drop in South Africa | Own Gold LLC | Scoop.it

In May South Africa's mining production decreased 0.7% compared to a year ago with diamonds, gold and other metallic minerals recording the largest negative growth rates says the country's statistics bureau.

 

Thursday's report found that gold was off 14.6%, diamonds were down 19.7% and other metallic minerals collapsed by 32.3%.

 

The mineral groups with the sharpest gains were manganese ore up by 31.9% and chromium ore with an increase of 22.1%.

 

"Seasonally adjusted mining production increased by 4,5% in May 2013 compared with April 2013," wrote the reports authors.

 

"This followed month-on-month changes of 2,8% in April 2013 and -4,6% in March 2013 ...


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Currency Wars, #Gold Peace & Total Collapse

Currency Wars, #Gold Peace & Total Collapse | Own Gold LLC | Scoop.it

By Egon von Greyerz:

 

... investors must not listen to the noise and try to interpret every single word that these politicians/central bankers utter.  Because there is absolutely no chance whatsoever that they can change the direction of the inevitable.  I wrote an article in May 2010 called “Alea lacta Est” (the die is cast).  So the die was cast many years ago and there is nothing governments can do today to stop the continued decline of the world economy and the collapse of all major currencies. 

 

Since the creation of the Fed in the US in 1913 (a privately owned central bank set up for the benefit of commercial bankers), all currencies have declined 97-99% in real terms.  And real terms, of course, means gold which is the only money that can’t be printed and the only money that has survived for 5,000 years.  The century old collapse of paper money is shown clearly in the graph below (courtesy World Gold Council). ...


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Hal's curator insight, July 12, 2013 2:54 PM

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Central Bank Gold Demand — A Quick Note

Central Bank Gold Demand — A Quick Note | Own Gold LLC | Scoop.it

Official-sector gold demand for April and May totaled some 24 tons according to preliminary data from the International Monetary Fund.  This is roughly 10 percent less than the same two-month period last year.

However, I suspect a few central banks either have not reported and/or may have recently resumed or accelerated their long-term gold acquisition programs.

 

Moreover, It is likely that some prospective central-bank buyers have been holding off, waiting for an indication that gold prices have hit a bottom.

More Than Meets the Eye

It is also possible that one or another official buyer have yet to report their April-May gold acquisitions . . . 


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Hal's curator insight, July 11, 2013 11:08 AM

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The Golden Truth: GOFO Explained And Why It's Now Very Bullish For Gold

The Golden Truth: GOFO Explained And Why It's Now Very Bullish For Gold | Own Gold LLC | Scoop.it
This (the price correction in gold) is good news. Gold is doing what it should do. And it is giving us another good opportunity to buy a life vest before the boat sinks.                              - Bill Bonner, LINK 

 

Something curious and very rare has occurred in the "bowels" of the gold market.  The Gold Forward rate (GOFO) has gone negative.  This has occurred only four times in the last 14 years.  Each time a negative GOFO has been connected to significant bottom in the gold market:  in 1999 a secular transition from a 20-year bear market into a yet-undetermined in length bull market;  in 2000 + 2001 it correlated with a move that lead to the 1st cyclical bull market high of $1020 in 2006;  in 2008 it correlated with the price correction from the 2006 high and marked the climb to the all-time record cyclical high of $1900 in 2011;  and now.

A negative GOFO rate means that gold in hand today is worth more than U.S. dollars in hand.  Think about that the next time someone tries to explain to you why gold has no value.  This is a sophisticated transaction being executed by sophisticated banks.  They are not in the business of leaving money on the table for others.  If they are willing to pay money to get their hands on gold, it means they are placing a higher value on gold than on dollars.  That's just the law of the time value of money in action.

The severity and degree of manipulation that has been required to "help" along the current 2-yr price correction in the metals sector is testament to ...


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Hal's curator insight, July 11, 2013 11:32 AM

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The wheels are coming off the whole of southern Europe - Telegraph

The wheels are coming off the whole of southern Europe - Telegraph | Own Gold LLC | Scoop.it

Europe’s debt-crisis strategy is near collapse. The long-awaited recovery has failed to take wing. Debt ratios across southern Europe are rising at an accelerating pace. Political consent for extreme austerity is breaking down in almost every EMU crisis state. And now the US Federal Reserve has inflicted a full-blown credit shock for good measure.


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Why the USA is like Argentina - Of Wealth

Why the USA is like Argentina - Of Wealth | Own Gold LLC | Scoop.it

Argentina is infamous in the history of financial crises. Hyperinflations, devaluations, debt defaults, banking crises. You name it and the Argentines have probably been through it in the past half century. The last meltdown was in 2002. The currency collapsed, dollar bank deposits were “pesified” and rioters were burning tyres in the streets and shooting at the shuttered entrances of the banks.

 

Argentine politicians are renowned for their populist short-termism, desire to fight market forces, and consistent belief that they can reinvent the laws of economics. And for their apparently short memories…

 

As a result, the average taxi driver in Buenos Aires understands more about financial mismanagement than the crowd at a conference of nobel prize winning economics professors and central bankers.

 

The USA is still the world’s largest economy and issues the world’s main reserve currency, the US dollar. The capital markets for stocks (shares) and bonds are the biggest and most liquid (easily traded) in the world. The country is seen as being advanced in all things financial. And yet there are surprising similarities with the way that Argentina runs its finances these days. In fact in some ways the US is even worse. ...


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Hal's curator insight, July 9, 2013 12:17 PM

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PRECIOUS METAL: PROTECTION OR PROFIT? - The Prospector Blog

PRECIOUS METAL: PROTECTION OR PROFIT? - The Prospector Blog | Own Gold LLC | Scoop.it

I’m no DOW fan, but it’s undeniable that investors have profited greatly since the days of 2008 volatility. Is it possible these same brave investors realized that stock holdings within profitable companies should not have declined in such a waterfall fashion, as they did fall 2008? Smart stock investors realized that such a bargain was a closing window of discounted opportunity.

Today’s physical silver or gold opportunity reminds me of the discounted blue-chip stock offerings of late 2008. I won’t speculate when precious metal prices will rebound but I can guarantee one thing. An ounce of physical silver, or gold, is worth far more today than what a person can buy it for, just like a 2008 blue chip stock.

Profit or protection:

If you’re protection minded, PM speaking, then the latest PM price drop means little…… maybe even nothing. Your plan is all about long-term fiscal prudence all while realizing a currency built on overpopulation (printing) cannot sustain value or buying power forever. A temporary waterfall decline within your PM plan – although disheartening – means little when compared to your plan of preservation, self-reliance, and independence. ...


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Hal's curator insight, July 9, 2013 11:16 AM

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China's latest net gold imports through Hong Kong - Ed Steer's Gold & Silver Daily

China's latest net gold imports through Hong Kong - Ed Steer's Gold & Silver Daily | Own Gold LLC | Scoop.it

Ed Steer writes:

 

Well, China's latest net gold imports through Hong Kong were posted yesterday morning Far East time...and they indicate that China imported 108.8 metric tonnes of gold in May via that route. 


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Hal's curator insight, July 9, 2013 12:02 PM

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Is the Inflationary Phase Finally Here?

Is the Inflationary Phase Finally Here? | Own Gold LLC | Scoop.it
Last year I correctly spotted the three year cycle low in the CRB. I must admit the retest of that bottom has taken much longer and been far deeper than I thought it would be. However, I think the retest is over.
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Hedge Funds Bought Gold in Biggest Rally Since 2011: Commodities - Bloomberg

Hedge Funds Bought Gold in Biggest Rally Since 2011: Commodities - Bloomberg | Own Gold LLC | Scoop.it
Hedge Funds Bought Gold in Biggest Rally Since 2011: Commodities
Bloomberg
By Joe Richter - 2013-07-14T20:00:00Z. Hedge funds raised bets on higher gold prices for a second week as comments from Federal Reserve Chairman Ben S.
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Gold price jumps 0.72 per cent in futures trade on global cues - Business Today

Gold price jumps 0.72 per cent in futures trade on global cues - Business Today | Own Gold LLC | Scoop.it
Business Today
Gold price jumps 0.72 per cent in futures trade on global cues
Business Today
Gold price jumps 0.72% in futures trade.
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Gold Soars to Three-Week High, Silver Rallies 4%

Gold Soars to Three-Week High, Silver Rallies 4% | Own Gold LLC | Scoop.it

Gold, silver and palladium notched gains Thursday for a fourth straight session. Platinum was also higher after inching lower Wednesday.

 

Gold for August delivery surged $32.50, or 2.6%, to close at$1,279.90 an ounce on the Comex in New York. The settlement price was the highest since June 21 when gold closed at $1,292.00 an ounce. The yellow metal bracketed intraday prices of $1,262.10 and $1,297.20.

 

"Sentiment will now be to the upside, and the market will be looking for an attempt on $1,300," David Govett, head of precious metals at Marex Spectron Group in London, said today in a report according to Bloomberg News ...


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Don’t Be Complacent—A Market Correction Is on Its Way

Don’t Be Complacent—A Market Correction Is on Its Way | Own Gold LLC | Scoop.it

The time to act is close at hand. As long-time readers of my pages are aware, one of my primary concerns about the current economy has been the complacency of investor sentiment. If you look back to any period just prior to a significant market correction, what you will usually find is that investor sentiment had grown almost immune to the possibility of a negative event.

 

As volatility decreases over time, through a steady climb up for stocks, many investors seem to forget that shocks to the system do occur regularly. This complacent level of investor sentiment lulls people to sleep—until they are awoken by the realization that there are extreme risks present. And that leads to sharp market corrections.

 

At this point in time—at least from the U.S. perspective—things do appear to be getting better. But there are increasingly worrisome signs that much of the rest of the world is actually moving backwards—toward worsening economic conditions.

 

The latest news from China shows that the country experienced a much worse-than-expected decrease in exports—3.1% in June year-over-year—one of the worst readings since the depths of the recession in 2009. In addition, imports to China dropped 0.7% year-over-year.

 

China is in the middle of a significant restructuring program, and they are not keen on pumping additional stimulus into their economy unless they see an emergency scenario.

 

Their approach is significantly different than what we’ve seen over the past decade, and could lead to lower estimates of gross domestic product (GDP) growth. Of course, that news affects more ...


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Potential Upside Targets for #Gold & Gold Stocks | The Daily Gold

Potential Upside Targets for #Gold & Gold Stocks | The Daily Gold | Own Gold LLC | Scoop.it

Obviously, we can’t know if the bottom is in but I’ll repost a chart which is my best argument for why we can expect a big rebound over the coming months. The chart shows all of the worst bear markets in gold stocks. At the top right I’ve annotated the ensuing recoveries. As you can see, D (the HUI from its 2011 top to last Friday’s close) is extremely close to B and C in terms of depth and duration. B and C occurred in a secular bull market and were followed by 606% and 560% gains. D is also close to E which was followed by a 205% gain in seven months. A, the 2008 collapse was followed by a 324% gain in less than three years. ...


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Jesse's Café Américain: COMEX Gold Inventories - A Towering Citadel of Paper

Jesse's Café Américain: COMEX Gold Inventories - A Towering Citadel of Paper | Own Gold LLC | Scoop.it

Lower and lower, to new record lows. 

Weighed, and found wanting.

Who is running this sideshow?

And where will it end?


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Hal's curator insight, July 10, 2013 12:33 PM

This really is amazing. Click through for the full size charts.

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Trader Dan's Market Views: "TO QE or not to QE, that is the Question"

Trader Dan's Market Views: "TO QE or not to QE, that is the Question" | Own Gold LLC | Scoop.it

Even though I have become accustomed to this madness since the Fed first started its QE programs back in late 2008, I still marvel in wonder at the reaction of the investment/trading world to the words that proceed out of the mouth of a mere mortal, who puts his underwear and socks on just like the rest of us lesser beings.

The initial reaction of gold to the much anticipated FOMC minutes today was one of apparent confusion. It first spiked higher only to then fade and lose most of its gains after the minutes hit the wire. Trading seemed to reflect the confusion arising from what I can only term, "convoluted" remarks from the FOMC. On the one hand there were comments about tapering the program by the end of this year; on the other were the usual remarks about the dependency on economic data releases. Basically what the market got was a big, large batch of NOTHING. No one was the least bit clearer or the least bit more insightful into when the Fed would or would not begin to taper. The erratic trading was proof of that to me.

Wait a little while and PRESTO; out popped ...


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Hal's curator insight, July 11, 2013 11:36 AM

Be sure to click over and view the chart and the rest of Trader Dan's post. 

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oftwominds-Charles Hugh Smith: What Every Student in America Needs to Know About the Federal Reserve

oftwominds-Charles Hugh Smith: What Every Student in America Needs to Know About the Federal Reserve | Own Gold LLC | Scoop.it

People are confused about the Fed, and I think it would be better if everybody had a clear understanding of what the Federal Reserve is and what it is not.First of all, the Federal government thinks of the Federal Reserve as a service bureau, whose function it is to print money that the government can spend. As long as the Federal Reserve performs that function--reliably printing, let's say, a trillion or more each year to top off the Federal budget--then Congress will be happy with the Federal Reserve (their rainmaker) and will follow its advice and try to keep it happy.

 

It should be emphasized here that the whole Keynesian smokescreen and sideshow has very little to do with the reality of the relationship here. The Federal Reserve's job is not just to lend Uncle Sam some money during a recession so as to provide temporary stimulus. The Fed is a milk cow for Uncle Sam. Its job is to give milk all the time.

So to summarize this first point, the Fed is a service bureau ...


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Hal's curator insight, July 11, 2013 11:42 AM

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The only thing that I do know for sure is that those that are doing it, have the deepest pockets on Planet Earth - Ed Steer's Gold & Silver Daily

The only thing that I do know for sure is that those that are doing it, have the deepest pockets on Planet Earth - Ed Steer's Gold & Silver Daily | Own Gold LLC | Scoop.it

Ed Steer's comment on gold and silver market:

 

Maybe it's just me, but it's obvious from the above [click over to see the full size chart he is mentioning], that there are massive amounts of gold and silver being moved around at an ever-faster pace...and that's just what's being reported in the public domain.  You have to wonder what the reasons are...and who is behind it all.  The only thing that I do know for sure is that those that are doing it, have the deepest pockets on Planet Earth.


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Monetary Base Skyrocketing As Unemployment Hits 23.4%

Monetary Base Skyrocketing As Unemployment Hits 23.4% | Own Gold LLC | Scoop.it

With tremendous volatility continuing in global markets this summer, John Williams, of Shadowstats, warned that unemployment just hit a shocking new high of 23.4%, even as the monetary base continues to go parabolic.  Below is a key portion of this tremendous report and KWN wanted to pass it along to our global readers: 

 

Here is the ominous warning from John Williams of Shadowstats:  

 

Banking-System Stress.  With Fed monetization of U.S. Treasury debt at 90.5%, and with June monetary base annual growth soaring above 20%, the lack of meaningful movement in June M3 annual growth is suggestive of an intensifying liquidity crisis in the bank system, as discussed in the Hyperinflation Watch.

 

No Economic Recovery Here.  The June 2013 report on labor conditions, published July 5th by the Bureau of Labor Statistics (BLS) included some harsh indications of economic deterioration in the broader unemployment detail (ShadowStats measure hit a record high for the series), along with heavy seasonal-factor distortions in the headline payroll data. ...

 


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Hal's curator insight, July 9, 2013 11:20 AM

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The smart money is quietly buying more gold - Telegraph

The smart money is quietly buying more gold - Telegraph | Own Gold LLC | Scoop.it
The herd is selling gold – so should you be buying, asks Richard Dyson.

 

Five or six years ago, few private investors were very concerned about the price of gold. Then came the financial crisis. When major banks were failing, a sense of apocalypse focused investors' minds on the value of physical assets as never before.

 

But other factors were at work. The evolution of new investment vehicles and trading platforms suddenly made it easy for private investors to buy small parcels of real gold. With "physical gold" exchange-traded funds, for instance, investors buy shares quoted on the London Stock Exchange, where each share is backed by solid gold stored in a Docklands bank vault. You could buy and sell gold as easily as you could blue-chip shares.

 

As the crisis rumbled on, increasing numbers of private investors used these ETFs to speculate, or as part of their planned portfolios, so that from owning about 800 tons of gold in 2007, total ETFs owned almost 3,000 tons by 2012. The gains enjoyed by the investors during that period were terrific, sucking in yet more money, stimulating further appetite, and so on.

 

Now the gold price is in reverse and ETF investors are selling their holdings fast. There is a sense in which these investors' actions are self-fulfilling, because although ETFs – big as they are – account for a small proportion of the ...


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