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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Safe haven demand for Gold seen amid fresh Cyprus chaos

Safe haven demand for Gold seen amid fresh Cyprus chaos | Gold and What Moves it. | Scoop.it
Ahead of the US Federal Reserve's 2-day policy meeting, 10-year Treasury yields edged down to 1.94% per year.

 

by Adrian Ash:

 

London Gold Market Report

The gold price continued to hold above $1600 per ounce in Asian and early London trade on Tuesday, easing back from Monday's 3-week high as world stock markets struggled again amid fresh uncertainty and rumor over Euro-member Cyprus' banking crisis.

Silver below $29 per ounce held flat alongside other commodities, while major-government bond prices rose.

Ahead of the US Federal Reserve's 2-day policy meeting, 10-year Treasury yields edged down to 1.94% per year.

Consumer price inflation was reported at 2.0% on Friday.

"[The Eurozone's] long-running problems...are not going to be resolved quickly," said New Zealand's finance minister Bill English in an interview this morning.

"I think over the next five to seven years, you're going to see these occasional outbreaks of [Eurozone] anxiety in quite unexpected ways." ...

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Money-Pumping Update | Steve Saville | Safehaven.com

Money-Pumping Update | Steve Saville | Safehaven.com | Gold and What Moves it. | Scoop.it
by Steve Saville:...The money pumping temporarily creates the illusion of a real recoveryCreating money out of nothing and pumping it into the economy can't possibly help the overall economy. Some individuals will be helped at the expense of others, but the net effect over the long term will be a weaker overall economy. This is because the monetary inflation distorts the price signals upon which producers and investors rely. The only question relates to exactly how prices will be distorted. Which prices will rise the most and when will these price rises occur?

 

The answer to the above question is never known in advance of the money-pumping, even by those doing the pumping. However, educated guesses can be made. When the economy has been greatly weakened due to the effects of earlier monetary-inflation-caused price distortions (mal-investments), gold will almost certainly be a major long-term 'beneficiary' of the money-pumping. That's unless gold has already become so expensive that it has fully discounted the future economic problems. In such circumstances gold will also often be a major short-term beneficiary, although that certainly hasn't been the case over the past six months. Over the past six months the stock market has been the biggest beneficiary of the monetary inflation. This has surprised us more than it really should have. ...

Hal's insight:

"Illusion of recovery" is a great choice of words.

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The Golden Truth: Will The Cyprus Bailout Trigger The Next Financial Crisis?

The Golden Truth: Will The Cyprus Bailout Trigger The Next Financial Crisis? | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

In an a deal that needs to still be approved by the Cypriot Parliament, an international banking consortium led by the IMF agreed to bailout of Cyprus.  Part of the deal includes the imposition of a levy on bank on bank savings accounts:  10% on bank balances in excess of 100,000 euros ($131,000) and 6.75% on balances below 100,000 euros.  Cypriots lined up at ATM machines over the weekend - they can withdraw cash until the ATMs run out of cash up to the amount that has already been set aside for the levy.

This story has received close to no coverage in the U.S. despite the potential implications for people who keep their money in banks in every country.  As a result of this situation in Cyprus, there's now fear that depositors all over southern Europe will take their money out of banks out of fear of this type of deal becoming a model for the next round of sovereign bailouts in general.  ...

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oftwominds-Charles Hugh Smith: The Deeper Meanings of Cyprus

oftwominds-Charles Hugh Smith: The Deeper Meanings of Cyprus | Gold and What Moves it. | Scoop.it

The deposit-confiscation "bailout" of Cyprus reveals much about the Eurozone's fundamental neocolonial, neofeudal structure.


At long last, Europe's flimsy facades of State sovereignty, democracy and free-market capitalism have collapsed, and we see the real machinery laid bare: the Eurozone's political-financial Aristocracy will stripmine every nation's citizenry to preserve their power and protect the banks and bondholders from absorbing losses. The deposit-confiscation "bailout" of Cyprus confirms the Eurozone's fundamental neocolonial, neofeudal structure and the region's political surrender to financialization. The E.U., Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012) Let's list what Cyprus reveals about the true state of financial-political power in Europe:1. The Core-Periphery terminology masks the real structure: the E.U. operates on a neocolonial model. In the old Colonialism 1.0 model, the colonizing power conquered or co-opted the Power Elites of the periphery regions, and proceeded to exploit the new colonies' resources and labor to enrich the Imperial core. ...
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Jesse's Café Américain: Cyprus Update - The Calm Before the Storm - One Europe?

Jesse's Café Américain: Cyprus Update - The Calm Before the Storm - One Europe? | Gold and What Moves it. | Scoop.it

I am sure you are aware of the events unfolding in Cyprus, at least if you follow the financial news and the internet.

The vote in the Cyprus Parliament has been postponed until Tuesday, most likely because the votes were not there to pass a resolution that was acceptable to the EU.

The bank holiday has been extended for two more days until at least Wednesday, and it is doubtful they will reopen until the Parliament has sorted out a plan of action.

As you may recall, the President of Cyprus, Nicos Anastasiades, a member of the conservative Democratic Rally (DISY) party, was elected in February of this year with about 58% of the vote. He is known as a blunt, chain-smoking 'strong man' with strong ties to the right wing politicians of Europe. Indeed, these connections and his promise of a solution favorable to Cyprus were strong factors in his recent electoral victory.

The extenuanting factors here are that Cyprus is viewed as a bellwether for Italy and Spain. There are many who would dispute this, and point to the particularities of the size and structure of the Cyprus banking sector. But there is a widespread perception that the heavy hand of Germany is running ...

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The Coming Crisis in Japan - Kyle Bass Gleacher 621

Kyle Bass, founder and principal of Hayman Capital Management, LP, will describe why he sees a looming economic crisis for Japan..

Hal's insight:

You'll need to click over for the video. hat tip to http://trimtabs.com 

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Eric De Groot: Gold Is Ready

Eric De Groot: Gold Is Ready | Gold and What Moves it. | Scoop.it

As Jim suggests in his commentary "One Of The Most Important Events In History & Gold" 

“What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’ Russian ‘black money’ is KGB money, now in business. The leader of Russia (Putin) was a former KGB official. Who’s money do you think they have taken? This is the biggest mistake the IMF could possibly have ever made.” 

Could this be the trigger event that finally releases the potential energy stored deep within in the paper gold market?  Clearly Jim thinks so.  I would also suggest that gold has and would always be primed for the unexpected well ahead of any headline 'trigger' event that alters consensus expectations. ...

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Cyprus Gold...and Silver, too

Cyprus Gold...and Silver, too | Gold and What Moves it. | Scoop.it

TF Metals writes:

 

... This is a big deal, regardless of how Cramer and CNBS attempt to downplay it. Why? Fractional reserve banking. As depositors across Europe realize that they are potentially next in line for a similar (or worse) "haircut" if their bank fails, the realization will dawn upon them that keeping money in said bank, at 0% interest no less, is not a very good idea. As depositors begin to withdraw their cash, the entire fractional reserve system begins to seize up. ...

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The ATM use was a "run on the system" « Jim Sinclair's Mineset

The ATM use was a "run on the system" « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Jim Sinclair’s Commentary [on Cyprus]


The funds withdrawn in Cyprus by depositors via the use of ATM machines this weekend already had 10% deducted from the cash balance in the account by the banks.

 

The ATM use was a "run on the system" and not a trick to avoid the 10% confiscation.

 

Could, and would are two different things. Maybe a call from Russia has had an impact on Cyprus’ leadership.

 

Revenge can be a bitch when it is Russian style. LaGarde has made the mistake of her career. Central banks everywhere have put $4 trillion into the system to save it from the effects of the OTC derivative meltdown and the flushing of Lehman. $10 billion is about to blow that all up.

 

The greatest conspiracy in history may well end up being stupidity and hubris. It might be Europe’s consideration of Russian money as too Russian to care about.

 

The Fed will be swapping the hell out of the dollar from 11pm tonight forward.

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Ghana to establish 'Gold City'

Ghana, one of the leading gold producers in Africa is considering to establish a Gold City modelled along the lines of similar facilities in Johannesburg and Dubai.
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Fresh warnings of eventual financial system collapse | MINING.com

Fresh warnings of eventual financial system collapse | MINING.com | Gold and What Moves it. | Scoop.it
Paul Craig Roberts and Eric Sprott say the current financial system is headed for ruin.

 

by Anthony Halley:

 

Outspoken, controversial former Assistant of the US Treasury Paul Craig Roberts spoke yesterday about the problems that Western policymakers face and the inevitability of the current financial system ending in ruin.

 

"There are no economic policy solutions. You can’t deal with [the excessive money printing] by cutting spending because you already have high unemployment. How are you (the Fed) going to contain the inflation?  Are you going to jack interest rates up and wreck what little is left of the economy?  The whole thing is a disaster waiting to happen. And they (mainstream media and government officials) avoid it.  There is no talk about it.  It’s so obvious.  How can you not see it?  And yet they never mention it.  So I just feel compelled.  It’s my responsibility to mention it."

 

Roberts claims that the game of printing money cannot last and that there are already early warning signs that the US dollar is slipping in its role as the global reserve currency ...

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3 precious metal truths and their implications - Mills - Mineweb

3 precious metal truths and their implications - Mills - Mineweb | Gold and What Moves it. | Scoop.it

... Gold and silver are money, are the only true money. Today what is called money - fiat - is not money, it’s credit brought into existence by a computer key stroke ...

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Gold jumps over $1,600 on Cyprus bailout - Mineweb

Gold jumps over $1,600 on Cyprus bailout - Mineweb | Gold and What Moves it. | Scoop.it

Adrian Ash writes:


Wholesale gold leapt 1% against the Dollar and 2.3% against the Euro at the start of Asian trade Monday, as global shares sank and major-government bonds rose following the Cyprus bail-out deal announced by European politicians at the weekend.


"[German negotiators] were hand in hand with Finns," says an unnamed official quoted by theFinancial Times, "who were much more dogmatic" in forcing a levy worth €7 billion on ordinary bank depositors as part of the €17bn deal.

"Scenes of Cypriots lining up at cash machines raised the specter of capital flight elsewhere," says Bloomberg, while Reuters claims that today's Bank Holiday may be followed by a forced shutdown on Tuesday to allow parliament to discuss and vote on the depositor levy, priced at 9.9% of savings accounts over €100,000 and 6.7% below. ...

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GOVERNMENT “ADJUSTED” HOUSING STARTS SURGE « The Burning Platform

GOVERNMENT “ADJUSTED” HOUSING STARTS SURGE « The Burning Platform | Gold and What Moves it. | Scoop.it

Zero Hedge pokes another hole into the propaganda being spewed by the government and MSM about the fantastic housing recovery. Seasonal adjustments should consistent over the years since it is seasonal. Inquiring minds want to know why the seasonally adjusted numbers over the last three months are so dramatically larger than the previous two years. I’m sure Steve Liesman and the rest of the CNBC crew of bimbos and shills are digging deeply into this discrepancy.


Zero Hedge didn’t point out another fact from the press release. The MSM declares that housing starts were up 26% over last February, indicating strong demand from people wanting to buy homes. A quick perusal of the NON-ADJUSTED DATA reveals a different story. There were 96,000 housing starts in the country during February versus 78,700 last year. That is a 22% increase. Now for the best part:

Single family starts were 45,800 versus 44,200 last year. Only 48% of all the starts are homes people are going to buy. And they are only up 3.6% over last year.


The surge in housing starts are for apartments being built because very few people can afford ...

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Video: Q15: China Gold on China’s gold reserve policy CCTV News - CNTV English

Video: Q15: China Gold on China’s gold reserve policy CCTV News - CNTV English | Gold and What Moves it. | Scoop.it

Click through to watch the video.

Hal's insight:

Hat tip to https://twitter.com/Silver_Watchdog/status/314011444272316418

 

It's an interesting discussion. Of course I can't help but question, though they report the amount they have and how other nations have more, if in reality they are pursuing a much more active behind the scenes purchase program.

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After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE | Gold and What Moves it. | Scoop.it

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a "wealth tax".  ...

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Sinclair - One Of The Most Important Events In History & Gold

Sinclair - One Of The Most Important Events In History & Gold | Gold and What Moves it. | Scoop.it

... “What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’  Russian ‘black money’ is KGB money, now in business.  The leader of Russia (Putin) was a former KGB official.  Whose money do you think they have taken?  This is the biggest mistake the IMF could possibly have ever made.” ...

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Turk - Money Is No Longer Safe In Banks After Cyprus Theft

Turk - Money Is No Longer Safe In Banks After Cyprus Theft | Gold and What Moves it. | Scoop.it

Today James Turk told King World News there are bank runs happening in Europe once again.  Turk also believes this is a wake-up call to all bank depositors around the world.  He also stated that physical gold and silver buyers have now become more aggressive and are in a position to overwhelm the manipulators and central banks because of the Cyprus theft.  Here is what Turk had to say in this exclusive interview:


“There are bank runs here in Europe again, Eric.  Today is a national holiday in Cyprus, so the banks are closed.  But people are lining up at ATMs to get their money out before the ATMs run dry.  And there is talk that a bank holiday will be declared, possibly keeping them closed for days.

 

Depositors in Cyprus are going to lose some of their money as part of a proposed EU bailout of that country announced over the weekend, which like a a number of other countries, along with its banks, are insolvent and teetering on the edge of bankruptcy. ...


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COMING TO A BANK NEAR YOU « The Burning Platform

Make no mistake about it, this will happen in the United States at some point in the not too distant future. This is theft pure and simple. If you think the money you have in banks is yours, read this story and realize they will abscond with it whenever they choose to change the rules. Do you think your 401k is safe from the grubby hands of the government? You are naive. The ruling class don’t care about rules, laws or good faith. They have already pillaged most of the wealth in this country and they will not hesitate to steal the money out of your bank account. Bankers and politicians in Europe will do whatever it takes to protect the interests of the rich and powerful oligarchs. The bankers and politicians in this country are no different.


It will happen on a weekend. They will shutdown the ATMs. They will shut down the ability to electronically transfer money. Banks will close their doors. They will not announce their intentions in advance. They will proclaim that their actions are being done for the good of the country. In reality, they will be stealing your money in order to maintain their control, power and wealth. This blatant act of criminality being committed against the citizens of Cyprus by the Eurocrats is a warning shot to all citizens of the debt saturated, banker controlled developed world.


If you are one of those who believe it can’t happen here, then you haven’t studied history. It was exactly 80 years ago this month when FDR announced a banking holiday and declared that possession of gold was immediately illegal. The government set the price at which American citizens would receive when they handed over their gold to the government. Federal agents broke into safe deposit boxes and took the gold. It is much easier to steal our wealth today. In an instant they can electronically vaporize your wealth. 


As the oligarchs grow more desperate they will grow more extreme in their efforts to retain power. This is why they are trying to take our guns. They do not want an armed populace resisting when they ...

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Lear Capital | Media | Articles - Stocks, Gold and America's New Crisis Economy

Lear Capital | Media | Articles - Stocks, Gold and America's New Crisis Economy | Gold and What Moves it. | Scoop.it

How about those stocks? There's no doubt that if you're in the market right now you've experienced some growth. That's good for your portfolio and good for the dollar. But investing is about cause, effect and timing ... and soaring stocks have opened up opportunities for gold and silver that we have not seen in several years.

 

Perhaps the most compelling aspect of precious metals is that they cannot be printed or manipulated by any government. They cannot be devalued by policy, pumped up by political agenda, or thrust into volatility by social unrest. They are time-proven investments that have been part of wealth building strategies for generations. If you've never found the opportunity to acquire the world's money ... now is a very good one.

 

We know stocks have hit record highs, and gold and silver have dropped in price. But, something else has become very clear ... we are living in a crisis economy. The White House has gone on record stating that "the Debt Crisis is not immediate," but when America's Debt is the largest in the modern world for any one country and our interest payments alone are roughly $1 Billion dollars per day, I am not sure what part of that is not pressing.

 

We started 2013 by barely escaping the tumultuous Fiscal Cliff and in the two months since then we have raised the Debt Ceiling once and enacted Sequestration cuts. In just two weeks from now we must confront the Continuing Resolution and a potential government shut down. Beyond that looms a mine field of monetary mayhem with another Debt Ceiling deadline in May and reaching the inconceivable $17 Trillion dollar US Debt benchmark, which we should hit sometime this ...

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Putin brands Cyprus saving levy as ‘unfair’ — RT Business

Putin brands Cyprus saving levy as ‘unfair’ — RT Business | Gold and What Moves it. | Scoop.it

The Russian leadership has lashed out at Cyprus’ plan to tax bank deposits. President Vladimir Putin called the initiative ‘unfair’, while Prime Minister Dmitry Medvedev drew comparisons with illegal forfeit.

 

If Cypriot authorities go ahead with the tax plan and levy every deposit placed in the country’s banks, it would be “unfair, unprofessional and dangerous,” Putin said, according to presidential spokesperson Dmitry Peskov.

 

The assessment was voiced during a special meeting with senior economic aides and officials on Monday, in which the situation in the eurozone and the Cyprus banking crisis were discussed.

 

The Russian Prime Minister Dmitry Medvedev was even harsher in his comments. “This looks like a forfeiture of other people’s money,” he told the RIA news agency, calling the decision strange and controversial.  ...

Hal's insight:

We are in a currency war, folks.

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Experts survey sees gold moving up next week | MINING.com

Experts survey sees gold moving up next week | MINING.com | Gold and What Moves it. | Scoop.it

by Anthony Halley:

 

For the first time in weeks, a majority of participants in the Kitco News Gold Survey predicted higher gold prices and many believe that gold is building a base in the $1,570 range.

 

25 gold dealers, investment banks, futures traders, money managers and technical-chart analysts took this week's survey on Friday and of those, 17 see prices going up.

 

A major reason for the expected rise is the latest US consumer price index data, which indicate inflationary pressures going forward. ...

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Is Gold a byproduct of earthquakes?

The gold is formed when a tremor splits open a fluid-filled cavity in the crust, causing a sudden drop in pressure, they added.

 

Gold could be the result of repeated earthquakes, according to a study published in the journal Nature Geoscience.

 

A group of Australian scientists said solid gold can be deposited in the Earth’s crust almost instantaneously during earthquakes.

 

The gold is formed when a tremor splits open a fluid-filled cavity in the crust, causing a sudden drop in pressure, they added.

 

This causes the fluid to expand rapidly and evaporate, and any gold particles that had been dissolved in it to “precipitate almost immediately,” said the team.

 

“Repeated earthquakes could therefore lead to the buildup of economic-grade gold deposits.” they said. ...

Hal's insight:

This is fascinating to me.

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Five reasons gold will hit an all-time record this year | MINING.com

Five reasons gold will hit an all-time record this year | MINING.com | Gold and What Moves it. | Scoop.it
Bullion enthusiasts seem to have come back to life.

 

by Cecilia Jamasmie:

 

Bullion enthusiasts seem to have come back to life after a recent survey among analysts showed a majority believes that gold is finally and steadily moving up.

 

Aubie Baltin, from 24hgold.com, is the latest one of them to ensure that gold will finish 2013 up, at around $1,880.

 

At those levels, the expert writes, gold prices would begin 2014 just shy of the all-time high set last year, close to the $1,900 mark, due to the following five reasons:

 

1) The Feverish Growth of Fiat Money: ...

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CFTC, communism and fixing the gold fix - Mineweb

CFTC, communism and fixing the gold fix - Mineweb | Gold and What Moves it. | Scoop.it

by Adrian Ash:

 

So, is the London gold fix a fix? US derivatives-market regulators think it might be.

 

The CFTC is no doubt absolutely within its rights to question the use of certain prices as reference points (aka "marks") in US transactions. Joining the International Roundtable on Financial Benchmarks three weeks ago, its commissioner Bart Chilton said he also thought many other markets might deserve attention, too. But quite what a Washington commission overseeing the US futures markets might achieve – or hope to – as regards the London Fixings as a process, however, we can't imagine.

What is the London gold fix, and why does it exist? The fixing exists because, in the physical bullion market, there isn't any single price at any one time. Instead, all the different bullion banks and dealers quote their own prices direct to their clients. So the deals they strike are unique, with no centralized "clearing house" or "recognized exchange" reporting those deals as some kind of official price. ...

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