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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Gold importers on sidelines eyeing U.S. Fed | Reuters

Gold importers on sidelines eyeing U.S. Fed | Reuters | Gold and What Moves it. | Scoop.it

MUMBAI (Reuters)

 

"Indian gold importers preferred to stay on the sidelines as prices hovered near its peak, and traders waited for U.S. Federal Reserve's decision on possible measures to stimulate the economy.

 

"At 1:05 p.m., the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was 0.06 percent higher at 31,925 rupees per 10 grams, very near to previous session's peak of 32,043 rupees.

 

"We are waiting for the FOMC (U.S. Federal Open Market Committee) to speak tomorrow... everybody is on wait and watch," said Ketan Shroff, director, Pushpak Bullion, a Mumbai-based wholesaler.

 

"The chances that the Fed would launch another round of quantitative easing this week have jumped after disappointing U.S. employment data, which pushed up spot gold on Friday to above $1,740 for the first time since the end of February. ..."

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Germany Says 'Great Uncertainty' About US Debt

Germany Says 'Great Uncertainty' About US Debt | Gold and What Moves it. | Scoop.it

"German Finance Minister Wolfgang Schaeuble questioned on Tuesday how the United States could deal with its high levels of government debt after November's presidential election. 

 

"In a speech to the Bundestag lower house of parliament to open a debate on the 2013 German budget, Schaeuble said worries about U.S. debt were a burden for the global economy, hitting back at Washington which has criticized Europe for failing to get a grip on its own debt crisis.

 

"In private, German officials often express concern about U.S. debt levels and the inability of politicians there to reach a consensus on how to reduce it, but Schaeuble's public remarks underscore the extent of the worries in Germany. ..."

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Gold could hit $2,500: Citi analyst

"Gold has had a good summer, rising more than 9 percent, but that move may be just the start, according to a bullish Citi precious metal analyst.


"Tom Fitzpatrick believes autumn will be golden in the beginning of a run-up that he says will culminate with the yellow metal hitting $2,500 an ounce in the first quarter of next year. The price now stands at $1,736 an ounce.

 

"In his client note this week, Fitzpatrick compares this upcoming rally to gold’s huge move higher in 2007. The report is based on technical analysis of precious-metals market moves that could cause a six-month gain of more than 60 percent, just like the bull run five years ago. ..."

 

Read more: http://www.nypost.com/p/news/business/gold_could_hit_citi_analyst_mUxaGUr2Pu3oRrBkkabBwI#ixzz26AvLa8uQ

 

hat tip to www.grandich.com

 

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Gold Firmer amid Consolidation; Key Events This Week Awaited - Forbes

Gold Firmer amid Consolidation; Key Events This Week Awaited - Forbes | Gold and What Moves it. | Scoop.it

"Comex gold futures prices are trading slightly higher Tuesday morning on some more chart backing and filling, and as traders and investors look forward to major news events this week. Gold and silver bulls remain technically strong on the charts. December gold last traded up $2.10 at $1,733.90 an ounce. Spot gold was last quoted up $6.90 an ounce at $1,732.25. December Comex silver last traded down $0.033 at $33.60 an ounce.

 

"Focus of the market place is not only on this week’s meeting of the Federal Open Market Committee of the U.S. Federal Reserve, but also on a German constitutional court ruling Wednesday on the validity of the European Stability Mechanism. There was a last-minute effort on Tuesday by some EU politicians to delay the court ruling, but those efforts quickly failed and the ruling will occur Wednesday. Dutch elections are also slated for Wednesday. The FOMC meeting starts on Wednesday and ends on Thursday with Fed Chairman Bernanke holding a press conference. Last week’s downbeat U.S. jobs report likely opened the door wider for a fresh U.S. monetary stimulus announcement by the FOMC. Such would be at least initially bullish for the stock and commodity markets. ..."

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Free Real Time Gold Prices | Exact Price of Gold | Lear Capital

Free Real Time Gold Prices | Exact Price of Gold | Lear Capital | Gold and What Moves it. | Scoop.it

"Get real time gold prices updates even when you're on the move. Keep abreast of the precious metal market price with Lear Capital: http://www.learcapital.com/exactprice "

 

Well, the jobs data didn't disappoint... not if you like gold. Though, in looking at what the numbers were as they were being released, I couldn't help but feel that things are not getting better in spite of the unemployment rate falling - I still don't get that.

 

Anymore, it seems to me like we are watching a magician's act and there are so many misdirections taking place that I'm not even sure that the magician knows what's going to happen when the smoke clears.

 

Those trading in gold and silver took the numbers and ran. Currently, as I type, gold is up over $30 in the last 24hrs. When I look at the thirty day and year trading graphs I can clearly see that gold has broken clear of the sideways range it's been trading in for months.

 

The question the markets seem to be asking at this point is when will, not if, the new QE come into play?

 

To me, it doesn't really matter as the world's debt is going to take over the driving action for gold from here on out.

 

 

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Don't look for the gold standard to be reinstated - MINING.com

Don't look for the gold standard to be reinstated - MINING.com | Gold and What Moves it. | Scoop.it

by Chris Vermeulen:

 

"For the first time in over 30 years, talk of a return to the gold standard has become part of mainstream politics in the United States. Part of the official Republican policy adopted it at the recent Republican Convention and called for the commission to look at reestablishing the link between gold and the U.S. dollar. No doubt that plank was added to soothe supporters of Texas Congressman Ron Paul.

 

"However, gold bugs holding gold bullion or even those holding gold ETFs such as the SPDR Gold Shares (NYSE: GLD) shouldn't hold their breath in anticipation of the gold standard returning. There was a similar commission – the Gold Commission – set up in 1981 by President Ronald Reagan. After a lot of 'commissioning', the decision was made to go with the status quo of using fiat Federal Reserve dollars.

 

"Any commission set up under the current president would likely come to the same conclusion. There are simply too many practical obstacles to return to a full-fledged gold standard. Even pro-gold advocates including the World Gold Council and the Gold Anti-Trust Action Committee (GATA) don't see a gold standard returning.

 

"The key problem would be at what price of gold would the United States peg its currency. Great Britain returned to the gold standard in 1925, after going off it in 1914, at the 1914 peg price. This was a mistake made by Winston Churchill (he called it the biggest he ever made) since it basically ignored the vast inflation in the British pound in those intervening years. The result was a vast over valuation of the pound and deflation and high unemployment soon followed.

 

"What price would a new Gold Commission set as the “correct” price of the U.S. dollar versus gold? $1,000? $2,000? $5,000? The answer is that there is no “correct” price. Whatever price is set will eventually be tested by the financial markets and fail much as the pegged currencies system failed. So there will be no return to the gold standard.

 

"But that does not mean there will not be a 'back-door' gold standard ..."

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China approved 1 trillion yuan in stimulus spending in under a week | MINING.com

China approved 1 trillion yuan in stimulus spending in under a week | MINING.com | Gold and What Moves it. | Scoop.it

by Marc Howe:

 

"The Chinese government has approved a raft of new infrastructure and rail projects this week in a concerted effort to boost its slowing economy.

 

"The China Securities Journal reports that China's National Development and Reform Commission (NDRC), one of the country's top decision-making bodies, approved 25 urban rail projects worth a total of 800 million yuan (USD$127 million) on Wednesday.

 

"According to the Wall Street Journal's MarketWatch the NDRC approved between 20 and 30 highway and infrastructure projects on Thursday, leading analysts to peg the total amount of stimulus spending at the 1 trillion yuan mark ($USD157 billion). ..."

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oftwominds-Charles Hugh Smith: Is Anybody Else Tired of Buying and Owning Stuff?

oftwominds-Charles Hugh Smith: Is Anybody Else Tired of Buying and Owning Stuff? | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"We are suffocating in stuff, physically, psychologically and spiritually.

 

"I know this is a sacrilegious question, but is anybody else tired of buying and owning stuff? Is anybody else tired of dealing with all the junk cluttering up every corner of the room/house/nation?

 

"Has anyone else noticed we have surplus stuff coming out our ears? And that therefore we don't really need any more stuff? Has anyone noticed the psychological consequences of constantly buying and managing possessions? Here is how correspondent B.D. recently put it:

 

"Kids have a melt-down when they don't have the latest iteration of the (insert trendy electronica here) or if they are asked to tidy up the gargantuan collection of "stuff" they are slowly suffocating themselves with. Most kids these days don't have bedrooms anymore ... they have a small warehouse of goods in which they have a sleeping space.

 

"Everybody has a warehouse of goods, even "poor" households. Of the four households on my block with one-car garages, we're the only ones who actually park a car in the garage. Everyone else's garage is jammed with stuff. And this is not an upscale neighborhood, it's working-class/renters. ..."

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#Gold Imports to #China from #HongKong Double Again on Haven Demand | Mark O'Byrne | FINANCIAL SENSE

#Gold Imports to #China from #HongKong Double Again on Haven Demand | Mark O'Byrne | FINANCIAL SENSE | Gold and What Moves it. | Scoop.it

"... Gold imports by China from Hong Kong rose in July as Chinese people renewed their buying of gold to hedge against financial market’s turmoil and weaker currencies with increasing concerns about the Chinese economy and stock and property markets.

 

"Mainland China bought 75,842 kilograms (75.84 metric tons) of gold in July, including scrap and coins, almost double the 38,143 kilograms a year earlier, according to export data from the Census and Statistics Department of the Hong Kong government which was reported by Bloomberg.

 

"It was the first rise in imports after three months of slightly lower imports. Shipments were a record 103,644.5 kilograms in April, according to the department. China doesn’t publish such data.

 

"Gold shipments from Hong Kong to China surged to 458,628 kilograms (458.628 metric tonnes) in the first seven months of 2012 from 103,090 kilograms (103.09 metric tonnes) in 2011.

 

"Exports of gold to Hong Kong from China were 30,038 kilograms in July, according to a separate Statistics Department statement, up from 27,507.5 kilograms in June. ..."


Via Graham Jervis
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The Reason Why The Unemployment Rate Dropped: The Labor Participation Rate Is At Fresh 31 Year Lows

The Reason Why The Unemployment Rate Dropped: The Labor Participation Rate Is At Fresh 31 Year Lows | Gold and What Moves it. | Scoop.it

by Tyler Durden of www.zerohedge.com

 

"Curious why the unemployment rate dropped from 8.3% to 8.1%, even as just 96,000 jobs were added? The labor participation rate declined from 63.7% to 63.5%, the lowest since 1981. ..."

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What Hedge Funds Are Now Doing In the Gold & Silver Markets

With gold breaking $1,700 and silver nearing the $33 level, today King World News spoke with acclaimed trader Dan Norcini to get his take on where we are in the gold and silver markets after this latest move. Norcini was quick to lay out the position of the hedge funds in both of these markets as they are seen as a key driver.

 

Here is what the acclaimed trader had to say about the gold market: “The record net short commercial position in gold, including options, has been 237,000 contracts. Currently the commercials are at 161,000 contracts net short. But the key here is that the hedge fund position is still relatively low by historic standards.

So there is still significant room for the hedge funds to push this gold market higher.... "

 

Clck through for the rest on King World News.

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Gold shoots to 6 month high after weak US jobs numbers

Gold shoots to 6 month high after weak US jobs numbers | Gold and What Moves it. | Scoop.it

Gold bulls went on the offensive after the numbers showed nonfarm payrolls increased only 96,000 last month.

 

Author: Veronica Brown and Silvia Antonioli

LONDON (REUTERS) -


"Gold raced to a six-month high on Friday, heading toward $1,730 per ounce, after U.S. jobs growth slowed more than expected in August, possibly paving the way for the Federal Reserve to pump additional stimulus into its sluggish economy.

 

"Gold bulls went on the offensive after the numbers showed nonfarm payrolls increased only 96,000 last month.

 

"The report's weak tenor was underscored by revisions to June and July data to show 41,000 fewer jobs created than previously reported.

 

"Spot gold rose as the dollar weakened, hitting $1,727.65 per ounce, its strongest since late February.

 

"U.S. gold futures also jumped to $1,726.40.

 

"Gold is going through the roof because this negative data makes QE3 more likely now," said Daniel Briesemann, commodities analyst at Commerzbank in Frankfurt. ..."

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KWN - Special Friday Gold & Silver ‘Chart Mania’

KWN - Special Friday Gold & Silver ‘Chart Mania’ | Gold and What Moves it. | Scoop.it

Tom Fitzpatrick tells King World News:

 

“It seems that in this ‘brave new world’ the goalposts for failure/success have been sharply shifted. Failure is recession/depression, deflation, default, wealth destruction, social strife/conflict and possibly worse. Success now seems to revolve around a dynamic familiar to people who were around in the 1970’s…STAGFLATION looks set to be a our ‘new normal’ (If we are lucky) in the years ahead. ...

 

"... Gold is on the cusp of breaking out against the currencies of the USD-Index (As it did in 2006-2007) (EUR;JPY;GBP;CAD;SEK and CHF). If you include Europe’s inevitable monetization then 86.7% of this index is made up of countries who are effectively printing money, as is the US. It is no wonder that Gold should therefore be breaking out against paper currencies overall (see chart on KWN website). ..."

 

Check out the King World News website for the rest and all the charts.

 

I particularly gelled with what Tom had to say about failure and success in that opening. The "new normal" is looking rather bleak.

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Georgia flouts federal order, withholds lunch ladies' unemployment benefits

Georgia flouts federal order, withholds lunch ladies' unemployment benefits | Gold and What Moves it. | Scoop.it
States nationwide are trying to cut costs by reining in unemployment benefits, but Georgia has taken a bold step by refusing to pay seasonal workers. The Obama administration is concerned.

 

By Patrik Jonsson | 09/10/12

 

"Georgia has set up a showdown with the Obama administration over how deeply states can cut jobless benefits by refusing to give school bus drivers and lunch ladies unemployment benefits during their summer breaks.

 

"The issue echoes beyond Georgia because other states including Pennsylvania, Michigan, Missouri, and Arizona have trimmed unemployment benefits in various ways to rein in costs. Florida, for example, has a proposal to require drug tests for recipients to be eligible for benefits, while other states have reduced the total number of weeks that benefits can be received.

 

"For its part, the Georgia unemployment insurance fund is broke, owing Washington more than $700 million for money it borrowed during the recession — adding to Georgia Labor Commissioner Mark Butler's sense of urgency. ..."

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Truman Show, Jim Grant, Gold & Economies Close To Meltdown

Truman Show, Jim Grant, Gold & Economies Close To Meltdown | Gold and What Moves it. | Scoop.it

Robert Fitzwilson writes telling King World News:

 

“Jim Grant made the astute observation that the world we live in is akin to a movie called the Truman Show. In the movie, the main character is unaware that he is living an artificial life as entertainment for an audience. It was a charade.

 

"As we await the two big events of the week, the German high court decision on the ratification of the ESM and the announcement from the Fed on Thursday about further monetary stimulus, it does indeed feel like a variant of the movie. The main difference is that the audience is also part of the charade.


"It is most likely that we will get more of the same. There really is no other choice, and it has been so for quite some time. As economic activity declines in the major economies of the world, one would have to try really hard not to see what is unfolding. ..."

 

[I like the analogy. I think it fits]

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Gold rallies after U.S. credit warning knocks dollar

Gold rallies after U.S. credit warning knocks dollar | Gold and What Moves it. | Scoop.it
LONDON (Reuters) -

by Amanda Cooper

 

"Gold rose towards six-month highs on Tuesday, helped by the weakness in the dollar after a warning from a ratings agency on U.S. creditworthiness and after holdings of the metal in exchange-traded products reached a record high.

 

"The euro's rise towards four-month highs against the dollar has been fuelled in part by growing expectations the U.S. Federal Reserve will employ fresh measures to stimulate the economy, which in turn has encouraged investor demand for gold, which tends to profit from weakness in the U.S. currency.

 

"Gold relies more heavily on shifts in the dollar and U.S. monetary policy for direction and the focus for the market is squarely on the Fed's next policy meeting that ends on Thursday.

 

"The dollar sold off broadly after Moody's Investor Service warned the United States may lose its triple-A credit rating if next year's budget talks do not cut the country's level of debt relative to the size of the economy. ..."

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Top Fund Manager - Gold Should Already Be Above $1,900

Top Fund Manager - Gold Should Already Be Above $1,900 | Gold and What Moves it. | Scoop.it

Today one of the premier gold fund managers in the world told King World News, “Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic.” Here is what Caesar Bryan, of the $33 billion strong Gabelli & Company, had to say: “Having regard to what the monetary authorities, both in Europe and the US, are doing, you could argue that the move in gold has been pretty mild. Yet we’ve come from, in the middle of August, $1,600 to $1,730. Gold should be at a new high. Gold should already be above $1,900, bearing in mind the policy moves we have heard about from both sides of the Atlantic.”

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Eric De Groot: Follow The Money, Not Opinion

by Eric De Groot:

 

"I have absolutely no doubt there's an issue with economy. Nikki Rocco's assessment of the summer box office take embodies one of my core guiding principles of trading and investing:

 

"Follow the Money, Not Opinion!

 

"People vote with their feet in the real world. If families or individuals can afford frequent moviegoing, a surge in box office receipts will confirm it. If the summer box office falters unexpectedly, they can't.

 

"I think there's still an issue with the economy," said Nikki Rocco, president of distribution for Comcast Corp.'s Universal Pictures. ..."

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Economic Signs of the Times: Is it a recovery yet? (Weekly report, 09-06-12)

"A recovery would be indicated by weekly initial jobless claims holding below 500,000. (See this post.)

 

"IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.) ..."

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Eric De Groot: Do you want fries with that?

Eric De Groot writes:

 

"Do you want fries with that?” could very well be the appropriate political slogan to use when discussing the labor market in the United States. Rising service-producing and falling goods-producing jobs has been eroding Americans’ standard of livings for years. The effects of which cannot be swept under the rug indefinitely. Most of the western economies will be dealing with social consequences of these trends sooner rather than later ... "

 

click through for the graph.

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Twitter / JamesGRickards: #Fed easing on Sept 13th is ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Coordinated Central Bank Stimulus Taking Place « Jim Sinclair's Mineset

Coordinated Central Bank Stimulus Taking Place « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

Jim Sinclair writes:

 

"My Dear Extended Family,

 

"If you have eyes to see, coordinated central bank monetary and fiscal stimulation action is taking place.

 

"Yesterday was “Draughi Day.” Today the Chinese officially released massive fiscal stimulus on top of the already monetary stimulus. Watch for the US Fed to chime in.

 

"QE to infinity MOPEd as sterilized is falling into place. Please review my post from last weekend to you on the illusion of monetary sterilization.

 

"Gold is going to and through $3500. The approach some long term gold bulls took toward gold, initiating a temporary short directly after Labor Day, is now in the process of backfiring badly.

 

"Regards,
"Jim"

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Fractal Analysis: Huge dollar devaluation will drive gold much higher

Fractal Analysis: Huge dollar devaluation will drive gold much higher | Gold and What Moves it. | Scoop.it

"The gold bull is still intact but tempered by U.S. Fed spin. The parabolic printing of Dollars leads to a parabolic devaluation of the Dollar and parabolic Gold.

 

"... The Fractal Gold chart work is a direct comparison of Gold, today, to the late 70's Gold Parabola. Thus, "timing" is taken directly from the late 70's cycle, with price targets created from a combination of the late 70's Gold price and different technical analysis techniques. We developed a price target back in 2006/ 2007 for Gold to reach the $10,000 to $12,000 range during this Gold Bull. Anything above that range would mean that the "Stagflation" comparison to the late 70's was exceeded and "Hyper-inflation" would become a real possibility. ..."

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The Golden Truth: The Income And Substitution Effect

The Golden Truth: The Income And Substitution Effect | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"... In another era (see Drexel Burnham Lambert circa 1980's), JP Morgan would have been shut down and the upper management prosecuted and sent to jail. But it's the "new" America and it's okay for the insider elitists to loot and pillage the system with the full complicity of the Government.

 

"But the market does not discriminate against income or wealth levels. Sooner or later the natural laws of the market will substitute in for the artificial manipulation and control being implemented. It will be ugly for those who are short gold and silver. China and Russia are aggressively accumulating the physical gold and silver that is being dumped on the market by western hemisphere Central Banks and bullion banks. I suggest you do the same..."

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Debt forecast: U.S. will look like Greece by 2021

By Antony Davies and James R. Harrigan

 

PITTSBURGH (MarketWatch) — "The federal debt crossed the $16 trillion mark this week. What’s more remarkable than the number of zeros in that figure is that Washington somehow didn’t see this coming. The Congressional Budget Office is responsible for predicting the budgetary effects of policy changes. Politicians cite CBO figures when telling us what to expect in the future. But it turns out that CBO forecasts, taken out of a very limited context, aren’t very accurate.

 

"Every January, CBO forecasts the U.S. economy for each of the subsequent 10 years. Since 1997, the agency has underestimated the yearly debt in 85 out of 110 tries.. Almost 80% of the time, the CBO produces (and politicians parrot) a ridiculously optimistic picture of the future.
James R. Harrigan


"Ten years ago, the CBO predicted that we’d be $7.6 trillion in debt by now. At $16 trillion, the reality is more than twice as bad. Unfortunately, that’s par for the course. Since 1997, the agency’s forecasts of the debt five or more years into the future have been 40% too low on average — even ignoring the 2008-2009 recession.

 

"Currently, the CBO estimates that the federal debt will hit $25 trillion by 2021. But if that forecast is also off by 40%, we’ll actually be facing a federal debt of $35 trillion by then.


"What will our country look like with a $35 trillion debt? The CBO has a good track record of predicting gross domestic product, and it predicts 2021’s economy will exceed $24 trillion. That will put our debt at almost 150% of GDP, or about where Greece is today. ..."

 

For the rest click through to http://finance.yahoo.com/news/debt-forecast-u-look-greece-040006789.html ;

 

hat tip to http://www.jsmineset.com/2012/09/06/jims-mailbox-1032/ ;

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