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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$16,OOO,OOO,OOO,OOOBAMA! | ZeroHedge

$16,OOO,OOO,OOO,OOOBAMA! | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden of www.ZeroHedge.com writes:

 

"November 16, 2011 was a historic date: that's when the US officially surpassed $15 trillion in debt for the first time since World War 2. We celebrated it by cheering $15,OOO,OOO,OOO,OOOBAMA. Today, August 28, 2012, is when we can unofficially celebrate again, because 286 days after the last major milestone was surpassed with disturbing ease, total US debt following today's $35 billion auction of 2 Year bonds is, well, in a word: $16,OOO,OOO,OOO,OOOBAMA! ..."

 

click through for the rest and the pics.

 

This just goes to speak to me again of how Debt is the driving force of gold's continue bull run.

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Gold smuggling raises its head again in India

Gold smuggling raises its head again in India | Gold and What Moves it. | Scoop.it
Within a span of two months, India increased the import duty on gold almost four times this year, leading to increased smuggling of the precious metal, data shows.

 

Author: Shivom Seth

 

MUMBAI (MINEWEB) -


"As gold prices have hit the roof in India, an unprecedented increase in the smuggling of the precious metal is being witnessed. Indian authorities are seeing a spike in undeclared gold being smuggled into the country.

 

"The Directorate of Revenue Intelligence recently detained two airport personnel who allegedly helped smugglers take contraband gold out of the Mumbai international airport.

 

"The Directorate has seized 5.5 kilo of gold in this instance and another 4 kilo just two days ago. In mid-August, the Directorate arrested a person at Jaipur airport with 2.5 kilograms of gold hidden in his socks. Investigations revealed that the accused had smuggled gold over 20 times in the past few months alone.

 

"According to intelligence agencies, state gold seizures at airports have risen almost 10-fold in recent months with the increase in the import duty on gold, from 2% to 4%, announced by the then Finance Minister hailed as one of the main culprits. ..."

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"the obvious cap that #silver now has at the $31 per ounce price" - Ed Steer's Gold & Silver Daily

"the obvious cap that #silver now has at the $31 per ounce price" - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes in the wrap up of his daily:

 

"Yesterday was just another day off the calendar, as Ted Butler always puts it. The only comment I have on yesterday's price action is the obvious cap that silver now has at the $31 per ounce price level...as that was certainly the case for the second day running. We'll have to see how long that lasts.

 

"With only three trading days left in August...and the northern hemisphere's 2012 summer season...I'm not expecting a lot of fireworks between now and after the Labour Day long weekend. I know that Bernanke is going to open his yap in Jackson Hole, Wyoming on Friday...and it will be interesting to see what effect that has on precious metal prices. Everyone is breathlessly waiting for the QE3 announcement either on that day, or at the FOMC soirée on September 12th. So we wait.

 

"Nothing has changed regarding the overbought situation in all the precious metals...and I'm still expecting a sharp, short and brutal sell-off to relieve this situation, before we head higher. I just can't see prices rallying significantly higher from here without that occurring first. ..."

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Even talk of a gold standard would boost the price Matthew Lynn's London Eye

Even talk of a gold standard would boost the price Matthew Lynn's London Eye | Gold and What Moves it. | Scoop.it
By Matthew Lynn

 

LONDON (MarketWatch) — "What would it take to break the gold price out of the $1,600 to $1,700 an ounce range in which it has been trading for the past year? Another massive blast of quantitative easing from the Federal Reserve? A final breakdown of the euro? A war between Israel and Iran?

 

"They are all possibilities, of course. But the most likely candidate is a serious debate about a return to some form of the gold standard.

"In the U.S., the Republican Party has already pledged to study restoring the link between the dollar and gold if it wins the upcoming election. In Switzerland there have been parliamentary debates about restoring the link between the Swiss franc and gold.

 

"Central banks are already increasing their holdings of gold. Don’t be surprised if it starts to play an increasing role in the ever-more fevered attempts to fix Europe’s monetary system. ..."

 

hat tip to www.Grandich.com

 

I question whether talk of a gold standard will break it out. Only because I don't think that anyone at this point believes anything that comes out of a politicans mouth.

 

For me the factor that continues to move gold will be debt. Plain and simple.

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Why we are on the brink of the greatest Depression of all time 

Why we are on the brink of the greatest Depression of all time  | Gold and What Moves it. | Scoop.it

By Wayne Allyn Root:

 

"Everywhere from FoxNews.com to CNBC.com, I suddenly see commentators warning of pending doom, economic collapse, and a new Great Depression. Welcome to my club. Perhaps America's politicians and economists should have paid attention to an entrepreneur and small businessman that has been warning of economic collapse and a new Great Depression publicly for over two years.

 

"More importantly, none of the current commentaries mention the "why's" of this slow motion economic collapse...beyond the obvious -- mountains of deficit and debt. None of them mention the dysfunctional structure of the current U.S. economy and the massive changes in the work ethic and mindset of the average American.

 

"I am a successful small businessman and a patriot who loves America and always sees its greatness. I am also an optimistic, positive thinker who always sees the glass half full.
But not this time.

 

"This time we are in such deep trouble..."
 

 

Read more: http://www.foxnews.com/opinion/2012/08/23/why-are-on-brink-greatest-depression-all-time/#ixzz24wpPrUKX

 

hat tip to www.grandich.com

 

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Eric Sprott Cautions Investors to Fear the Financial System - The Gold Report

Eric Sprott Cautions Investors to Fear the Financial System - The Gold Report | Gold and What Moves it. | Scoop.it

by The Gold Report:

 

The dire economic situation that persists globally despite the best efforts of central planners to make things seem normal leads Sprott Inc.'s legendary Chairman Eric Sprott to broadcast a loud message of caution: "Fear the financial system." In this exclusive interview with The Gold Report, Sprott says it's time for people to take matters into their own hands and that means pushing further and further into precious metals equities as well as physical gold and silver. With 80% of his own portfolio in that arena, he certainly puts his money where his mouth is.


The Gold Report: You've stated before that the price of gold should be above $3,200/ounce (oz) and the price of silver above $200/oz but market manipulation keeps both metals artificially low. Who is manipulating it?


Eric Sprott: I suspect the G6 central banks have a hand in subverting the gold price because as the canary in the coal mine, high gold prices might tip everyone off to the severity of the ongoing financial crisis. I don't think anyone can doubt that we're in the middle of a financial crisis, primarily in the banking system, when month after month one program after another is rolled out to save somebody, whether it's Long-Term Refinancing Operations (LTROs), quantitative easings (QEs), bank bailouts in Spain or rollovers of debt in Greece. ...

 

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Chavez told to ‘forget oil’ and boost the country’s gold industry | MINING.com

Chavez told to ‘forget oil’ and boost the country’s gold industry | MINING.com | Gold and What Moves it. | Scoop.it

by Cecilia Jamasmie on www.Mining.com :

 

"The president of Venezuela's national mining chamber (Camiven), Luis Rojas, called the country leader Hugo Chavez to boost the local gold industry, as the production levels are close to historic lows.

 

"Rojas told BNamericas the state-owned gold company Minerven hit record low production and that, to normalize gold production, the government has two choices:

[The government can] invest the amount required to kick start operations, some $300 to $500 million, or establish a reliable public-private partnership scheme,” he said. ...

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The Golden Truth: The U.S. Is In Much Worse Shape Than Europe

The Golden Truth: The U.S. Is In Much Worse Shape Than Europe | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"The United States should be ashamed. While many experts criticize the Europeans for not pulling together politically, U.S. indebtedness is far greater and more dangerous to the world economy. - Jack Mintz, Palmer chair, School of Public Policy, University of Calgary (article link below)

 

"This will be a bit of a rant day for me. The markets and the news flow has down-shifted to low-gear ahead of the Labor Day Weekend. I was playing tennis with friend this past weekend who is a long-time financial "adviser" for Lincoln Financial. Of course before we started he wanted to discuss how everything was looking good for the economy and the markets. I was like, "huh, what data are you looking at?" He pointed to the S&P 500 earnings. I quickly shot that down by explaining that if you used 1980 GAAP accounting standards on today's earnings, the S&P 500 earnings would be at least cut in half, especially now that financials represent about 15% of the S&P 500 index my market cap weight and we know all the fraudulent accounting games being played by the big banks and insurance companies to generate earnings. That deflated him a bit. Then I pointed out several other factoids about our system of which he is aware but - like most everyone else - chooses to ignore. The bottom line is that 99% of all financial advisers get paid well to sell fairy tales and most Americans with any kind of investment portfolio left after 2008 have been set up for a complete wipe-out once the focus on the problems in Europe shift to the bigger problems in this country.

 

"I've been making the argument for at least a year now that the United States is in much worse shape financially and structurally than is Europe. The highly visible insolvency problems of several EU-member countries are being used as a "deflection" device by Wall Street and politicians to help cover-up the much larger insolvency problem in this country. ..."

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oftwominds-Charles Hugh Smith: The Rot Runs Deep 1: The Federal Reserve Is a Parasitic Wealth Transfer Machine

oftwominds-Charles Hugh Smith: The Rot Runs Deep 1: The Federal Reserve Is a Parasitic Wealth Transfer Machine | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"The Federal Reserve is a wealth transfer machine, skimming wealth from the productive many and transferring it to the parasitic few.

 

"Today I launch a series entitled "The Rot Runs Deep" that examines the moral and financial rot at the core of American finance, politics and culture. We have reached a unique junction of American history: the confluence of Big Lie propaganda, neofeudalism and the worship of false financial gods.

 

"The Big Lie propaganda machine of corporate media and the Central State has perfected Orwell's nightmare vision of centralized media and a fascist centralized State which turn lies into self-serving "truth."

 

"Since the Federal Reserve is once again expected to "save" a crumbling, exploitative Status Quo, let's use the Fed as an example. The propaganda machine would have us believe that the Federal Reserve, the privately owned central bank of the U.S., has "saved" the Status Quo from financial ruin on numerous occasions by "smoothing out" the business cycle (credit expands and contracts) and by "stimulating aggregate demand" by lowering interest rates and pumping money into the economy (quantitative easing). ..."

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Feds: Too few Americans ‘turn to government for assistance’ | WashingtonExaminer.com

Feds: Too few Americans ‘turn to government for assistance’ | WashingtonExaminer.com | Gold and What Moves it. | Scoop.it

We're doomed.

 

Joel Gehrke writes:

 

"More Americans rely on their families for assistance than the government, so federal officials have undertaken an effort to help people to apply for federal assistance.

 

“Given that only 15 percent of you turn to government assistance in tough times, we want to make sure you know about benefits that could help you,” USA.gov announced today. The ”government made easy’ website has created a “help for difficult financial times” page for people to learn more about the programs.

 

"The government got that statistic from a poll asking Americans what helps them the most during tough times. ..."

 

hat tip to www.drudgereport.com

 

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Champions of Dishonesty

Champions of Dishonesty | Gold and What Moves it. | Scoop.it

by Eric Fry:

 

"Honest money requires honest stewardship. If, therefore, the dollar is to be an honest, trustworthy currency, the Chairman of the Federal Reserve and the Secretary of the Treasury must also be honest and trustworthy.

 

"Anything less is a threat to the dollar’s value, which is a threat to the very foundation of the US economy.

 

"Given this inescapable truth, what are we to make of the revelation that the Chairman of the Federal Reserve and the Secretary of the Treasury allowed the multi-trillion-dollar Libor fraud to operate for more than four years?

 

“LIBOR, which stands for London Interbank Offered Rate, may seem like a meaningless financial obscurity to most folks,” we explained in the July 19th edition of The Daily Reckoning, “But this particular obscurity happens to determine the pricing of trillions of dollars’ worth of credit lines and credit derivatives.

 

“Therefore, rigging Libor is a little like rigging magnetic north…or its modern-day equivalent, the Global Positioning System (GPS). Every compass in the world would point to a deception. More importantly, your Paris-bound jet might touch down in Tripoli. And even if your Paris-bound jet touched down in nearby Lyon, you’d still be a little annoyed…"

 

Read more: Champions of Dishonesty http://dailyreckoning.com/champions-of-dishonesty/#ixzz24ruL2Hrq

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Embry - Gold, Silver, A Collapsing Global Economy & Panic

Embry - Gold, Silver, A Collapsing Global Economy & Panic | Gold and What Moves it. | Scoop.it

Today John Embry told King World News, “My greatest fear is that the system could undergo a breakdown to the extent that supply chains could be interrupted.” Embry warned, “... things could become sufficiently crippled in the financial system that it could lead to breakdowns in the supply chains.” Embry also said this event would come as, “... an enormous shock to society.”

 

Embry, who is Chief Investment Strategist at Sprott Asset Management also discussed gold and silver, but first, here is what he had to say: “I think there are signs of weakness on every front of the global economy. People are scratching their heads because China is reporting 7.5% annualized growth. But if you get into the statistics about railcar loadings, electricity consumption, and so on, it’s not the least bit supportive of that type of growth.”

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Your Window to Buy Below $1,700 Is Closing - Casey Research

Your Window to Buy Below $1,700 Is Closing - Casey Research | Gold and What Moves it. | Scoop.it
Gold is awakening from its year-long slumber.

 

By Jeff Clark, Senior Precious Metals Analyst

 

"Some investors lamented that gold prices had been stuck in a rut for a long time. Others were confused. A few bailed. And some, including me, have been stocking up because we're convinced prices won't stay down forever.

 

"In fact, based on the data I chart below, I believe the window of time to buy gold for less than $1,700 an ounce is very limited.

 

"Here's why. I examined gold's three largest corrections since the bull market began in 2001, including how long it took to recover from those corrections and establish new highs. The conclusion that emerged is that the current lull in gold prices will almost certainly end soon, if it hasn't already.

 

"Gold set a record on September 5, 2011 at $1,895 an ounce ..."

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As Dominoes Resume Tumbling, Valencia Follows Catalonia In Demanding EUR3.5 Billion Bailout | ZeroHedge

As Dominoes Resume Tumbling, Valencia Follows Catalonia In Demanding EUR3.5 Billion Bailout | ZeroHedge | Gold and What Moves it. | Scoop.it

Tyler Durden of www.ZeroHedge.com writes:

 

"Spain is hotting up again. Just a day after Catalonia's beggars-are-choosers moment, Valencia is making headlines with its rear-view mirror demands for a bailout:

 

*VALENCIA NEEDS FUNDS TO COVER PAST YEARS' SPENDING: OFFICIAL

 

*VALENCIA NEEDS OVER EU3.5BLN FROM SPAIN REGIONS FUND: OFFICIAL


*VALENCIA TO NEGOTIATE AID AMOUNT WITHIN WEEKS, OFFICIAL SAYS ..."

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Gold surrenders some gains ahead of Jackson Hole meeting

Gold surrenders some gains ahead of Jackson Hole meeting | Gold and What Moves it. | Scoop.it
Prices eased a touch on Wednesday and fell to $1,664.69 an ounce as investors took to the sidelines ahead of a key central bankers' meeting in Jackson Hole at the weekend.

 

Author: By Jan Harvey

 

LONDON (REUTERS) -

 

"Gold prices eased a touch on Wednesday as investors took to the sidelines ahead of a key central bankers' meeting at the weekend, which will be closely watched for signs that the U.S. Federal Reserve is considering fresh monetary stimulus measures.


"Platinum ignored the softer tone of the other precious metals to edge higher as concerns over an outbreak of violence in major producer South Africa, which sent prices to 3-1/2 month highs last week, lent support.


"The metals were held in a range, however, by speculation that Fed Chairman Ben Bernanke, in a speech at the meeting in Jackson Hole, Wyoming, could give a clear hint that the Fed may launch a new asset-purchase programme soon.


"However, some market players say he may just repeat that the Fed has room to act, which would leave the market guessing ..."

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Rick Rule - The Frightening Global Ponzi Scheme Continues

Rick Rule - The Frightening Global Ponzi Scheme Continues | Gold and What Moves it. | Scoop.it

Rick Rule tells Eric King of King World News:


"We have a situation now, in Europe, where about 5% of the retail deposits in Spanish banks have been pulled out of the banks in the last two weeks. In the peripheral banks you are seeing a wholesale move, on the liability side of the balance sheets, away from retail deposits, and to letters of credit, in favor of the European Central Banks.

 

"At the same time the banks are asking for the ability to increase their access to central bank liquidity. As a consequence of that, they are asking for permission to post as ‘good collateral,’ a broader range of collateral than they traditionally have.

 

"So the banks are holding highly discounted sovereign debt, which is on their books, at par, rather than market value. They have marked the debt to myth, rather than to market. What the banks are looking to do now is add other classes of security as ‘good collateral.’ They have suggested packages of asset backed collateral, gold, and even non-governmental securities by way of calling them good assets, for the purpose of attracting these central bank letters of credit.

 

"The banks would like to fashion themselves their own private carry trades, where they get re-liquified by borrowing money from the ECB, and re-lending it to other institutions at higher margins, with even less equity in play than they have in the past. From the bank’s point of view this will help shore up liquidity.

 

"What it does, however, is perpetuate the moral hazard, the fraud, that is associated with banking on both sides of the Atlantic in this modern fractional reserve system. I think it’s very, very scary personally. ..."

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Continued Bank Runs In Europe, Battle Lines Drawn & Gold

Continued Bank Runs In Europe, Battle Lines Drawn & Gold | Gold and What Moves it. | Scoop.it

Caesar Bryan tells King World News:

 

"... September will be a good month for gold because there will be support from Europe, and likely more easing here in the United States.

 

"Just looking at the global situation, clearly the recent news is one of weakness in China, Europe and the United States. The consequence of this will be more monetary easing in the fall, and it could even take place on a coordinated basis. I wouldn’t be surprised to see something out of China, Europe and the US, around the same general time frame. This would, of course, be very positive for the gold price. ..."

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France’s third-largest bank reports profit losses over Greece woes — RT

France’s third-largest bank reports profit losses over Greece woes — RT | Gold and What Moves it. | Scoop.it

"Credit Agricole SA, France’s third-largest bank, saw its profit drop 67% in its second quarter over losses in Greece and a write-down of its stake in Italian bank Intesa Sanpaolo.


"Net profits plunged to 111 million Euros, from 339 million Euros a year earlier, the bank said in a statement Tuesday. The bank reported 370 million Euros in losses in their holdings of Greek government bonds, due to the country’s debt swap earlier this year. Credit Agricole also incurred a 427 million-Euro charge on its holding in the Milan-based Intesa Sanpaolo bank.

"Credit Agricole plans to sell off its riskiest investment-banking activities..."

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Gold prices headed higher as more are aware of the world’s financial and monetary system situation - MINING.com

Gold prices headed higher as more are aware of the world’s financial and monetary system situation - MINING.com | Gold and What Moves it. | Scoop.it

by David Levenstein on www.mining.com :

 

"Finally, the price of gold has broken out of its’ period of consolidation and now looks set to test the $1700 an ounce level in the short-term. And, as both the technical and the fundamental outlook for gold remain positive, sentiment towards the yellow metal will also become more positive which in turn will provide additional momentum resulting in higher prices.

 

"Last week the price of gold rallied above $1,660 an ounce for the first time since early May, after minutes from the latest U.S. Federal Reserve showed that many FOMC members believed that more monetary easing measures should be implemented as soon as possible unless upcoming economic data showed signs of substantial and sustainable economic strengthening.

 

"In the minutes the US Fed said. "Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery."

 

"Although the Fed minutes released last Wednesday failed to convince investors ..."

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LearCapital - 2012 Presidential Gold Poll

LearCapital - 2012 Presidential Gold Poll | Gold and What Moves it. | Scoop.it

Your chance to WIN some gold:

 

When we vote in the upcoming election, we flex our freedom. Register to guess the POPULAR VOTE in the 2012 US Presidential Election and win $2012 Worth of Gold from Lear Capital. The closest guess to the actual FINAL wins it all.

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oftwominds-Charles Hugh Smith: The Rot Runs Deep 2: Don't Call Out My Scam and I Won't Call Out Yours

oftwominds-Charles Hugh Smith: The Rot Runs Deep 2: Don't Call Out My Scam and I Won't Call Out Yours | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Complicity reigns supreme as everyone benefiting from a scam keeps quiet about everyone else's skim lest their own share of the spoils fall under the harsh light of inquiry.

 

"The uncomfortable truth is that America has become a nation of skimmers and scammers. The rot runs deep not just in the upper reaches of the financial and political Elites, but in the bottom 99.5% as well.

 

"America can now be summarized by this phrase: "don't call out my scam and I won't call out yours." In other words, all the skimmers and scammers have become complicit, not just in protecting their own scam from the light of day, but in protecting everyone else's scams, too, lest those who lose their swag unmask someone else's scam in revenge.

 

"Examples of skimming and scamming abound in finance and government. It's almost tiresome to even list examples; fortunately for us, tireless truthseeker "George Washington" has amassed a list of bank fraud and malfeasance (reprinted by the equally indefatigable Barry Ritholtz). ..."

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Eric De Groot: Accumulation of Gold By Strong Hands Goes Unnoticed

Eric De Groot: Accumulation of gold by strong hands continues with little recognition from the media other than the occasional “gold is dead” headline. Ignore the headlines, tune out the experts, and follow the message of the markets.

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The Top 3 Rules to Understand About Gold & Silver Price Behavior

by JS Kim:

 

"(1) Volatility Does Not Equal Risk.

 

"Far from it. In fact most volatility in gold and silver is deliberately manufactured by the banking cartel, and is manufactured in fake paper derivative markets in which prices are set with absolutely zero regard for the actual physical supply and physical demand determinants of these two precious metals. Furthermore, since banker cartel manipulation of paper gold and silver derivatives plays such a big role in price volatility, moves in gold and silver are often just as violent to the upside as they are to the downside after long periods of consolidation, as violent moves higher are often caused by short-covering of panicked hedge funds and banking cartel members that are forced to unwind shorts when the momentum to the upside becomes too great for them to suppress. Furthermore, after brief periods of very quick rises, another short-term correction triggered by day traders taking profits and/or desperate banking cartel members actions in paper markets does not mean the uptrend has reversed back downward again…which bring us to Rule #2. ..."

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Twitter / JamesGRickards: Important to explain that ...

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Spain's Recession Deepens, Depositors Withdraw More From Banks

Spain's Recession Deepens, Depositors Withdraw More From Banks | Gold and What Moves it. | Scoop.it
Spain's recession is deepening, and depositors are pulling their money out of the nation's banks, with 5 percent of total deposits getting withdrawn last month.
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