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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Japan Downgrades Economic Outlook on Concerns of Global Slowdown

Japan Downgrades Economic Outlook on Concerns of Global Slowdown | Gold and What Moves it. | Scoop.it
Japan's export-oriented economy is under pressure due to the continuing European debt crisis and slowing global economy.

 

By GEETHA PILLAI

 

"The Japanese government has cut its economic expectations for the first time in ten months following concerns about the continuing European debt crisis and global economic slowdown.

 

"In its monthly economic report, the world's third largest economy noted that "further slowing down of overseas economies and sharp fluctuations in the financial and capital markets, under a high degree of uncertainty about the prospects of the Eurozone debt crisis, are downside risks of the Japanese economy".

 

"Japan's export-oriented economy is under pressure as the recovery in major economies such as the US and China is not showing any upward momentum, coupled with fluctuations in the financial and capital markets.

 

"Europe's debt crisis is having the effect of a body blow to Japan's economy," Yoshimasa Maruyama, chief economist at Itochu Corp, told Bloomberg. ...

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South Africa seeks peace in embattled platinum belt - FAST NEWS - Mineweb.com Mineweb

South Africa seeks peace in embattled platinum belt - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

"The country's labour ministry has advised the feuding unions at Lonmin's Marikana platinum mine to lay down their weapons and engage in peace talks to end the deadly wage dispute.

 

JOHANNESBURG (REUTERS) -

 

"South Africa is seeking a "peace accord" in its embattled platinum belt to have feuding unions lay down their weapons and then start wage talks for ending a deadly strike that has paralysed miner Lonmin, the labour ministry said on Tuesday.


"The ministry said in a statement it expects to reach the peace agreement on Wednesday.

 

"Upon conclusion of a peace accord, the parties will start engaging on the demands raised by the workers," it said.

 

"Labour strife returned to South Africa's platinum sector on Monday, derailing London-based Lonmin's efforts to restart mining and fanning fears of ..."

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Louise Yamada predicts $5200 gold by 2018

On CNBC's Power Lunch, Michelle Caruso-Cabrera and Tyler Mathesen interview one of the world's most respected technical analysts Louise Yamada concerning the...

 

Hat tip to www.JSMineSet.com 

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#Gold, Jim Grant, Bernanke, Draghi & A Collapse In Confidence

#Gold, Jim Grant, Bernanke, Draghi & A Collapse In Confidence | Gold and What Moves it. | Scoop.it

John Hathaway tells Eric King at King World News: “It’s characteristic of bull markets that when they enter their most dynamic reversals or breakouts, nobody is on board. And it almost has to be that way because who is going to buy at the top? It’s going to be the guy’s who sold at the low.

 

"We could revisit last year’s high around $1,900, and you will still have a lot of the market saying we are just forming a double top. So I think gold probably has to go through $1,900, print $2,000, and look like it’s going higher to get people excited. But I think we are going to see that.”

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STUDY: States over $4 trillion in debt | WashingtonExaminer.com

STUDY: States over $4 trillion in debt | WashingtonExaminer.com | Gold and What Moves it. | Scoop.it

by Conn Carroll:

 

"America’s 50 states are collectively over $4 trillion in debt according to a new study by an independent, non-partisan think tank.

 

"State Budget Solutions‘ third annual State Debt Report shows that aggregate state debt fell from $.24 trillion last year to $4.19 trillion this year. State Budget Solutions’ debt calculations include a state’s regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, unfunded other post employment benefit liabilities, and the state’s unfunded pension liabilities.

 

"California, again, led all states in total debt weighing in at $617 billion in unfunded liabilities. On a per capita basis, each Californian faces $16,386 in state debt compared to just $11,117 owed by each Texan. The top five states in total debt burden where California, New York ($300 billion), Texas ($286 billion), New Jersey ($282 billion), and New Jersey ($271 billion). The same five states led the ranking last year.

 

"Unfunded public pension liabilities are the main drivers of ..."

 

hattip to www.drudgereport.com

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Jeff Nichols: ‘No gold bug - just super bullish` - GOLD ANALYSIS - Mineweb.com Mineweb

Jeff Nichols: ‘No gold bug - just super bullish` - GOLD ANALYSIS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it
A super bullish long term future for gold is Jeff Nichols' vision for the yellow metal, yet he reckons to be not a gold bug, but a dispassionate economic analyst - and still comes to this conclusion.

 

Author: Lawrence Williams

 

"... Nichols says that he strongly believes that the gold price will double, or perhaps triple by the end of the decade, suggesting a level of say a high of $5,000 by 2020. The true gold bug would perhaps be looking for something far higher over that time period. But the true gold bug almost certainly also believes that current global economic policies will lead to hyperinflation and that gold is the only protector against this by at least maintaining purchasing power while all else around it crumbles.

 

"The indicators so far suggest that somehow the world may avoid this fate - inflation perhaps, but hyperinflation in the Weimar Republic, or recent Zimbabwean sense, hopefully not. Should this actually happen then gold could achieve a price many, many times higher than Nichols' forecast of a doubling or tripling in 8 years.

 

"But if the hyperinflation scenario does come about in the world's richest economies they will become a pretty scary place to live so we hope that somehow the politicians will continue to muddle through. Because that's what they are doing - muddling through - with no-one in command really having confidence in the paths being taken, but scared of following alternatives which they see as even scarier at least in the short to medium term. ..."

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Platinum prices could rise in 2013 on limited supply

Platinum prices could rise in 2013 on limited supply | Gold and What Moves it. | Scoop.it
Analysts say prices of platinum could rise next year as markets digest limited supply from top producer South Africa, where output has fallen sharply over the last year.

 

Author: By Siddesh Mayenkar

 

"Prices of platinum could rise in 2013 as markets digest limited supply from major producer South Africa, analysts said at an industry conference on Saturday, with platinum trading at a premium over gold.

 

"South Africa accounts for 80 percent of platinum supply and its producers have seen output fall sharply over the last year because of industrial action and a flurry of government-imposed safety stoppages, sending prices to their highest level in more than three months.

 

"Major producers may start shutting down mines on high labour and energy costs, Jeremy East, global head of metals trading with Standard Chartered Bank, said on the sidelines of the India International Gold Convention. ..."

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Raptors are very close to holding a record short position in gold - Ed Steer's Gold & Silver Daily

Raptors are very close to holding a record short position in gold - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer writes:

 

"... The Commercial net short position in gold also increased by a huge number as well...27,282 contracts, or 2.73 million ounces. The Commercial net short position now stands at 17.12 million ounces.

 

"The four largest traders in gold are short 8.41 million ounces...and the '5 through 8' largest traders are short 5.06 million ounces of gold. Together these eight large traders are short 13.47 million ounces of gold...and that represents 78.7% of the Commercial net short position.

 

"On a 'net' basis, the '1-4' biggest short holders are short 22.6% of the Comex futures market in gold...and '5-8' biggest short holders are short an additional 13.6 percentage points. In total, the eight largest short holder are short 36.2% of the entire Comex futures market in gold.

 

"Ted Butler's calculations from the Disaggregated COT Report showed that the '1 through 4' largest traders in gold only went short about 3,500 contracts...and the '5 through 8' largest traders added about 3,000 short contracts to their positions. But it was the raptors going massively short around 20,000 contracts that caused the Commercial net short position to blow out as much as it did...and at this point, the raptors are very close to holding a record short position in gold. ..."

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We Will Be Destroyed By Inflation That Paralyzes The Economy

We Will Be Destroyed By Inflation That Paralyzes The Economy | Gold and What Moves it. | Scoop.it

... Eric King: “When I interviewed her (Dr. Anna Schwartz), she was objecting very strongly to the policies (being put in place by Bernanke). She did feel like it was going to lead to runaway inflation, and would ultimately paralyze the economy. The woman had incredible wisdom. I think when I interviewed her she was 92 years old at the time. Bernanke thinks he’s correct in what he is doing, and she thinks he’s wrong. Who comes out on top there?”

 

Jean-Marie Eveillard: “I think she will because Milton Friedman and Anna Schwartz, both of them were extraordinarily honest from an intellectual standpoint. Incidentally, this led Milton Friedman, towards the end of his life, to say, ‘I thought if you increased the money supply modestly every year everything would be fine. It would not abolish the business cycle, but it will reduce its amplitude considerably.’

 

"He (Milton Friedman) said, ‘That was based on the assumption that monetary velocity would continue to be stable,’ which it had been between 1950 and 1980. He said, ‘Beginning in the 1980s, velocity of money was no longer stable, so M1, M2, M3, they are not as meaningful as they used to be.’

 

"So he acknowledged, not exactly a mistake, but the fact that what he was relying upon no longer applied. And Anna Schwartz was also extraordinarily honest from an intellectual standpoint. Bernanke, I’m not saying he’s dishonest intellectually, but he’s a mainstream Neo-Keynesian type of economist. He doesn’t have one (new) idea in his head, it’s extraordinarily conventional thinking. ..."

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Absolutely Stunning Development In The Gold & Silver Markets

Absolutely Stunning Development In The Gold & Silver Markets | Gold and What Moves it. | Scoop.it

Dan Norcini tells Eric King of King World News:

 

“... we’ve had a huge amount of short covering.” Norcini also stated, “Those shorts got hit hard this week, and a lot of them ran for the exits. These guys got caught with their pants down. ...

 

“... Both of the metals are moving to the upside. It’s sort of like a stealth market, but it looks like it’s launching itself higher. Before we draw back in the people who were buying a year and a half ago, we are going to have to see new highs on gold, and we are going to have to see silver in the $40s.

 

"But we’re going to see these prices start moving higher because there is greater awareness, worldwide, of the dire circumstances regarding the world’s financial situation.. ..."

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Fed & The ECB Are Involved In A Dangerous Game Of Poker

Michael Pento tells Eric King of King World News:

 

"... The Bernanke Fed has stated that additional monetary stimulation is warranted, soon, unless there is a ‘substantial and sustainable strengthening in the pace of the economic recovery.’ Fed Presidents, Charles Evans and Eric Rosengren, have both recently indicated that action would be taken when they said that the U.S. Central Bank needs to expand its balance sheet until more favorable targets are reached on the unemployment rate and nominal GDP.

 

"But there is little doubt, unfortunately, that both the European and American economies will continue to falter...."

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The Golden Truth: Fun With Numbers Friday

The Golden Truth: Fun With Numbers Friday | Gold and What Moves it. | Scoop.it

Dave in Denver writes:

 

"... I felt compelled to comment on the new home sales number for July number reported yesterday because the headline was egregiously misleading. The headline triumphantly reported 372,000 annualized homes were sold in July. Note this is a seasonally "adjusted" number which is then annualized. A supposed 14% increase over the June number.

 

"However, if you pull up the actual news release from the Department of Commerce, which of course I did and CNBC or your local newspaper did not, you'll see that there were 34,000 actual homes sold in July, the same number as in June. Even more ominous, the median price of a new home dropped to $224k in July from $229k in June. The average price dropped from $266k to $263k. One would think that, IF the market were as strong as the media and industry cheerleaders would have us believe , the average price of a new home should stay the same or at least stay constant. I smell the desperation of discounting...Here's the new home sales report if anyone wants to peruse the data ..."

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Forget Bernanke: Here’s the Next Big Threat Against the U.S. Dollar | Uncommon Wisdom Daily

Forget Bernanke: Here’s the Next Big Threat Against the U.S. Dollar | Uncommon Wisdom Daily | Gold and What Moves it. | Scoop.it

by Rudy Martin:

 

"You may not be hearing much about the currency war, but I’m here to tell you that it’s still going on, especially in the emerging markets.

 

"The Brazilian finance minister first raised the subject of a currency war two years ago, when the U.S. Federal Reserve instituted its first round of quantitative easing. The program flooded the markets with newly printed dollars, boosting asset prices.

 

"Many other countries were concerned that the move would also devalue the dollar, helping the U.S. inflate its way out of debt and giving its exporters an advantage in the international markets.

 

"That hasn’t happened yet, but emerging-market nations such as China, India and Brazil are still fighting the currency war — trying to reduce the importance of the dollar in international trade.

 

"The first tactic they’re using in this war is the currency swap.

 

"At a summit of the BRIC nations — Brazil, Russia, India and China — earlier this year, they agreed to trade in Chinese yuan, rather than U.S. dollars. Since then, Brazil and Argentina have begun selling their oil for yuan. And last month, HSBC India implemented the first yuan-denominated cross-border trade transaction.

 

"In addition to these currency swaps, emerging markets are also creating their own institutions.

 

"China and Russia recently committed $1 billion each to a new joint investment fund ..."

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Leeb - The Catalyst That Will Take Gold Over $10,000

Leeb - The Catalyst That Will Take Gold Over $10,000 | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb spoke with King World News about the “... major catalyst for the next leg in this bull market, a leg that I contend could easily take us into five digits (above $10,000) in gold.” Here is what Leeb, who is Chairman of Leeb Capital Management, had to say: “Gold had been up 8 days in a row and sort of flatlined today. Silver has been up for six days in a row, and it’s up almost another 1% today. These markets are catching on to something changing. One of the things that is changing is Europe. Merkel is no longer opposed, as she once was, to central bank buying of bonds.”

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A New Run On The Banks? Spaniards Pulling Cash Out At Record Rates

A New Run On The Banks? Spaniards Pulling Cash Out At Record Rates | Gold and What Moves it. | Scoop.it
By Oliver Tree and Mike Obel

 

"Spanish consumers are pulling their cash out of banks at record levels, according to figures released on Tuesday.

 

"Private sector deposits fell by nearly 5 percent in July to €1.509, the Telegraph reported, citing European Central Bank data, as public confidence in the banking system reached all-time lows amid a worsening economic situation.

 

"The news comes after bond markets continued to hammer the debt-ridden euro zone nations Spain and Italy last week.

 

"On Friday, the interest rate on a 10-year loan to the Spanish government briefly topped 6 percent -- a level that forced Greece into a default earlier this year, despite massive financial support from international sources -- before settling back to 5.96 percent. ..."

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In The News Today « Jim Sinclair's Mineset

From Jim SInclair's www.JSMineSet.com 

 

"My Dear Friends,

 

"MSM has convinced listeners that a QE decision will take place at the upcoming Jackson Hole conference of economic babus. That is simply not how significant central bank measures usually happen.

 

"Extreme means usually are taken under market pressure over a weekend. This serves to heighten expectations of the Jackson Hole meeting not supported by the history of central banks.

 

"Regards,
Jim"

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Gold steady near 4-month high, focus on central banks - Reuters

Gold steady near 4-month high, focus on central banks - Reuters | Gold and What Moves it. | Scoop.it
Sky News AustraliaGold steady near 4-month high, focus on central banks Reuters LONDON (Reuters) - Gold steadied around its highest in four months on Tuesday ahead of a meeting of central bankers at the weekend that could outline the likely course of...
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Downtown Mpls. Becomes Black Hawk Helicopter Training Zone - CBS Minnesota

Downtown Mpls. Becomes Black Hawk Helicopter Training Zone - CBS Minnesota | Gold and What Moves it. | Scoop.it
If you see military helicopters flying low over Minneapolis, don't be alarmed. They're just training in an urban environment. The U.S. Special Operations Command will be conducting exercises until the beginning of September.

 

hattip to www.drudgereport.com

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How Much Will Libor Suits Cost Banks?

How Much Will Libor Suits Cost Banks? | Gold and What Moves it. | Scoop.it

By ROLAND LI

 

"Banks involved in London interbank offered rate benchmark, or Libor, manipulations could be liable for billions of dollars in lawsuits from a slew of financial firms and investors who were affected by the distortions, according to reports.

 

"Nacquarie Research said in July that banks would have to pay $176 billion, based on Libor rates that were understated by 0.4 percentage points during 2008 and 2009, the Wall Street Journal reported. Keefe, Bruyette & Woods Inc. estimates $47.5 billion in damages, while Mortgan Stanley predicts $7.8 billion.

 

"Morgan Stanley (NYSE: MS) said the most vulnerable lenders are Barclays PLC (London: BARC), which has been at the center of the controversy, Deutsche Bank AG (DBK), Royal Bank of Scotland PLC (London: RBS), Bank of America Corp. (NYSE: BAC) and JPMorgan Chase & Co. (NYSE:JPM), based on their types of business. ..."

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Indian gold buying picks up as festival season kicks off

Indian gold buying picks up as festival season kicks off | Gold and What Moves it. | Scoop.it
Though prices are at a new high in India, buyers are picking up smaller pieces of gold jewellery and items to mark the onset of the festive period this week.

 

Author: Shivom Seth

 

"The lure of the yellow metal seems to be back and gold prices have been growing from strength to strength. On Monday morning, India's benchmark October gold contract extended gains to hit a high of $558.70 (Rs 31,077) per 10 grams, following a rally in the world markets and a weak rupee. On Friday, the yellow metal hit another life-time high in Rupee terms of $564.35 per 10 gram.

 

"It seems, however, that high price levels have not really dampened retailers' seasonal buying moodin the run up to the festive season that kicks off this week in India. Bulk purchases for marriages continue, with most retailers stocking up and individuals buying smaller items of gold jewellery.


"The festive season brings to into play its own share of discount offers. As the marriage season kicks off in Kerala, in South India, this week also marks the onset of Onam, a festival to celebrate the harvest festival in the South, with pomp and ceremony. ..."

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Gold touches highest level since mid-Apr on Fed stimulus hopes - FAST NEWS - Mineweb.com Mineweb

Gold touches highest level since mid-Apr on Fed stimulus hopes - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

Spot gold hit a 4-1/2 month high at $1,676.45 an ounce on Monday, fuelled by hopes the U.S. Federal Reserve may unveil another round of monetary stimulus to combat weak growth.

Author: By Jan Harvey

 

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The Wolf and the Lamb - Casey Research

The Wolf and the Lamb - Casey Research | Gold and What Moves it. | Scoop.it
The recent roundup of an ex-Marine for anti-government Facebook postings is the latest signal that it may be time to start eyeing the exits.

 

"The tyrant will always find a pretext for his tyranny."

 

A lesson from, The Wolf and the Lamb, Aesop's Fables

 

worth a read.

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China announces £800bn stimulus to boost confidence - Telegraph

China announces £800bn stimulus to boost confidence  - Telegraph | Gold and What Moves it. | Scoop.it
China has announced a total of 8 trillion yuan (£800bn) of "stimulus projects" to try to boost confidence in an economy that appears to be cooling faster than expected.

 

by Malcolm Moore:

 

"One Chinese province after another has stepped forward over the last fortnight to announce their plans, in what appears to be a propaganda effort to reassure the public that the economy is still on track.

 

"Meanwhile, Wen Jiabao, the Chinese premier, promised over the weekend that the Chinese government would intensify its efforts to boost the economy in the second half of the year.


"On a visit to Guangdong, the heartland of China's export industry, Mr Wen warned that "there will still be a lot of problems and uncertainties in exports going forward. The third quarter is a crucial period".


"Analysts said the government could now steer the value of the yuan lower, after a gain of 4.7pc last year against the dollar. Further export tax rebates could also be used to bail out manufacturers. ..."

 

hattip to www.jsmineset.com

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Land of The Freebies, Home of the Enslaved

Watch this SHOCK video about our government's "cradle to the grave" entitlement society! Become a "fan" on Facebook here https://www.facebook.com/govgonewild...

 

hat tip to Peter Grandich at www.grandich.com

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Twitter / Dvolatility: U.S. Capital Goods Orders Decline ...

U.S. Capital Goods Orders Decline Most Since November http://t.co/f1PR4CA4 via @BloombergNews
Aug 24 via Tweet Button Favorite Retweet Reply

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