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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Tax cuts on 'Paper Gold' may trim India Gold import by 70%

Tax cuts on 'Paper Gold' may trim India Gold import by 70% | Gold and What Moves it. | Scoop.it
India's gold imports could fall much further, by 60% to 70% if the government also presses ahead with plans for gold bonds and a controversial proposed tax amnesty on such investments.

 

NEW DELHI(BullionStreet): Any further hike in gold import duty could trim India's imports by 25 percent this year, according to All India Gems and Jewellery Trade Federation.

 

Federation chairman Bachhraj Bamalwa said he believes import duty on gold will be hiked to 6% in the budget scheduled for Feb. 28.

 

The basic customs duty on standard gold bars is 4 percent and the levy on non-standard gold is 10 percent.

 

He added that if the government also presses ahead with plans for bullion-backed paper investment products such as gold bonds and a controversial proposed tax amnesty on such investments, imports could fall much further, by 60%-70%.

 

Increase in duty will make gold costlier and at this price investors will not be interested,he warned. ...

Hal's insight:

Manipulation in the open.

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Gold is setting up for a massive breakout in 2H - 2013

Gold is setting up for a massive breakout in 2H - 2013 | Gold and What Moves it. | Scoop.it
The current consolidation is most similar to the 2004-2005 consolidation. It is 17 months old and will last two years unless it can blast through $1800 on the next try.

 

By Jordan Roy-Byrne, CMT
If Gold is able to firm up here and now then it has a good shot to rally back to $1750-$1800 over the next few months. If we get the bullish scenario and a fundamental catalyst shift then expect gold to break past $1800 in Q3. That would mean that Gold consolidated for two years which would be its longest consolidation on record. The longer the consolidation, the more explosive the breakout.

Various sentiment indicators continued to look favorable even as the market began to make some progress. For example, the daily sentiment index for Gold touched 6% yet Gold didn’t make a new low. At the same time we saw a continued reduction in speculative long positions. Bloomberg reported that hedge fund long positions in Gold were reduced to the lowest level since August.

Technically, take a look at the weekly chart. Gold seemed at risk below $1630 yet it closed above $1650 in each of the past four weeks. Now that Gold is starting to turn bullish all time frames ...

Hal's insight:

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Shelter from The Coming Storm - Gold, Silver, and Real Assets | GE Christenson | Safehaven.com

Shelter from The Coming Storm - Gold, Silver, and Real Assets | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it
What Storm?A hurricane of digital money created by central banks to purchase government debt and other dodgy assets from banks.A tidal wave of deficit spending by governments around the world. It continues, regardless of whether you call it business as usual, stimulus, payoffs, or bailouts.A perfect storm of derivatives - the weapons of mass financial destruction that continue to plague our financial system - but make $Billions (Maybe $Trillions) in profits for the huge banks.A tornado of bailouts, giveaways, loans, and currency swaps from the Federal Reserve to backstop banks, politically connected individuals and corporations, European governments and others.An approaching thunderstorm of new and higher taxes - perhaps a carbon tax, a VAT, and a wealth tax. We hope most of these will be downgraded to a hot air disturbance.A tsunami of Japanese Yen based on the election of Prime Minister Abe and his avowed intention to weaken the Yen.

Why Do We Need Shelter?
Hal's insight:

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The Golden Truth: Germany Pays A Visit To The United States

The Golden Truth: Germany Pays A Visit To The United States | Gold and What Moves it. | Scoop.it

On Germany wanting their gold back and having to wait seven years, Dave in Denver writes:

 

... The most likely scenario is that, while it's possible, though not a certainty,  that the bars may be sitting in the West Point deep storage Fed gold vault, it has been leased out and swapped out in legal transactions designed to manipulate the price of gold.  What this means is that private parties (think:  China's central bank, very wealthy foreigners, India, etc) have the legal title to any gold that has been leased or swapped and sold outright. ...

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Stage set for Vietnam black Gold marketeers

Nearly six thousand other gold shops would be weeded out from the bullion gold market, and they would only be able to trade jewelries.

 

HANOI(BullionStreet): Majority of the gold companies evicted by Vietnam's new gold regulation would become black marketeers and remain in the sector, analysts said.

 

An estimated 4000 small gold shops had been shut down already in Vietnam before the new decree took effect in early 2013.

 

Nearly six thousand other gold shops would be weeded out from the bullion gold market, and they would only be able to trade jewelries.

 

A question has been raised about the fate of the 5600 gold shops which cannot trade bullion gold.

 

Another question has been awaiting the answer that what will happen if there are only 2,400 gold transaction points nationwide ...

Hal's insight:

No surprise that people would seek to get the security gold via the blackmarket when their government would deny it from them.

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Gold contributes CHF 1.4 billion to Swiss central bank profit

The bank said its foreign currency positions contributed about 4.7 billion francs in profits, while the rise in gold prices delivered a 1.4 billion gain in the value of its holdings.

 

ZURICH(BullionStreet): Climbing gold prices helped Switzerland's central bank to post a reasonable $6.4 billion profit last year.

 

The Swiss National Bank in a statement said it's foreign currency positions also helped to maintain the profit limit from going down further.

 

In 2011, the Swiss central bank posted a record 13.5 billion franc profit when it was buying a massive amount of euros to hold down the value of the franc. ...

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Eric De Groot: Gold Will Climb The Wall of Worry With Or Without The Gold Community

Eric De Groot: Gold Will Climb The Wall of Worry With Or Without The Gold Community | Gold and What Moves it. | Scoop.it

"Money, following the ebb and flo of time, has been steadily moving into gold since 2001 despite what seems to many at times as an insurmountable wall of worry (chart 1). The speed and angle of gold's secular up trend, driven by a burgeoning transfer of money from the public to private sector (chart 2 & 3), will only increase in the coming years despite a large number of frustrated investors quitting on gold.  A secular low in bond yields due in 2013 will accelerate this transfer (chart 4)."

Hal's insight:

Be sure to click through for all of Eric's charts.

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Japan Gold becomes more expensive on weak yen

Japan Gold becomes more expensive on weak yen | Gold and What Moves it. | Scoop.it
Analysts said yen's retreat against the dollar has made the metal more expensive for buyers in Japan while global benchmark prices of gold in dollars are little changed this year.

 

TOKYO(BullionStreet): Japan continued to slash yen's value against the dollar which hiked gold prices to new highs in the Nippon nation.

 

According to major gold dealers in Tokyo, some gold holders may be preparing to cash out of some bullion due to the situation.

 

Japanese gold prices jumped 4.2% since the start of the year and about 10% since late November after authorities sparked a slide in the yen by pushing for further monetary easing to boost the sluggish economy. ...

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Gold and Basel III | Przemyslaw Radomski, CFA | Safehaven.com

Gold and Basel III | Przemyslaw Radomski, CFA | Safehaven.com | Gold and What Moves it. | Scoop.it

Perhaps you have never heard of the Bank for International Settlements (BIS) located in Basel, Switzerland. Perhaps you have never heard of the Basel Committee on Banking Supervision (BCBS), a separate legal entity with headquarters at the BIS. But these two regulatory bodies play a considerably important role in the development of international banking supervisory standards. And, as it happens, they also put forward propositions on how gold is to be seen by the banks.

 

The BIS was set up in 1930, its goals and means have changed throughout the years and today its main scope of activity is to provide central banks with credit when necessary and to help in achievingmonetary and financial stability on an international level. The BCBS was established in 1974 and is primarily concerned with coordinating banking supervisory activities. Both BIS and BCBS are organizations with history but neither of them have legal power to enforce any changes in the law of its members.

 

On the other hand ...

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German Gold Hijinx by @TFMetals

German Gold Hijinx by @TFMetals | Gold and What Moves it. | Scoop.it

I guess it all depends on how you look at it. Either this is all on the up-and-up or it isn't. Either this is a purely political show or it isn't. Either the gold is really there to be repatriated or it isn't. It's up to you to decide.

 

Just three months ago, The Bundesbank labeled as "lunacy" the idea that German gold needed to be brought home. They announce today that they're doing it anyway, but in sizes nowhere near what had been speculated. Is this just a political trick to mollify the German hoi polloi? Probably. It certainly doesn't upset the status quo or shake the global banking system in the manner we'd all hoped.

 

However, you could also choose to look at it this way:

In preparation for The Great Reset, the Germans do desire to
Hal's insight:

Click over for the full piece and chart goodness. He has some links to other pieces related.

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Ed Steer on Germany wanting their gold back.

Ed Steer on Germany wanting their gold back. | Gold and What Moves it. | Scoop.it

Ed Steer on Germany wanting their gold back:

 

"... But, having said that, there's no question in my mind that there are big changes going on behind the scenes in the precious metals world, as the move by Germany to repatriate its gold has send shock waves through the entire financial system in general...and the world's largest central banks in particular.

 

"Now that Germany has made the move, it's only a matter of time...and not too much time at that...before other countries will make the same move.  Then we'll find out how much gold there really is in those central bank vaults.  As Bill Gross and Ambrose Evans-Pritchard said, it's obvious that the trust between the world's central bankers is starting to seriously erode...and I think that the New York Fed would be at the top of the list of least trustworthy...at least from a European perspective...and most likely other areas of the world as well. ..."

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'Physical Gold' to gain on German repatriation plan

'Physical Gold' to gain on German repatriation plan | Gold and What Moves it. | Scoop.it
Financial gold or paper gold served the globe for too long and during the current economic crisis,it may not get the support it enjoyed for long.

 

LONDON(BullionStreet): Germany's decision (not officialised yet) to repatriate a major portion of it's gold stored in the US,UK and France may start the trend of switching to physical gold from financial gold, analysts said.

 

They added that financial gold or paper gold served the globe for too long and during the current economic crisis,it may not get the support it enjoyed for long.

 

They however said the process is definitely in its early stages. But it may eventually appear as people and governments want to see the real gold to fight inflation.

 

Some experts said if gold repatriation becomes a worldwide trend, it will be obvious that both the US and UK have lost their credibility as gold custodians. ...

Hal's insight:

More countries to follow soon, I'm sure.

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Germany bringing home 674 tonnes of gold | MINING.com

Germany bringing home 674 tonnes of gold | MINING.com | Gold and What Moves it. | Scoop.it
Germans want their bullion where they can see it.

 

Following rumors to the effect that have been circulating for months Germany’s central bank will recall some of its gold bullion stored in vaults around the world.

 

The hoard is worth more than $180 billion.

 

The Bundesbank on Wednesday said it will ship back home all 374 tonnes it had stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve. ...

Hal's insight:

It's not your gold unless you're in possession of it.

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Gold remains in tight range

Gold remains in tight range | Gold and What Moves it. | Scoop.it
Gold rallied back and hard to reach 1687 - facing resistance at the top of the Bollinger band and as shorts covering happened, more buying emerge.

 

By Robert Jillies
Short Term: Gold was initially down by $ 10.00 after the jobless claim data that was widely anticipated as the Fed tied QE with the unemployment rate. The biggest shock came from the negative reading of the Philly Fed Manufacturing and other market indicator shows that the Fed actually prop more liquidity.

Gold rallied back and hard to reach 1687 - facing resistance at the top of the Bollinger band and as shorts covering happened, more buying emerge. Our guesses were for tomorrow is as good as the Chinese GDP numbers. Short term gold powered to 1697 and resisted 1700 and that could either mean more range trading as it consolidate the recent Bull Run. We look for support at 1670 area again. Failing that we see 1665 and 1650.

Medium Term: Note on the 4 hourly chart, prices are currently at the top range and the bull camp are roaring again. It was lifeless until a quick reversal and now it’s testing to break 1700. Our assumption that prices should find support before moving higher was proven. We view that gold is well ...

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David Morgan: Debt Insanity | The Victory Report - Precious Metals Media and More

David Morgan: Debt Insanity | The Victory Report - Precious Metals Media and More | Gold and What Moves it. | Scoop.it
Gold and Silver News Daily

 

You CAN’T Solve a Massive DEBT Problem by Adding to the DEBT!

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Gold: $10,000 Gold | John Ing | Safehaven.com

Gold: $10,000 Gold | John Ing | Safehaven.com | Gold and What Moves it. | Scoop.it
A government cannot become insolvent with respect to obligations in its own currency. A fiat money system, like the one we have today, can produce claims without limit.

 

America has far too much debt at 100 percent of Gross Domestic Product. That debt draws down prosperity from the future. America faces a gigantic black hole between federal spending and revenues with deficits exceeding $1 trillion for four years in a row. This year despite Washington's machinations, the deficit will be the highest than in any year since 1946. But how to bring the trillion dollar deficits and $16.4 trillion public debt under control?

 

As usual politics ahead of economics. In the United States, like Europe, the government's insatiable appetite for revenues was an opportunity to both raise revenues and for a bit of social engineering by taxing the rich in an effort to close the wealth gap. For the first time in two decades, Congress actually raised taxes. Despite the rhetoric, a sliver of taxpayers cannot pay for everything. The experience of other countries suggests that isn't enough. Despite revenue hikes in the New Year's deal, cuts to spending were put off to later. The most urgent priority then is to reduce the scale of spending. Easier said than done. In the New Year's deal, the deficit would only shrink by $60 billion or 0.06 percent.

 

American has an unsustainable debt problem because they have a spending problem. Not included are the big three unfunded entitlement programs such as Social Security, Medicare and Medicaid whose billowing costs have been bloated by bureaucracies, litigation and extraordinary expensive healthcare. America should start with the President's own bipartisan Bowles-Simpson Commission ...

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Lufthansa ready to transfer 674 tons of German Gold

Lufthansa ready to transfer 674 tons of German Gold | Gold and What Moves it. | Scoop.it
The Bundesbank is planning to shift 374 tons kept in vaults in Paris and 300 tons stored at the New York Federal Reserve Bank to Frankfurt over the next eight years.

 

BERLIN(BullionStreet): The Value of gold Germany wants to shift from New York and Paris is estimated at $36 billion, reports said.

 

Shipping such a large amount of valuable cargo between countries could be a serious security headache, analysts said.

 

The security cost of the transhipment of 674 tons of gold is not included, they added.

 

The move is part of an effort by Germany's central bank to bring much of its gold home after keeping big reserves outside the country for safekeeping during the Cold War. ...

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Why It’s Taking 7 Years For Gold To Be Returned To Germany

Why It’s Taking 7 Years For Gold To Be Returned To Germany | Gold and What Moves it. | Scoop.it

Today acclaimed money manager Stephen Leeb told King World News the reason Germany is only getting small portions of their gold sent to them over the years is because the gold is not at the Fed.  Leeb also believes the United States is now running out of physical gold to sell in their price suppression scheme.  Here is what Leeb had to say:  “There are two main parties engaged in a battle for economic and monetary supremacy in the world.  This is China vs the United States.  Interestingly, at least for a period of time, both countries don’t want to see the price of gold take off.


"The Chinese don’t want to see the price of gold take off because they still want to buy a lot of it.  The Chinese took in at least 1,000 tons of gold last year, and maybe even more.  This total represents Hong Kong imports plus their own production.

 

"This year the Chinese are really going to play the game much more aggressively with these Shanghai markets that are going to have international players actively trading in them.  They will also trade derivatives, and the Chinese will accumulate gold through their new ETF. ..."

Hal's insight:

Click through for the rest of the interview.

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Aussie man digs out 5.5 kg Gold nugget

According to reports, the nugget weighing 177 ounces, or 5.5 kilograms has been unearthed with a metal detector just outside Ballarat in a popular area for prospecting.

 

MELBOURNE(BullionStreet): An amateur prospector, who wants to remain anonymous,discovered a huge gold nugget with an estimated value of more than $300,000 in Australia's Victoria state.

 

According to reports, the nugget weighing 177 ounces, or 5.5 kilograms has been unearthed with a metal detector just outside Ballarat in a popular area for prospecting. ...

Hal's insight:

How cool would it be to dig up something like this!

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Masses Close To Realizing Their Money Is Being Destroyed

Masses Close To Realizing Their Money Is Being Destroyed | Gold and What Moves it. | Scoop.it

Robert Fitzwilson, wrote the following piece exclusively for King World News:

 

“Over the millennia, gold and silver have been the critical intermediaries between purchasers and providers of goods and services.  Having a sound standard for economic activity has been a critical factor in the rise of history’s most influential societies.  In our time, nothing seems to generate more heated discourse than the topic of a gold standard.  

 

The intensity of the controversy should be viewed as odd.  Gold and silver have been used as money for almost all of mankind’s recorded economic history.  Only in the last 40 years have calls for the return to some form of a gold standard invited such extreme ridicule from academics and popular media alike.  This is despite the overwhelming evidence that sound money is one of the critical prerequisites to sustainable, long-term economic prosperity.  It is also odd in that standards of all kinds are accepted in our daily lives....

Hal's insight:

Click through for the rest.  His point about how it's been the the standard for much longer than it hasn't is valid and rather interesting to think about how short the memories are of mankind. Or perhaps how easily they can be swayed.

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James Turk - Germany’s Gold Is Being Held Hostage

James Turk - Germany’s Gold Is Being Held Hostage | Gold and What Moves it. | Scoop.it

Today James Turk told King World News that the German gold is being held hostage by the Fed.  Turk also believes that one portion of the Bundesbank’s press release was particularly misleading.  Turk reveals the reality of what is taking place with Germany’s gold, and it’s not what the mainstream media and the Bundesbank are telling people. 


Here is what Turk had to say in this extraordinary interview:  “It’s quite clear that the German gold is being held hostage.  They are not getting what they want.  They are getting what the Federal Reserve is telling them they can have.  The fact that they are doing it over 7 years rather than 7 weeks, is just an indication that gold probably isn’t in the Federal Reserve, and the Federal Reserve doesn’t want to have to go out and buy it overnight to fulfill the German demand.  They are trying to stretch it out as long as possible in order to keep gold prices controlled.” ...

Hal's insight:

Fascinating, isn't it? Seven years. That's surprising to me and should send up warning flags to everyone, and adds color to why the FED doesn't want to audit the gold. Click over for the rest of Turk's interview.

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The Golden Truth: Global Gold Demand: Fact vs. Fiction

The Golden Truth: Global Gold Demand: Fact vs. Fiction | Gold and What Moves it. | Scoop.it
Will gold and silver follow the same pattern twice-repeated over the past decade so that we can expect outsized price gains in the precious metals the next two years?  Yes, I think so because gold and silver remain undervalued, and the world's monetary and financial problems have not been solved.  The correction is now over, the new floor is in place, and investors should expect to see spectacular moves for gold and silver over the next two years.  - James Turk, King World News (KWN)


Recently there has been a lot of "noise" about the level of global gold demand.  A lot of the so-called "data" comes from the World Gold Council, which because of its name is considered an authority on annual supply/demand data.  But in studying this sector as closely as I have for the past 12 years, I can't find anyone considered knowledgeable who thinks the WGC's data is reliable. ...

Hal's insight:

Click over for the rest of Dave in Denver's thoughts.

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Jim Sinclair's thoughts on why Germany wants their gold back

My Dear Friends,


I respectfully disagree with most of the explanations given today on the why of German actions in gold. My understanding is that the causal event of this notification actually came from the actions of the US Exchange Stabilization Fund and the long term plans to strengthen the euro.

 

I have published a chart from Patrick showing the extreme change in the ratio of gold to fiat currency presently being held in reserve by Euroland.

 

First you need to understand what the Exchange Stabilization Fund is and is not. It is an account at a major gold bank in the name of the Exchange Stabilization Fund. This fund can legally trade in gold and does. The President of the USA and the Secretary of the US Treasury run this fund. Those two managers by law are permitted to designate another manager if they wish. The fund can trade long or short, borrow or lend anything. Basically this is a an account that can legally do anything it wants whenever it wants in secret as the year end statement can easily be brought to only benign activates by warehousing all the trades.

 

Their broker is quite an expert in that strategy to wash year-end positions for clients.

 

What occurred as I am told is an act in Germany in reaction to a ...

Hal's insight:

Click over for the rest of what Jim Sinclair has to say on Germany wanting their gold back.

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All the Gold in the World - Visualized in Bullion Bars

All the Gold in the World - Visualized in Bullion Bars | Gold and What Moves it. | Scoop.it
This is how all the gold in the world compressed into a pillar looks like.
Hal's insight:

Hat tip: http://www.mining.com 

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International watchdog exposes use of forced labour in Canadian-Eritrean gold project | MINING.com

International watchdog exposes use of forced labour in Canadian-Eritrean gold project | MINING.com | Gold and What Moves it. | Scoop.it
The group claims the Eritrean government has been using forced labour to construct a gold mine, in a joint venture with Canadian Nevsun Resources Ltd.

 

International group Human Rights Watch said Tuesdaythe Eritrean government has been using forced labour to construct a gold mine, in a joint venture with Canadian Nevsun Resources Ltd. (TSX: NSU).

 

According to the report, the Vancouver-based miner failed to ensure that forced labour was not used in the construction of its African Bisha gold project.

 

The 29-page document, Hear No Evil: Forced Labour and Corporate Responsibility in Eritrea’s Mining Sector, describes how mining companies working in Eritrea risk involvement with the government’s widespread exploitation of forced labour. It also documents how Nevsun – the first company to develop an operational mine in Eritrea – initially failed to take those risks seriously, and then struggled to address allegations of abuse connected to its operations. ...

Hal's insight:

I'm not surprised by this, Eritrea does not have a great track record.

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