RICK SANTELLI: "THERE'S NOT ENOUGH PHYSICAL GOLD" 5-13-2010
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In The News Today Posted: May 18 2010 By: Jim Sinclair Post Edited: May 18, 2010 at 1:32 pm
Filed under: In The News
Dear CIGAs,
In one paragraph Egon has caught the gist of the entire matter.
ALEA IACTA EST by Egon von Greyerz – Matterhorn Asset Management
Yes this is it! We have crossed the Rubicon and events in the world economy are now likely to unfold in a totally uncontrollable fashion. Clueless governments still don’t understand that it is their ruinous actions that have created a credit infested and bankrupt world. They will continue to prescribe the same remedy that caused the problem in the first place, namely more credit and more printed money. The consequences are clear; we will have hyperinflation, economic and human misery as well as social unrest.





Porter Stansberry: You will be financially destroyed if you ignore this trend


$18.90 an ounce.
That's today's price of silver.
Take note -- Because it may never be this low again.
You see, historically, the gold to silver price ratio has been about 16:1.
Right now, it's closer to 64:1.
That makes silver roughly 75% undervalued.
And as investors keep piling into precious metals (with the Euro crashing and U.S. debt spiraling), we're expecting silver to blow its lid any day now.






Today’s Action In Gold Posted: May 17 2010 By: Jim Sinclair Post Edited: May 17, 2010 at 7:58 pm
Filed under: General Editorial
Dear CIGAs,
Tomorrow is the first day Greece receives a tranche of emergency funding which of course caused some euro short covering from below 1.2236 to the present 1.2394. Recall I gave you the 121 1/2 to 122 1/2 as support under the break of 126.
The present relationship, although short term, is that gold is moving in the same direction, of the US dollar. That means that as the US dollar falls markets interpret that as a relief of the euro crisis which results in longs taking profits and shorts establishing positions in gold. A softer dollar today as a product of short covering in the euro for very modest technical and fundamentals tidbits means temporarily lower gold as the euro crisis has caused a rush to gold by euro holders. That relationship will stop, but the euro must cease first.
As I explained to you in detail, the next target of credit default derivatives after battering the euro is to batter the US dollar.
After the euro is done within a few sessions the relationship between the dollar and gold will return to inverse in a very big way. This I assure you. With more than 50 years in markets you learn a few things about the madness that goes on.
In light of this consider what Rick Santelli has to say about a problem we have been aware of for a long time. Maybe Rick should read the prospectus that says specifically this ETF does not have to hold real gold bullion.
Gold bullion is on its way to $1650 and above making today’s reaction or any nearby reaction totally irrelevant in the big picture.
If you are playing short term your opposition is Goldman and all the little Goldmans. That strategy makes no sense. Speculating short term or selling your gold insurance is totally wrong.
Stay the course!


Euro; the worst is yet to come

The European Economic Crisis

New High in Gold

Strategic mortgage defaults the next time bomb

US bankruptcies resume upward path in first quarter.

Pimco's El-Erian Warns Inflation to Hit US, Europe.

Junk silver coins; Why 90% junk silver coins are worth the investment?

Euro Collapse Fears Spark Panic Buying of Gold

Deutsche Bank: Greece May Never Pay Off Debts

Volcker Sees Euro "Disintegration" Risk From Greece

Gold Rises to Record As Investors Seek Alternatives to Currency

UK Savers Suffer as Headline Inflation Hits 3.7%- The Daily Telegraph

Economist: Euro Failed Acid Test- Wall Street

Toxic CDOs Beset FDIC as Banks Fail- Wall Street Journal

Mortgage Aid Leaves Homeowners Worse Off- Wall Street Journal

Sovereign Debt Woes Spur ‘Lehman II’ Concern- Bloomberg

Why Treasury Bonds Aren't Always So Safe- CNN Money

"If for some reason your still invested in the stock market(stocks, bonds 401K etc)...You might wish to invest in a case of K-Y Jelly because your definitely going to need it by the time Obama is finished with you... "