Preventing Your Government From Stealing Your Gold

Panel: $14 Trillion Debt Destroying Us Like 'Cancer'

New York Times article: Crisis Awaits World’s Banks as Trillions Come Due. Be ready folks. We could be on the precipice of a global debt implosion that will make the current crisis seem small, by comparison. I've warned you before, folks: be ready for bank runs. Here is a quote: "Banks worldwide owe nearly $5 trillion to bondholders and other creditors that will come due through 2012, according to estimates by the Bank for International Settlements. About $2.6 trillion of the liabilities are in Europe."


Historian warns of sudden collapse of American ‘empire’


America's future in the hands of a Communist Country...This can't end well...
G20 looks to Beijing to drive global growth.


European banks mull 20 billion Euro private bailout fund: report

Jim Sinclair’s Commentary

So far this weekend.

Bank Closing Information – July 9, 2010
These links contain useful information for the customers and vendors of these closed banks.

Home National Bank, Blackwell, OK
USA Bank, Port Chester, NY
Ideal Federal Savings Bank, Baltimore, MD
Bay National Bank, Lutherville, MD

http://www.fdic.gov/

Jim Sinclair’s Commentary

Dean Harry, my dear friend of 45 years, opines.

Harry Schultz on the Power Elite, Free Markets, the Internet & Why Gold Is Going Much Higher
On Jul 11, 2010, at 7:44 AM

Daily Bell: Where is gold going? Silver? Harry Schultz: Much higher. Sky is the limit for gold. Governments are losing control of gold. They cheat, steal, lie, maneuver … but gold will beat them and is already doing so, in stages.

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Jim Sinclair’s Commentary

From Kitco.com.

Gold

We are now in the very early stages of Stage Three with gold having gone up 24% in 2009 and up 13.3% in the first 6 months of 2010. As such there are no shortage of prognosticators who see gold going parabolic reminiscent of 1979 when gold rose 289.3% in the course of just over a year (from a $216.55 closing price on Jan. 1, 1979 to a closing price of $843 per ounce barely a year later on Jan. 21, 1980) and 128% higher in a late-1979 parabolic blow-off of just under 11 weeks! A 289% increase in the price of gold from $1250 would put gold at $4,866. That being the case what appear on the surface to be rather outlandish projections of what the bull market in gold will top out at don’t seem quite so far-fetched.

Below is a list of the parabolic tops for gold as discussed in articles and/or speeches by well known economists, academics, market analysts and financial commentators. Their prognoses are limited to those above the CPI adjusted 2010 price of $2,300 and they are grouped according to the extent each individual sees gold appreciating over the next few years (and next few months in a few cases).

The list below is provided on my site – with a link to the actual article in which each estimate was put forth if you care to check out the rationale behind each individual’s projections.

Higher than $10,000

Mike Maloney: $15,000;
Howard Katz: $14,000;
Silver-Coin-Investor.com: $7,000-$14,000;
Jim Rickards: $4,000 – $11,000
Roland Watson: $10,800 (in our lifetime);

$5,001 – $10,000

Arnold Bock: $10,000 (by 2012);
Porter Stansberry: $10,000 (by 2012);
Tom Fischer: $10,000;
Shayne McGuire: $10,000;
Eric Hommelberg: $10,000;
Gerald Celente: $6,000 – $10,000;
Peter Schiff: $5,000 – $10,000 (in 5 to 10 years);
Egon von Greyerz: $5,000 – $10,000;
Patrick Kerr: $5,000 – $10,000 (by 2011);
Peter Millar: $5,000 – $10,000;
Alf Field: $4,250 – $10,000;
Jeff Nielson: $3,000 – $10,000;
Dennis van Ek: $9,000 (by 2015);
James Turk: $8,000 (by 2015);
Joseph Russo: $7,000 – $8,000;
David Petch; $6,000 - $$8,000;
Michael Rozeff: $2,865 – $7,151;
Martin Murenbeeld: $3,100 – $7,000;
Dylan Grice: $6,300;
Murray Sabrin: $6,153;
Harry Schultz: $6,000;
Paul van Edeen: $6,000;
Paul Brodsky/Lee Quaintance: $3,000 – $6,000;

$5,000

David Rosenberg: $5,000;
Martin Hutchinson: $5,000 (by end of 2010);
Doug Casey: $5,000;
Peter Cooper: $5,000;
Robert McEwen: $5,000;
Martin Armstrong: $5,000 (by 2016);
Peter Krauth: $5,000;
Tim Iacono: $5,000 (by 2017);

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Jim Sinclair’s Commentary

Something for the dollar bulls to consider.

Chinese Rating Firm Critical of U.S. Debt

BEIJING—A Chinese firm that aims to compete with Western rating companies declared Washington a worse credit risk than Beijing in its first report on government debt Sunday amid efforts by China to boost its influence in global markets.

Dagong International Credit Rating Co.’s verdict was a break with Moody’s Investors Service Inc., Standard & Poor’s Ratings Services and Fitch Ratings, which say U.S. government debt is the world’s safest.

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Jim Sinclair’s Commentary

Courtesy of Cometgold.com.

Presenting The Wall Of Worry: The 50 Ugliest Facts About The US ECONOMY

by Guest » 12 Jul 2010 14:35

As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report. After reading these it almost makes sense that the market has become completely desensitized to the sad reality now pervasive in this country. Readers are encouraged to add their own observations to this list. Surely if the list is doubled, the market will go up to 72,000 instead of just 36,000.

#50) In 2010 the U.S. government is projected to issue almost as much new debt as the rest of the governments of the world combined.

#49) It is being projected that the U.S. government will have a budget deficit of approximately 1.6 trillion dollars in 2010.

#48) If you went out and spent one dollar every single second, it would take you more than 31,000 years to spend a trillion dollars.

#47) In fact, if y ou spent one million dollars every single day since the birth of Christ, you still would not have spent one trillion dollars by now.

#46) Total U.S. government debt is now up to 90 percent of gross domestic product.

#45) Total credit market debt in the United States, including government, corporate and personal debt, has reached 360 percent of GDP.

#44) U.S. corporate income tax receipts were down 55% (to $138 billion) for the year ending September 30th, 2009.

#43) There are now 8 counties in the state of California that have unemployment rates of over 20 percent.

#42) In the area around Sacramento, California there is one closed business for every six that are still open.

#41) In February, there were 5.5 unemployed Americans for every job opening.

#40) According to a Pew Research Center study, approximately 37% of all Americans between the ages of 18 and 29 have either been unemployed or underemployed at some point during the recession.

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