U.S. Mint Suspends Sales of American Eagle Gold Coins (Update1)

posted by Eric De Groot at Eric De Groot - 6 hours ago

I picked up my last Eagle just a week ago. Well, there goes the lowest premium one ounce. European Central banks are curtailing selling gold. Asian central banks are buying gold. $1650 is within reach. ...

Banks Keep Failing, No End in Sight

posted by Eric De Groot at Eric De Groot - 10 hours ago

It's called consolidation of power through culling of the weak and the protection of the connected. The largest number of bank failures in nearly 20 years has eliminated jobs, accelerated a drought in len...

Tipping points Commodities, USD, Gold, Yuan

Gold Forecaster - Why Did the Gold Price Start Rising From $275, in 2000 and Why is it Still Rising Through $1,300? 

In The News Today

Posted: Sep 28 2010     By: Jim Sinclair      Post Edited: September 28, 2010 at 4:42 pm
Filed under: In The News

My Dear Friends,

We cannot take pleasure in the things that have caused gold to move above $1300. However, going forward we can take both pride and comfort in the fact that we have secured a solid foundation for our families. $1650 can now be seen over a very near horizon.
This has been an important week and day for you and me in the bush of Africa. I am writing to you from an office made from a shipping container with A/C, WIFI and all kinds of technical equipment. I miss the good folk who joined us here. We had fun at an ongoing fireside seminar and great camaraderie. For me today will remain a milestone in my life, my work of eight years and total business career.
My reward is your security going forward.
Regards,
Jim Sinclair

Jim Sinclair’s Commentary
I picked up my last Eagle just a week ago. Well, there goes the lowest premium one ounce.
European Central banks are curtailing selling gold. Asian central banks are buying gold.
$1650 is within reach.

U.S. Mint Suspends Sales of American Eagle Gold Coins (Update1) By Vincent Del Giudice – August 21, 2008 16:19 EDT
Aug. 21 (Bloomberg) — The U.S. Mint suspended sales of its 1-ounce “American Eagle” gold coins after soaring commodity prices led collectors and investors to deplete supplies.
It is the first time in two decades that the Mint halted sales of the coins, which are made of 22-carat gold from domestic mines. The coins also contain small amounts of alloy for hardening.
In a memo to dealers dated Aug. 15, Cathy Laperle, a Mint official, said: “Due to the unprecedented demand for American Eagle Gold One Ounce Bullion coins, our inventories have been depleted. We are therefore temporarily suspending all sales of these coins. We are working diligently to build up our inventory and hope to resume sales shortly.”
Gold prices soared over the past year, with the most active gold futures reaching a record $1,033.90 an ounce on March 17 as the price of crude oil increased and the dollar weakened against the euro and other currencies. Commodity prices have since retreated.
American Eagle coins, introduced in 1986, are also available in other weights as well as silver and platinum. The suspension was reported in today’s editions of The Wall Street Journal.
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Thoughts On Gold From The Bush In Africa
This is nothing more than your standard round number action in anything.
Gold is headed for $1650 and nothing will stop it.

Jim Sinclair’s Commentary
The flag is going up the pole to see if it is saluted. Greenspan has practically said the same thing. Let’s see if his bagged man Bernanke goes for it as things spiral out of control.
The likely result is a virtual bag of currencies tied to gold not by conversion or interest rates, but by a relationship to a broad number for Western international liquidity, sort of a Western world M3.

Gold is the final refuge against universal currency debasement
States accounting for two-thirds of the global economy are either holding down their exchange rates by direct intervention or steering currencies lower in an attempt to shift problems on to somebody else, each with their own plausible justification. Nothing like this has been seen since the 1930s. By Ambrose Evans-Pritchard
Published: 6:01PM BST 26 Sep 2010
“We live in an amazing world. Everybody has big budget deficits and big easy money but somehow the world as a whole cannot fully employ itself,” said former Fed chair Paul Volcker in Chris Whalen’s new book Inflated: How Money and Debt Built the American Dream.
“It is a serious question. We are no longer talking about a single country having a big depression but the entire world.”
The US and Britain are debasing coinage to alleviate the pain of debt-busts, and to revive their export industries: China is debasing to off-load its manufacturing overcapacity on to the rest of the world, though it has a trade surplus with the US of $20bn (£12.6bn) a month.
Premier Wen Jiabao confesses that China’s ability to maintain social order depends on a suppressed currency. A 20pc revaluation would be unbearable. “I can’t imagine how many Chinese factories will go bankrupt, how many Chinese workers will lose their jobs,” he said.
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Jim Sinclair’s Commentary
With the FDIC on the Federal teat it is you who are going to make all the claims good.
Eventually the FDIC will pay in Federal scrip.
You have not seen anything yet.

FDIC faces costly WaMu claim Posted by Colin Barr
September 28, 2010 11:04 am
The hits keep coming for the Federal Deposit Insurance Corp.
The FDIC, busy cleaning up after the biggest run of bank failures in 20 years, now faces a costly legal battle with perhaps the biggest beneficiary of the financial meltdown of 2008, JPMorgan Chase (JPM).
The bank wants the FDIC to cover the cost of defending lawsuits facing JPMorgan following its September 2008 fire sale acquisition of Washington Mutual, the Seattle thrift whose collapse ranks as the biggest-ever U.S. bank failure.
The JPMorgan-WaMu tie-up ranks as one of the all-time sweetheart deals, ranking alongside JPMorgan’s acquisition earlier in 2008 of Bear Stearns for less than the price of Bear’s Manhattan headquarters.
JPMorgan paid just $1.9 billion for the banking assets of a bank with a huge West Coast presence and $188 billion in deposits. Asked the evening of the deal to comment on what rival bids JPMorgan might have bested, CEO Jamie Dimon (right) said, "We don’t know and we don’t care."
The FDIC arranged the deal just over a week after the failure of Lehman Brothers and the bailout of AIG (AIG), and billed the arrangement, favorable as it was for JPMorgan, as "a transaction in which neither the uninsured depositors nor the insurance fund absorbed any losses."
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