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In The News Today

Posted: Oct 12 2010 By: Jim Sinclair Post Edited: October 12, 2010 at 10:19 am
Filed under: In The News

Dear CIGAs,
You have to love the Money Bunnies on Financial TV. This morning with most of the world markets lower the reason given was concerns about China.
The strange thing was the only market that was up was China.

Jim Sinclair’s Commentary
Coincidence? I doubt it. Correct? I am sure of it.

Gold May Climb to Record $1,650 an Ounce on Fed Easing, Goldman Forecasts – Bloomberg By Wendy Pugh – Oct 11, 2010 9:22 PM PT Tue Oct 12 04:22:43 GMT 2010
Gold may rally more than 20 percent from this month’s record to a high of $1,650 an ounce in 12 months as the Federal Reserve takes action to stimulate the U.S. economy, according to Goldman Sachs Group Inc.
Bullion may gain to $1,400 an ounce in three months and $1,525 an ounce in six months, analysts David Greely and Damien Courvalin wrote in a note dated yesterday. Gold for immediate delivery reached an all-time high of $1,364.77 on Oct. 7.
The Fed is considering whether to add to its purchases of Treasury bonds to spur the economic recovery, an action known as quantitative easing. The central bank may next month announce purchases of about $500 billion, Goldman Sachs said in a separate e-mailed note.
“With U.S. real interest rates pushing lower off the slowdown in the pace of the U.S. economic recovery and the growing prospect of another round of quantitative easing, we expect gold prices to continue to climb,” New York-based Greely and Courvalin wrote.
Spot bullion fell 0.3 percent to $1,349.90 an ounce at 2:50 p.m. Melbourne time, declining for the first time in three days. Gold for December delivery on the Comex in New York dropped 0.3 percent to $1,350.80. The bank in August forecast that gold may rally to $1,300 an ounce in six months.
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Jim Sinclair’s Commentary
It looks like the buck is being passed.

Citigroup Stops Using Foreclosure Law Firm Facing Florida Probe By Dakin Campbell and Donal Griffin – Oct 12, 2010 5:34 AM MT
Citigroup Inc. said it stopped steering foreclosure work to a Florida law firm whose court filings to support home seizures are under investigation by the state’s attorney general.
The bank, which is proceeding with seizures as some rivals stop to recheck documents, had used the Law Offices of David J. Stern PA. Florida Attorney General Bill McCollum said Aug. 10 it is examining whether Stern and two other firms filed “improper documentation” with the state’s courts to speed proceedings.
“Pending the outcome of the AG’s investigation, Citi is not referring new matters to this firm,” the New York-based bank said in an e-mailed statement. Citigroup services loans for government-sponsored entities, such as Fannie Mae and Freddie Mac. Stern “was approved by the GSEs during the time in which it was retained by Citi,” the bank said.
Lawmakers, attorneys general and consumer groups have pressed mortgage firms to follow Bank of America Corp., the biggest U.S. lender, which last week suspended all foreclosures to check whether faulty documents were used to confiscate homes. JPMorgan Chase & Co. and Ally Financial Inc.’s GMAC Mortgage unit froze seizures or evictions in Florida and 22 other states. Citigroup said last week it doesn’t plan to join them.
McCollum’s office “hasn’t made any charges or allegations of fault,” said Jeffrey Tew, an outside attorney for Plantation, Florida-based Stern, who declined to discuss its work for Citigroup. “I believe they’re a client. I can’t go into any details.”
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Jim Sinclair’s Commentary
It should read “entire Western World financial entities face new and critical threat from lousy collateral on Securitized Mortgage Debt. Pension fund is in a frenzy.”

US housing market faces new threat from foreclosure row
The US housing market faces a new threat from an escalating row over how banks have been repossessing homes. By Richard Blackden
Published: 9:45PM BST 11 Oct 2010
Bank of America last week halted foreclosures across the country amid allegations that homes are being seized based on data that has not been properly checked and moved too quickly through the process. JPMorgan Chase and Ally Financial have suspended foreclosures in 23 states to address similar allegations.
The suspensions have prompted calls from politicians for a national suspension until the foreclosure process has been fully investigated. That demand has prompted anger from those in the housing market, where sales of foreclosed homes currently account for about a quarter of all sales, according to RealtyTrac. The company, which tracks the housing market, said that banks seized 95,364 homes in August and issued foreclosure filings to 338,863 homeowners.
"It would be catatastrophic to impose a system-wide moratorium on all foreclosures and such actions could do damage to the housing market and the economy," Tim Ryan, president of the Securities Industry and Financial Markets Association said on Monday. Experts say that worries over the ownership of the property titles on foreclosed homes are unlikely to surface until the lender has found a new buyer for the property.
JPMorgan has begun to "systematically re-examine" thousands of filings for foreclosures, though said that the documents had been prepared by appropriate personnel. The Senate Banking Committee has said it will hold a hearing on the foreclosures after the mid-term elections.
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Jim’s Mailbox

Posted: Oct 12 2010 By: Jim Sinclair Post Edited: October 12, 2010 at 10:14 am
Filed under: Jim's Mailbox

Gold May Climb to Record $1,650 an Ounce on Fed Easing, Goldman Forecasts CIGA Eric
If the upper trading channel, now resistance, is broken to the upside and becomes support, gold will enter a higher order (accelerative) move to the upper long-term channel. The accelerative move will be similar to that of 1978-1980.
Gold, London P.M. Fixed:
Gold may rally more than 20 percent from this month’s record to a high of $1,650 an ounce in 12 months as the Federal Reserve takes action to stimulate the U.S. economy, according to Goldman Sachs Group Inc.
Bullion may gain to $1,400 an ounce in three months and $1,525 an ounce in six months, analysts David Greely and Damien Courvalin wrote in a note dated yesterday. Gold for immediate delivery reached an all-time high of $1,364.77 on Oct. 7.
Source: bloomberg.com
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