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In The News Today

Posted: Oct 07 2010     By: Jim Sinclair      Post Edited: October 7, 2010 at 3:33 pm
Filed under: In The News
There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved. – Ludwig von Mises



Dear Friends,
There are a lot of new and weak hands in gold. THAT MEANS VIOLENCE.
We had a high today of $1366 which in my world is a bulls eye for Angel $1369. That means the Angels are functioning like a good Swiss watch.
Don’t get a knot in your tights. The violence coming in gold has no peer.
From high to low you will see multi hundred dollar jumps in both directions before it reaches its fulcrum point.
Gold is going to and through $1650. That should be your mantra for financial survival now.
Respectfully,
Jim


Jim Sinclair’s Commentary
I think people went wild today as this bill would make the act of forgery legal for starters.
It only went downhill after that.
Thank goodness elections are coming up in November. It makes it harder for the devils of Wall Street to have their way.
Now consider that the OTC manufacturers went wild to get that crap bill through. To me that confirms my opinions given to you in the last few days on securitized debt obligations being in deep trouble due to their bad collateral coming into the light of day.
Maybe the sheeple are starting to wake up to the raping and pillaging they have been subject to for so long now.

Obama Won’t Sign Bill Affecting Foreclosures By DAMIAN PALETTA
* OCTOBER 7, 2010, 2:25 P.M. ET
WASHINGTON—President Barack Obama won’t sign into law an overlooked piece of legislation that critics say would make it easier for banks and others to process foreclosure proceedings without human signatures, a person familiar with the matter said.
Mr. Obama hasn’t yet issued a veto during his presidency. In this instance, he will send the bill back to Congress using a process known as a "pocket veto."
His decision comes amid growing complaints from lawmakers that the administration and regulators haven’t done enough to intervene in a scandal tied to thousands of foreclosures that critics argue were processed with improper documentation.
Ally Bank, Bank of America Corp., and J.P. Morgan Chase & Co. have halted foreclosures in 23 states in recent weeks to review how many documents tied to these foreclosures might have been filed improperly. A central issue is the practice of "robo" signing, when documents are signed quickly by computers or people who don’t review the documents.
The bill in question, HR 3808, passed the Senate on Sept. 27 by unanimous consent. The House passed the bill by "voice vote" in April. Many bills that aren’t considered controversial pass this way, with members of both parties essentially letting it move through Congress without debate.
More…




Jim Sinclair’s Commentary
All the kids are going to play nice now! What planet are the authors on?

IMF, World Bank Try to Ease Currency Tensions By Leika Kihara and Lesley Wroughton
October 7, 2010
WASHINGTON (Reuters) – World leaders must defuse currency tensions before they worsen to avoid repeating the mistakes of the Great Depression, the head of the World Bank said on Thursday.
The spirit of global economic cooperation, first forged in 2008 during the darkest days of the financial crisis, was weakening as the recession gives way to an uneven and shaky recovery, the head of the International Monetary Fund said.
Fears of global currency and trade wars, which were key factors in the Great Depression, have jumped to the top of the agenda at IMF and World Bank meetings this weekend, and are also expected to be a primary topic of discussion when Group of Seven finance leaders gather on Friday.
These meetings are expected to provide a forum for intense discussions about efforts to persuade China to let its currency rise and tamp down pressures for other emerging countries to control capital flows as the U.S. dollar weakens.
"If one lets this slide into conflict, or forms of protectionism, then we run the risks of repeating the mistakes of the 1930s," World Bank President Robert Zoellick told reporters at a briefing.
More…




Jim Sinclair’s Commentary
All our problems are over. That seems to be the theme of today’s markets.
Note how they use continuous jobless claims to mope the 11,000.

Initial jobless claims drop 11,000 to 445,000
Workers continuing to receive benefits fall slightly to 4.46 million Oct. 7, 2010, 1:23 p.m. EDT
By Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — The number of people who filed new claims for state unemployment benefits fell 11,000 to 445,000 in the latest week, the lowest level since early July, the U.S. Labor Department reported Thursday.
Economists polled by MarketWatch had expected initial claims to rise to a seasonally adjusted 455,000 in the week ended Oct. 2. Claims for last week were revised up by 3,000 to 456,000.
The news helped U.S. stocks early on, but the market later retreated.
New applications for jobless benefits have dropped almost 10% after spiking above 500,000 in midsummer, and they are now slightly lower compared to the end of 2009. Yet claims continue to hover in the 450,000 range, a level historically associated with sluggish economy.
A more accurate gauge of employment trends is the four-week average of initial claims, which is less volatile than the weekly number. The four-week average decreased by 3,000 to 455,750.
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Jim Sinclair’s Commentary
Let’s make that number $1650.

Gold Could Climb to $1500 After Correcting October 06, 2010
Przemyslaw Radomski
Gold is particularly attractive since the Fed has cut interest rates essentially to zero. This makes gold is more attractive than money in the bank. You don’t earn interest on either gold or cash, so by holding gold today you’re not giving up interest, but you also don’t give up the potential of gold’s bull run. The Fed can keep printing cash. It can’t print gold.
It seems that gold will need to consolidate before going higher. Once the correction is done, it’s not out of question that the price of gold will reach $1,500. I seriously doubt that the recent run up is the final stage of the bull market. In fact, it seems that there are several more good years.
The new target level for gold has been set around $1,500. Please take a look at the long-term gold chart below:

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Jim Sinclair’s Commentary


IMF Chief: QE Won’t Fix Our Problems October 07, 2010
Cullen Roche
Not every banker has been fooled by the neoliberal myths of the last 25 years. While the equity markets fall for the myth that Ben Bernanke has everything under control, Olivier Blanchard, chief economist of the IMF, is singing a different tune. He says quantitative easing will do little to help the economy at this point and that the Federal Reserve has likely run out of bullets:
I think we may see a bit more quantitative easing in the U.S. and in Europe but I don’t think we should fool ourselves. We have used most of the monetary ammunition we have.
More…

 

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