(It makes it easier... when they bend you over...)
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Filed under: Trader Dan Norcini
Dear CIGAs,
Click the link below to listen to this week’s metals wrap up from King World News, once again featuring our very own Trader Dan Norcini.
Click here to listen to the interview…
Jim Sinclair’s Commentary
China does what is good for China but meaningless towards currency induced cost push inflation.
China’s central bank to raise one-year interests rate by 0.25% points English.news.cn 2010-12-25 18:30:48
BEIJING, Dec. 25 (Xinhua) — China’s central bank will raise the one-year lending and deposit interest rate by 25 basis points beginning Dec. 26, according to a statement posted on the website of the People’s Bank of China (PBOC), the central bank, on Saturday.
This is the second time the central bank has increased interest rates in 2010, which raised the one-year lending rate to 5.81 percent and one-year deposit rate to 2.75 percent.
The PBOC increased the benchmark lending and deposit rates by 25 basis points on Oct. 20, which was the first time in almost three years.
The rate hike came after the central bank vice governor, Hu Xiaolian, said Friday that China would bring its overall money supply to a normal level with a range of policy tools, as the government shifts monetary policy from "moderately loose" to "prudent" to rein in rising inflationary pressure and curb asset bubbles.
The country’s consumer price index(CPI), a main gauge of inflation, accelerated to a 28-month high in November of 5.1 percent, while new loans reached 7.45 trillion yuan in the first 11 months of this year, compared to the government’s full-year target of 7.5 trillion yuan.
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Jim Sinclair’s Commentary
Of this you can be sure. China never tells you exactly where they are looking for.
Gold miners to go global Updated: 2010-12-01 09:07
TIANJIN – China’s major gold mining companies are planning to ramp up efforts to expand overseas as gold demand rises in China and domestic reserves fall precipitously.
China National Gold Group Corp, the nation’s largest gold producer, said it will increase its annual capacity to 50 tons in five years, 30 to 40 percent of which will be produced overseas.
"We are looking for gold resources in Congo, Brazil, Russia, Venezuela and Mongolia, and most of them are in the early stages of geological exploration," said Du Haiqing, vice-president of the company.
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Posted: Dec 26 2010 By: Jim Sinclair Post Edited: December 26, 2010 at 6:02 am
Filed under: Jim's Mailbox
Jim,
China has been fully hedged against the humpty dumpty dollar for quite some time as the spending sprees continue.
CIGA BJS
Dear BJS
Yes, they have no dollar risk whatsoever but the average imbecile on financial TV has no clue.
Regards,
Jim
Venezuela signs US$40-bln worth pacts with Chinese oil giants Updated: 2010-12-07 10:25
Venezuela’s Ministry of Energy and Petroleum has signed six contracts with China National Petroleum Corp, China Petrochemical Corp or Sinopec Group and China National Offshore Oil Corp for a combined contract value of US$40 billion, bringing the three Chinese petrochemical giants a significant presence in the South American country.
CNPC, the parent firm of PetroChina Co Ltd, inked one of the six deals to explore Junin 4 oilfield with a designed crude oil output capacity of 400,000 barrels per day. The Chinese company has a 40% stake in the project that will cost US$16 billion.
Chinese oil giant, Sinopec Group, which controlls Sinopec, will jointly develop Junin 1 and Junin 8 blocks with Petroleos de Venezuela. Each of the two oil blocks will daily yield 200,000 barrels of crude oil. A refinery will also be built by the two partners.
CNOOC Ltd’s parent China National Offshore Oil Corp will develop a 1.2 million-cubic feet natural gas project in Venezuela, sources reported.
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