Wikileaks Reopens In Sweden

Submitted by Tyler Durden on 12/01/2010 16:06 -0500
The Wikileaks ouster lasted all of a few hours. As of right now, the company has switched its DNS to Sweden, from where it continues operating. But not before wikileaks tweeted the following response to Amazon's action: "WikiLeaks tweeted in response: "WikiLeaks servers at Amazon ousted. Free speech the land of the free – fine our $ are now spent to employ people in Europe."

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In The News Today

Posted: Dec 01 2010     By: Jim Sinclair      Post Edited: December 1, 2010 at 2:50 pm
Filed under: In The News

Dear CIGAs,
What, me worry? Neither should you.
Gold is going to and through $1650. All you are looking at is the standard operating practice of round number action as the gold price is in the process of establishing itself above $1400 with increasing volatility.
Why would you worry knowing this?



Jim Sinclair’s Commentary
Exactly what does back mean? To orally support? To join in the QE to provide funds? To say you condemned Bernanke for QE which is what you are now doing probably at a much higher level than what he announced?
This definitely means QE to infinity, Gold at $1650 and beyond, and the frying of shorts of good junior Gold shares that are moving to production

US Ready to Back Bigger EU Stability Fund: Official Published: Wednesday, 1 Dec 2010 | 2:20 PM ET
The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.
"There are a lot of people talking about that. I think the European Commission has talked about that," said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. "It is up to the Europeans. We will certainly support using the IMF in these circumstances."
"There are obviously some severe market problems," said the official, speaking on condition of anonymity. "In May, it was Greece. This is Ireland and Portugal. If there is contagion that’s a huge problem for the global economy."
The remarks foreshadow a visit to Europe this week by a U.S. Treasury envoy who is expected to visit Berlin, Madrid and Paris to hold talks on the ramifications of the debt crisis.
More…




Jim Sinclair’s Commentary
And this is news to whom?

Volcker Says Dollar’s Role in Danger as U.S. Influence Declines By Peter S. Green – Dec 1, 2010 5:37 AM PT Wed Dec 01 13:37:36 GMT 2010
Former Federal Reserve Chairman Paul Volcker, who is chairman of President Barack Obama’s Economic Recovery Advisory Board, said the U.S. dollar is in danger of losing its role as a global benchmark currency.
“The growing question is whether the exceptional role of the dollar can be maintained,” Volcker told a gathering of New York civic leaders at the University Club of New York last night.
The decline of the U.S. economy, political gridlock at home, U.S. involvement in two wars and “festering” geopolitical issues in the Middle East and Asia have undermined the ability of the U.S. to influence global events, Volcker said.
Volcker offered no prescriptive solutions as he spoke in broad terms of the country’s loss of stature.
“This is a troubling time for America, a troubling time for the world,” Volcker said in remarks to Common Cause, a civic group. He said the U.S. is facing its most difficult economic crisis since World War II. “If ever there were a need for clear-headed, confident leadership, nationally and internationally, that time is now.”
More…

Long Bond And Crude Charts From Trader Dan

Posted: Dec 01 2010     By: Dan Norcini      Post Edited: December 1, 2010 at 5:39 pm
Filed under: Trader Dan Norcini
Dear CIGAs,
The US long bond market has been rocked back and forth by opposing forces but since breaking down through an important layer of chart support three weeks ago, they have tried, but have been unable to climb back above that level near 129^15. Today’s breach of additional downside chart support opens up the potential for a move towards the 121 region.
This chart action confirms what Monty and Tony have stated in today’s investment letter where they commented that it would not be long because of the focus on the inflationary implications associated with the Fed’s QE and now the same policy being implemented by the ECB. “Money printing” is going to result in the inevitable currency induced inflationary pressures which are already being seen in the food sector and soon to be seen in the energy sector.
Bonds are reacting to this unprecedented wave of liquidity creation by ignoring the short term benefits that accrue to Treasuries when the Fed purchases them when engaging it one of its round of QE and are instead looking past that to the inflationary aspects of this policy.
Please review the Gold/Bond ratio chart that was posted last evening where you will observe how gold is already anticipating this wave of inflationary pressures and in particular how it is becoming the “go to” asset of choice for many seeking shelter from the depredations of the Western Central Banks as they move in to practice their craft of debauching their respective currencies.
Jim has already remarked about the character of the price action in the gold market as it pauses near a round number ($1400) to collect itself for the next leg higher. It could very well be that a weekly close in crude oil above 90 will be the catalyst that kicks gold above $1400 and keeps it there. Remember, each step higher in a bull market consists of a push to a new high, followed by a period of consolidation and then a push past that previous high that STAYS ABOVE THAT LEVEL as it consolidates once again.
Food has already moved higher; energy is the only thing that has not really taken off to the upside. Keep in mind that those nations who sell crude oil are going to be carefully monitoring the price action of the currencies in which they are getting paid. They will not continue to indefinitely accept deteriorating paper currencies in exchange for a limited resource but will move to push price higher by curtailing production levels if in their judgment that is the best way to keep from getting the short end of the bargain.
Bernanke is more than likely going to get his wish but at what cost for the rest of us?
Click either chart to enlarge in PDF format with commentary from Trader Dan Norcini

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