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In The News Today

Posted: Jan 05 2011     By: Jim Sinclair      Post Edited: January 5, 2011 at 9:45 pm
Filed under: In The News

Jim Sinclair’s Commentary
This should make a good read for those CIGAs that have been rattled by the recent reaction.

John Embry – Gold Over $2,000, Silver Above $50 in 2011
With a sharp two day correction in gold and silver taking place, King World News today interviewed John Embry, Chief Investment Strategist at Sprott Asset Management.  When asked about the quick decline Embry stated, “This may be the best opportunity you’re going to get at least from a price sense to buy gold and silver in the next few days.  I think when this correction however long it will last is over, it will probably mark the lows for the year which will then be the liftoff to the eleventh consecutive year of higher gold prices.”
John Embry continues:
“The returns over the last 10 years, gold returned over 18% and silver close to 24% annually.  These are spectacular returns and we haven’t seen anything yet, we’re not even close to the third leg which is the blowoff.
As you know we started the Sprott Phyiscal Silver Trust about about 3 months ago.  We still haven’t got all of our silver in yet, we’re close, we’ve almost got every last bar.  But it’s taken the better part of 2 1/2 months to get it in, so the suggestion that this physical market is tight probably isn’t a strong enough suggestion, it’s really tight!
You and I were buying this morning John personally, you probably bought for the fund as well, but I know we were personally buying.  You have to have conviction in order to buy during these dips, and you have to know the companies…You had one company that was dipping 10%, you stepped in and were a buyer, it’s already recovered I think.
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Jim Sinclair’s Commentary
This is the most telling of events. It stirs my concerns over statistics.
If Roosevelt had controlled the media would there have been a Great Depression? What we are in front of is the Great Inflation based on currency induced cost push inflation.
Even this event will be MOPEd.

Exclusive: Volcker to step down from White House panel WASHINGTON | Wed Jan 5, 2011 5:24pm EST
(Reuters) – Former Federal Reserve Chairman Paul Volcker plans to leave his role as head of a panel of experts advising President Barack Obama on the economy, sources familiar with the decision said on Wednesday.
The departure of Volcker, 83, as head of the President’s Economic Recovery Advisory Board is among a series of changes under review at the White House.
The decision to leave the board was Volcker’s. A source close to him said he was ready to continue to advise Obama on an informal basis as often as the president would like.
Volcker, who became a legendary figure on Wall Street when as Fed chief he broke the back of double-digit U.S. inflation in the early 1980s by sharply raising interest rates, began advising Obama during his 2008 presidential campaign and has wielded clout on issues ranging from financial regulation to fiscal policy.
The White House declined to comment on Volcker’s exit. The formal announcement of Volcker’s departure is likely to come on Friday when Obama is expected to make a number of announcements regarding his economic team.
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