Harvey Organ 3-2-11
Filed under: USAWatchdog.com
By Greg Hunter’s USAWatchdog.com
Dear CIGAs,
Yesterday, gold hit fresh all-time highs at $1,432.10 an ounce. Silver hit a 31 year high, closing at more than $34.50 per ounce. Oil nearly touched $100 per barrel, which is the highest it has been since September 2008. What’s going on? Part of the price spikes are, no doubt, due to riots and rebellions in the Middle East, but it is also the world’s awakening realization America’s crushing debt will never be repaid in real money. The U.S. needs to slash its budgets, but finding politicians on Capitol Hill with the nerve to make deep cuts is elusive, to say the least. Yesterday, the Associated Press reported, “The Republican-controlled House is on course to pass legislation cutting federal spending by $4 billion and averting a government shutdown for two weeks. And Senate Democrats say they will go along. . . . Republicans want to slash more than $60 billion from agency budgets over the coming months as a down payment on larger reductions later in the year, but are settling for just $4 billion in especially easy cuts as the price for the two-week stopgap bill.” (Click here for the complete AP story.)
Over in the Senate, the Banking, Housing and Urban Affairs Committee asked questions of Fed Chief Ben Bernanke about the state of the economy and raising the debt ceiling. It currently stands at $14.3 trillion. Senator David Vitter said “the biggest” problem the nation faced was “reaching our debt limit . . . sometime between late March and May.” Senator Vitter asked Mr. Bernanke, “Would it be better to increase the debt limit and go along our merry way on the present fiscal path or would it be better to increase the debt limit and at the same time pass meaningful budget reform?” I really do not see how cutting $60 billion is “meaningful reform” when PIMCO’s Bill Gross said two months ago on CNBC, “We have a deficit in the $1 trillion plus arena, which means we must borrow at least a trillion dollars additional a year in order to fund the deficit. And, so, the debt ceiling currently at $14.3 trillion, which is 95% of GDP, has to go up by another trillion or so every 12 months.” (Click here to read more about raising the debt ceiling.)
More…
Posted: Mar 02 2011 By: Jim Sinclair Post Edited: March 2, 2011 at 6:53 pm
Filed under: Jim's Mailbox
Sprott, CEO of Sprott Asset Management CIGA Eric
BNN talks to one of the world’s leading investor’s and investment strategists Eric Sprott, CEO of Sprott Asset Management and finds out just how precious the metals are.
Video: watch.bnn.ca : The Street : March 1, 2011 : Silver is Money
The 2003-2011 linear trading channel has been broken to the upside. This increases the probability of a higher-order (parabolic) advance into resistance.
Silver, London P.M. Fixed
More…
Boise County files for bankruptcy
CIGA Eric
And, so it begins, driven not by politics (leadership) but rather market forces.
In a move rare in the United States and perhaps unprecedented in Idaho, Boise County is filing for federal protection against a multimillion dollar judgment.
“This was not our first option. This was our last option,” said Jamie Anderson, chairwoman of the three-member Boise County Board of Commissioners. “This protects us so we can continue to operate.”
Chapter 9 protection, from a section of federal code expressly for financially distressed municipalities, means that creditors can’t collect while the county is developing a plan for reorganizing its debts.
Dan Chadwick, an attorney and executive director of the Idaho Association of Counties, said he is not aware of any other county, city or taxing district in Idaho ever filing for bankruptcy. He’s been with the association for 20 years and before that was at the Attorney General’s Office for 10 years, he said.
Source: idahostatesman.com
From Bob
More…
Posted: Mar 02 2011 By: Jim Sinclair Post Edited: March 2, 2011 at 6:57 pm
Filed under: In The News
Thoughts For The Day
Cycles are analyzed by comparing their message to what the market is doing. Cycles are not commands from on high dictating to the markets what they must do.
The answer is what is happening now in the market versus what the cycles call for. The cycle calling for gold to decline into June of 2011 was cancelled by the market’s action of blowing through $1372 and never looking back.
The importance of this analytical approach is that it says without any doubt that the gold price is stronger than any accepted commentator believes.
The normal suspects will throw their blocks, but I assure you at only a waste of good money. The price we have spoken about for a long period $1650 will be low.
I know you wonder what is going on in Jim’s world from time to time. One thing for sure is that it is never boring. I am the host in my playpen to two Titans punching it out without any reference to the asset.
All that is going on is huge amounts of noise and fury that lack any meaning whatsoever.
Silver still in backwardation/small silver deliveries
Merrill's Harley Bassman On Why This Is The "BIG ONE" And Its Implications
Submitted by Tyler Durden on 03/02/2011 14:16 -0500Must read observations from Merrill's Harley Bassman, formerly head of the RateLab: "Maybe I am showing my age, but I can assure you that as World Political events go, what is happening in the Middle East is actually the BIG ONE...The reason there is no "Flight to Quality" bid for USTreasuries is that USTs are no longer the "Quality" asset. Since the FED has turned on the printing presses, the "value" of the dollar has steadily declined. This is why the "Flight to Quality" is happening in Gold, Oil, Copper, Cotton, etc...Attention all you non-inflationists (and you know who you are), what more evidence do you need that the Govt's Plan "A" (inflation) is well underway?"
Blythe is dealing out cash premiums on Silver like it's crack
Gene Arensberg: Fiat money confidence meters
Utah gold and silver money legislation advanced by committee
Posted: Mar 02 2011 By: Greg Hunter Post Edited: March 2, 2011 at 1:12 pm
Filed under: USAWatchdog.com
By Greg Hunter’s USAWatchdog.com
Dear CIGAs,
Yesterday, gold hit fresh all-time highs at $1,432.10 an ounce. Silver hit a 31 year high, closing at more than $34.50 per ounce. Oil nearly touched $100 per barrel, which is the highest it has been since September 2008. What’s going on? Part of the price spikes are, no doubt, due to riots and rebellions in the Middle East, but it is also the world’s awakening realization America’s crushing debt will never be repaid in real money. The U.S. needs to slash its budgets, but finding politicians on Capitol Hill with the nerve to make deep cuts is elusive, to say the least. Yesterday, the Associated Press reported, “The Republican-controlled House is on course to pass legislation cutting federal spending by $4 billion and averting a government shutdown for two weeks. And Senate Democrats say they will go along. . . . Republicans want to slash more than $60 billion from agency budgets over the coming months as a down payment on larger reductions later in the year, but are settling for just $4 billion in especially easy cuts as the price for the two-week stopgap bill.” (Click here for the complete AP story.)
Over in the Senate, the Banking, Housing and Urban Affairs Committee asked questions of Fed Chief Ben Bernanke about the state of the economy and raising the debt ceiling. It currently stands at $14.3 trillion. Senator David Vitter said “the biggest” problem the nation faced was “reaching our debt limit . . . sometime between late March and May.” Senator Vitter asked Mr. Bernanke, “Would it be better to increase the debt limit and go along our merry way on the present fiscal path or would it be better to increase the debt limit and at the same time pass meaningful budget reform?” I really do not see how cutting $60 billion is “meaningful reform” when PIMCO’s Bill Gross said two months ago on CNBC, “We have a deficit in the $1 trillion plus arena, which means we must borrow at least a trillion dollars additional a year in order to fund the deficit. And, so, the debt ceiling currently at $14.3 trillion, which is 95% of GDP, has to go up by another trillion or so every 12 months.” (Click here to read more about raising the debt ceiling.)
More…
Posted: Mar 02 2011 By: Jim Sinclair Post Edited: March 2, 2011 at 6:53 pm
Filed under: Jim's Mailbox
Sprott, CEO of Sprott Asset Management CIGA Eric
BNN talks to one of the world’s leading investor’s and investment strategists Eric Sprott, CEO of Sprott Asset Management and finds out just how precious the metals are.
Video: watch.bnn.ca : The Street : March 1, 2011 : Silver is Money
The 2003-2011 linear trading channel has been broken to the upside. This increases the probability of a higher-order (parabolic) advance into resistance.
Silver, London P.M. Fixed
More…
Boise County files for bankruptcy
CIGA Eric
And, so it begins, driven not by politics (leadership) but rather market forces.
In a move rare in the United States and perhaps unprecedented in Idaho, Boise County is filing for federal protection against a multimillion dollar judgment.
“This was not our first option. This was our last option,” said Jamie Anderson, chairwoman of the three-member Boise County Board of Commissioners. “This protects us so we can continue to operate.”
Chapter 9 protection, from a section of federal code expressly for financially distressed municipalities, means that creditors can’t collect while the county is developing a plan for reorganizing its debts.
Dan Chadwick, an attorney and executive director of the Idaho Association of Counties, said he is not aware of any other county, city or taxing district in Idaho ever filing for bankruptcy. He’s been with the association for 20 years and before that was at the Attorney General’s Office for 10 years, he said.
Source: idahostatesman.com
From Bob
More…
Posted: Mar 02 2011 By: Jim Sinclair Post Edited: March 2, 2011 at 6:57 pm
Filed under: In The News
Thoughts For The Day
Cycles are analyzed by comparing their message to what the market is doing. Cycles are not commands from on high dictating to the markets what they must do.
The answer is what is happening now in the market versus what the cycles call for. The cycle calling for gold to decline into June of 2011 was cancelled by the market’s action of blowing through $1372 and never looking back.
The importance of this analytical approach is that it says without any doubt that the gold price is stronger than any accepted commentator believes.
The normal suspects will throw their blocks, but I assure you at only a waste of good money. The price we have spoken about for a long period $1650 will be low.
I know you wonder what is going on in Jim’s world from time to time. One thing for sure is that it is never boring. I am the host in my playpen to two Titans punching it out without any reference to the asset.
All that is going on is huge amounts of noise and fury that lack any meaning whatsoever.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
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