My Dear Extended Family,
Today has been interesting in a perverse way. I have heard from every gold short who knows my name. I have heard from every weak gold holder that knows my name yelling for help. This time I cannot answer all the incoming communications. Nobody could.
A month ago I got over 3500 incoming emails in less than three hours. The shorts exulting by email really cannot expect an answer. Even the weak gold and frustrated gold share holders cannot expect me to assuage their pain one at a time. The reason is it is always the same people pushing the panic button.
I fully expect Alf Fields to be proven correct. As of today nothing he has said is wrong. He feels the gold price has bottomed in this reaction. That is yet to be proven incorrect.
The US dollar is not putting on a grand performance today. The US economy is not going to support the sitting Administration’s desire for another 4 years. QE to infinity is certain even today.
There is a global stock market sell off today which is totally unacceptable as it pertains to the US market in an election year. Liquidity floats all boats and all boats are screaming for that liquidity today.
The cash market continues with its brake on the fully out bearish algorithms attacking the paper gold market.
Re-read the recent interview I did in Futures Magazine as it covers all relevant to gold fundamental issues. Like all other reactions in gold since $248, this will end, and gold will again go to new highs.
Gold companies with 43-101 certified resources that are growing are calls on the gold price that have no end in terms of time.
If you cannot stand the heat you must get out of the kitchen. If you can stand the heat, I firmly believe we will prevail and be rewarded in shares and gold itself.
Please accept this as what I would have told you on the phone. Please accept this as the answer to your cries for HELP by fax and emails as no one can answer this many emails and faxes.
If after you review the fundamentals in Futures Magazine you agree there is no change, buck up your courage and stop watching prices. They will get better as soon as the algorithms do not get their way and mindlessly reverse themselves.
Nothing is better for gold than an implosion on the Dow as it is intolerable to the PPT. That is where the Fed’s and Administration’s head is at. Liquidity floats all boats. The Administration controls the Fed under such circumstances. In the entire history of the Fed, they have never failed a sitting administration.
Respectfully,
Jim
Jim Sinclair’s Commentary
This means nothing to algorithms and paper traders, but it will mean a lot to the price of gold in time.
China’s Gold Imports Jump as Country May Become Biggest User By Bloomberg News – May 8, 2012 5:25 AM ET
Mainland China’s gold imports from Hong Kong surged more than sixfold in the first quarter, adding to signs that the country may displace India as the world’s largest consumer of the precious metal on an annual basis.
Imports from Hong Kong were 135,529 kilograms (135.53 metric tons) between January and March, from 19,729 kilograms in the year-earlier period, according to data from the Census and Statistics Department of the Hong Kong government. Shipments in March rose 59 percent from February, yesterday’s data showed.
Demand has climbed in the world’s second-largest economy as rising incomes and curbs on property speculation boosted purchases. China may become the biggest user annually this year, according to a forecast from the producer-funded World Gold Council. Last year, total Indian demand including for jewelry and investment was 933.4 tons to China’s 769.8 tons.
“We’re looking at another solid year for Chinese demand based on these early numbers,” said Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd. “While it’s largely related to price, negative real interest rates should keep demand strong.”
Gold has lost 15 percent from its record $1,921.15 an ounce in September as the European debt crisis, combined with reduced expectations for further monetary easing by theFederal Reserve, boosted the dollar. Spot gold traded 0.6 percent lower at $1,629.20 at 5:24 p.m. in London.
More…
Jim Sinclair’s Commentary
This is America. GOOG is not America.
This is intolerable in an election year. Politics have run this
country all my life, and will continue to run it, economics and
inflation be damned.
QE to infinity is the direct answer to what is getting started here. The Fed will not walk away from the present Administration.
Dear Jim,
A short note regarding something which still makes me laugh and may bring a grin to your face:
The video of the Canadian Newswoman saying "The Dollar is the way to go because Gold doesn’t have anything backing it."
The idiocy continues to astound me.
CIGA John
Holy Cow Jim! CIGA Eric
The invisible hand guides the weak (hands) to the elevator shaft with an open hand and smile. Today’s panic masks a steady reversal of the money flows that setup this decline. Gold tends to bottom when composite lease spreads turn positive.
Chart: Gold Lease Spread Composite (GLSC) and Gold Price, USD
A closer look reveals why the invisible hand is smiling. They’re regaining control from the weak without much of a struggle.
Table: Gold Lease Spread Composite (GLSC) and Gold Price, USD
"A month ago I got over 3500 incoming emails in less than three hours"
Seriously? Eric
Yes, absolute truth… Jim
More…
BTFD
Whether
it was stocks, credit, gold, silver, oil, EURUSD, or conk shells, the
message we were to believe was clear - BTFD today. As if by clockwork,
Europe closed and US equity markets surged - seemingly forgetting that
Europe will re-open again tonight but should you need any reassurance
of what your pre-assigned Pavlovian role in this tragi-comedic
dance-with-the-devil is - we suggest the following clip as a reminder.HUI Chart and Comments
Trader Dan at Trader Dan's Market Views - 3 hours ago
The HUI is reeling once again as it continues losing value against the
price of an ounce of gold bullion. The index has fallen below chart support
at the round number of 400 and is currently near the lows of the day as I
write this.
As you can see from the following chart, it is approaching what I consider
to be one of the most significant levels of chart support from a technical
analysis perspective, and that is the critical 50% Fibonacci retracement
level.
The mining shares as a whole, have now retraced exactly HALF of all their
gains from the bottom that was produced back in lat... more »
Negative On Equities Bandwagon Filling Up
Eric De Groot at Eric De Groot - 3 hours ago
Booking trading profits should have been done in April 2011, maybe October
2011, and certainly early March 2012. The green ball marking today's price
stick suggests statistically concentrated (oversold) trend. While
statistically concentrated doesn't always imply immediate reversal, it does
suggest increasing probabilities of one in the coming days/weeks. Chart: SP
500 ETF...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
Bill Black: Austerity During a Serious Recession Is Economically Insane - A Warning From History
America Will Have Negative Unemployment In January 2022
Taking
current trends across all employment indicators, using 12 Month
trailing averages in the changes of those employed, unemployed and
dropping out the labor force, we can predict, with IMF-level precision, that
at the current surge of those leaving the labor force, the US
unemployment rate will hit 0.0% in December of 2021 and finally go
negative, or -0.1% in January 2022. So there you have it: maybe
the BLS can just fast forward us to the end of this thought experiment
when everyone will be so fat they couldn't look for a job if they
wanted to (recall by 2020 75% of Americans will be obese),
but at least the Propaganda Times will be blasting in 24/7 red
flashing headlines that, for the first time ever, America's unemployed
are now somehow negative, and we can all rejoice while collecting all
those welfare stamps bought on negative interest credit funded directly
from the uber politburo of the USSA located in the Marriner Eccles
building.Jeff Gundlach Live Webcast: "Deficits Don't Matter"
Just
days after his last live webcast "To QE3 or Not To QE3" DoubleLine's
Jeff Gundlach is out once again with his latest presentation and live
webcast titled "Deficits Don't Matter" (just don't tell that to the
PIIGS). We are confident this is a Regan-referencing joke. Hopefully,
in the off case it isn't, Jeff should also make the case why, in that
case, taxation is also meaningless and should be abolished. After all,
the Federal Government, courtesy of various newfangled economic
theories can print its way to gargantuan debt and perpetualJohn Taylor Says "To Hell With Germany"
When
the founder of the world's largest currency hedge fund FX Concepts
says that Greece will be out of money by June and out of the Euro soon
after, people should listen. While we disagree with the premise that
Greece's exit will not be chaotic, his general thoughts on the situation
in Europe, espoused in this Bloomberg TV interview, are summed up by his reply when asked if Europe is a sell "I do. I also feel passionately that the euro is effectively a break up." Taylor also points out that the stability of a post-Greece Euro landscape is really up to the ECB noting that "I think the ECB should let the Euro go down. To hell with Germany."
Covering whether the Euro will crater, the contagion effects, and how
the rest of Europe will behave, the non-Duran-Duran Taylor who readily
admits his mistakes on misjudging the Fed's excess, sees the timeline
for exit as soon after the next round of elections in Greece this
summer.Why the Job Market Will Continue Shrinking
The paradox of an advanced post-industrial economy is that the number of jobs needed declines even as the cost of living rises. The
fundamental dynamic of America's job market is simple: we need
relatively few workers to provide the absolute essentials of life even
as the cost-basis of the economy inexorably rises. In other
words, there are fewer jobs even as the costs of maintaining a "middle
class" life rise. The solution to the post-industrial decline of labor
is not unproductive "make-work" jobs and borrowing trillions of dollars
until the system implodes, it's lowering the cost basis of the entire
economy and culture, which means eliminating all the systemic sources of unproductive friction.On Buying The Commodity Dip
With
Gold, Silver, and Oil down quite considerably since the second LTRO
from the ECB ended the immediate elevations in global central bank
stocks and flows and now all marginally positive/negative year-todate,
the question of the day is whether this is a dip to be bought or a
liquidation to be sold into. Sean Corrigan, of Diapason Commodities,
provides some guidance.China's Government Self-Immolation Progresses As We Expected
Just a month ago we warned
that all was not well in the political elites of China. Critically,
expectations of some coordinated and massive stimulus to save the world
were far overblown since "the last thing Hu & Co. would want in
their final months in office would be to unleash another
oligarch-enriching orgy of speculation". Sure enough, as Reuters just
reported, 'China's ruling Communist Party is seriously considering a delay in its upcoming five-yearly congress by a few months amid
internal debate over the size and makeup of its top decision-making
body as the party struggles to finalize a once-in-a-decade leadership
change.' The delay will likely further unnerve global financial
markets whose perception of Chinese politics as a well-oiled machine
has already been shaken this year by the extraordinary downfall of an ambitious senior leader, Bo Xilai, in a murder scandal.GOP Blocks Bill To Extend Low-Interest Student Loans
While not exactly surprising, today's Senate failure to extend a bill extending the currently low interest on student loans, after a blocking vote by the GOP may bring even more attention to what Zero Hedge has dubbed one of the biggest bubbles of 2012... That there will be politics involved in this touchy subject is not a secret. What, however, will hit the American (young) consumer class (and recidivist iGadget buyer) like a wall of bricks is if on July 1 there is still no deal, and the student protests seen in the recent past in London and Montreal spread to US campuses, where students demand the dignity to file for bankruptcy in peace... and full debt discharge. The counter of course will be whether anyone had put a gun to their head when they were taking out a loan. The counter to that counter will be that no students expected there would be zero jobs available upon graduation. And so on, in a tit for tat repeat of the housing bubble and the massive unexpected consequences as yet another $1 trillion bubble pops, which just like last time, will result in yet another broad taxpayer funded bailout, in which the all end up paying for the the few.QE to Infinity and Beyond...
Late last year Ben Bernanke and the Federal Reserve moved to ease tensions in the financial system with a new form of accommodative policy that has boosted stocks but not commodity prices. But according to one leading hedge fund manager, the rise in stocks is a temporary one that will be thwarted by the coming period known as “Taxmageddon.”
Bernanke proposed a new type of accommodative policy. Whereas most investors were waiting for another round of Quantitative Easing, Bernanke announced that the Fed would begin to sell a part of its portfolio of short-term securities and, with those proceeds, repurchase longer-dated government Bonds,” a program known as “Operation Twist,” said Pedro Noronha, fund manager at Noster Capital in London, in his monthly letter to investors.
Read More @ CNBC
China’s imports of gold through Hong Kong have risen six times in the first quarter of the year compared with a year earlier – with March 59% above February’s figures on a month on month basis..
China looks as though it could be well on the way to overtaking India as the world’s largest gold consumer this year as the import data through Hong Kong – seen as a proxy for China’s total imports, which may be far higher – have continued to surge, growing six-fold from the same quarter a year ago.
Read More @ MineWeb.com
from TF Metals Report:
Of course I’m not going to suggest that you attempt to catch the
falling knife, however, those still trading may soon see an opportunity
to buy.
First, let’s look at the long-term chart we’ve been following for years. Is it possible for price to break DOWN and out of the channel? Of course it is, I just didn’t think it would. But, similar to the break UP and out following the S&P downgrade of the U.S. last August, gold can break DOWN yet the overall trend remains in this “managed ascent”.
Just for kicks, take a look at today’s 5-minute chart. Roughly 6000 contracts dumped at the Comex open started the whitewash and has left gold clinging to support at the round number of 1600.
Read More @ TF Metals Report.com
Of course I’m not going to suggest that you attempt to catch the
falling knife, however, those still trading may soon see an opportunity
to buy.First, let’s look at the long-term chart we’ve been following for years. Is it possible for price to break DOWN and out of the channel? Of course it is, I just didn’t think it would. But, similar to the break UP and out following the S&P downgrade of the U.S. last August, gold can break DOWN yet the overall trend remains in this “managed ascent”.
Just for kicks, take a look at today’s 5-minute chart. Roughly 6000 contracts dumped at the Comex open started the whitewash and has left gold clinging to support at the round number of 1600.
Read More @ TF Metals Report.com
by Michael McCarty, Activist Post
Farmers
in Southern New Jersey Can Find Their Farming Options To Be Severely
Limited Because of Wetlands Designation Under The Pinelands Protection
Act.
My younger brother owns a thirty-acre blueberry farm in southern New Jersey, and recently we have discussed the possibilities of combining forces — he with his blueberries, and my wife and I with our expertise in poultry, egg, and squab production, together with the addition of any other farm crops that would surely find a ready market in the local area. It is the “garden state”, after all, and if you have never had the pleasure of the legendary “Jersey Tomato”, then you have missed one of the world’s great culinary treats.
It sounded like a grand idea, at least on the hypothetical and hopeful face of it.
However, just under the surface of it all lurked the state of New Jersey’s well deserved reputation for over regulation, government over reach, bureaucratic red tape, and corruption. Pack a large population into a small area of solid ground, squarely on top of that troubling paradigm and you may have an idea why I moved to Colorado more than 35 years ago.
Read More @ Activist Post
Farmers
in Southern New Jersey Can Find Their Farming Options To Be Severely
Limited Because of Wetlands Designation Under The Pinelands Protection
Act.My younger brother owns a thirty-acre blueberry farm in southern New Jersey, and recently we have discussed the possibilities of combining forces — he with his blueberries, and my wife and I with our expertise in poultry, egg, and squab production, together with the addition of any other farm crops that would surely find a ready market in the local area. It is the “garden state”, after all, and if you have never had the pleasure of the legendary “Jersey Tomato”, then you have missed one of the world’s great culinary treats.
It sounded like a grand idea, at least on the hypothetical and hopeful face of it.
However, just under the surface of it all lurked the state of New Jersey’s well deserved reputation for over regulation, government over reach, bureaucratic red tape, and corruption. Pack a large population into a small area of solid ground, squarely on top of that troubling paradigm and you may have an idea why I moved to Colorado more than 35 years ago.
Read More @ Activist Post
by Laurel J. Sweet and Chris Cassidy, Boston Herald
Bake sales, the calorie-laden standby cash-strapped classrooms, PTAs and booster clubs rely on, will be outlawed from public schools as of Aug. 1 as part of new no-nonsense nutrition standards, forcing fundraisers back to the blackboard to cook up alternative ways to raise money for kids.
At a minimum, the nosh clampdown targets so-called “competitive” foods — those sold or served during the school day in hallways, cafeterias, stores and vending machines outside the regular lunch program, including bake sales, holiday parties and treats dished out to reward academic achievement. But state officials are pushing schools to expand the ban 24/7 to include evening, weekend and community events such as banquets, door-to-door candy sales and football games.
The Departments of Public Health and Education contend clearing tables of even whole milk and white bread is necessary to combat an obesity epidemic affecting a third of the state’s 1.5 million students. But parents argue crudites won’t cut it when the bills come due on athletic equipment and band trips.
Read More @ BostonHerald.com
Bake sales, the calorie-laden standby cash-strapped classrooms, PTAs and booster clubs rely on, will be outlawed from public schools as of Aug. 1 as part of new no-nonsense nutrition standards, forcing fundraisers back to the blackboard to cook up alternative ways to raise money for kids.
At a minimum, the nosh clampdown targets so-called “competitive” foods — those sold or served during the school day in hallways, cafeterias, stores and vending machines outside the regular lunch program, including bake sales, holiday parties and treats dished out to reward academic achievement. But state officials are pushing schools to expand the ban 24/7 to include evening, weekend and community events such as banquets, door-to-door candy sales and football games.
The Departments of Public Health and Education contend clearing tables of even whole milk and white bread is necessary to combat an obesity epidemic affecting a third of the state’s 1.5 million students. But parents argue crudites won’t cut it when the bills come due on athletic equipment and band trips.
Read More @ BostonHerald.com
by Ethan A. Huff, Natural News:
The
government-run healthcare programs Medicare and Medicaid are wrought
with fraud, a fact that was once again made apparent in the latest
string of busts carried out by the U.S. Department of Justice (DOJ). According to Reuters,
107 individuals — many of whom are doctors and nurses — were recently
arrested and charged for roughly $452 million worth of Medicare fraud.
These individuals, located all over the United States, allegedly submitted phony claims to Medicare for services that were not administered, laundered money and accepted kickbacks, among other crimes. The nearly half a billion dollars’ worth of fraud involved represents the largest amount ever in a single raid, topping an earlier record from back in March (http://www.naturalnews.com/035199_Medicare_fraud_doctors.html).
“These fraud schemes were committed by people up and down the chain of healthcare providers — from doctors, nurses, and licensed clinical social workers, to office managers and patient recruiters,” said Assistant Attorney General Lanny Breuer from the DOJ’s Criminal Division.
Read More @ NaturalNews.com
The
government-run healthcare programs Medicare and Medicaid are wrought
with fraud, a fact that was once again made apparent in the latest
string of busts carried out by the U.S. Department of Justice (DOJ). According to Reuters,
107 individuals — many of whom are doctors and nurses — were recently
arrested and charged for roughly $452 million worth of Medicare fraud.These individuals, located all over the United States, allegedly submitted phony claims to Medicare for services that were not administered, laundered money and accepted kickbacks, among other crimes. The nearly half a billion dollars’ worth of fraud involved represents the largest amount ever in a single raid, topping an earlier record from back in March (http://www.naturalnews.com/035199_Medicare_fraud_doctors.html).
“These fraud schemes were committed by people up and down the chain of healthcare providers — from doctors, nurses, and licensed clinical social workers, to office managers and patient recruiters,” said Assistant Attorney General Lanny Breuer from the DOJ’s Criminal Division.
Read More @ NaturalNews.com
by Grace Wyler, Business Insider:
Texas Congressman Ron Paul will once again face off against his central
bank nemesis this morning, during a Congressional hearing on monetary
policy and the Federal Reserve.
The hyped-up hearing is titled “The Federal Reserve System: Mend It Or End It?,” and will be hosted by the House Finance Committee’s Domestic Monetary Policy and Technology Subcommittee, which oversees the Federal Reserve and which, incidentally, is chaired by Ron Paul.
The hearing will feature testimony from several economists and lawmakers, all of whom have some problem with the central bank. No one who works for the Fed is scheduled to testify.
The subcommittee will also consider several bills, including Paul’s Federal Reserve Board Abolition Act, which would abolish the Federal Reserve, its Board of Governors, and eliminate the Federal Reserve Act.
Read More @ Business Insider.com
Texas Congressman Ron Paul will once again face off against his central
bank nemesis this morning, during a Congressional hearing on monetary
policy and the Federal Reserve. The hyped-up hearing is titled “The Federal Reserve System: Mend It Or End It?,” and will be hosted by the House Finance Committee’s Domestic Monetary Policy and Technology Subcommittee, which oversees the Federal Reserve and which, incidentally, is chaired by Ron Paul.
The hearing will feature testimony from several economists and lawmakers, all of whom have some problem with the central bank. No one who works for the Fed is scheduled to testify.
The subcommittee will also consider several bills, including Paul’s Federal Reserve Board Abolition Act, which would abolish the Federal Reserve, its Board of Governors, and eliminate the Federal Reserve Act.
Read More @ Business Insider.com
by John Butler, Financial Sense:
Professor Paul Krugman and Rep. Ron Paul (R-Texas) went head to head
on BloombergTV this week. True to his neo-Keynesian form, Prof. Krugman
insisted that the US government could and should add further debt to
stimulate growth. Rep. Paul responded by asking how much debt would be
too much, to which Krugman replied: “We’re not anywhere close to a red
line.” Really? What makes him so certain? Certain red lines are like
tipping-points. They can only be seen in retrospect. In my view, the US
has already crossed the excessive debt ‘red line’ implying a dramatic
future devaluation of the dollar. It is only a matter of time before
Krugman and other members of the economic and policy mainstream look
back on recent developments and reach this conclusion. Financial
markets, however, will not wait.
Read More @ Financial Sense.com
Professor Paul Krugman and Rep. Ron Paul (R-Texas) went head to head
on BloombergTV this week. True to his neo-Keynesian form, Prof. Krugman
insisted that the US government could and should add further debt to
stimulate growth. Rep. Paul responded by asking how much debt would be
too much, to which Krugman replied: “We’re not anywhere close to a red
line.” Really? What makes him so certain? Certain red lines are like
tipping-points. They can only be seen in retrospect. In my view, the US
has already crossed the excessive debt ‘red line’ implying a dramatic
future devaluation of the dollar. It is only a matter of time before
Krugman and other members of the economic and policy mainstream look
back on recent developments and reach this conclusion. Financial
markets, however, will not wait.Read More @ Financial Sense.com
from ENEnews.com:
NEW YORK: A Japanese nuclear scientist along with Japanese and US
medical doctors discuss current radiological health conditions and
concerns in Japan after the Fukushima Daiichi nuclear reactor
catastrophe. The horrifying reality of the situation in Fukushima cannot
be overstated.
According to this nuclear scientist (see video) “Even taking low estimates, the amount of cesium-137 that is contained in the [No. 4] spent fuel pool, it’s roughly 5,000 times the amount of cs-137 released during the Hiroshima bombing.”
Watch Video @ ENEnews.com
from whygoldandsilver :
NEW YORK: A Japanese nuclear scientist along with Japanese and US
medical doctors discuss current radiological health conditions and
concerns in Japan after the Fukushima Daiichi nuclear reactor
catastrophe. The horrifying reality of the situation in Fukushima cannot
be overstated.According to this nuclear scientist (see video) “Even taking low estimates, the amount of cesium-137 that is contained in the [No. 4] spent fuel pool, it’s roughly 5,000 times the amount of cs-137 released during the Hiroshima bombing.”
Watch Video @ ENEnews.com
from whygoldandsilver :
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