Jim Sinclair’s Commentary
The events of today brings the War of Terror to Canada.
Ottawa shooting: A day of chaos leaves soldier, gunman dead
Downtown Ottawa remains in lockdown as police conduct searches around parliamentary precinct
Posted: Oct 22, 2014 10:02 AM ET Last Updated: Oct 22, 2014 8:39 PM ET
Parliament Hill came under attack today after a man with a rifle shot and fatally wounded a soldier standing guard at the National War Memorial in downtown Ottawa, before seizing a car and driving to the doors of Parliament Hill’s Centre Block nearby.
The slain soldier is Cpl. Nathan Cirillo, 24, a reservist from Hamilton.
Moments later, MPs and other witnesses reported 30 to 50 shots fired inside the main Parliament building.
It was confirmed later the gunman was shot dead inside the building, felled by the House of Commons sergeant-at-arms and RCMP, according to MPs’ accounts.
Prime Minister Stephen Harper offered condolences for Cirillo’s family, and for the family of Patrice Vincent, another soldier who was killed in an attack earlier this week, in his brief statement.
"For the second time this week, there has been a brutal and violent attack on our soil," he said, adding an attack on Canada’s institutions are an attack "on our country, on our values, on our society, on us Canadians as a free and democratic people who embrace human dignity for all."
"But let there be no misunderstanding — we will not be intimidated, Canada will never be intimidated."
Swiss gold referendum: Early opinion poll strikes fear
The first opinion poll regarding the Swiss gold referendum suggests the ‘Yes’ campaign has started in the lead.
Author: Lawrence Williams
Posted: Wednesday , 22 Oct 2014
LONDON (MINEWEB) – The first Swiss opinion poll regarding the country’s gold referendum, which takes place at the end of November, will have struck fear into the country’s establishment, giving those in favour of the changes a lead. The poll was taken before the Yes campaign has even presented its case to the people in any detail, which it will do in a press conference tomorrow. The establishment, on the other hand, is totally against the proposal, saying that the passing of the referendum would stifle the future financial management options of the country’s economic policy makers.
The poll proposal was started by Swiss People’s Party MP Luzi Stamm and two other MPs, with the 100,000 signatures required for a referendum obtained by early 2013. The Swiss People’s party is described as a national conservative and right-wing populist political party and is the largest party in the Federal Assembly, with 54 members of the National Council and 5 of the Council of States.
Referendum results – chart from King World News
The key points to be put forward in the referendum proposals include repatriation of foreign held Swiss gold, a moratorium on selling future gold holdings and perhaps most significantly to purchase sufficient gold to bring the precious metal held up to 20% of the country’s gold and currency reserves from the current 7.7%. This latter aim would involve, according to the writer’s calculations, the purchase of nearly 1,650 tonnes of gold to bring the nation’s holdings to around 2,700 tonnes, which would put it in third place amongst the world’s gold holding nations. It is suggested that such a purchase programme could put a rocket under the gold price, even if phased in over several years.
There is obviously plenty of time left for the Swiss elite to try and put their case across but, as was seen in the runup to the Scottish independence referendum, if they don’t play the media right they could help the anti-establishment cause, rather than turn things around in their favour. In Scotland, the Yes vote for independence gained momentum according to the polls throughout the campaign, and the more that the establishment spelt out what they saw as the disadvantages of independence (the ‘No’ campaign) the stronger the ‘Yes’ campaign performed. In the event the Yes campaign failed but the difference here is that it was coming from a long way behind, while in Switzerland it seems that its ‘Yes’ campaign may be starting as the front runner.
Jim Sinclair’s Commentary
Hopefully this will lighten up a very dark day at least a bit.
Ottawa Shooter Identified As Canadian National Michael Zehaf Bibeau, Recently Designated A "High-Risk Traveller"
Submitted by Tyler Durden on 10/22/2014 17:27 -0400
Moments ago CBS News reported, citing Law enforcement and U.S. Government sources, that the shooter in today’s tragic Ottawa incident was Michael Abdul Zehaf Bibeau, born in Canada in 1982. One source says he sometime dropped the name Michael and went by Abdul Zehaf Bibeau. At other times he apparently dropped the Abdul. In a report from the Muslim Issue, Zehaf-Bibeau is said to be reportedly of Algerian descent.
Zehaf-Bibeau is the alleged shooter who killed soldier at the national War Memorial before entering the Centre Block and firing off more shots. Epoch Times reporter Matthew Little says that the shooter got as far as the library before Sergeant-At-Arms shot him dead.
Earlier, a Canadian parliament official described the gunman to BBC as looking “Arabian” with “long hair and a small beard.”
According to Montreal reporter Domenic Fazioli, Bibeau was arrested five times in the city. He has three possession charges dating back to 2004 (marijuana and PCP). His two other arrests were for parole violations.
Witnesses said they saw Bibeau wearing a black coat with blue jeans, reports CBC. The same report says gun used in the attack was a double-barrel shotgun. Alberta Labor Minister Ric McIver told the Ottawa Sun that Bibeau was driving a “brown Toyota Corolla with no license plate.” He added that the car “roared up the street and screeched to a halt.”
The Globe and Mail adds that he was recently designated a “high-risk traveller” by the Canadian government and that his passport had been seized – the same circumstances surrounding the case of Martin Rouleau-Couture, the Quebecker who was shot Monday after running down two Canadian Forces soldiers with his car.
Terror grips Canada: Soldier shot, gunman reportedly storms Parliament
By Phillip Swarts – The Washington Times – Updated: 11:27 a.m. on Wednesday, October 22, 2014
A Canadian soldier was shot at the Ottawa National War Memorial Wednesday, and a gunman reportedly fled into the nation’s Parliament building, raising fears the attacks could be part of “lone wolf” campaigns being carried out by Islamic extremists.
A member of the Canadian parliament, Bernard Trottier, tweeted that a gunman had been shot and killed. Witnesses reported hearing gunfire inside Parliament Hill, which is under lockdown.
Witnesses said people fled the Parliament building by climbing down scaffolding that had been set up for renovations.
Paramedics took the wounded soldier away in an ambulance, and the soldier’s current condition is unknown.
The incident comes just two days after two Canadian soldiers were hit by a car in Quebec driven by a man with jihadist sympathies. One of them was killed.
Saxobank CIO Warns "Another Shock Drop Is Coming.. And It’s Coming Soon"
Tyler Durden on 10/22/2014 11:35 -0400
Saxo Bank’s Chief Economist Steen Jakobsen is predicting another ‘shock drop’ in the markets within a few weeks. With debt and low inflation continuing to create a nervous atmosphere behind most markets, Steen argues that we will hit fresh lows in mid-November. Steen takes the view that central bank policy is creating a ‘fantasy land’ for investors and he points out that the recent ‘day dive’ in markets was a closer reflection of reality. Steen outlines his suggestions for trading ahead of another dip in mid November with targets for the S&P 500 around 1810 and the Dax at 8000 – 7800.Be long fixed income as it is "a free put on the equity market.. and the economic cycle is not yet ready to adapt to a rising interest rate."
Jim Sinclair’s Commentary
An excellent article that speaks of why lower gold is not in the Federal Reserves best interest.
Richard Russell – Expect An Avalanche Of Fiat Money Creation
Today the Godfather of newsletter writers, 90-year old Richard Russell, warned that the world should now brace itself for the creation of a veritable avalanche of fiat currencies. The 60-year market veteran also covered gold, silver, stocks, China, the U.S. dollar and more.
Russell: “In the early days of the US, the dollar was trusted. The reason it was trusted was that the dollar was backed by physical gold. Those were the days when the dollar was considered “good as gold.” The obvious reason was that a person could take his dollars into any bank, and exchange his dollars for gold.
This changed in 1933 when Americans were forbidden by law to own gold. As far as Americans were concerned, they were now dealing with paper and could no longer exchange their paper for gold.
So in 1933, Americans were no longer on the gold standard. But foreigners who were creditors of the US would settle their accounts in gold. If the US had a debt with a creditor, the creditor could settle his debt by calling in a quantity of gold.
This changed in 1971 when, in the face of an outpouring of US gold, President Nixon slammed the gold window shut. This took the US, both domestically and internationally, off the gold standard. The dollar was simply a piece of paper, comparable to Monopoly money. Following the US’ example, the rest of the world abandoned the gold standard.
Recently every nation has wanted a cheaper currency to aid in its exports. With almost all world currencies depreciating, money has flowed to the US dollar. This is because the US, alone, appears to have a thriving economy. Of course the strong dollar will retard US exports and make foreign goods appear to be bargains.
The strong dollar puts pressure on gold. So far gold has held up remarkably well in the face of world deflationary pressures and the collapsing price of oil. In the face of these global deflationary pressures, the question is – Will the Federal Reserve fight deflation by calling off its tapering and opening its money spigots wide?