Jim Sinclair’s Commentary
I am sure of $1650 and if I am wrong it will because my estimate was much too low. Maybe the other Jim is too low as well.
Jim Rogers "Quite Sure" Gold Will Hit $2000, Dollar Will Lose Reserve Status
Posted Oct 12, 2009 09:00am EDT
Famed investor Jim Rogers is "quite sure gold will go over $2000 per ounce during this bull market."
Rogers’ confidence gold will continue to rally stems from a view the U.S. dollar is on its way to losing status as the world’s reserve currency.
"Is it going to happen? Yes," Rogers says. "I don’t like saying it [and] I’m extremely worried about it but we have to deal with the facts. America is not getting better [and] the dollar is going to be replaced just like pound sterling [was]."
Rogers didn’t offer a timetable, and it’s likely gold would exceed $2000 per ounce if the dollar were to lose its reserve status.
Still, "I wouldn’t buy gold today," Rogers says. "I think I’ll make more money in other commodities, which are cheaper," as discussed in more detail here.
Jim Sinclair’s Commentary
China goes everywhere that the West will not.
We are watching a large majority of the mineral wealth of the world being tied up to meet a century long industrial plan.
While finance in the West is destructive to mineral concerns, China is taking everything is sight.
China tightens grip on Africa with $4.4bn lifeline for Guinea junta
From The Times
October 13, 2009
China is preparing to throw the junta in Guinea a lifeline in the form of a multibillion-pound oil and mineral deal, financed largely by soft loans. Such policies have already served China well with rogue and discredited regimes from Angola to Sudan. The move comes as the European Union, spurred on by France, the former colonial power, and the African Union are considering sanctions against Guinea if its young military leader, Captain Moussa Dadis Camara, continues to renege on a deal to stand down in favour of free elections.
The massacre occurred after 50,000 demonstrators took to the streets when Captain Camara — who seized power in December after the death of the long-time dictator Lansana Conte — announced that he would stand in the poll. Thousands stayed at home yesterday and riot police patrolled empty streets as the opposition called two days of mourning for the dead.
Beijing, meanwhile, was reported to be close to agreeing a deal, financed by its China International Fund, of about £4.4 billion covering a range of projects. Guinea, the world’s largest exporter of bauxite, also has huge deposits of uranium, iron ore, diamonds and a host of other minerals. It is also believed to have significant off-shore oil reserves.
China’s policy of not linking trade, aid and investment to political reform or human rights issues has paid huge dividends so far. In less than a decade it has created a footprint across the entire continent and secured a willing provider of much needed raw materials to power its economic growth.
There is now barely a country on the continent that does not have a sizeable Chinese presence. Copper-rich Zambia and the Congolese province of Katanga now boast the fastest-growing Chinatowns in the world. Sudan, for years out of bounds to Western companies because of its links to terrorism, now pumps 600,000 barrels of oil a day from its Red Sea port into Chinese ships. In return it received weapons that it used against rebellious black Africans in Darfur.
Jim Sinclair’s Commentary
Cash for Codgers ($4500 for couples). Soylent Green (55 gallons) is given as a bonus for the really old ones.
Out of work, out of options, into retirement
Social Security filings up 22% as job loss forces some out of work force
By Allison Linn
Richard H. Freund had it all planned out: He’d work until he was 70 and his wife, a psychotherapist, turned 62.
Then, he’d retire and rely on several sources of income to fund a life making artwork and traveling around the country in a trailer.
Those plans were upended last spring, when Freund, then 66, found out that he would be losing his job as a computer programmer in the housing industry, and faced what looked certain to be a difficult job search.
Although the financial tradeoff was wrenching — his annual income is now half what it was when he was working — he felt he had little choice but to retire.
“At my age and in this job market, I didn’t even consider unemployment. I just went straight to Social Security,” he said.
Jim Sinclair’s Commentary
We live in a financial world where schemes get rewarded, and builders must fight their way through a host of devils.
Regulators Target ‘Naked’ Access
Concerns Over Risk Management of Anonymous, High-Speed Trades
OCTOBER 13, 2009
BY SCOTT PATTERSON
Federal securities regulators are examining whether an arrangement that lets high-speed traders rapidly buy and sell large chunks of stock anonymously could go awry and threaten markets.
Called sponsored or "naked" access, the setup allows high-speed firms and other outfits to trade directly on exchanges using powerful computers without the exchanges or regulators knowing who is making the trades.
"We understand that some firms are offering so-called naked access without effective controls over financial regulatory risk," said David Shillman, associate director of the Securities and Exchange Commission’s division of trading and markets, which is stepping up its scrutiny of the
Jim Sinclair’s Commentary
Madness reigns in Great Britain.
The only way out is an asset based currency. History screams that message, yet the British geniuses sell the balance of their assets therein condemning the pound to paper currency hell.
U.K. Considers Privatizations to Cut Its Debt
By ALISTAIR MACDONALD
The U.K. government, in a bid to reduce its debt, is exploring a novel way to raise funds, people familiar with the matter say: bundling government activities such as human resources and information-technology management into commercial companies and selling or listing them.
Advisers want the government to consider privatizing any government function that is also performed by private industry, these people say. The companies, in theory, would eventually compete for contracts outside government. The government believes that, given their steady cash flows, they could be marketed to investors seeking dependable returns.
The British public sector manages an asset base valued at well over £800 billion ($1.3 trillion), according to the Treasury.
The idea of expanding asset sales to include human resources, IT management and other government services has been pitched to the government by advisers including Gerry Grimstone, the chairman of life insurer Standard Life, and Martin Read, former CEO of Logica, an IT-services company, according to people familiar with the matter. The U.K. Treasury in July 2008 asked Messrs. Grimstone and Read, as well as other business leaders, to examine the privatization process and public-sector efficiency.
