Dear CIGAs,
I would like to welcome our newest little buddy to the family!
Jim Sinclair’s Commentary
So far this weekend.
Bank Closing Information – July 9, 2010
These links contain useful information for the customers and vendors of these closed banks.
Home National Bank, Blackwell, OK
USA Bank, Port Chester, NY
Ideal Federal Savings Bank, Baltimore, MD
Bay National Bank, Lutherville, MD
Jim Sinclair’s Commentary
Dean Harry, my dear friend of 45 years, opines.
Harry Schultz on the Power Elite, Free Markets, the Internet & Why Gold Is Going Much Higher
On Jul 11, 2010, at 7:44 AM
Daily Bell: Where is gold going? Silver? Harry Schultz: Much higher. Sky is the limit for gold. Governments are losing control of gold. They cheat, steal, lie, maneuver … but gold will beat them and is already doing so, in stages.
Jim Sinclair’s Commentary
From Kitco.com.
Gold
We are now in the very early stages of Stage Three with gold having gone up 24% in 2009 and up 13.3% in the first 6 months of 2010. As such there are no shortage of prognosticators who see gold going parabolic reminiscent of 1979 when gold rose 289.3% in the course of just over a year (from a $216.55 closing price on Jan. 1, 1979 to a closing price of $843 per ounce barely a year later on Jan. 21, 1980) and 128% higher in a late-1979 parabolic blow-off of just under 11 weeks! A 289% increase in the price of gold from $1250 would put gold at $4,866. That being the case what appear on the surface to be rather outlandish projections of what the bull market in gold will top out at don’t seem quite so far-fetched.
Below is a list of the parabolic tops for gold as discussed in articles and/or speeches by well known economists, academics, market analysts and financial commentators. Their prognoses are limited to those above the CPI adjusted 2010 price of $2,300 and they are grouped according to the extent each individual sees gold appreciating over the next few years (and next few months in a few cases).
The list below is provided on my site – with a link to the actual article in which each estimate was put forth if you care to check out the rationale behind each individual’s projections.
Higher than $10,000
Mike Maloney: $15,000;
Howard Katz: $14,000;
Silver-Coin-Investor.com: $7,000-$14,000;
Jim Rickards: $4,000 – $11,000
Roland Watson: $10,800 (in our lifetime);
$5,001 – $10,000
Arnold Bock: $10,000 (by 2012);
Porter Stansberry: $10,000 (by 2012);
Tom Fischer: $10,000;
Shayne McGuire: $10,000;
Eric Hommelberg: $10,000;
Gerald Celente: $6,000 – $10,000;
Peter Schiff: $5,000 – $10,000 (in 5 to 10 years);
Egon von Greyerz: $5,000 – $10,000;
Patrick Kerr: $5,000 – $10,000 (by 2011);
Peter Millar: $5,000 – $10,000;
Alf Field: $4,250 – $10,000;
Jeff Nielson: $3,000 – $10,000;
Dennis van Ek: $9,000 (by 2015);
James Turk: $8,000 (by 2015);
Joseph Russo: $7,000 – $8,000;
David Petch; $6,000 - $$8,000;
Michael Rozeff: $2,865 – $7,151;
Martin Murenbeeld: $3,100 – $7,000;
Dylan Grice: $6,300;
Murray Sabrin: $6,153;
Harry Schultz: $6,000;
Paul van Edeen: $6,000;
Paul Brodsky/Lee Quaintance: $3,000 – $6,000;
$5,000
David Rosenberg: $5,000;
Martin Hutchinson: $5,000 (by end of 2010);
Doug Casey: $5,000;
Peter Cooper: $5,000;
Robert McEwen: $5,000;
Martin Armstrong: $5,000 (by 2016);
Peter Krauth: $5,000;
Tim Iacono: $5,000 (by 2017);
Jim Sinclair’s Commentary
Something for the dollar bulls to consider.
Chinese Rating Firm Critical of U.S. Debt
BEIJING—A Chinese firm that aims to compete with Western rating companies declared Washington a worse credit risk than Beijing in its first report on government debt Sunday amid efforts by China to boost its influence in global markets.
Dagong International Credit Rating Co.’s verdict was a break with Moody’s Investors Service Inc., Standard & Poor’s Ratings Services and Fitch Ratings, which say U.S. government debt is the world’s safest.
