Jim,

I am getting a frantic gold top vibe from every corner. Are you getting this as well???

CIGA Ken

Dear Ken,

What’s new? This is common on every reaction in gold’s price since $248. Part of it today was based on the usual suspects called China Bashers.

Have the Prechterites chimed in yet?

Did you read my article on the huge difference between 1980 and today? Now what we need is a totally bearish article in the Financial Times to finish the reaction. Three bearish articles and we make a new high.

Watch the Angles as they have performed the best.

Regards,
Jim

Jim Sinclair’s Commentary

Harry Schultz sends us CIGAs a message today.

His advice is to relax!

Today is the oldest you’ve ever been, yet the youngest you’ll ever be, so enjoy this day while it lasts.

Vallejo proposes paying some creditors only 5% to 20%
CIGA Eric

Paying creditors a fraction of money owed or suspending payments altogether were tactics used by municipalities of all sizes in the Great Depression.

Vallejo, which filed for bankruptcy in 2008, has proposed paying its unsecured creditors, who are mostly current and former employees, as little as 5% to 20% of the amount they say they are owed in a bid to return the economically shaky Bay Area bedroom community to fiscal health.

John Knox, a San Francisco lawyer representing Vallejo, said the proposal to not repay all debts is "probably rare" for a municipal bankruptcy. But he said it would save the city "tens of millions of dollars," including claims for unpaid sick leave and vacation.

Source: http://www.latimes.com/news/local/la-me-1220-vallejo-20110120,0,6626978.story

From Bob
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