My Dear Extended Family,
Gold at $1650 is in the basket. Formational breakouts are selectively happening in some precious metals shares.
I think I will celebrate by taking a nap, wake up and go with the kids to a traditional Italian restaurant for a bowl of wonderful pasta.
If JSMineset is a tad thin tonight know our hearts are full.
You are all protected from conditions over which you have no control. Your success is my joy!
Regards,
Jim
Jim Sinclair’s Commentary
Five so far this weekend.
Bank Closing Information
April 29, 2011
Community Central Bank, Mount Clemens, MI
The Park Avenue Bank, Valdosta, GA
First Choice Community Bank, Dallas, GA
Cortez Community Bank, Brooksville, FL
First National Bank of Central Florida, Winter Park, FL
Jim Sinclair’s Commentary
For old time’s sake.
Jim Sinclair’s Commentary
The next crisis? They are in crisis right now but generally without mention in the media.
Pension fund managers have a legal obligation to the pensioners. That is another reason for the hush-hush.
Are States’ Pensions the Next Crisis?
Thursday, April 28, 2011
Virginia’s News & Advance reports, Are States’ Pensions the Next Crisis?:
Just as America is finally showing signs of digging out of the financial meltdown and the Great Recession of 2008, there are already warning bells being sounded for the next possible scare: government pension programs.
Earlier this week, the Pew Center on the States issued the results of its fiscal stress test of the 50 state pension programs, and the results are troubling to say the least.
All told, the Pew center estimates that government pension funds and health care programs are underfunded by more than $1.2 trillion today, a clear sign that something must be done now to avoid a great deal of misery down the road.
Though the Pew study looked at pension funds during 2008 and 2009, the depth of the Great Recession, the results should serve as a wake-up call to political leaders across the nation, including here in the Commonwealth of Virginia.
The Pew center reports that 31 states are funding their government pension funds at levels below the point most experts consider safe, 80 percent of the plans expected needs.
