In The News Today

Posted at 10:12 AM (CST) by & filed under In The News.

You are able to gather information about all kinds of things from all conners of the world, but you are unaware of what happens in the conners of your own mind. You know who is who among all the rest, but you do not know the answer to the simple question, "Who am I?" Without knowing this, people go about rashly judging, labelling and even libelling others! Each one has to ask oneself and seek out the clue to this enigma of one’s reality.
–SSB, Feb 19, 1964

 

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Jim Sinclair’s Commentary

I like the little guy’s logic.

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Jim Sinclair’s Commentary

The Euro at 8:04pm EDT.

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Jim Sinclair’s Commentary

You know there really is no hope for a return from these exercises of financial Sodom and Gomorrah. Actually Sodom and Gomorrah was child’s play in comparison.

It is traditionally said that when the world is at its worst, God, the Force, whatever you believe in, sends a representative to protect the oppressed.

It is so bad it cannot actually get worse. What we need is a second coming to throw these money changers out of the temple. Clearly nothing else is going to do it.

Secret Goldman Team Sidesteps Volcker After Blankfein Vow
By Max Abelson – Jan 8, 2013 12:00 AM E

Sitting onstage in Washington’s Ronald Reagan Building in July, Lloyd C. Blankfein said Goldman Sachs Group Inc. had stopped using its own money to make bets on the bank’s behalf.

“We shut off that activity,” the chief executive officer told more than 400 people at a lunch organized by the Economic Club of Washington, D.C., slicing the air with his hand. The bank no longer had proprietary traders who “just put on risks that they wanted” and didn’t interact with clients, he said.

Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., speaks to the Economic Club in Washington, on July 18, 2012. Photographer: Joshua Roberts/Bloomberg

The Princeton crew team throws their coxswain Geoff Adamson into Lake Quinsigamond after winning the Grand Final at the Eastern Sprints in Worcester, Massachusetts. Photographer: Tom Herde/The Boston Globe via Getty Images

That may come as a surprise to people working in a secretive Goldman Sachs group called Multi-Strategy Investing, or MSI. It wagers about $1 billion of the New York-based firm’s own funds on the stocks and bonds of companies, including a mortgage servicer and a cement producer, according to interviews with more than 20 people who worked for and with the group, some as recently as last year. The unit, headed by two 1999 Princeton University classmates, has no clients, the people said.

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Jim Sinclair’s Commentary

Comment of the day on gold.

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Jim Sinclair’s Commentary

Not exactly a traditional sign of a silver bear market!

Highest Ever One-Day Sales for American Silver Eagles?
January 7, 2013 By Michael Zielinski

Today, January 7, 2013, the United States Mint began accepting orders from authorized purchasers for 2013-dated American Silver Eagle bullion coins. The opening day sales tally of 3,937,000 coins seems to represent the highest one-day sales total in the history of the program.

In recent years it has been typical for the Mint to experience the strongest sales for Silver Eagle bullion coins on the first day of availability for newly dated coins. Last year, orders had been placed for 3,197,000 Silver Eagles on the first day of availability for the 2012-dated coins. In 2011, opening day sales had measured 2,085,000 coins, and in 2010 opening day sales had measured 2,440,000 coins.

For the years 2009 and prior back to the start of the program in 1986, none of the monthly sales totals have exceeded today’s one-day sales total of 3,937,000 coins.

Today’s apparently record breaking one-day sales are driven by the typically high demand for newly dated coins as well as pent up demand following the unexpected sell out of 2012-dated Silver Eagle bullion coins on December 17, 2012. This sell out created a three week period during which no Silver Eagle bullion coins were available for authorized purchasers to order from the Mint.

During 2012, the Mint had sold 6,107,000 Silver Eagle bullion coins during the full month of January. Annual sales had reached 33,742,500 coins.

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Jim Sinclair’s Commentary

Every bit, not as little as anticipated, helps and hurts depending on what side of the two lions fighting (dollar and euro) you are on.

Japan to Buy European Debt With Currency Reserves to Weaken Yen
By Mayumi Otsuma – Jan 8, 2013 7:17 AM ET

Japan plans to use its foreign- exchange reserves to buy bonds issued by the European Stability Mechanism and euro-area sovereigns, as the nation seeks to weaken its currency, Finance Minister Taro Aso said.

“The financial stability of Europe will help the stability of foreign-exchange rates, including the yen,” Aso told reporters today at a briefing in Tokyo. “From this perspective, Japan plans to buy ESM bonds,” he said. The purchase amount is undecided, Aso said.

One-hundred euro, from top, U.S. one-hundred dollar, and ten-thousand yen banknotes. Photographer: Kiyoshi Ota/Bloomberg

The move may help Prime Minister Shinzo Abe temper criticism of Japan’s currency policies from trading partners such as the U.S. The yen has fallen around 8 percent against the dollar since mid-November on Abe’s pledge to reverse more than a decade of deflation as his Liberal Democratic Party won an election victory last month.

“The Europeans would be happy to see Japan buy ESM bonds, so Japan can avoid criticism from abroad and at the same time achieve its objective,” said Masaaki Kanno, chief economist at JPMorgan Securities Japan Co. and a former central bank official.

The yen erased gains after Aso’s comments, reaching 87.81 per dollar, before appreciating again to 87.51 as of 7:14 a.m. New York time. The Japanese currency appreciated 0.3 percent to 114.86 per euro.

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