My Dear Friends,
I have spent the better part of two days flying and had a full day of business activity. That leaves me quite tired.
The shocking realization here is the activity that the Cyprus crisis has created and the understanding that the implications Bail-In has for depositors in North America and Euroland are totally unappreciated there.
My outline of the dangers of the situation are conservative. When the realization in the West takes place that the trust in banking institutions is overstated and misplaced, the positive impact on gold will be dramatic and enormous.
I will write more on this as soon as my body catches up with the total reversal of time on this side of the world.
Jim in Singapore