My daughter, sent me this picture. The Bosporus is burning tonight.
The News media appears to be making light of the water hoses, etc. aimed at protestors, but the picture seems to show a more ominous sign. It was sent by someone inside Turkey tonight.
Also, go to this link, and move your cursor over each picture. It will give you a description.
CIGA Wolfgang Rech
I remember a long time ago you warning us that Turkey would be caught in the middle.
Turkey protesters calls for resignation of Prime Minister Erdogan
More than 100,000 Turkish protesters have gathered at Istanbul’s Taksim Square, calling for the resignation of Prime Minister Recep Tayyib Erdogan.
The protesters occupied the iconic Taksim Square on Saturday as part of their demonstration against the government’s decision to demolish Gezi Park and replace it with an Ottoman-era military barracks to be used as a shopping mall.
Police forces clashed with protesters, using tear gas and water cannons to disperse them.
Riot police also blocked thousands of protesters from moving towards Taksim Square.
Jim Sinclair’s Commentary
Courtesy of CIGA FG Patrick.
It was a memorable experience to meet you and the other CIGAs in London this past weekend. The information you gave was exceptional. It was insightful as usual and it was very helpful to get the mindset of the other CIGAs. Most of us have been with you in these small battles for years now. What we all learned yesterday was that the biggest battle is yet to come marked by when gold is emancipated from paper.
I myself have learned a few important lessons about battle. Not only in finance but for my life itself. I was diagnosed with cancer twice over the past 4 years. I have beat this disease twice now. What I learned is that the doctors can only diagnose the problem. I have learned how to beat and to keep this personal enemy at bay myself by being more aware and always vigilant about my health. This plan has kept me healthy now for 2 years. The doctors now call me superman. I proudly consider myself a CIGA warrior now trained and armed with knowledge. What I found yesterday was all of the CIGAs present are also willing warriors who will be with you when we all go into battle in the coming years.
Great to attend the meeting yesterday, glad you made the time, thank you. Amazing today that someone can hold a meeting for over 4 hours without a projector and PowerPoint!
Saw this article today you may have already seen:
“The supermarkets-to-funerals mutual is preparing an emergency rescue plan for its financial subsidiary that is expected to include losses for holders of the bank’s junior debt, including £310m of permanent interest bearing shares (PIBS) issued by Britannia Building Society before it was taken over by the Co-op, and £60m of preference shares.
Of the £370m of bonds, which pay annual interest of between 5.55pc and 13pc, some £30m is held by members of the public. Any rescue would almost certainly see the coupon cut or cancelled, costing retail investors about £3m a year.”
“Retail investors, many of whom had been dependent on the interest income, were so angered by the cancellation of the coupon that they formed an action group to fight the decision in the courts.”
Best of luck with that… just look at the equitable model!
Yep silly promises and payouts are unsustainable, cancellation, new debt, swaps for equity in the new business here we come…
Dear Mr. Sinclair,
The continuous raid on gold prices since last top at 1800 already depleted them from 1/3 of their eligible reserves.
…and 50% of the registered ones.
…and if we saw a small bounce on the eligible reserves, the registered ones keep going to the abyss.
So we are already halfway towards a complete default on the Comex if they don’t change the rules. This, within 6 months.
That might give an idea to CIGAs about how many months are left before margins get raised to 100% as you mentioned, especially if they try to drive prices even further down.
Thank God for Free Markets!!!
This chart compares the monthly percentage growth of the Federal Reserve balance sheet (U.S. Treasuries and Agency MBS) against gold price ….
CIGA David MadisonStyle