In The News Today

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Jim Sinclair’s Commentary

Doodle without the cone of shame.




Ron Paul Statement on Bernanke Hearing
By Megan Stiles on July 17, 2013 in National Blog

SPRINGFIELD, Virginia – Ron Paul, Campaign for Liberty Chairman, and former Chairman of the House Financial Services Subcommittee on Monetary Policy, issued the following statement today regarding Federal Reserve Chairman Ben Bernanke’s testimony before the House Committee on Financial Services:

“Chairman Bernanke’s statement today before Congress and the American people that he hopes to devalue our currency at a rate of 2 percent a year is an insult to the millions of Americans who are struggling to pay higher prices each and every day. Though the debasement is already much greater than 2 percent, 2 percent inflation is still immoral theft and is economically foolhardy.

“Despite what Chairman Bernanke said today, central economic planning with currency inflation and interest rate manipulation does not help the poor and middle class; it merely enriches Wall Street and the politically connected. It hurts those who dare save their money to plan for their own retirement or pay for their children’s education.  Inflating the money supply in secret to serve special interests and feed the government’s overspending must end if we ever expect to get a handle on the serious problems facing our nation.

“Considering the impact the Federal Reserve’s policies have on every American’s standard of living, it is in the interest of all Americans to join Campaign for Liberty in demanding Senate Majority Leader Harry Reid bring Senator Rand Paul’s Audit the Fed (S.209) legislation to the Senate floor for a vote this Congress.”


Jim Sinclair’s Commentary

Information available nowhere but from

– Second-Quarter Housing Starts Plunged at Annualized Quarterly Rate of 31.2%, Dimming the Outlook for Second-Quarter GDP
– Economic Growth Otherwise Has Slowed in Second-Quarter 2013
– Immigration Legislation Would Exacerbate Serious Economic and Fiscal Issues Facing the United States

"No. 544: June Housing Starts, Economy, Updated Summary Outlook"





BOOM, BUST: Housing Starts Unexpectedly Fall to Lowest in Year, Permits Have Biggest Miss In History!
July 17th, 2013

Starts (NHSPSTOT) of new U.S. homes unexpectedly fell in June to the lowest level in almost a year, indicating a pause in the industry’s progress.

Work began on 836,000 houses at an annualized rate last month, the least since August 2012 and down 9.9 percent from a revised 928,000 pace in May, figures from the Commerce Department showed today in Washington. The reading was weaker than projected by any economist in a Bloomberg survey, and permits for future projects also declined.

The decline was led by a slump in multifamily projects, which can be volatile, and the level of permits remained higher than starts, which may point to a rebound this month. A limited supply of land is also a hurdle for housing, even as near record-low mortgage rates and improving job opportunities draw buyers.

“Housing will continue to grow, but it will be at a gradual pace,” Sean Incremona, a senior economist at 4Cast Inc. in New York and the top forecaster for housing starts in the past two years, according to data compiled by Bloomberg, said before the report.

Federal Reserve Chairman Ben S. Bernanke today said the central bank’s $85 billion in month asset purchases geared toward spurring growth “are by no means on a preset course” and could be reduced or expanded as economic conditions warrant.


Submitted by williambanzai7 on 05/15/2013 to ZERO HEDGE

As alert Zero Hedge readers are aware, this week the EURO Politburo is busy debating the dodgy subject of deposit "bail-ins."

The following article very succinctly explains this odious mode of fractal fractional reserve end-game chicanery.

The author encourages all of you to share it with others.

By Matthias Chang Esq, (with author’s permission)

I challenge anyone to prove me wrong that confiscation of bank deposits is legalized daylight robbery

Bank depositors in the UK and USA may think that their bank deposits would not be confiscated as they are insured and no government would dare embark on such a drastic action to bail out insolvent banks.

Before I explain why confiscation of bank deposits in the UK and US is a certainty and absolutely legal, I need all readers of this article to do the following:

Ask your local police, sheriffs, lawyers, judges the following questions:

1) If I place my money with a lawyer as a stake-holder and he uses the money without my consent, has the lawyer committed a crime?

2) If I store a bushel of wheat or cotton in a warehouse and the owner of the warehouse sold my wheat/cotton without my consent or authority, has the warehouse owner committed a crime?

3) If I place monies with my broker (stock or commodity) and the broker uses my monies for other purposes and or contrary to my instructions, has the broker committed a crime?

I am confident that the answer to the above questions is a Yes!

However, for the purposes of this article, I would like to first highlight the situation of the deposit / storage of wheat with a warehouse owner in relation to the deposit of money / storage with a banker.


Obama administration drowning in lawsuits filed over NSA surveillance
Published time: July 16, 2013 17:39 
Edited time: July 17, 2013 10:26

Attorneys for the Electronic Frontier Foundation have sued the Obama administration and are demanding the White House stop the dragnet surveillance programs operated by the National Security Agency.

Both the White House and Congress have weighed in on the case of Edward Snowden and the revelations he’s made by leaking National Security Agency documents. Now the courts are having their turn to opine, and with opportunities aplenty.

Day by day, new lawsuits waged against the United States government are being filed in federal court, and with the same regularity President Barack Obama and the preceding administration are being charged with vast constitutional violations alleged to have occurred through the NSA spy programs exposed by Mr. Snowden.

The recent disclosures made by Snowden have generated commotion in Congress and the White House alike. The Department of Justice has asked for the 30-year-old former Booz Allen Hamilton worker to be extradited to the US to face charges of espionage, and members of both the House and Senate have already held their share of emergency hearings in the wake of Snowden’s series of disclosures detailing the vast surveillance programs waged by the US in utmost secrecy. But with the executive and legislative branches left worrying about how to handle the source of the leaks — and if the policies publicized should have existed in the first place — the courts could soon settle some disputes that stand to shape the way the US conducts surveillance of its own citizens.


Jim Sinclair’s Commentary

Rob, it has already happened.

Rob McEwen: "We Seem To Be Near The Bottom Of This Correction"
Monday July 15, 2013 08:38

During a time in which the mining sector is struggling to survive a darwinian period, legendary mine developer Rob McEwen was kind enough to share perspective on the state of the market. Rob is the founder and former Chairman and CEO of Goldcorp Inc., which is by market capitalization, the largest gold producer in the world.

He is currently the Founder, Chairman, and Chief Owner of McEwen Mining Inc.

Tekoa Da Silva: Rob, you and the team there at McEwen Mining recently announced a change of game plan in terms of development and production growth for the company in response to the extremely challenging conditions we’re seeing in the mining sector today.

Can you explain the thrust of that announcement and what it means from a strategic standpoint?

Rob McEwen: Well, we wanted to inform our shareholders and the market that the decline in metal prices did have an impact on us and wanted to keep them informed. So at the beginning of the year, we were projecting production growth going from about 100,000 gold eq. oz. to 130,000 oz. this year,  and then 280,000 oz to 290,000 oz. on an annualized basis by the end of 2015.

The bulk of that growth was coming from our second project in Mexico called El Gallo 2, which had a capital cost of about $180 million. At the beginning of the year, we looked at it and thought well, based on the prices of silver and gold at that time and our cash holdings–for that $180 million, we should get about a third of it from our cash and cash flow, a third from capital leases, and the balance we thought we would be able to cover with the proceeds from the sale of our Los Azules copper project.


Jim Sinclair’s Commentary

Gold majors and especially Australians are about to have their clocks cleaned for a second time, if they really are so stupid as to light a dynamite stick in their treasury one more time. Gold is headed to $3200 to $3500 in steps and beyond.

Gold Slump Revives Hedges Scrapped During Bull Run: Commodities
By David Stringer – Jul 17, 2013 12:06 AM MT

Tumbling gold prices are raising the prospect of a return to hedging – a strategy that’s been shunned by investors and producers who spent at least $10 billion at the end of the last decade unwinding forward sales.

“You can’t just stick your head in the sand and pray that gold is going to go back up again,” Gavin Thomas, chief executive officer of Sydney-based Kingsgate Consolidated Ltd. (KCN), operator of Thailand’s biggest gold mine, said by phone. He’s considering hedging despite investors’ resistance. “Hedging is a call on gold. If you believe it’s going up you don’t hedge, if you believe it’s going down you do hedge.”

Petropavlovsk Plc (POG), Russia’s second-largest producer, and Australia’s OceanaGold Corp. (OGC) have begun hedging and brokers including Societe Generale SA (GLE) are flagging more may follow to bolster revenue and ensure debt servicing as prices are forecast to extend losses. Gold is heading for its first annual drop since 2000 and any move toward forward sales of output could accelerate declines, according to Bank Julius Baer & Co.

“The days of being beholden to a religious belief that the gold price will rise are gone, company directors have to be cognizant of that,” said Tim Schroeders, who helps manage $1 billion in equities, including gold companies, at Pengana Capital Ltd. in Melbourne. “There are very few producers who don’t have problems. A lot of them have large debts or high costs. Producers have got to look at” hedging, he said.


Jim Sinclair’s Commentary

The authority of the USA in Egypt?

US Navy and Marines Dispatched to Red Sea: Washington asserts its authority in Egypt
By Chris Marsden
Global Research, July 16, 2013

US Deputy Secretary of State William Burns arrived in Cairo for two days of talks with the leaders of Egypt’s new military-backed government, amid reports that the US Navy has dispatched ships and Marines to the Red Sea Coast.

Burns met interim President Adly Mansour and Prime Minister Hazem al-Beblawi. His visit was marked by mass protests by supporters of the Muslim Brotherhood (MB) and deposed President Mohamed Mursi, chanting “Down with the military regime! Down with the dictator! President Mursi, no one else!”

Last Thursday, Reuters stated that two US Navy ships patrolling in the Middle East had been moved closer to Egypt’s coast in recent days, citing Marine Corps Commandant General James Amos’ conversation with the Center for Strategic and International Studies think tank.

“Egypt is [in] a crisis right now,” Amos said. “When that happens, what we owe the senior leadership of our nation are some options.”

Amos said the USS San Antonio, an amphibious transport dock, and the USS Kearsarge, an amphibious assault ship, had moved further north in the Red Sea to make the movement of helicopters and other equipment easier. “Why? Because we don’t know what’s going to happen,” he said.



Jim Sinclair’s Commentary

Good news for everything Tanzanian.

Tanzania To Export Electricity Soon – Energy Minister
DAR ES SALAAM, July 17 (BERNAMA-NNN-DAILYNEWS) — Tanzania will start exporting electricity by the end of next year, after increased production of the energy through various means including natural gas and have a surplus of 500MW.