In The News Today

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Jim Sinclair’s Commentary

This could be reduced in size to a shoe box of gold. Gold, not fiat currency is for savings.

Right idea, but wrong approach.



Jim Sinclair’s Commentary

Saudi and Russia will fill the void camouflaged by humanitarian aid.

EU halts weapons sales to Egypt 
DEBKAfile August 21, 2013, 7:19 PM (GMT+02:00)

The European Union’s 28 foreign ministers agreed Wednesday to suspend exports to Egypt of weapons and goods that could be used for internal repression – but not aid programs that could hurt the population.


Jim Sinclair’s Commentary

The self exempted few. What a total disgrace.



Jim Sinclair’s Commentary

Gold is a religion in India that is deeply seated in their spiritual and economic history with an impenetrable tie to the national culture that no government or political group will ever break if the government wishes to remain the government.

Indians, wisely, have no trust in the rupee, and less in banks. In God and Gold is their only trust!

Gold breaches psychological Rs 30k peak, set to rise further in India
The precious metal pushed past $475 per 10 gram, as the Indian rupee slumped to a record low against the dollar on Monday.
Author: Shivom Seth
Posted: Tuesday , 20 Aug 2013

MUMBAI (MINEWEB) – Gold prices hit a seven month high in India of $498 (Rs 31,525) per ten gram on August 19, given the  sustained buying by stockists and investors, ahead of the festive and marriage season. After its biggest single day rise in two years on August 16, the precious metal advanced to a level last seen on December 18, 2012 due to a tumbling rupee and equities.

Traders said the festival of Raksha Bandhan (which caters to sibling bonding) to be celebrated across the country on August 20, is set to further fuel demand for the precious metal pushing prices even higher this week, and running on to the next.

"After nearly five months, gold has managed to reclaim the psychological $475 (Rs 30,000) per 10 gram mark. The last time the gold price rose this much in one single day was in September 2008, when it spiked $20 (Rs 1,265) in one day. This week has begun very well,” said Manmeet Arora, bullion trader.

Arora was unperturbed since several customers had made a beeline to his store in the day, seeking to buy small gold trinkets and gold idols for the festivities set to commence on Tuesday.

The rupee depreciation has also helped in driving gold prices higher. In the last one month, while gold has gained 15%, the rupee has declined over 4%. On Monday, it posted a record closing low of Rs 63.13 to a dollar.

Amidst fears over the Indian government’s management of the economy, the Indian rupee has overtaken the Australian dollar and the Japanese yen to become Asia’s worst-performing currency this year.


Jim Sinclair’s Commentary

A German engineered bail in coming to you?

Bundesbank calls for speedy introduction of a compulsory levy for savers
German Economic News | 21:08:13, 06:20

The German Bundesbank makes surprising in the participation of savers to the rescue of its banking pressure. At the same time, a pivot can be seen, therefore, the Bundesbank no longer rejects joint liability of savers for all European banks. Apparently, some banks have serious problems with liquidity.

The German Bundesbank makes Pressure: The compulsory levy for savers must come quickly, as well as the expropriation of bank shareholders and joint liability for ailing European banks.

So far, the Bundesbank had rather restrained in this matter. That they are now venturing out of cover, it can be concluded: For some banks the going gets tough.After the election, the participation of savers should come on more quickly than the risk of their bank depositors can be dear.

In a speech on Monday in Salzburg commented Andreas Dombre t, board member of the Bundesbank, the upcoming banking union. Then Dombret approves the planned by the European Union rules on banking supervision and bank processing. The "bail-in" program, the participation of bank customers in the liquidation of a bank is therefore planned for the year 2015.

This is new: So far, the Bundesbank had taken the view that it should not come to a common liability, especially not with regard to the losses already incurred. If 2015 really is all available, this means that the banks can now moribund due to time constraints no more testing on the a blind eye independent ECB are subjected as the new bank supervision.