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Gold May Spike to $2000 in Medium Term
Gold can easily go up to $1500-$2000 in the medium-term, says Johann Santer, MD at Superfund Financial Hong Kong. As such, he tells CNBC’s Martin Soong that gold at $710 is a good entry point.
Jim Sinclair’s Commentary
G20:
President Bush says that TRANSPARENCY is very important.
Will the Federal Reserve yield the secret details of the two trillion dollar bailout?
Health Care:
More than 90 percent of reasonably sized cities and towns in the USA would be insolvent if they were required to put up the cost of their commitment to provide health care for retired employees. TRANSPARENCY anyone?
Jim Sinclair’s Commentary
If they are making applications to the Fed it says loud and clear:
1. They cannot finance in the commercial paper market.
2. They are in trouble to some degree.
3. The commercial paper market still stinks and Lie-bor does not reflect much.
Textron, AEP Ask for Access to Commercial-Paper Fund (Update1)
By Robert Schmidt and Bryan Keogh
Nov. 14 (Bloomberg) — A group of companies including Textron Inc., Nissan Motor Co. and American Electric Power Co. is pressing the Federal Reserve to expand purchases of commercial paper to include them.
The coalition wants the Fed to go beyond top-rated paper and buy debt with the second-highest grade, two people said on condition of anonymity. American Electric Chief Financial Officer Holly Koeppel said the group is seeking to add more companies and preparing a letter to outline its case.
While accepting lower-grade debt could reduce borrowing costs for a broader group of companies, it would also expose the taxpayer to greater risk. The request is one of a number of attempts to get a share of federal rescues, with industries from automakers to heating-oil retailers seeking funds.
“We are really creating a mindset where no one fails,” said Adolfo Laurenti, a senior economist at Mesirow Financial Inc. in Chicago.
Second-tier issuers of commercial paper, debt that matures in nine months or less and is a form of IOU for day-to-day expenses such as payrolls and rent, argue they’re disadvantaged by the Fed’s new Commercial Paper Funding Facility.
Jim Sinclair’s Commentary
Sounds reasonable to me.
Iran switches reserves to gold: report
Sat Nov 15, 2008 3:14am EST
TEHRAN (Reuters) – Iran has converted financial reserves into gold to avoid future problems, an adviser to President Mahmoud Ahmadinejad said in comments published on Saturday, after the price of oil fell more than 60 percent from a peak in July.
Iran, the world’s fourth-largest oil producer, is under U.N. and U.S. sanctions over its disputed nuclear programme and is now also facing declining revenue from its oil exports after crude prices tumbled.
"With the plans of the presidency…the country’s money reserves were changed into gold so that we wouldn’t be faced with many problems in the future," presidential adviser Mojtaba Samareh-Hashemi was quoted as saying by business daily Poul.
