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Jim Sinclair’s Commentary
As in the 70s central banks first slowed down their gold sales then turned into gold buyers. The Chinese are already on the buy side now.
Gold is going to $1224, $1650 and then on to Alf’s numbers.
UPDATE 1-German Bundesbank to keep lid on gold sales this year
Fri Sep 25, 2009 1:10pm GMT
FRANKFURT, Sept 25 (Reuters) – Germany’s Bundesbank will refrain from big gold sales in the first year ofa new central bank gold sales agreement, it said on Friday.
The Bundesbank is the world’s second-biggest holder of gold, currently holding 3,408 tonnes — worth just over $100 billion at today’s prices XAU=. In response to a query from Reuters, the Bundesbank said it had again decided to limit its sales over the next 12-month period to 6.5 tonnes to the German Finance Ministry.
"The Bundesbank will not make further use of its option to sell to which it is entitled in the first year of the new Gold Agreement," the central bank said in a statement.
"The remaining selling rights will be offered to the other central banks participating in the Gold Agreement in exchange for future selling rights, or to the IMF (International Monetary Fund)."
The Bundesbank is the first central bank to declare its sales plans under the new central bank gold pact, which aims to keep a floor under prices by preventing a flood of the previous metal onto the market.
Jim Sinclair’s Commentary
Please check out the following two videos from Marc Faber:
Jim Sinclair’s Commentary
The question is will they split the judgement when AIG, the insurance company, pays off then doubles down by buying some hot OTC derivatives for speculation with their winnings.
Al Lewis: Wells Fargo Bank Sues Itself
Friday, July 10, 2009
You can’t expect a bank that is dumb enough to sue itself to know why it is suing itself.
Yet I could not resist asking Wells Fargo Bank NA why it filed a civil complaint against itself in a mortgage foreclosure case in Hillsborough County, Fla.
"Due to state foreclosure laws, lenders are obligated to name and notify subordinate lien holders," said Wells Fargo spokesman Kevin Waetke.
Being a taxpayer-subsidized, too-big-to-fail institution, it’s possible that one of the few ways for Wells Fargo & Co. to know what it is doing is to notify itself with a court filing.
In this particular case, Wells Fargo holds the first and second mortgages on a condominium, according to Sarasota, Fla., attorney Dan McKillop, who represents the condo owner.
Jim Sinclair’s Commentary
Darn! I had planned on going to my local GM dealer, if it was still there, to pick up my new no money down 250 months to pay supercharged Corvette and do some hot laps and club racing for a month or so before I returned it.
It does 0 to 60 in under 3 seconds for only $100,000 and tops out at over 200mph. That is better than a new Ferrari.
You mean they will not simply thank me, and take it back, no questions asked? I probably will not like it because it has no proper cup holder and you cannot hear the radio over 170 MPH.
General Motors return policy loaded with restrictions for new buyers
Associated Press
Friday, September 25, 2009
NEW YORK — You fell in love with that $22,000 Chevy Malibu because of its color, style and price. After driving it home, you realize there’s a lot to hate — maybe the way it handles on the highway, the location of the cup holders or the shape of the seats. Don’t worry. Bring it on back for a refund, no questions asked, says GM’s chairman and new TV pitchman Edward Whitacre Jr. But is it really as easy as returning an ill-fitting shirt to Macy’s? As with any deal, it’s a good idea to read the fine print. As your love affair with the new car turns to hate, you’ll need to drive very carefully and make sure to limit how many miles you put on the car. And don’t expect your wallet to be made whole even if you follow the fine print to the letter.
So, I can bring back my car or truck to the dealer any time?
No returns are allowed within the first 30 days of purchase. It’s any time between day 31 and day 60 of ownership.
That seems like a narrow window, but the policy makes sense for GM. Buyer’s remorse can set in within days for new customers, who grouse over things like knobs and cup holders appearing to be in the wrong place. Owners can grow more accepting of problems over time, says Jack Gilles, director of public affairs for the Consumer Federation of America.
Do I have to cite a defect?
No. You can hate the color, for all GM cares. But the policy says a returned vehicle can’t have more than $200 in damage — and GM, through an inspection, gets to decide what constitutes that much damage.
Jim Sinclair’s Commentary
Here is the official recognition of the advance of Asia and other developing nations in today’s economic war.
The mighty have fallen. Long live the new mighty.
The dollar as king is no longer. Slowly but certainly the sun has set on the greenback.
Volcker won it all. Greenspan gave it back and some more as well. Bernanke is a well intentioned bag man.
G8 Nations Will No Longer Meet Separately, Without G20
Published: Thursday, 24 Sep 2009 | 11:09 PM ET
By: CNBC.com
The G8 nations will announce Friday that they will no longer meet separately without the entire G20, reports NBC’s Chuck Todd.
The G8 nations will instead meet the night before any G20 meeting, particularly when it comes to national security issues that historically the G8 has dealt with.
According to the White House, the G8 is not being dissolved.
Instead it will conduct its meetings combined with G20 meetings – which means it will hold only one meeting annually.
China is not a member of the G8 nations.
South Korea is likely to be the venue for next year’s G20 meeting.
That will be when the G8 nations will meet next under this new umbrella.
Jim Sinclair’s Commentary
Gordon Brown announced a public presentation of the New Western World Order. To accomplish this, a process is initiated, causing the dollar to set into the sun as the SSCI rises.
Without a strong IMF and SDR type SSCI, the G20 cannot function as the new Western World Order.
The wild card is Asia, who has been quiet at the G20 and will not cooperate other than orally with this new Western World Order. The reason is the new Western World Order would seek to set, or set upon, Asia’s economic course.
Russia, regardless of rhetoric, detests the West. Putin is no man to toy with under any circumstance.
This is the loudest message that says, "Go East young men and women, your fortunes lie in China and in Tanzania."
G20 will become main economic council: UK’s Brown
Thu Sep 24, 2009 3:44pm EDT
By Sumeet Desai
UNITED NATIONS (Reuters) – Global leaders will institutionalize the G20 as the world’s main economic governing council, British Prime Minister Gordon Brown said on Thursday.
In New York for a meeting of the United Nations General Assembly before flying to Pittsburgh for the third Group of 20 leaders’ summit, Brown told reporters that the body would meet regularly under a new framework from now on.
"What we are trying to do is to create a new system of international economic co-operation around the world," he said.
"It’s never really happened before. We’ve had the G8, we’ve had all these organizations – we’ve got this one chance to make a huge success of international economic cooperation."
Brown said Shriti Vadera will leave her role as business minister in the government and become an advisor to the G20 presidency, working closely with South Korea who will take over the chairmanship of the group in 2010.
Jim Sinclair’s Commentary
OTC derivatives started this downward Western world economic spiral.
The Formula of 2006 holds the downward Western world economic spiral in place.
The real economy cratering starts now, caused by the dire not yet correct business problems.
For economic intervention to be effective it must be focused on the real problem of OTC derivatives.
As Volcker said clearly yesterday, Wall Street just trucks on now manufacturing and distributing trillions of dollars worth of the flavor of the month in OTC derivatives, the credit default swap.
As a result of this wrong focus of intervention, this recovery will be in the form now of a stalactite
Stated another way, "What OTC derivatives do not do, bad business, and litigation will."
U.S. large-loan bank losses triple to $53 billion
Fri Sep 25, 2009 6:05am EDT
(Reuters) – U.S. regulators say that the level of losses from syndicated loans facing banks and other financial institutions tripled to $53 billion in 2009, due to poor underwriting standards and the continuing weakness in economic conditions.
According to the Shared National Credit Program (SNC) 2009 Review, an annual inter-agency report released on Thursday, credit quality deteriorated to record levels with respect to large loans and loan commitments.
The Shared National Credit Program which was set up in 1977 to review large syndicated loans now reviews and classifies all institutional loans of at least $20 million that are shared by three or more supervised institutions.
According to the report, criticized assets rated ’special mention’, ’substandard’, ‘doubtful’ and ‘loss’, touched $642 billion, representing 22.3 percent of the SNC portfolio, compared with 13.4 percent a year ago.
Classified assets rated ’substandard’, ‘doubtful’, and ‘loss,’ rose to $447 billion from $163 billion in 2008.
