Jim,

Another day at the shopping mall.

CIGA BJS

China to invest $6.5b in Iran refineries
Wed, 25 Nov 2009 08:33:27 GMT

Iran and China have reached an agreement that would see a Chinese company invest a total of $6.5 billion in the Iranian oil refineries.

"The National Iranian Oil Refining and Distribution Company (NIORDC) and China’s Sinopec Corp signed a memorandum of understanding for providing a $6.5 billion finance for the development and construction of the Iranian oil refineries," a report by Mehr news agency said on Wednesday.

The report said NIORDC and Sinopec would finalize the deal within two months.

More…

Dear Jim,

There certainly appears to be a pattern forming here.

Respectfully,
CIGA Richard B.

US Mint to suspend American Eagle gold 1-oz coins

NEW YORK (Reuters) – The U.S. Mint said Wednesday it will suspend sales of the popular American Eagle 1-ounce bullion coins as rising demand depleted its inventory.

"The United States Mint has depleted its current inventory of 2009 American Eagle 1-ounce gold bullion coins due to the continued strong demand for this product," the Mint told its authorized dealers in a memorandum on Wednesday.

November sales to date were at 124,000 ounces, higher than the 115,500 ounces sold in each month of September and October, the Mint said.

The Mint said it expects to resume sales in early December.

More…

Dear Richard,

There is so much smoke now that one has to anticipate a major fire.

Regards,
Jim

Jim,

Gold in the black market in Vietnam is sold at $1344 a once (a 13% premium to today´s spot price) as people protect their money against further devaluations.

Gold is unforgivable!

Best regards,
CIGA Christopher

Black Market Signals Vietnam Dong Devaluation Is Just Beginning
By Beth Thomas

Nov. 26 (Bloomberg) — Vietnam, struggling to control accelerating inflation and a widening trade deficit, will keep weakening the dong after devaluing the currency for the first time since December, black-market rates and forwards show.

The central bank said yesterday it will permit the currency to decline a further 3 percent today, after it fell 5.4 percent in the past year. The unofficial rate offered at gold shops in Ho Chi Minh City is 9.7 percent weaker than yesterday’s spot- market price of 17,886 per dollar. Contracts based on the exchange rate in 12 months imply a 15.6 percent depreciation.

Inflation accelerated to a six-month high of 4.35 percent in November from a year earlier and the nation’s balance of payments worsened as exports dropped and rising commodity prices swelled the cost of imports. The dong has slumped 22 percent in the past decade and the government risks “damaged credibility” by allowing further losses, according to Standard Chartered Plc.

“Whenever you devalue a currency, there is general expectation for more,” said Thomas Harr, a foreign-exchange strategist in Singapore at Standard Chartered, which predicts a decline to 19,000 by the end of next year. “The key challenge is the widening trade deficit and slowing inflows from foreign direct investment, remittances and equity inflows.”

The State Bank of Vietnam decided to lower the reference rate 5 percent to 17,961 against the dollar, close to yesterday’s spot rate. That was the first such move since Dec. 25. The dong’s decline will be limited as policy makers also narrowed its trading range to 3 percent from the daily rate, from a 5 percent band adopted March 23.

More…

Jim,

"Dominique Strauss-Kahn, the head of the International Monetary Fund, told Le Figaro on Wednesday that banks worldwide have so far admitted to just half of the $3.5 trillion (£2.1 trillion) of likely damage."

Best regards,
CIGA Christopher

Bundesbank fears relapse as German banks face €90bn fresh losses
The Bundesbank has told German banks to take advantage of renewed confidence while they can to prepare for likely losses of €90bn (£81bn) over the next year, warning that the delayed shock waves of the economic crisis still pose a major threat to global recovery and bank finance.
By Ambrose Evans-Pritchard, International Business Editor
Published: 5:23PM GMT 25 Nov 2009

The venerable bank said in its Stability Report that the world had narrowly averted a "virtually uncontrollable" collapse in the late summer of 2008. While the credit system has partly stabilised, the underlying problems "are still far from being overcome" and money markets are not yet functioning properly.

"It is already clear that the financial system will be severely tested going forward. Downside risks remain pre-dominant," said the report.

The danger is that a long phase of stagnation and rising job loses in the West sets off "spiralling loan losses in both industry and in the residential and commercial real estate markets. In such an unfavourable scenario, negative feedback between the real economy and the financial system could gain added momentum."

The Bundesbank said the next wave of bank write-downs will come from loan book losses as the default rate on lower-tier companies tops 14pc in the US and 12pc in Europe. German banks alone will have to write down €50bn to €70bn of loans over the next year.

More…

Dear Jim,

Here is what we found out today – the US Mint ran out of Silver until December 15th-19th. It is quite possible we’ve entered a new paradigm

CIGA JB Slear, The Delivery Man?

CALL 1-866-443-0868 ext 104

Precious metals markets are highly volatile and have wide swings on a daily basis and should be considered a high risk investment.

JB Slear
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
817-717-5489
Fax;817-764-2537
www.FortWealth.com

Jim Sinclair’s Commentary

When the Black Swan speaks, we listen.

Who needs organized crime when we have banksters?

The difference between organized crime and banksters is in organized crime the criminals have courage.

Jim,

This Frontline video expose of the credit card industry is just another example of the extent to which the American people have been exploited and victimized by the Banksters.

One of the participants interviewed in this documentary stated, "…15 years ago, the industry discovered that you could make money off of the most vulnerable people in America over and over, and that would be the business model.”

Their ruthless pursuit of unearned wealth by preying on the vulnerabilities of the poor and disadvantaged – not to mention millions of people in the rapidly dwindling Middle Class – has earned the Banksters Top Honors for a special place in Financial Hell.

In my opinion, the PBS Frontline investigative team deserves a Pulitzer Prize for Investigative Journalism – and a new Pulitzer Prize category needs to be created for a website which goes by the name "Jsmineset.com"!

Best wishes to you and your team for a Safe and Happy Thanksgiving!

http://www.pbs.org/wgbh/pages/frontline/creditcards/

All the best,
CIGA Black Swan

P.S. Transcripts of interviews with the seven participants in this documentary, including Chris Dodd and Timothy Geithner, are posted on the PBS website.