http://www.gold-speculator.com/ en Fri, 10 Sep 2010 06:36:06 GMT vBulletin 60 http://www.gold-speculator.com/images/misc/rss.jpg http://www.gold-speculator.com/ http://www.gold-speculator.com/jim-sinclair/37804-news-today.html Thu, 09 Sep 2010 22:53:54 GMT *Jim Sinclair’s Commentary* Three Jacks is a good hand. $1262 in gold is a replay of the $400 mark in the 70s. *Image: http://jsmineset.com/wp-content/uploads/2010/09/clip_image0016_thumb.jpg (http://jsmineset.com/wp-content/uploads/2010/09/clip_image00161.jpg)*]]> View the original post at jsmineset.com...
September 09, 2010 07:07 AM

Dear CIGAs,

Today’s report on jobs, when closely examined, looks like this praying mantas.

What is not shown in this report is the 18 wheeler of reality barrelling down the road towards the bug just to the left outside the frame.

Jim Sinclair’s Commentary

Three Jacks is a good hand.

$1262 in gold is a replay of the $400 mark in the 70s.

]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37804-news-today.html http://www.gold-speculator.com/jim-sinclair/37803-improving-jobs-figure-nothing-more-than-guestimate.html Thu, 09 Sep 2010 22:53:54 GMT View the original post at jsmineset.com...
September 09, 2010 09:22 AM

Dear CIGAs,

The improvement in the jobs figure is based on the following:

"For the latest reporting week, nine states didn’t file claims data to the Labor Department in Washington because of the federal holiday earlier this week, a Labor Department official told reporters. As a result, California and Virginia estimated their figures and the U.S. government estimated the other seven, the official said."

Gold has the exact appearance that it had in the 70s when it battled around $400. When the bulls prevailed gold went directly to $887.50.

I was carrying a considerable long position then. Someone at Bache, who cleared for my firm at the time, revealed my account balance and the locals pounded me. Since I never let the margin man call me, I called myself by liquidating 9000 contracts to stay financially whole.

As they were pounding me, much like today, Deutsche Bank who was then representing the Saudis came in as a big buyer at $389. I immediately stepped ahead of Deutsche Bank, buying back the 9000 contracts I had sold and a few more for good luck, therein putting the price of gold above the $400 mark for the third time. As I recall, Yra Harris and his famous father Lenny were handling my buying in Chicago as my floor team bought the Comex in New York.

This was a lesson I learned, via Bert Seligman, from a great bear, "Sell-em Ben Smith." It works on both the long and short side. When bravado is unleashed on you the weak hand is the other side. If you get real company on your side then take your position back and double it as a long or as a short. Today the Gold Banks are operating on bravado based on fabricated statistics.

In 1929 Bert and Sell-em Ben Smith were short the market immensely. Bert was a bit edgy as they were two weeks early. Ben told Bert that for every share he was bought in on to sell 200 shares more. Ben Smith and Bert did very well in the crash that followed.

Respectfully,
Jim ]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37803-improving-jobs-figure-nothing-more-than-guestimate.html http://www.gold-speculator.com/jim-sinclair/37802-hourly-action-gold-trader-dan.html Thu, 09 Sep 2010 22:53:54 GMT View the original post at jsmineset.com... (http://jsmineset.com/2010/09/09/hourly-action-in-gold-from-trader-dan-329/) September 09, 2010 09:34 AM *Dear CIGAs,* *Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini* *Image: http://jsmineset.com/wp-content/uploads/2010/09/clip_image00114.jpg (http://jsmineset.com/wp-content/uploads/2010/09/September0910Gold.pdf)* View the original post at jsmineset.com...
September 09, 2010 09:34 AM

Dear CIGAs,

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37802-hourly-action-gold-trader-dan.html http://www.gold-speculator.com/jim-sinclair/37739-jim-s-mailbox.html Thu, 09 Sep 2010 10:41:27 GMT View the original post at jsmineset.com...
September 08, 2010 09:30 PM

Jim,

Greece is back in the news for its debt concealment. What a convoluted mess they’ve made.

Regards,
CIGA Black Swan

Dear Black Swan,

OTC derivatives are easy to get into and sometimes impossible to get out of.

I don’t think Greece is so dumb as to think they could pull the wool over the world’s eyes after being caught with their derivatives down.

They are stuck in some convoluted crap paper. The price of exiting would probably hit the deficit more than their overboard Federal spending.

Regards,
Jim

EU Probes Hidden Greek Deals as 400% Yield Gap Shows Doubt
By Alan Katz and Elisa Martinuzzi – Sep 8, 2010 7:27 AM ET

Four months after the 110 billion- euro ($140 billion) bailout for Greece, the nation still hasn’t disclosed the full details of secret financial transactions it used to conceal debt.

“We have not seen the real documents,” Walter Radermacher, head of the European Union’s statistics agency Eurostat, said in a Sept. 2 interview in his Luxembourg office. Eurostat first requested the contracts in February.

Radermacher vows new toughness when officials from his staff head to Greece this month to come up with a “solid estimate” of the total value of debt hidden by the opaque contracts. “This is a new era,” he said.

Greece is the only euro country that lied about using these complex swap contracts after Eurostat told countries to report them in 2008, Radermacher, 58, said. It also likely signed a greater number of individual agreements than any other euro member, based on information it has provided to Eurostat, he said. Greece’s debt was 115.1 percent of its total economic output last year, second among the 16 counties that share the euro, behind Italy’s 115.8 percent.

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September 08, 2010 09:47 AM

Dear CIGAs,

A short note to silver fans – silver priced in Euro terms set a brand new lifetime high today at its London Fix coming in at 15.7551 euros.

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37702-hourly-action-gold-trader-dan.html http://www.gold-speculator.com/jim-sinclair/37701-news-today.html Wed, 08 Sep 2010 22:39:34 GMT View the original post at jsmineset.com...
September 08, 2010 11:56 AM

Thought For The Day

If the proprietary trading departments of major investment firms are sold to others, the others may get the surprise of their lives.

If the huge profits of these departments were made up almost completely by the mark up of junk OTC derivatives, compliments of the FASB, these master traders could bust their new owners or put them to sleep.

Could a buyer be that stupid? Absolutely.

 

Jim Sinclair’s Commentary

When you are the president’s brother you have financial clout others do not.

Afghan security forces beat angry customers to prevent run on Kabul Bank
Afghanistan’s biggest bank, caught in a corruption scandal, closes all its branches bar one just before Muslim holiday
Wednesday 8 September 2010 15.47 BST

Afghan security forces used batons on unruly customers scrambling to withdraw their savings today from the country’s biggest bank, which is mired in a scandal of corruption and mismanagement.

Kabul Bank’s troubles have threatened to add a financial crisis to Afghanistan’s other woes, with military and civilian casualties at record levels as a Taliban-led insurgency grows ahead of parliamentary elections on 18 September.

Officers from the National Security Directorate struggled to maintain control of up to 200 people outside one branch in the capital as desperate customers tried to take out money ahead of a three-day Muslim holiday.

The crisis developed after the company’s top two directors resigned amid allegations of corruption.

Corruption is a common complaint among ordinary Afghans and Washington fears graft is boosting the insurgency and complicating efforts to strengthen government control so foreign troops can hand over to Afghan security forces – whose salaries are paid through Kabul Bank.

More…

 

Jim Sinclair’s Commentary

The US dollar is teetering on the edge of a really ugly technical formation.

This time the round number of .8000 is not critical, but instead meaningless.

An approach to .8000 only means that .7200 and the old lows are coming into play.

 

Jim Sinclair’s Commentary

Asia rises as the West wallows in their own monetary sin.

Yuan Trading Against Russian Ruble Said to Start Within Weeks in Shanghai
By Artyom Danielyan and Emma O’Brien – Sep 8, 2010 4:54 AM MT

China and Russia plan to start trading in each other’s currencies as the world’s second-biggest energy consumer and the largest energy supplier seek to diminish the dollar’s role in global trade.

China may start trading its currency against the ruble within weeks, three bankers with knowledge of the matter told Bloomberg, and sent out a document last week allowing lenders to apply for ruble trading licenses, one of them said. Russia’s Micex Stock Exchange is making preparations to trade the ruble against the yuan in an initiative that has the backing of the country’s central bank, Ruben Aganbegyan, the head of the bourse, told reporters at a conference in Moscow today.

“Given the risk to the dollar and U.S. assets from their fiscal position they want to reduce their dependence on the dollar as an invoicing currency,” Bhanu Baweja, global head of emerging markets fixed income, currency and credit research at UBS AG, said in a phone interview from London. “It makes sense for two large economies to exclude a third, overly dominant economy from their trading equation.”

In the wake of the global financial crisis, which forced the U.S. economy into recession, both China and Russia have called for the dollar’s role in the financial system to be diluted. Volatility in major currencies is putting the global recovery at risk Zhang Ping, the head of China’s National Development and Reform Commission, said last month. President Dmitry Medvedev last year suggested Russia, holder of the world’s third-largest foreign-currency reserves, reduce its holdings of dollar.

More…



Jim Sinclair’s Commentary

If this had been done by a human it would be considered a clear attempt to manipulate price defined as causing an impact on price without taking a risk.

When an international investment banker uses a computer to do this it is considered a positive event for exchange volume.

SEC confirms ‘quote stuffing’ probe.
The SEC’s Mary Schapiro confirmed the agency is looking into "quote stuffing," the practice of placing an unusually large number of buy or sell orders for stocks in a fraction of a second, and then canceling the orders almost immediately. Schapiro said the SEC is considering requiring traders to hold orders open for minimum periods, and signaled more broadly that high-frequency traders will face new curbs in the aftermath of May’s flash crash.

 

Jim Sinclair’s Commentary

He will go to Hell for this.

Fed’s Move to Buy Treasurys Posing Serious Risks: Mishkin
By: Jeff Cox
CNBC.com Staff Writer

The Federal Reserve’s decision last month to step up its buying of Treasury securities could be laying the groundwork for inflation and a host of other political and economic troubles, former Fed governor Frederic Mishkin told CNBC.

In a rare public dissent with the central bank, Mishkin, a professor at Columbia Business School who left the central bank in 2008, called the Fed’s move to use receipts from maturing mortgage-backed securities to buy more Treasurys "one of the most important decisions the Fed has made in a very long time."

The purchases of long-term government debt—expected to total about half a trillion dollars—should be accompanied by an exit strategy, he said.

"When you hold a lot of long-term debt on your balance sheet, you’re now exposed to a lot of interest rate risks," Mishkin said in a live interview. "All of a sudden you could be booking losses. Think about the screams in Congress about all of this."

More…



Jim Sinclair’s Commentary

Look how spin attempts to legitimize the flavor of the year, Credit Default Swaps, OTC weapons of mass financial destruction.

Sure they will work as long as no entity needs them to function.



More…



Jim Sinclair’s Commentary

Please keep in mind governments do not default. They reschedule and declare the problem solved.

Beware of Greeks Bearing Bonds

As Wall Street hangs on the question “Will Greece default?,” the author heads for riot-stricken Athens, and for the mysterious Vatopaidi monastery, which brought down the last government, laying bare the country’s economic insanity. But beyond a $1.2 trillion debt (roughly a quarter-million dollars for each working adult), there is a more frightening deficit. After systematically looting their own treasury, in a breathtaking binge of tax evasion, bribery, and creative accounting spurred on by Goldman Sachs, Greeks are sure of one thing: they can’t trust their fellow Greeks.
By Michael Lewis

After an hour on a plane, two in a taxi, three on a decrepit ferry, and then four more on buses driven madly along the tops of sheer cliffs by Greeks on cell phones, I rolled up to the front door of the vast and remote monastery. The spit of land poking into the Aegean Sea felt like the end of the earth, and just as silent. It was late afternoon, and the monks were either praying or napping, but one remained on duty at the guard booth, to greet visitors. He guided me along with seven Greek pilgrims to an ancient dormitory, beautifully restored, where two more solicitous monks offered ouzo, pastries, and keys to cells. I sensed something missing, and then realized: no one had asked for a credit card. The monastery was not merely efficient but free. One of the monks then said the next event would be the church service: Vespers. The next event, it will emerge, will almost always be a church service. There were 37 different chapels inside the monastery’s walls; finding the service is going to be like finding Waldo, I thought.

“Which church?” I asked the monk.

“Just follow the monks after they rise,” he said. Then he looked me up and down more closely. He wore an impossibly long and wild black beard, long black robes, a monk’s cap, and prayer beads. I wore white running shoes, light khakis, a mauve Brooks Brothers shirt, and carried a plastic laundry bag that said eagles palace hotel in giant letters on the side. “Why have you come?” he asked.

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September 07, 2010 06:28 PM

Dear CIGAs,

Now that expectations for Gold at very significant prices are being offered by various rational sources, there is one thing you can be sure of. That one thing is $1650.

I am getting many emails asking how it is possible for the gold price to reach $1650 by early January.

I suspect these are far out in time, out of the money call option buyers that have done exactly what I have warned against. That is the using of options with an investment outlook.

Options are speculations that you never hold past the half way to expiry point, but instead switch to further out months if you believe in what you are doing.

Those that pre-offer gold cannot trade it at $1650 in January because of the short time versus the big moves. They clearly have never experienced the gold run in late 1979 and early 1980.

I will stand with what I have said for nearly 10 years. Gold will trade at $1650 on or before January 14th, 2011. That never made me want to buy expensive in time call options.

It has given me the courage to invest in gold without margin both in shares and bullion.

There is no doubt in my mind that $1650 will occur in early 2011. I have told you that Martin Armstrong, a master timer, feels that gold will trade higher and face a reaction in middle to late June of 2011.

The gold banks are throwing blocks to the price as we approach $1262. This is a major waste of time and money as gold is going to and through that price. The only argument is whether gold will hit $1650 in January 2011 or $3000-$5000 in June 2011.

Do you have any idea how much money has been made by those that bought gold modestly and in cash only on every reaction and sold into the rhino horns? It sounded stupid when I suggested this tactic for the wannabe traders.

I ran 22,000 long gold contracts in the New York and London markets in 1978 to 1980. Back then that was a big number. Today if I have a conviction, I simply play with everything I have and screw credit. The only credit I would use as a pro trader is options.

Those of you who follow me closely know that I am NOT kidding. This is the time when PRICE and TIME meet each other.

This is the time now as it was in 1979 that I went throttle to floor.

This is the time now as it was in 1979 that I am committing 100% of all the cash I can accumulate to what I believe in.

This is the time when all I have planned for is falling into place for the final and enormous pay day. However, I will not and you should not violate discipline, as I have always tried to teach you.

Option are never held past 50% of time left when you purchased them.

If I am wrong about gold at $1650 on or before 14/01/11 it only means gold will trade much higher than $1650 five months later.

As far as being long and wrong, that is something I definitely am not.

Respectfully,
Jim

Gold Entering A Virtuous Circle
September 6th, 2010 by Egon von Greyerz

Fundamental and technical factors for gold are now in total harmony and gold is entering a virtuous circle that will drive the price up at its fastest pace since this bull market started in 1999.

It is a fact that gold in US dollars (and many other currencies) has gone up 400% in eleven years or 16% per annum annualised.

It is a fact that the US dollar has declined 80% in value against gold since 1999.

It is a fact that the dollar and most other currencies have gone down 98-99% against gold since 1913 when the Federal Reserve Bank of New York was created.

It is also a fact that the Dow Jones (and many world stock markets) has declined over 80% against gold since 1999.

It is a fact that gold has made a new all time monthly closing high in dollars in August 2010.

Gold trend

We expect gold to start a substantial rise now which will continue for 5-10 months before any major correction. Gold’s technical picture is extremely strong with a continuous rising pattern of higher highs and higher lows with the steepness of the curve increasing. From much higher levels we are likely to see a correction that could last up to a year before the next rise which will last several years before we see a significant peak. Once gold has topped we do not expect the same kind of decline as after the 1980 peak since gold is likely to become part of a future reserve currency. At that point gold will be a solid but unexciting investment with very little upside potential. But that is likely to be a few years away.

In spite of a 5 times increase in the value of gold or an 80% decline against many currencies and stockmarkets in the last 11 years, most investors own no gold and still do not understand the importance and value of gold. In a world of constant money printing and credit creation leading to devaluing currencies and devaluing assets, gold reflects stability and is virtually the only store of value that cannot be destroyed by governments.

The average asset manager, fund manager, pension fund or private individual owns no physical gold and at best has a very small exposure to some precious metals stocks. And in spite of this gold has gone up over 400% in 11 years. How is that possible? For the simple reason with the relatively modest demand that we have seen in the last few years, there is not enough physical gold even at these levels. The increase in demand that we have seen has most probably been satisfied by central banks leasing or lending their gold to the bullion banks. Central banks supposedly own 30,000 tons of gold but unofficial estimates of their real holdings are at 15,000 tons or less.

More…



Jim Sinclair’s Commentary

Jesse Livermore knew how to make real money.

Seligman’s kid never played for peanuts

Seligman and Livermore never missed the big move. Don’t miss the big move in gold that is now underway!

Jesse Livermore – “They Miss The Big Movements.”
One of the greatest traders in the history of the world was Jesse Livermore.  He was rumored to have died broke, that is patently false.  Jim Sinclair’s father, Bert Seligman, (also one of the greatest traders in history) was business partners with Jesse Livermore, and Sinclair (in one of his KWN interviews) let listeners know that Jesse was an extraordinarily wealthy man, all the way to the end of his life.  Fortunately his lessons from the markets were chronicled and are available for those who are willing to learn.
September 6, 2010

Jesse Livermore from Reminiscences of a Stock Operator: 

"Speculation is far too exciting. Most people who speculate hound the brokerage offices… the ticker is always on their minds. They are so engrossed with the minor ups and downs, they miss the big movements."

I wanted to highlight that particular Jesse Livermore quote today because too many KWN listeners globally fall into this trap.  Many have positioned themselves in the secular bull market in gold and yet with every break in the price of gold they begin to worry.

Having said that, here is a second quote from Livermore that readers and listeners should be aware of:

"The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, or for the get-rich-quick adventurer. They will die poor."

Those may seem like harsh words, but I can assure you that Jesse was trying to save people from themselves.  In order to succeed at this game, you must be able to look at the big picture, always ignoring minor fluctuations or reactions in markets. 

For those market veterans that trade I will leave you with this final thought for today, do not churn your accounts.  Jesse Livermore:

"There are times when money can be made investing and speculating in stocks, but money cannot consistently be made trading every day or every week during the year. Only the foolhardy will try it. It just is not in the cards and cannot be done."

Remember, buy into bull markets as early as possible and hold.  This is the only way to make the big money, don’t ever forget that.

Eric King


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September 07, 2010 09:11 PM

Dear CIGAs,

Click any of the following charts to open this week’s action in the HUI-S&P 500 Ratio, XAU-S&P 500 Ratio, Gold-Crude Ratio, and the Gold-CCI Ratio charts in PDF format with commentary from Trader Dan Norcini







]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37625-weekly-charts-trader-dan-norcini.html http://www.gold-speculator.com/jim-sinclair/37588-hourly-action-gold-trader-dan.html Tue, 07 Sep 2010 22:30:21 GMT View the original post at jsmineset.com... (http://jsmineset.com/2010/09/07/hourly-action-in-gold-from-trader-dan-327/) September 07, 2010 09:59 AM *Dear CIGAs,* *Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini* *Image: http://jsmineset.com/wp-content/uploads/2010/09/clip_image0017.jpg (http://jsmineset.com/wp-content/uploads/2010/09/September0710Gold.pdf)* View the original post at jsmineset.com...
September 07, 2010 09:59 AM

Dear CIGAs,

Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37588-hourly-action-gold-trader-dan.html http://www.gold-speculator.com/jim-sinclair/37587-jim-s-mailbox.html Tue, 07 Sep 2010 22:30:21 GMT View the original post at jsmineset.com...
September 07, 2010 01:45 PM

Dear Eric,

This is the seed of market expectations for Currency Induced Cost Push Inflation.

When this, a currency event, takes place, many items now viewed bearishly will make new and surprising highs.

Regards,
Jim

The risky allure of copper
CIGA Eric

As fiat devaluation intensifies (as opposed to being driven by the global recovery), the price of copper and it’s on going risky thefts are certain to increase. Predominantly copper coinage, such as 95% copper pennies, is becoming increasingly scarce in circulation. Soon you’ll be lucky to find them as transactional change.

Copper theft peaked between 2006 and 2008, before the recession hit and prices plunged to less than a dollar a pound. As the economy recovers and the demand from China grows, the price is going up again, and is now hovering around US$3.40 a pound. Few new copper mines are popping up to boost production.

Source: nationalpost.com

More… ]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37587-jim-s-mailbox.html http://www.gold-speculator.com/jim-sinclair/37586-news-today.html Tue, 07 Sep 2010 22:30:21 GMT View the original post at jsmineset.com...
September 07, 2010 01:51 PM

Thought Of The Day

A restaurant that has been used to launder money must be burnt down to keep the secret that it never had any significant number of clients. This was the case with Enron through the shredding of documents and bankruptcy.

Is it possible that the rollout of proprietary trading from major investment banks is the means of burying the mark up of OTC paper, compliments of FASB, that passed through those proprietary trading entities as enormous continuous daily trading profits?

 

Jim Sinclair’s Commentary

The plot thickens?

FBI escorts undersea evidence to NASA base in hunt for oil secrets

INVESTIGATORS looking into what went wrong in the Deepwater Horizon oil spill are a step closer to answers.

A key piece of evidence is now secure aboard a boat after engineers took 29 hours to lift the 15.24m-long, 300-tonne blowout preventer from 1.6km beneath the sea, and the five-storey-high device looked largely intact yesterday, with black stains on the yellow metal.

FBI agents will escort the device back to a NASA facility in Louisiana for analysis.

Crews had delayed raising the device after icelike crystals called hydrates, which are combustible, formed on it. The device could not be safely lifted from the water until the hydrates melted.

Hydrates form when gases such as methane mix with water under high pressure and cold temperatures. The crystals caused BP problems in May, when hydrates formed on a 100-tonne, four-storey dome the company tried to place over the leak to contain it.

The April 20 explosion on the Deepwater Horizon killed 11 workers and led to a massive 780 million litres of oil spewing from the undersea well.

More… ]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37586-news-today.html http://www.gold-speculator.com/jim-sinclair/37485-jim-s-mailbox.html Sun, 05 Sep 2010 21:22:41 GMT View the original post at jsmineset.com...
September 05, 2010 11:06 AM

Eric,

It looks like what I had anticipated many years ago is occurring NOW!

The gold industry itself, the least knowledgeable of the gold price mechanism, has woken up to the fact that for every million ounces a junior has there is more than $1 billion in value less cost of production. The guys who dig gold out of the ground are nitwits when it comes to the price of their product. Did they not lose billions betting against themselves on short of gold OTC derivatives?

Regards,
Jim

Goldcorp to buy Andean Resources for $3.42B
CIGA Eric

Competition to acquire ounces in the ground will drive up the price of junior resource companies with good managements, properties, and locations. Fear of ownership will transition into fear of missing the next big move as merger and acquisitions, driven by lots a money chasing dwindling solid opportunities, will drive gold stocks higher in the coming months and years.

Canada’s Goldcorp Inc. said Friday it has agreed to buy Andean Resources Ltd. for about 3.6 billion Canadian dollars (US$3.42 billion), trumping a rival bid from Eldorado Gold Corp.

Source: finance.yahoo.com

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September 05, 2010 11:07 AM

Jim Sinclair’s Commentary

Am I dreaming? I recall less than two weeks ago the Case Shiller Index reporting that housing prices were improving.

Sellers Cut Prices on 50% of Homes
By Sheree R Curry
Sep 3rd 2010

Homeowners are slashing prices more drastically and more frequently, according to recently released data from ZipRealty. The average price reduction is now 7.1 percent of list price.

List prices dipped about $19,000 in August compared with July, across the 26 markets studied. On average, sellers made two price cuts during that time.

Seven cities saw price reductions on more than half of their inventory, with Jacksonville, Phoenix and Minneapolis on top with 55 percent, 54.4 percent and 52.4 percent, respectively.

"Earlier in the year we saw sellers being aggressive with their pricing, but not reducing as much," says Leslie Tyler, vice president of marketing for ZipRealty. "What we are seeing now is that the trends are reversing."

With the seeming desperation of home sellers, and the continued drop in mortgage rates, buyers are in a very good position. But the plunging rate at which buyers are applying for mortgages tells a different story, which might explain sellers’ attitudes.

More…

 

Jim Sinclair’s Commentary

At this time these are both silver and gold coins.

It is a modest start, but a good one. The Wall Street Journal wrote a front page story on this. They kindly labelled us cultists and monetary cranks.

What else did you expect?

Islamic gold dinar gains ground in Malaysia: official

KUALA LUMPUR, Sept 4, 2010 (AFP) – Malaysians are embracing gold dinars which were introduced last month by the northern state of Kelantan to promote usage of Islamic currency as an alternative to paper money, an official said Saturday.

The gold coins and silver dirhams were introduced in early August by the Islamic opposition party PAS which rules Kelantan state to coincide with the start of the Muslim holy fasting month of Ramadan.

Umar Ibrahim Vadillo, chief executive officer with Kelantan Golden Trade, said the first batch of gold and silver coins worth two million ringgit (625,000 dollars) had been sold out in less than a month.

"There is enormous response in Malaysia. Their reaction is unbelievable," he told reporters.

"In Kelantan, businesses including garage owners and taxi drivers are using the gold and silver coins."

Civil servants in Kelantan are paid up to 25 percent of their salary in dinars and dirhams if they wish.

More… ]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37484-news-today.html http://www.gold-speculator.com/jim-sinclair/37464-sir-george-thematic-history-tanzania-through-50-years-public-service.html Sat, 04 Sep 2010 21:00:57 GMT View the original post at jsmineset.com... (http://jsmineset.com/2010/09/04/sir-george-a-thematic-history-of-tanzania-through-50-years-of-public-service/) September 04, 2010 11:00 AM *Dear CIGAs,* My close friend and person who has taken great care of me in Tanzania since the early 80s has authored a book. As one of the key figures who oversaw the transformation of the country’s economy into a model for the entire African continent, his book is a must read. If you are interested in obtaining a copy, you can email him directly at books@tancan.co.tz. I am sure he would be happy to sign it for you as well! Payment details will be provided by email. Respectfully yours, Jim Image: http://jsmineset.com/wp-content/uploads/2010/09/SirGeorgesCover0001_Page_1_thumb.jpg (http://jsmineset.com/wp-content/uploads/2010/09/SirGeorgesCover0001_Page_1.jpg) View the original post at jsmineset.com...
September 04, 2010 11:00 AM

Dear CIGAs,

My close friend and person who has taken great care of me in Tanzania since the early 80s has authored a book.

As one of the key figures who oversaw the transformation of the country’s economy into a model for the entire African continent, his book is a must read.

If you are interested in obtaining a copy, you can email him directly at books@tancan.co.tz. I am sure he would be happy to sign it for you as well! Payment details will be provided by email.

Respectfully yours,
Jim

]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37464-sir-george-thematic-history-tanzania-through-50-years-public-service.html http://www.gold-speculator.com/jim-sinclair/37463-continuous-commodity-index-chart-trader-dan.html Sat, 04 Sep 2010 21:00:57 GMT View the original post at jsmineset.com... (http://jsmineset.com/2010/09/04/continuous-commodity-index-chart-from-trader-dan-2/) September 04, 2010 11:15 AM *Dear CIGAs,* *Click chart to enlarge today’s CCI chart in PDF format with commentary from Trader Dan Norcini* *Image: http://jsmineset.com/wp-content/uploads/2010/09/clip_image0016.jpg (http://jsmineset.com/wp-content/uploads/2010/09/September0410CCI.pdf)* View the original post at jsmineset.com...
September 04, 2010 11:15 AM

Dear CIGAs,

Click chart to enlarge today’s CCI chart in PDF format with commentary from Trader Dan Norcini

]]> Jim Sinclair RssFeed http://www.gold-speculator.com/jim-sinclair/37463-continuous-commodity-index-chart-trader-dan.html