Friday, October 10, 2008
JIM SINCLAIR COMMENTS AND A WARNING
Posted On: Thursday, October 09, 2008, 10:17:00 PM EST Gold and Dollar Market Summary Author: Jim Sinclair Dear Friends, Gold is about to VAULT UP. I am reliably informed that the paper versus bullion gold war is lost by paper gold at a $930 close. Gold will vault to slightly under $900 then get pushed back, but not much at all. Directly after that we are off to $1200. A Bank Holiday is moving from possible to PROBABLE. * Have you fully protected yourself? * Have you distanced yourself as much as possible away from financial agents holding your assets? * Have you gotten paper certificates for your shares or became a direct registration book entry at the transfer agent? * Have you protected your retirement accounts the same way as your shares above but in the name of the retirement account and the trust holding them? * Have you closed your Money Market fund accounts regardless of what assurances your bankers offer? * Have you withdrawn from your Credit Union? * Have you exited your corporate retirement fund? * Do you have significant gold and related shares investments? It is getting UGLY out there as each day an attempt to postpone a bank holiday fails. Almost every other day lately financial leaders of the world have announced new plans that were "the final answer" to the super-glued credit market. All these plans have had no effect. The Dow fell like a rock off a cliff. This says all efforts have failed. Libor Holds Central Banks Hostage as Credit Freezes (Update2) By Gavin Finch and Ben Sills Oct. 9 (Bloomberg) -- Danilo Coronacion oversees 15 percent of global coconut oil production at CIIF Oil Mills Group in the Philippines. These days, he spends a lot of time worrying about events half a world away in London. The name of his pain? Libor. CIIF has more than $60 million of debt, or 70 percent of its working capital, linked to London interbank offered rates that have soared since Lehman Brothers Holdings Inc. collapsed on Sept. 15. The cost of borrowing in dollars for three-months in London jumped 23 basis points today to 4.75 percent, the highest level since December.