advised on the following concerning the Swiss Franc:
1. There is an ongoing battle between the US/GB and
Switzerland over the full disclosure of the total 19,000
names on the books of UBS wherein tax evasion is said to
have been solicited and abetted. In truth, very few of
these accounts have been fully revealed and the US/GB
wants all 19,000.
2. Since hedge funds pry on each other we are getting few
very fat international hedge funds. They play the
currency market in a big way as it is one of the few
markets now able to absorb their interest.
As a result of both number one and two much of the media
and expert commentary on the Swiss Franc is the use of
media for dirty tricks as this is the major tool of these
large funds and governments in conflict.
I would suggest in this case decision on the future of
the Swiss Franc is better made on the 35 year technical
price analysis. A short seeking to cover, which generally
seems quite correct now amongst the weak versus dollar
units, should and is taking place.
Negative media and short covering has gone hand in hand
in this bear market. Was it not the same in all recent
major market failures?
Why should currency be any different?
Jim Sinclair's Commentary
You have to see this. Little by little people have had
it. Santelli sure has. You know Financial TV has killed
more people than all the hurricanes in history. They
might have a problem in the not too far future.
CNBC's Santelli incites traders in Chicago, calls for a
'tea party' Lita Epstein Feb 19th 2009 at 12:45PM CNBC's Rick Santelli incited the traders on the Chicago
trading floor this morning, calling for a referendum to
see if we want to "subsidize losers' mortgages"
or buy cars and houses in foreclosure and "give them
to people who might actually prosper down the road."
As traders cheered, he went on to say that we should
"reward people that can carry the water instead of
drink the water." Santelli then called for a Chicago tea party in July.
When asked what should be thrown in, he stalled for a bit
and then suggested "dumping some derivative
securities." Obviously, traders are not happy with the Obama stimulus
program. But their feelings probably reflect about half
the population right now, as the stimulus has been
received with lukewarm response. If by July, the supposed
time of Santelli's tea party, there is some signs of
recovery, I wonder who will attend?
Sinclair is a precious metals and commodities specialist.
Some of the highlights of his nearly 50 year career
include the founding of Sinclair Group of Companies
(1977), which offered full brokerage services. Mr.
Sinclair served as a Precious Metals Advisor to Hunt Oil
and the Hunt family for the liquidation of their silver
position as a prerequisite for the $1 billion loan
arranged by the Chairman of the Federal Reserve, Paul
Volcker. He was also a General Partner and Member of the
Executive Committee of two New York Stock Exchange firms
and President of Sinclair Global Clearing Corporation and
Global Arbitrage .
authored numerous magazine articles and three books
dealing with a variety of investment subjects. He is a
regular speaker at various commodities related events.
2003, Mr. Sinclair launched, "Jim Sinclairs
MineSet," which now hosts his gold commentary and is
intended as a free service to the gold community.