Jim Sinclair - Regarding The Swiss Franc





Saturday February 21, 2009


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Jim Sinclair - Regarding The Swiss Franc

Dear Comrades In Golden Arms,

Please be 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?


About Jim Sinclair

Jim 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 .

He has authored numerous magazine articles and three books dealing with a variety of investment subjects. He is a regular speaker at various commodities related events.

In January 2003, Mr. Sinclair launched, "Jim Sinclairs MineSet," which now hosts his gold commentary and is intended as a free service to the gold community.





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