Wednesday, October 6, 2010

Norcini, Sinclair - Financial Hurricane To Collapse the System

King World News conducted an interview today that included comments from Jim Sinclair and Dan Norcini regarding incredibly important events that are unfolding in both the financial system and the gold and silver markets.  This interview describes what may very well bring the financial system to its knees




“Where we are at on the charts with regards to the precious metals is that they are blowing through resistance levels like they are not even there.  If we can clear $23 on silver, there isn’t much resistance until $25 and if silver plows through $25, then you have a realistic possibility of it running up to $35.”
Because we are at new highs in nominal terms on gold, we can’t go back and reference charts so we are projecting levels.  The next technical resistance is at $1,380 with light selling possible at $1,350.
The primary drivers in gold and silver today had to do with concerns over currency devaluation as well as securitized debt problems and the implications associated with it.  Here is what Jim Sinclair had to say:

Jim Sinclair:  “Each time that happens an item of collateral on the securitized debt publicly dies. That is why this is dynamite that people will realize very soon. This is one reason gold is up hard today.”

Norcini continues:

“That collateralized debt obligation is now effectively worthless because the collateral behind the debt can no longer be collected.  The banks cannot go and get it. 

10 comments:

  1. If silver pushes through 25 and makes it to 35 then 40 is easily possible and if 40 happens then 50 dollars is almost as likely to happen. Once we have 50 there is no reason 75 or even 100 will not happen, and from there who knows, 200, 400, 20,000? It depends on the behavior of the prices and the humans buying and selling at those prices.

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  2. Hi Just to let you know that I have linked to your site on my blog
    http://preciousmetalsnews.blogspot.com/
    Its a gold/silver news tracking site and I hope it will be as useful to you as much as your site has been useful to me.

    Regards

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  3. Do not buy certificates; it could be a scam. Buy actual jewelry, like I do. I made a nice side profit selling second-hand stuff and I have enough to trade should the entire economy tank.

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  4. 7:17 I read a report years ago that ALL jewelry stores will be closed due to the high price of silver. Silver will be hoarded, so your side line will be temporary. I know of a few stores on the verge of closing because their supplier CANNOT get any silver.

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  5. ho hoc silver ah? wel probaly do best without screwing time on objects cause they look pretty. i will be much better off with lots of money saved, explaining this: dollars, coins, checks, credit cards. But its real that a armagedon is coming./ Get ready folks much trouble up the road.

    - Sam

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  6. We will all be just like Todd Little in short order. The cycle has started and as I see it, it can't be stopped.

    - Every week an average 475,000 people lose their jobs and about 40,000 a week find a job.

    - With no income:
    >> Can't buy food

    >> Can't pay the rent

    >> Can't pay for the medical insurance

    >> The financed cars get repossessed and then the banks own a car they can't sell. The same applies to homes

    >> A person gets evicted from their apartment and then the unit stays vacant, for lack of qualified renters

    >> Without money to spend and support the 70% consumption requirement our GDP depends on, exiting businesses have to "cut back" on overhead and operating expenses.

    Ever notice that in some stores, half the lights are turned off?

    This coming Christmas Season (not holiday season) will look pretty sparse in the malls. Don't expect to see a lot of "over the top" decorations in the malls.

    >> If people don't have money to spare, this Christmas shopping season will be the final straw that breaks the camels back. Many retailer's will close in Q1, 2011, causing more job losses and then the cycle starts all over again.

    Nothing short of armed rebellion by the Citizens of the USA upon the Federal and State governments will stop this madnesses.

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  7. Armed rebellion for what, to make the world stop consuming? To stop believing in infinite growth? To inform us that capitalism relies on every growing resources and cheaper pools of labor? For it is not only our leaders who believe in these ideas but the majority of the sheep who follow them.

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  8. hockey silver screw em objects time pretty cause better money will saved usa, money good, metals bad for you trouble much see you will credit cards money cash good metals you no good see folk trouble up road see

    retarded sam

    ReplyDelete
  9. Your Former Elementary School TeachersOctober 7, 2010 at 8:16 PM

    Sam, your post is just a bunch of rambling words that makes NO sense. Please learn how to write in complete sentences and make proper use of punctuation.

    ReplyDelete
  10. 1977, I was fresh out of High School.

    1978, I'm working as a machinist. I'm cutting parts that have a to be perfect within plus or minus 3 tenths on one thousandths an inch. Take a human hair and split it into 10 parts, 3 of those parts was my margin of error.

    1978, I'm earning $6.36 an hour for my labor.

    - 100% paid company health insurance
    - Paid holidays
    - Paid time off during Christmas week
    - 2 weeks paid vacation

    My 2 bedroom, 2 bath apartment was $360.00 a month.

    Gas was less than one dollar a gallon.

    I bought a new motorcycle for $1,100.00. Payments were about $80.00 a month.

    I LIVED A BETTER LIFE THEN, MORE THAN I WILL EVER LIVE NOW!

    ReplyDelete

Everyone is encouraged to participate with civilized comments.