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From: jimsioi	2/12/2009 4:36:57 PM
	1 Recommendation of 29401

Hourly GLD RSI suggests retreat tomorrow... stockcharts.com MACD about to roll over and cross....looks like an opportunity to buy around 91 - 91.50 will present itself Friday or Tuesday...Be interesting to see how strong the dip buyers are... Another high volume day for the GDX...not as short term overbought as GLD...If the stock market rallies and OIL manages to hold on to its reversal up today maybe it'll do some catching up... stockcharts.com The rally in the general market seems to have come on with the rumor that the Stimulus Package will include subsidies for individual's home loans in trouble? My goodness what are we coming to....Desperation and misguided policy do I see...I'll appreciate any opportunity to buy GOLD on what will I think seem like the cheap in the not too distant future...

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From: Hugh Bett	2/12/2009 7:33:40 PM
	2 Recommendations of 29401

Sinclair on gold ETFs Don't you think it is about time GLD and all the other popular international gold ETFs told its owners exactly what kind of gold they claim to own? Can you imagine a situation where a person buys a gold ETF to own "non-gold" but finds out that they in reality own OTC derivatives on gold? That would be an investment in the same type of financial instrument (not gold) that one owns gold bullion to protect against. The failure to unearth the Madoff scandal becomes incredible when one understands that the returns from the market claimed on the size of the hedge fund were logically impossible. The exact same reasoning screams bloody murder when applied to the many Gold EFTs in terms of what it is they really own. This begs one major question: From where did all the gold claimed to be owned by all the gold ETFs come from? Where did funds such as GLD get their additional 45 tons in the last month? We certainly can forget about that gold coming from the Comex. 12 deliveries would stand out like a sore thumb. This concept and record keeping eliminates all exchanges around the globe as the source of bullion delivery in any size to all Gold ETFs. The physical market is so tight that coin minting has all but closed down compared to what it was one year ago. It is hard to accept that the Gold EFTs can buy what the mints can't. A read of the original prospectus removes any thought that the gold is leased, but leaves one to invite probability. That probability is that the claimed gold can only be OTC derivative long positions. If that is so then the financial reliability of the paper stands on the foundation of the balance sheet of the granting counter party to the OTC derivative. This is true regardless of whether it is a mine or naked speculator. Don't you think it is about time the gold ETFs told their owners exactly what kind of gold it is that they claim to own? Can you imagine a situation where a person buys a gold ETF to own "non-gold" but finds out that they in reality own OTC derivatives on gold? That would be an investment in the same type of financial instrument (not gold) that one owns gold bullion to protect against. I think you own an ETF of derivatives, not of gold! If I am correct then there is no clearinghouse guarantee for the OTC derivative to function. Like so many other surprises of the last two years the Gold ETF shareholder may actually have no gold at all. A perfect Ponzi scheme would allow you to surrender shares for bullion. You need only think about it. 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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