Jim Sinclair’s Commentary

There is so much happening now that any thought other than self protections is madness.

The dollar is no safe haven. Gold will trade at and above $1650.

Putin: Russia will join the euro one day
Vladimir Putin said it is "quite possible" that Russia will one day join the eurozone and create a currency that would eclipse the US dollar as the global reserve standard.
By Louise Armitstead 5:30PM GMT 26 Nov 2010

Speaking at a conference in Germany the Russian prime minister, who is in the country for talks with Chancellor Angela Merkel, said he was convinced the euro would stabilise and strengthen despite the current sovereign debt crisis.

He said: "Yes, there are problems. But the economic policy of the European Central Bank and of the governments of leading European economies … convinces me that the stability of the euro will be ensured."

He added: "We know there are problems in Portugal, Greece, Ireland and the euro is wobbling a bit. On the whole it is a solid, good currency and it should take its place, its role as a reserve currency."

Asked about Russia’s role in the eurozone in the future, Mr Putin said: "Can it be supposed that one day Russia will be in some joint currency zone with Europe? Yes, quite possible."

Speaking at the same event, Josef Ackermann, chief executive of Deutsche Bank, echoed Mr Putin and said he could imagine Russia joining a common European currency.

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