Check out the naked-shorting algos at work (the vertical drops all three days). Ted Butler says this is JPMorgan at work. Trader David R and Jeff Christian say its hedge fund programed (front running) trading.
Jim Sinclair say this is all coming to an end, and when it does, and the physical market is divorced from the paper market you won’t believe how high the price of gold is going. He discusses this in an interview, below, with Greg Hunter.
Last week we wrote about the new restrictions on international bank wires. Today we received the following email below:
Just an FYI.
Two days ago I received a letter from Chase Bank about account changes.
Starting November 17, 2013, you will no longer be able to send International Wire Transfers.
If the government is putting pressure on the banking system to keep you from wiring your money offshore, then there is all the more reason to now, while it is still legal, move some of your gold and silver offshore. Check with us on how to move your precious metals to Canada and safely store it with Brinks.
The following YouTube video by Greg Hunter is in the must watch category. It is an interview with Jim Sinclair and he discusses gold confiscation, the fall of the dollar and predicts that gold will rise to $3,500 by 2016 and it will be $50,000 by 2020. That should get your attention! Every major topic that Andy Hoffman, Bill Holter and I have written about is discussed in the interview. It is NOT TO BE MISSED.
By Greg Hunter’s USAWatchdog.com
October 30, 2013
Renowned gold expert Jim Sinclair says financial calamity is just around the corner for America. Sinclair contends, “We are facing the annihilation of currency. We are facing the shift of America as the leading and most influential nation of the world to some form of banana republic. . . . If it wasn’t for food stamps, we would be facing long lines of people waiting for free food.” For gold, everything hinges on the U.S. dollar, and Sinclair says, “I think the dollar gets hammered. I believe we are headed for hyperinflation.” One of the many black swans, according to Sinclair, is the possible abandonment of the U.S. dollar by Saudi Arabia. If Saudi Arabia stopped selling oil only in U.S. dollars, what would that do to the buying power of the buck? Sinclair says gasoline would be “$10 a gallon very soon, without a doubt.”
Sinclair predicts retirement funds and bank deposits are going to be taken by the government. How much of your money could you lose? Sinclair says, “In Cypress, it was a total of 83%. . . . Cypress is the blueprint, and it’s what we are going to experience here in the United States.” Jim Sinclair, who has just accepted the position as Chairman of the Advisory Board for the establishment of the Singapore Gold Exchange, says, “The exchange will trade physical gold only and not future gold. . . . You have to make delivery.” Meaning, there will be no naked short selling or manipulation of this new market. Sinclair says, “This will emancipate gold from the paper price.” How high will gold go? Sinclair predicts, by 2016, “Gold will be $3,200 to $3,500 an ounce.” By 2020, Sinclair predicts, “Emancipated gold will be $50,000 per ounce.” Join Greg Hunter as he goes One-on-One with Jim Sinclair of JSMineset.com.
I have a few articles today in the Featured Articles section below. First, a King World News interview with Gerald Celente. Celente is always forthright and interesting. The interview is worth your time. I second, Larry Edelson’s most recent comments on gold. He is waffling a bit, covering his behind, but he does say he thinks the bottom is in for gold, or will be in short order. Chances are we saw the bottom in June at $1,178.
I don’t necessarily agree with Edelson’s analysis, but many of our readers are interested in what he has to say. He is, after all, very bullish on gold. I just have trouble with people who try and time it. The market is more than a puppet on a string, controlled by traders. If you don’t think so, you are not paying attention to the flow of gold into China and India and the hemorrhaging of gold out of the West. This is not a paper movement, it is a physical movement. It will, as Sinclair says in his interview, overwhelm and destroy the paper market and all the charts and graphs that go with it.