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Just how concerned is Jim Sinclair about gold’s recent drop below $1600?

August 2, 2012, at 2:23 pm
by Jim Sinclair

I cannot understand why any reader is failing to take delivery of their certificates, their metals and their monies as getting anything back from a clearinghouse is a pure gamble on the unknown. The only reason I can see is dumbed downed laziness.

You are all involved in third parties holding your assets. This is madness and self-destructive.

Audits are no good. Insurance is not funded to cover all the risk out there.

Why do you hold securities with a clearing firm? Why do you own any public gold company that will not direct register or deliver certificates for you? Why are you long paper gold and think you really own gold? How do you hold ETFs and really believe you own gold? You do not! How do you buy gold anywhere you never will see or touch.

It is raving madness that affects 9.9 out of 10 people reading this. The system is BROKEN and all the King’s men cannot put it back together again.

Your tax accounts are traps set for you. You are sitting targets that already know that your fiduciary, like all so-called fiduciaries, is not worth a lead nickel because that is what your assets will be – worthless.

What can I do for you if the most simple act you need to do you continue to fail to do? Wake up, damn it!

Jim Sinclair

For the first time since I have been charting gold’s performance vs. one year ago, gold is now BELOW last year’s number (currently $1589.10, down $38.10 from last year at this time).  For most of last year, gold was UP between $200 to $300 an ounce.  Last year, at this time, gold was rocketing up toward and past $1900 so the number will remain negative for a while and grow larger, at least until the end of the year or early next year.  Get used to it!

As the week comes to a close, the Cartel has gold below $1600 and silver below $27.50 once again.  What does that make it – 12 times in a row now?  All it took this time was announcements from both the Fed and ECB that they were not going to QE hyper inflate NOW, at this time, and that was a good enough excuse to ignite sell orders from the funds.  Don’t you get sick and tired over all of this “noise,” this short-term up and down with no concern for the big picture, which is getting worse by the day?  As Sinclair says, all they are doing is putting off, for a short while, the day of reckoning and then their problems will be that much bigger and it will take that much MORE QE to hold back the implosion of the European and American economies.  Nothing has changed except you have another few weeks to buy subsidized gold and silver.

Andy Hoffman corrected me – yesterday I wrote that he had little use for technical analysis and he said, “I have only said I hate SHORT-TERM TA, and find Long-term TA very useful, particularly the massive formations manipulation creates.”  I agree.  You really need to think “big picture” and forget the daily zigs and zags, which are all manipulations anyway.

I’m going to do my best to stay away from my computer for the next two weeks, during my vacation, but I might lose control and write a couple of dailys along the way.  You won’t be left adrift… Ranting Andy Hoffman and Bill Holter will keep sending out timely, high quality information while I’m out of the office.