Notes from another Jim Sinclair meeting (Austin):
tfmetalsreport.com
In a follow-up to Silver66 excellent summary of the most recent meeting Jim Sinclair had in Toronto i thought it might interest the community a summary of Jim's Austin Texas conference.This was posted at lemetropolecafe.com ( subscription based). Comparing the two sets of notes is ...well..exhilirating in my humble opinion.
Jim Sinclair is continuing his seminars all over the country, the latest just in Toronto. This is a review on some of his comments on February 7th of this year in Austin. Thought it might be fun to keep track of how what Jim had to say pans out.
The price of gold at the time was $1263 and silver was $19.92. Jim…
*The amount of the notional value of over the counter derivatives out there is a quadrillion, X amount of trillion. It is staggering (think about the vig on that amount of money). It is to the super benefit of less than 100 people who are the super duper rich who could care less about anyone else except their growing financial assets and power. They are skimming the financial market system like bookies. Anyone who needs to be thrown under the bus will be. Lehman was an example of a firm out of favor and was thrown under that bus. Jim said they were "flushed."
Jim mentioned Enron as a derivatives operation gone bad.
*There is no way tapering is going to continue. All is not well out there in America. The rich are doing just fine, aided by our stock market, but the average person is suffering due to real inflation. He lauded John Williams and his Shadow Stat efforts as to the real inflation deal in the US.
The liberal Janet Yellen, new Fed head, will soon be on the pump routine again. This was emphasized.
*The US used to be a singular power. It didn’t matter so much about the finances of the rest of the world. No more. If the Emerging Markets blow up, we are going to have serious problems ourselves. It is all synergistic these days.
*The Good Old Boy Bankster Club is for real.
"Something is afoot in the gold market." Jim constantly brought up the unusual triple bottom in place, one that will not be broken. It was clear to him, AS WELL AS US, that The Gold Cartel (my term) is losing traction on the downside. His analysis of the gold market in that regard is exactly as the one here.
The market has bottomed and on its way up again with much more volatility in store for the price action. $1650 is his next target. His thinking is "the banksters" are getting long for the next move up, like they did in the 70’s. I asked him privately who was going to be short if they get long and the specs get long as the technicals continue to improve? He said there will be no offers at some points and the price will soar. His timetable for this was August or before.
*The latest market manipulation shenanigans are by the "late to the party" crowd. My term for what Jim said was the second or third team players.
*Here is one of the surprises. He is most bullish on silver in the short term. It will be more volatile than gold and lead the way up. Down the road, there will be a new monetary gold issue (as in reset) that will mandate getting out of silver and into gold. Gold is still his main focus and the place to be, but he elevated silver’s investment status.
*As a former clearinghouse member, he knows what that is all about. We all have to be careful where our investments are. One of his main topics was the potential for coming bail-ins. One day you have your money safely in a bank and the next day a percentage will be gone. His emphasis is that the groundwork has been done to make this a reality in the not too distant future as the banking system begins to fail.
Bail-ins are on the table for 2014! Be careful about being an unsecured creditor to your bank. The ones most at risk will be the depositors at the banks who have already been bailed out.
*There will not be a Comex default. They will go to cash settlement, which is a de facto default. The growing shortage of physical gold is going to make itself felt in the not too distant future.
*The market manipulators counted on physical gold being disgorged from the ETFs. It worked. They did not count on China going bonkers with their buying and has fouled up their plans.
*One of his themes was about morality and doing the right thing. The people running the show these days don’t have any. All they care about is money and more money. Everyone else can go to heck. When our system begins to collapse, he said he wouldn’t want to own one of those mansions in Greenwich, Conn … many owned by the hedge fund elites. He thinks they will become targets.
*When Yellin is forced to go pedal to the metal again, the stock market is going to go up, not down. But gold will be the real winner here.
*Jim had nothing good to say about the gold mining executives, who are doing nothing to help the industry. One of his focuses was on their spending too much money using very expensive technology techniques to aid their mining, which have raised their costs so much that they can’t make any money at these prices today. He felt that gold shareholders were the best in the world and the management was the worst.
*He saluted GATA for our efforts and asked me to stand up to be recognized.
*There will be a great "reset" down the road when the physical price of gold breaks totally free from the paper market. A $50,000 gold price is conceivable. Perhaps in 2020. He cited a former Goldman Sachs economist who has come up with that number.
*He is super bullish on the euro and VERY dollar bearish. His target: a .56 dollar. The dollar chart, which topped out at 125, is SO BEARISH that many won’t even print it. Jim said the Europeans have done some things in an attempt to correct their ills. We have done "nothing."
*$3500 gold is his next target after $1650.
*Another first for Jim. The Germany gold situation has him convinced the US has little or no gold left. There needs to be an independent audit on our gold. Not going to happen because of what they won’t find.
*The gold price suppression scheme is finally on its way out. Their power is exhausted. The price action Friday was a perfect example of that. They ATTACKED, got nowhere, and then the price crept back up.
*He had high praise via several comments about the Sprott ETF, etc.
*The silver volatility will exceed gold. It is for the "brave and righteous." Silver will be "gold on steroids."
*The gold bear cycle is over after "double bottom."
*Silver will lead the way up.
*Gold will have its WOW days this year.
*Buy the miners.
*This will be a 3 ½ yr bull move. It is a half year old so far, so we have three years left. |
