Given Sinclair's near perfect record of price predictions on gold since the early 70s,
Clearly, you haven't been following Sinclair since then because his price predictions have been horrible.
his perfect call for the 2008 financial meltdown due to OTC derivatives,
He didn't make a perfect call then. In fact, he was particularly clueless and disappointingly so. Further, "OTC derivatives" didn't cause any problems. If anything, they tended to stabilize the system. What did occur was this. The banks and other pseudo financial institutions like brokers were leveraged to the hilt in "can't lose" RE. Extreme leverage means several entities didn't have the cash to cover margin calls, so they had to start liquidating positions and securities. The selling exposed the vulnerability of just about all financial institutions who had sizable RE exposure, and that meant most of them. How about gold? Hedge funds sold gold stocks and they plunged when the managers realized it was sell or go to jail. Bullion escaped the carnage to some extent, but as a hedge against the very thing guys like Sinclair claimed it would provide, gold was explicitly useless. That's why Sinclair was clueless.
and his wealth of over one billion dollars,
He might have a few $mill, all got from selling suckers his newsletter, but that's all. The guy is a fraud like most who have WS visibility.
I will give a little more weight to his comments than to the comments of someone who posts to himself on a message board his fantasy comments on a discipline no one but himself follows and who refuses to acknowledge the reality of Asian economic growth.
Why? You're saying you buy into advertising. You buy into visibility.
Also, apparently you're buying into China. China is developing into a royal train wreck and I'm very disturbed about it because I had such great hopes for them since they're the only country in the world which has a kind of free market capitalism operating. Unfortunately, like all the rest the state micromanages to a degree that will lead to a major crash of the Chinese economy. |
