It was basically 1000 people in a huge conference hall at the Hilton Hotel – He took and answered questions the entire time.. I got there 15 mins early (1.45) & the place was packed already & it was obvious he had already been going for at least a half hour – I left @ 5.30, and he was trying to squeeze in a few more questions before they kicked us out.. So basically he went on for 4 straight hours…

I have to say, this man is extremely impressive – The knowledge & experience he has attained over such a long period (he was a market maker when he was 19yrs old) – he's seen it all, and experienced it all, and he is able to articulate his knowledge to such a wide & diverse array of people. Mostly I took away that he generally cares about people – he wants to give back, and he wants to see the little guy make it..

Anyway, I took notes which aren'y organized, but are all over the place due to the town hall format.. This will be a long email, so apologies, but I figured some people out there would like some cliff notes, so here they are:

1 – When asked about keeping gold outside the US – he answered almost all his Gold is outside of the US – its in Africa..

2 – Markets revalue ccys on a daily basis & this will continue for the dollar. In his view there will not be a official devaluation, they'll just continue to cheapen quietly as they have over the past decade..

3 – He definitely follows some sort of cycles, and certain numbers are significant (this is out of my wheelhouse but I took note anyway) He believes Gold to 3100-3300 is a minimum & will occur between 2015-2017.. He believes the ccy crisis/end game will all play out by 2020-2021.. At that point gold will have settled in @ 4500 or so & we'll have to move on w/ our life..

4 – He doesn't love the CAD, but if you must hold ccy exposure in your portfolio he'd prefer a resource ccy like the loonie..

5 – He doesn't believe that Silver has monetary characteristics, and therefore wont maintain its price rise, although gold will. .He doesn't believe is Silver monetization

6 – Current financial system is like Sodom & Gamorrah (but less fun) – However, don't extrapolate into perpetuity – Things change/cycles change/ and things will be different in the future –

7 – Ponzi schemes can work! – If they are accepted by the public..

8 – Silver could hit 100 in a speculative frenzy, but he doesn't believe it would stay there.

9 – You wont be able to break the Dow due to the enormous liquidity..Buy pullbacks, it will be going higher… Its overbot & could have a sharp pullback short term, but its a buy.

10 – For the youth – if you want a job in the future, become a geologist, a good one..

11 – He doesn't buy these FDIC insured Gold CDs.. Like any other insurance, you have counterparty risk.. Buy the physical

12 – Doesn't like the Perth Mint – Cost of moving from unallocated to allocated is way too high

13 – Gold Co's in the 1950s were yielding 15-20% – they were utilities.. He believes they should be/will be again..

14 – He's bullish gold stx – hugely undervalued, beaten down – Buy whats cheap, not whats dear..

15 – Central planners actually believe they can pull this off & land this plane.. They believe the economy will recover to bail us out, & they'll simply let the securities they've bot mature… Bernanke is a academic, so he doesn't understand how the real world works.. He believes he's right w/ all of this QE..

16 – Bernanke did save our a$$ after Lehamn.. If he didn't act as he did, we'd all be living in a cave as it would have been a absolute catastrophy.. The error has been to continue it this long

17 – No exit to QE – No end in sight because there is not a true recovery..

18 – Bonds wont fall, yields wont rise because Ben can buy them unlimited & he will..

19 – Someone asked why Sprott doesn't go to the Comex for his 2b in Silver & break the manipulation – Sinclair said he wont do it, because "he's a gentleman" He wont "break the playing board" – there is a ethical code amongst these giant players.. He wont break an exchange, because the entire system would then be against you.. Nobody will do this.. They/We wont get this, we wont get instant satisfaction like that.

20 – End of this crisis will come in 2021 – Move on to something else like education or real estate.. Become a doctor or lawyer, or plumber – develop a trade..

21 – I don't understand this, but what are these Golden Angels + numbers you see on his blog? There is significance in them & he leaves clues, but I just don't get it.. (can anyone shed light here?)

22 – If you want to get rid of criminals (banksters) you reduce their profit margin – They'll then go do something else.. I found this interesting, because this is exactly what I've told you the regulators are doing today..

23 – Retirement Accts – Stop contributing, pay the tax, & cash them out… If you are at a firm that is matching contribution its different because the company has 50% of the risk

24 – He's not negative on the future, he's optomistic for better days.. You can't stop living your life due to whats going on in the world

25 – The EUR will outperform the dollar – They have already started austerity while we haven't – They have gold & mark it to mkt..

26 – There is no inflation because there is no velocity of money.. History has shown that velocity picks up when confidence is lost – this is what you have to look for

27 – China is a Maoist nation, except they now want wealth

28 – BRICS are where the opportunity is – they are taking over & their culture is very different to ours (they execute bankers, what do we do?)

29 – Cycles & Cycle analysis wont take you to prosperity.. They aren't a road map, but he likes them for picking up divergences (i.e. this cycle should be bottoming, but isn't – this is a clue, telling us something) Gov't interference has rendered them useless..

30 – Alf fields is a legitimate human being who works hard at his craft – he respects him & believes his Gold target will be met, although he disagrees with why that would happen…

31 – Once we close above 1620, we'll be on our way to 3500.. The lows will be cemented

32 – There will be a transition from paper to physical, but I don't think its how most people interpret this.. He's not saying the comex will break or go away, he's saying that the ability of the Comex paper traders (who are arbitraging & spreading) to manage price will cease.. We have already been seeing this as paper traders will attacking gold all day @ 1611, but the physical buyers were stepping up @ 1606.. I found this interesting because AM also quoted 1606 as a key physical pivot, so its obvious these men have contacts who buy physical in size & they know where they are bidding..

32 – Only gold can increase the sovereign assets vs liabilities.. Ratio of a ccy's gold to M3 will be the measure

33 – Fiat & fractional reserve banking will continue to exist in the new world, but the ccy will take its cue from M3 based on physical

34 – By flushing Lehman, they ruined their chances/ability to net down all of the derivs.. They could have done a S&L & put them all in a "bad bank" to net them down/wnd them down – but we blew that opportunity

35 – views the London fix as meaningless – its like libor

36 – Gold at minimum to 3100-3300, by 2015-2017, then up to 4400 – You should then be selling!

37 – On miners – they should use their gold to fund their operations; don't dilute shareholders.. He vowed to never issue another share in his company – The float wont go above 100mm (place erupted in applause)

38 – 1764 was ruthlessly attacked by the sghorts & is now major resistance.. Funds were duped into thinking bail-ins would replace bail-outs – this has now been proven wrong by the Cyprus rejection

39 – Learn to sell your gold – Don't "hold it for your kids" Rather, when the chart is a rhino, sell a third, when its a fishing line, buy it back.. If it runs away before you get your third back, laugh all the way to the bank

40 – China doesn't want to be a world reserve ccy – they don't want that responsibility/burden. Rather they want to be the ccy of choice, not by decree.. they'll do this by amassing 15% of reserves in gold .. everyone will then want Yuan

41 – US devalue wont be overnight – daily mtm

42 – If/once they can't QE, they'll come for the retirement accts – You have 2 years to figure it out…

43 – Wonderland mentality w/ QE is skewing cycles and any measurements of activity -they've created a false economic world..

44 – Gold is alien to institutions & fund managers – Not how they've made their money, not what they've been taught in school or at work

45 – Mgmt of Gold Stx are the worst out there

46 – His goal is to get us out of gold at the top – Only then will his job be done..

47 – China lies about their gold reserves – These people plan for centurys, America can't even plan for tomm

48 – Future of the BRICs is brighter than that of the US – They aren't strangulated by debt…

49 – Saudia Arabia is no longer prominent – They bot everyone off, but now they are running out of money to do so.. They contribute to the red cross + to al quaeda

50 – Petro dollar is trending towards less use..

51 – Physical is starting to win – Haven't been able to push gold below 1600, but they have certainly been trying… Each day we hold here is a positive

52 – When he called the gold top in 1980 he received many death threats, credible ones.. Not the "I'll kill you man"

53 – Someone commented how did he know we'd be @1600 by his birthday, almost like he has insider knowledge, similar to some of his other calls.. He commented he's been in this business for 50 yrs & people come to him for advice & they offer info to him as well in return.. He's got a leg up on all of us from that standpoint..

54 – Comex traders will start getting nervous when they realize they can't take us lower.. They'll cover (remember from before, these guys are arbitrage & spread players)

55 – In regards to interest rates – Someone asked about variable vs fixed.. He said once DXY goes below 72, get out of all variable instruments & go to fixed(home equity/mortgage) .. I personally found this a particularly usefull tidbit of info..

56 – If hyperinflation came, it would be extremely nasty but would only last for about 90 days.. They'd then reset the system

57- The American Dream belonged to his generation… its now been screwed up for the rest of us.. We can't undo whats been done, no going back.. He wished we could have grown up in the 50s – Life was so much easier then.. He's happy he is his age, but fears for his kids

58 – Hve your kids learn Mandarin – It will be a usefull skill