‘The End Is Not Near, It Is Here and Now’

‘The End Is Not Near, It Is Here and Now’ – Gold Legend Jim Sinclair

Today's AM fix was USD 1,576.00, EUR 1,264.34, and GBP 1,021.72 per ounce.
Yesterday’s AM fix was USD 1,620.75, EUR 1,288.66, and GBP 1,046.25 per ounce.

Gold’s sell off was attributed to Fed Chairman Ben Bernanke not hinting at further quantitative easing. Leveraged speculators sold gold & silver aggressively after Bernanke failed to communicate aggressive use of helicopters to dump money on the citizenry of the US and further debase the dollar.
When prices hit around $1,600/oz, Comex gold stop losses kicked in and exacerbated the selloff.

Although Bernanke didn’t offer hints in the near term, he said that “the central bank was ready to shield the economy if financial troubles mounted,” which suggests that the kneejerk speculative sellers will be buying back sooner rather than later.

Currency Ranked Returns – (Bloomberg)

Veteran and respected gold and silver trader and a former adviser to the Hunt Brothers in the silver market in 1980, Jim Sinclair is now warning on his website that ‘The end is not near, it is here and now’ in reference to the global financial system.

He is also reiterating his long held view that there will be “QE to infinity” despite the denials of Bernanke and other central bankers.

XAU/EUR, XAU/USD, XAU/GBP & XAU/CHF Daily – (Bloomberg)

Mr Sinclair disagrees with George Soros , who accumulated gold aggressively in Q1 2012, who recently said that the euro has three months to sort itself out. He thinks the euro, in its current form, will be lucky to survive three weeks.

He believes that after a couple of years of crises in the euro zone, market commentators and investors may have become desensitised to bad news and are in danger of missing the real denouement when it is actually about to happen.

Sinclair believes that gold and silver will surge in value very soon and much sooner than most are currently forecasting.

SILVER
Silver is trading at $28.40/oz, €22.87/oz and £1847/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,428.50/oz, palladium at $612.40/oz and rhodium at $1,200/oz.
Please click here to read the rest of GoldCore’s Market Update.

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