This page has been archived and commenting is disabled.

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

GoldCore's picture




 

Gold fell $28 or 1.73% yesterday in New York and closed at $1,591.60/oz.  Gold traded sideways prior to another 1% fall in Asia but has recovered somewhat in early European trading and has made gains in euros and Swiss francs particularly. 

 

Cross Currency Table – (Bloomberg)

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.

Bernanke’s testimony also led to US equities falling at the close and weakness has continued in Asian and European indices. 

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. 

QE3 is assured as are further versions of QE - although they will no doubt be given a new dissembling name and acronym and remarketed as something other than mass currency debasement.

The People’s Bank of China cut their interest rate due to concerns of a property crash and because of their slowing economy. Gold rose on the news prior to prices being capped. 

German exports and imports have dropped sharply in April - the latest sign that Europe's largest economy is beginning to feel the chill from the euro zone debt crisis.

Europe’s debt crisis is creating economic contagion and may be spreading to the already fragile Chinese and American shores.

‘The End Is Not Near, It Is Here and Now’ – Gold Legend Sinclair 
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,http://www.jsmineset.com/ 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.


Currency Ranked Returns – (Bloomberg)

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

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.

The Greek election on June 17 is only 11 days away and is an obvious flash point ahead. Meeting after meeting of European leaders does not seem to be getting anywhere.

Nobody really seems to have a handle on the situation and a realisation that this is a global debt crisis and not a regional “euro debt crisis”. 

Only massive debt write downs and debt forgiveness and a form of global debt jubilee can prevent a collapse of the financial system and a deep global depression.

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

Mr. Sinclair has a good track record. He predicted back in the early 2000’s with gold below $300 an ounce that gold would reach $1,650 within a decade. Now he is talking about “quantitative easing to the moon” and a similar trajectory for gold and silver prices.

 

OTHER NEWS
(Bloomberg) -- iShares Silver Trust Holdings Dropped 30.17 Tons Yesterday 
Silver holdings in the iShares Silver Trust, the biggest exchange-traded fund backed by silver, dropped 30.17 metric tons yesterday to 9,669.08 tons, according to the company’s website. Assets increased by the same amount the day before.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 06/08/2012 - 21:55 | 2509453 SILVERGEDDON
SILVERGEDDON's picture

Silver is for kids. Sheeple is why.

Fri, 06/08/2012 - 20:57 | 2509371 newengland
newengland's picture

James is knowledgeable, accurate and compassionate whilst the silly pets of politics and minor trade do so like the sound of their sophistry.

Fri, 06/08/2012 - 20:37 | 2509330 geekgrrl
geekgrrl's picture

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

I'm not a market commentator, nor an investor, but I have my doubts as to whether a "real denouement" vis-a-vis the banking cartel is in the cards. They've already kicked the can for four years, Japan has done it for twenty, and the reality is that it is in the interests of the powerful and wealthy to maintain the status quo, regardless of the cost. I doubt I'm one of those desensitized folks because every time I think about the insanity that is the current financial system, I have this feeling that my head is going to explode. Almost everything we hear is flat-out BS, and if it wasn't for ZH, I am fairly certain I would have already lost my mind.

I respect Jim Sinclair, but in my opinion, the REAL denouement comes when natural resource shortages start to bite, and they already are in places. Finance is all symbolic and symbols can be manipulated indefinitely, but the hard cold reality of resource shortages is - in the words of Dick Cheney - "non-negotiable."

Sat, 06/09/2012 - 11:08 | 2510144 Cycle
Cycle's picture

As soon as Pacific fishermen start hauling in two-tailed, double-mouth fish from the FUK-U-shima debacle, we might get a resource squeeze.

Sun, 06/10/2012 - 01:56 | 2511656 geekgrrl
geekgrrl's picture

Water, food, oil, in that order.

As I said, there already are shortages, but maybe you don't see them. No matter. They will come to you soon enough.

Fri, 06/08/2012 - 20:08 | 2509267 q99x2
q99x2's picture

QE3 is not assured. 40% of employed persons in the US are in the financial services which is a parasite on the rest of the economy. That leaves little to leech of of. Massive amounts of money is provided by government payments. The war machine is bigger than ever. If the banksters have at this point had to come up with wealth to keep the system going then they may decide at any point to stop it. As long as they have enough military in place to attack the US on behalf of the banksters they are in position to take it down. Nothing is for certain.

Fri, 06/08/2012 - 18:59 | 2509091 ATG
ATG's picture

Re gold confiscation~

Yes, it happened before and can happen again.

Do not keep precious metals in any bank:

There was only one prosecution under the order, and in that case the order was ruled invalid by federal judge John M. Woolsey, on the grounds that the order was signed by the President, not the Secretary of the Treasury as required.[5]

The circumstances of the case were that a New York attorney, Frederick Barber Campbell, had on deposit at Chase National over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold Chase refused and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold.[6]

Ultimately, the prosecution of Campbell failed,

but the authority of the federal government to seize gold was upheld, and Campbell's gold was confiscated.

The case forced the Roosevelt administration to issue a new order under the signature of the Secretary of the Treasury, Henry Morgenthau, Jr., which was in force for a few months until the passage of the Gold Reserve Act on January 30, 1934...

http://en.wikipedia.org/wiki/Executive_Order_6102

One of these days freed derivative markets will correctly price silver as scarcer than gold as it was in Columbian dayz.

Physical American Eagles already started...

http://silversenator2012.blogspot.com/2012/06/heigh-0-silver-part-vi.html

 

 

Fri, 06/08/2012 - 20:37 | 2509334 lakecity55
lakecity55's picture

All of mine fell off the back of a truck in Juarez.

Fri, 06/08/2012 - 21:34 | 2509427 CURWAR2012
CURWAR2012's picture

The US will look like Juarez, nice call!

Fri, 06/08/2012 - 18:49 | 2509086 Uchtdorf
Uchtdorf's picture

After WWII, a surviving German Field Marshall said to a rearwater Japanese Admiral, "Next time we go it alone, without Italy." However, would they? We see the Angela Merkel Stasi past. We see the energy agreements between Russia and Germany. We see Putin wanting to assume a larger role on the worldwide stage. We also see yen/yuan yin yang trade agreements in the making sans the vaunted world reserve currency that is so 20th century.

So lining up on the Allied side is the US and GB (guffaw) and Canada (eh?) and Australia (g'day, mate).

The Axis powers, the ones with all the Gold...

  • Russia and her satellites
  • China and her satellites
  • Japan who is tired of the dishonor of hosting a foreign army for so long
  • Germany, who has some debts to collect

India and Pakistan? Not sure, but I bet there are a lot of Pakis who would like to kick some Western butt. Brazil? Not sure.

Mexico decides it's time to take back Texas and New Mexico and Arizona and California (heck, give 'em that one...no charge).

Just throwing out ideas here of how a financial collapse could grow into WWIII.

Fri, 06/08/2012 - 18:04 | 2508932 falak pema
falak pema's picture

only those who believe totally in financial markets, as the wherewithall of life,  believe this is the end of the world; not the others.

Fri, 06/08/2012 - 17:07 | 2508755 Doubleguns
Doubleguns's picture

Only massive debt write downs and debt forgiveness and a form of global debt jubilee can prevent a collapse of the financial system and a deep global depression.

Pension funds will be slaughtered. Hope for retirement will be gone unless you have been stacking.

 

Fri, 06/08/2012 - 15:49 | 2508428 ebworthen
ebworthen's picture

Let's hope the end is here.

Watching this ponzi is like the monster in a movie that just won't die.

Fri, 06/08/2012 - 16:30 | 2508607 world_debt_slave
world_debt_slave's picture

it's dead my friend, just being zombified by Doktor Bernark

Fri, 06/08/2012 - 15:46 | 2508413 Bastiat009
Bastiat009's picture

All those people who promised QE3 would come in June have no shame and make more predictions.

Fri, 06/08/2012 - 15:36 | 2508367 Paul Atreides
Paul Atreides's picture

Jim Sinclair is spot on, ignore the bashers, misdirectors and trolls.This man has 40+ years of experience in the gold markets and correctly predicted the rise of golds value over 10 years. He was also one of the only people to call out the US Swift threat on India and Japan as it was an economic weapon of mass destruction. Everything he says fits with logic and the use of ones critical thinking in comparison to relevant world events.

Keep on stacking brothers and don't let people scare you into thinking your metals are going to be confiscated, I have seen some of that tactic in the comments lately. Not one person was charged or arrested over exective order #6102, it is your property and nobody can take it from you legally, EO or from the bottom of a lake.

Fri, 06/08/2012 - 18:53 | 2509098 ATG
ATG's picture

There was only one prosecution under the order, and in that case the order was ruled invalid by federal judge John M. Woolsey, on the grounds that the order was signed by the President, not the Secretary of the Treasury as required.[5]

The circumstances of the case were that a New York attorney, Frederick Barber Campbell, had on deposit at Chase National over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold Chase refused and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold.[6] Ultimately, the prosecution of Campbell failed, but the authority of the federal government to seize gold was upheld, and Campbell's gold was confiscated.

The case forced the Roosevelt administration to issue a new order under the signature of the Secretary of the Treasury, Henry Morgenthau, Jr., which was in force for a few months until the passage of the Gold Reserve Act on January 30, 1934...

http://en.wikipedia.org/wiki/Executive_Order_6102

http://silversenator2012.blogspot.com/2012/06/heigh-0-silver-part-vi.html

Fri, 06/08/2012 - 16:10 | 2508522 Chief KnocAHoma
Chief KnocAHoma's picture

I have been follow JSMINESET for about 10 years now, and Jim has been accurate with many predictions. But he has been calling for the end of the system for some time. I don't doubt that the house of cards will fall at some point, but when and how? Who knows.

Will we be freed of the CB system? Or will we be forced into more management via a global digital exchange?

One outcome seems as likely as the other to me, but from reading the recent headlines, if Monday gets here with no major announcements, it will be game on again with the fiat.

Any big announcement this weekend will spell trouble for the Euro - first domino down - next up UK.

Fri, 06/08/2012 - 15:16 | 2508294 El Oregonian
El Oregonian's picture

King World News story: 6-8-2012

"With many global investors still rattled by the recent price action of gold and silver, today King World News interviewed the “London Trader” to get his take on these markets.  The source told KWN that not only was a shocking amount of paper gold sold in just 4 hours yesterday, but it was also confirmed that the mainstream media is not reporting the staggering amount of physical gold that has actually been purchased by China recently.  Here is what the source had to say:  China has purchased hundreds of tons of gold in the last couple of months.  China is not disclosing what their true reserves are.  Russia is delaying disclosure and so is Iran.  We saw record gold imports of over 100 tons through Hong Kong to China in April, as reported by the mainstream media, but what has been reported is just the tip of the iceberg.

“What we've seen is a dramatic acceleration of physical gold purchases as the price has been drawn down.  Staggering amounts of physical gold are being purchased.  The acceleration of physical purchases, at these lower levels, is the reason why gold has been holding firm and building such a nice base.  

 

I want to be very clear about this, in addition to what is being reported by the mainstream media, we have seen hundreds of tons of additional physical gold being purchased by China over the last three months"... Uh, does anybody think this is going to turn out well for the "Paper" hats?
Sat, 06/09/2012 - 10:28 | 2510058 Zero Govt
Zero Govt's picture

King World News interviewed the “London Trader” 

KWN are so cheesy

...and Turd Ferguson also has a 'Mr Annonymous' too

Would you like some crackers and chutney with all that cheese?

Fri, 06/08/2012 - 14:39 | 2508184 steve from virginia
steve from virginia's picture

 

Sorry to disagree with the eminent Jim Sinclair (and Steve Keen) but debt forgiveness is an empty bag.

Forgive all the world's debts on Friday and on Monday new debts equal to those forgiven would be taken on to keep our precious machines operating. Like we need air and water, industrial economies require debt. No debt, no industrial economy.

This is why the current regime is supported even in its death throes. It is the economy -- not the debt -- that is collapsing. Economy cannot pay for its precious self out of earnings.

"Nobody really seems to have a handle on the situation and a realisation that this is a global debt crisis and not a regional “euro debt crisis”."

Nobody wants to have a handle: the first step is get rid of the cars and the other wasting toys and grow up. So ... the alternative to seriousness is collapse. Enjoy it. 

Fri, 06/08/2012 - 15:32 | 2508338 Amagnonx
Amagnonx's picture

Collapse will happen, and for most people it will be like a nuclear bomb - they may see it dropping from the sky and recognize it - but whatever they do at that point will only alter the texture of their ashes.

 

Debt forgiveness will also happen, but it will go by the more popular name, 'default'.  This will go on regardless whether the counter party feels overly forgiving or not, and this will go on for some time - until some central bankers, driven by new, and radical idea's - never before heard of - print money into the dirt.  At which point assets (debt instruments) denominated in fiat currency of any stripe will be a hot potato - marked to fantasy and officially valuable, but only bought with the peoples money - not that the people are that stupid, but rather they dont get a say on what they pay for stuff.

 

The idea that the economy cant pay for itself is valid, if and only if you add in the massive drag afforded by taxation (bread, circuses, wars, trinkets, and favors), regulation and interest payments on debt (money) wished into existence.

 

However, it is also true - that unless the beast itself is stabbed in the heart (only monetary weapons of pure gold or silver will be efficacious for this monster of myth) - then its brood of malicious debt instruments will be spawned once more into the world.

 

The enemy of the people is simply defined - it is the acceptance of the rule of others - of allowing law, which righfully belongs to all men to be monopolized by 'wiser' men. 

 

If the law was open to all men, and any issue could be argued on merit by anyone who had suffered loss, then the governments of the world would have long since been dismembered - fractional reserve banking would be declared fraud - and money would be privately issued, and be of whatever form people needed it to be - most likely most money would be gold and silver.

Fri, 06/08/2012 - 16:20 | 2508560 Chief KnocAHoma
Chief KnocAHoma's picture

Agreed... debt forgiveness will happen, but not willingly. Like a chain reaction defaults will spread - cities and countries will stiff their suppliers - the suppliers will stiff their creditors - the creditors will tighten even more contracting the economy - laid off workers will default - more homes foreclosed - less tax rev to central planners - less welfare, social security etc in the mail - more violence - more stress on the system - until all bets are off.

The question is what is the canary in the coal mine? Israel? Iran? North Korea? Or maybe something a little closer to home - like the rejection of EBT cards at the local markets? That would be the sign to hunker down for a few weeks, maybe months.

Then again, maybe someone will solve all this by Monday. Have a great weekend.... Chief out.

Fri, 06/08/2012 - 14:58 | 2508254 illyia
illyia's picture

Sinclair does not forecast or advocate "debt forgiveness". On the contrary, he assumes the politicos will "print to infinity" (sort of like derivatives to the moon - actually... almost Exactly Like Derivatives To The Moon...)

And, then, of course, collapse.

Ah... the quiet.

P.S. This might help, although it would take some critical thinking: http://market-ticker.org/akcs-www?post=207031

 

Fri, 06/08/2012 - 14:30 | 2508139 disabledvet
disabledvet's picture

Hmmm. "The man with Midas touch" or "Midas Muffler." I'll get back to you on that. Speaking of mufflers actually...

Fri, 06/08/2012 - 14:27 | 2508130 oldgasII
oldgasII's picture

"Tell me Sensi is it going to be a deleverage crash or an inflationary crash?  What will be the effects of digital cash and pm transfer? Are we going to TWIST again like we did in the spring?" ......And he looked at me and said:

"Who are you?"

http://www.youtube.com/watch?feature=player_embedded&v=9nndS22Qda0

Fri, 06/08/2012 - 14:25 | 2508122 RobotTrader
RobotTrader's picture

Hilarous how TPTB crushed the PM's within 24 hours of his "End Is Here!" signal.

And bank stocks started an epic rally the very next day.

Taking the CIGA's money on the Comex market is the most favorite bloodsport of the PigMen.

Fri, 06/08/2012 - 23:39 | 2509577 Spitzer
Spitzer's picture

Robo"treasury"trader

Keep buyin those treasuries

Fri, 06/08/2012 - 20:55 | 2509367 SILVERGEDDON
SILVERGEDDON's picture

Well well well. Where there is PM shit, there is Robo stink. Resurrected like Christ, he riseth from his Facebook IPO walk on water that so far, has been a taste of bar b q hell fire, investment wise. Way to go Robo - successfully predicting the exact opposite of shrewd investment advice since your birth on the silver screen in Ridley Scott's first movie. I fart in your general direction, with lighter held ready to create the weapon of mass destruction - the ass flamethrower.

Fri, 06/08/2012 - 15:04 | 2508274 El Oregonian
El Oregonian's picture

Those PM's are clawing back... Those pricks can't kick them down forever. IN THE END, WE WIN!!! Screw you Bernank!

Fri, 06/08/2012 - 14:33 | 2508150 Canaduh
Canaduh's picture

Whenever I read a RobotTrader post, I get a faint whiff of sulfur, then I have a seizure. For realz

Fri, 06/08/2012 - 14:19 | 2508093 skepticCarl
skepticCarl's picture

Jim Sinclair is the Jim Cramer of precious metals.

Fri, 06/08/2012 - 14:14 | 2508076 slackrabbit
slackrabbit's picture

The collapse happened in 2008.

They have been trying to hold it back since then.

For many people out there - eg the 50% of young people in spain and greece - they have been unemployed for three years now....how long do you think that can last.

Likewise, people unemployed eating in to thir savings because they either don't get any benefits or arn't entitles to?

If your working, this is a recession. If your unemployed, its a depression.

If you read the whole article and Sinclairs previous ones, he said once people savings start to run out, people get genuinely hungry,  stop  listening to MSM its near the end......

....BUT finally when countries fight amoung themselves for bailouts then the end is  here. In short, when there is no solidarity anymore, and its every country for themselves, the game is up...its just a matter of who is going to blink first

Fri, 06/08/2012 - 14:12 | 2508062 Lokking4AnEdge
Lokking4AnEdge's picture

If you are a marginal country (Greece, Spain, Portugal, Italy etc...)and suspect that in the (near) future you will have to place your gold reserves as forced collateral against loans-you would probably try to sel first some of the gold for cash instead of leaving it to the lender (Germany...). This explains the latest period of weakness in the price of gold...

Fri, 06/08/2012 - 13:49 | 2507970 AcidRastaHead
AcidRastaHead's picture

Should I extract my bling teeth now or wait 3 weeks?

Fri, 06/08/2012 - 13:36 | 2507920 Bay of Pigs
Bay of Pigs's picture

Cue RobotTrader and his hatred of anything golden...

Fri, 06/08/2012 - 14:00 | 2508004 Temporalist
Temporalist's picture

Lulu was only down 8% yesterday.  Winning!

Fri, 06/08/2012 - 21:29 | 2509417 DoChenRollingBearing
DoChenRollingBearing's picture

GREEN to Bay and Temporalist!  #Winning!  LOL...

Fri, 06/08/2012 - 13:29 | 2507886 rlouis
rlouis's picture

Does debt jubilee also mean an asset eelibuj?

 

 Oh yeah!! ... Oh shi**!!

Fri, 06/08/2012 - 13:02 | 2507766 boogerbently
boogerbently's picture

STILL holding gold (since 2008).....waiting for the next "leg up" !

Fri, 06/08/2012 - 13:23 | 2507855 AldousHuxley
AldousHuxley's picture

Israeli Govt: Don't Marry American Jews

http://www.youtube.com/watch?v=4P7XTbm9ED0

 

True colors are shown...by Israli Ministry of Immimgrant Absorption

Fri, 06/08/2012 - 12:46 | 2507718 Harbourcity
Harbourcity's picture

Jim Sinclair has been talking the same book for years.  It's gotten old.  It's almost as bad as that Lindsey William flake.

We all know this can't last forever but no one knows when or where - only fools try to give it a timeline.

Fri, 06/08/2012 - 13:07 | 2507786 Whalley World
Whalley World's picture

Jim Sinclair has been right for a decade and you say he's talking his book?  What a bozo!  If you believe in something and know things that most can't comprehend (sound familiar?) then should you talk someone else's book? 

One of us is stupid.

Fri, 06/08/2012 - 16:47 | 2508676 Harbourcity
Harbourcity's picture

Were you around when Jim Sinclair was counting down and then that day came and went...?  That was YEARS ago!  People like you are the mirror image of people who think the banks know what they're doing. 

The one of us is you.

Fri, 06/08/2012 - 16:15 | 2508547 mkkby
mkkby's picture

Right for a decade?  I doubt it.  How many times has he said the end is in 3 weeks?  Don't be conned.  Creating urgency it the salesman's favorite trick.  Sinclair's 3 weeks, or Soro's 3 months -- it's all the same.  It means monetize my book NOW!.

Fri, 06/08/2012 - 18:39 | 2509051 CompassionateFascist
CompassionateFascist's picture

No, it means Soros knows when the IranWar will begin. Endgame for the dollar, and the Global Ponzi.

Fri, 06/08/2012 - 13:32 | 2507902 NotApplicable
NotApplicable's picture

Careful now!

I almost choked on my lunch while laughing at that.

Fri, 06/08/2012 - 12:27 | 2507661 ThisIsBob
ThisIsBob's picture

What happens to equity prices if there is no Euro?

Sat, 06/09/2012 - 10:17 | 2510042 Zero Govt
Zero Govt's picture

may as well use the Swiss Franc then as it's pegged

..but knowing the financial genius of the EC they'll probably use Thai Baht

Fri, 06/08/2012 - 12:27 | 2507658 Ahmeexnal
Ahmeexnal's picture

Stiglitz also pointed out the "3 month window" mentioned by Soros is in reality much narrower.

http://finance.yahoo.com/blogs/daily-ticker/stiglitz-europe-soros-being-...

 

Do NOT follow this link or you will be banned from the site!