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‘The End Is Not Near, It Is Here and Now’ – Gold Legend Jim Sinclair
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.
For breaking news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Gold extends sell-off after Fed disappoints - Reuters
Gold futures extend slide in Asian trading - MarketWatch
FTSE falls as euro mood darkens again - Citywire
Asia stocks fall sharply after recent gains - MarketWatch
COMMENTARY
The 'Big Reset' Is Coming: Here Is What To Do – Zero Hedge
Euro Breakup Precedent Seen When 15 State-Ruble Zone Fell Apart - Bloomberg
End Is Here for Financial Markets, Warns Jim Sinclair – Resource Investor
Keiser Report: Planet Ponzi – Max Keiser
Gold Standard, Gold Futures, and Perception Management – Midas Letter
Rickards: The US Is the Biggest Currency Manipulator – Casey Research
»
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Silver and gold thingamjigs bitchez!
QE, this, QE, that. Wake the fuck up, ZIRP is QE. Even better, with negative rates on bonds people are paying governments to print!!!
Jubilee the damn Globe and be done with it.
I am stacking as fast as I can though. I smell it.
I probably will log in a year from now with silver at 12 dollars and Gold at 800 to read this tripe I just wrote.
Or a year from now Gold at 5,000 and Silver around 300-500 dollars each despite enormous infernos of paper shit being sold to suppress it's inevitable.
Agreed. After all, ZIRP requires action/maintenance from the FED. A near zero fed funds rate doesn't stay there by itself.
Shhh.......the sheeple are grazing.
Hope & Chains with the islamic.
+ 1, good one Freddie!
For the record, Jim Sinclair has been crying wolf on the global financial system for years now. Eventually of course he will be right, but I suspect not with a three-week timeframe.
But buying gold is good.
The collapse has actually happened but is hitting us at different speeds. For those that have lost their jobs and homes or had their retirement benefits slashed, the end is pretty much here already.
For the rest, the money printing exercises of central banks and the support of the stock markets has kept the illusion seemingly intact.
What is important is not the actual date of the final collapse but whether you are prepared for a collapse whenever it might happen.
Bingo. That's it in a nutshell. Economic collapse is a process not an event. It will take a long, long time (years or generations) to work itself out. It already started several years ago and won't end for many more. As there was no beginning, there will be no end. The economy will go through crisis after crisis and some day things will start to get better, not in any obvious way but it will be obvious in retrospect .
Yeah. Kind of like the Dark Ages after Rome...
+1 green. If we are US centered - just to shorten the discussion - the peak was the unfunded Viet Nam war, when Nixon had to reneg on Bretton Woods in order to inflate. Each new bubble and crisis is the road to poverty for more and more hapless bystanders.
As smaller countries lose their ability to borrow and bail out, scared money comes to the US -- kicking the can here. When all the smaller ducks fall, the US will stare at the cliff edge. But that will take years and possibly decades, judging by how long Greece has been dragged out.
Good one, Mkkby...the unfunded VietNam "war".
VietNam--where by the early 1950's the US was already supplying the French colonial suppression, running covert operations [ Lansdale, et al], and had built-up huge supply depots in readines for introduction of US armed forces.
Could this all have been done without input from the bankng/financial MastersOfTheUniverse?
When it happens, the Collapse will be shockingly sudden even to most of us, let alone the sheeple.
I think that's a natural effect of the Powers' great efforts at concealment of true conditions. It also seems likely that the collapse will start in the shadow-world and take some weeks to build to a Cat-7 event. Then when it bursts onto the scene in the daylight world, people will feel like it came out of nowhere.
The only hints in advance might be something like -- oh, I don't know -- a few billion in losses announced by one of the major financial minions, i.e. JPMC. The announcements will be made only to conceal or obfuscate what is really happening in the unobservable financial world, which will be vastly more damaging than the announcements imply.
You won't realize that anything's happening until everybody's plastic stops working, and the ATMs go dark.
I agree. IMO, it was best said by Monty Python in the Holy Grail: Get on with it!
Delaying the day of reckoning only gives them more time to loot the Treasury and burden taxpayers with more odious debt.
Can you cite any recent historical examples to back up your thesis, or are you just talking out of your ass like everyone else on the Internet?
The world "reserve currency" is the USD, and there has NEVER been a purely Fiat money that has survived more than approximately a generation past it's inception. I believe that the USD has ekked out a bit longer than average purely because of the intricacies and speed of actions in the information age.
Microcosms for sure, but the following are currency collapse examples (off the top of my head) that have all occured in the last ~80 years
Hungary
Yugoslavia
Germany
Argentina
Mexico
Zimbabwe
There's probably twice that many, but that's all I can come up with in 2 min at the moment...
One moment the Archduke was alive...the next moment he wasn't. A few weeks later, Western Civ collapsed.
There is no immediate threat to health.
Sorry, I shouldn't be mean.
Of course there are no recent historical examples, and if there were, they would be irrelevant. We are approaching a singularity.
BUT there are good examples from -- everyplace else.
Lots of change appears to be sudden, but would look gradual if you had perfect knowledge. But you never have perfect knowledge -- the universe is infinitely complex, and you don't know what to pay attention to, so you only watch what matters to you.
So, when a building falls down, it appears to happen all at once. It really didn't. If you could see everything, you would see the wood rotting, and the iron rusting for a hundred years. But then it falls down all in thirty seconds, and you say "Nobody could have predicted this!"
How much worse is it if there is a large, powerful class of people who are doing everything they can to conceal the rot and rust from you? And we know these people exist because there are people in our world who love power, and who have weaseled themselves into a position to create money from nothing. And money, as Einstein proved, is power.
They love power, and they will do whatever it takes to keep it, and they can create money. That means they already own everything that they want to. That includes the 'news' media.
So the early stages of the collapse will not be televised.
You have to figure it out from what they cannot hide, like their minions at JPMC saying "OK, we lost a little money."
Or like scores of central bankers and CEOs resigning recently, at many times the normal rate.
Or like the insider sales / purchases ratio reaching 2000 : 1.
Or like a funny story one Friday about a radiological event near the Michigan / Indiana border.
You won't be able to get it from the news, and you won't be able to get it from historical examples. But you will be able to smell it if you pay attention, or feel it in the pricking of your thumbs.
Something wicked this way comes.
mick, I echo my brothers above, a most excellent comment. Wish I could + 50 it!
Hey, Sacrilege !
DCRB ^^^^ wanted to give me +50.
This inspires a thought. We should have some kind of economy on ZH, where the currency is up- and down-arrows. Then DCRB could actually give me +50, and I could use it -- to, I don't know -- get a new ZH hat, or pay for when I fuck up.
Just a thought for what to do in case you get spare time. Just trying to keep you out of trouble, pal.
see ^^^^ reply to AS.
http://forums.officer.com/t178688/
thanks!
can't find anything new today.
rumors of hazmat response, and military response. ( 3 chinook helicopters, large troop + equipment carrying capacity. )
rumors of corroboration by multiple sensor sites.
Good stuff. Hang in there and give us more of your views.
see ^^^^ reply to AS.
Mick_Richfield - this is by far one of the most astute comments made on ZH in a long time. I shouldn't be surprised that you haven't collected a hundred green arrows, but I am. Gave you my one though. Keep thinking and keep posting.
Thanks, AS, RR, and DCRB.
Coming from three members of the ZH Interesting Times Gang ( Iain M. Banks reference ) that's big praise.
Let's all post what we can. Tell the truth, and shame the trolls.
:-)
You want recent historical examples of epoch-making paradigm shifts?
Are you serious, or are you only trying to defend the world-as-you-have-always-known-it, like all the other frightened humans?
He seems to be blissfully (baah-fully) unaware that "everyone else on the Internet" would include himself. Ah, the irony is so thick I could cut it with my Bear Grylls survival knife.
Oh wait, I mean.........