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“Gold and silver will be your only lifeboats” warns Jim Sinclair
- “As for gold and silver, these markets are both REALLY tight if you want the physical metal. If you are trading paper metal …oh well, can’t help you.”
- “This is the Great Credit Unwind and as such, currencies of all sorts, including the dollar, will take turns crashing. Watch the various sovereign treasury prices and yields (also CDS credit default swaps) as a clue to which country is experiencing an “attack du jour"."
- “Gold and silver will be your only lifeboats as they are no one’s liability in a world where everything including the money in your pocket is someone else’s liability.”
Jim Sinclair is one of the most respected experts on the gold market in the world and he released this important warning to his community over the weekend.
The full note to his readers can be read here
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DAILY PRICES
Today’s Gold Prices: USD 1,153.50, EUR 1,005.93 and GBP 734.40 per ounce.
Friday’s Gold Prices: USD 1,149.35, EUR 1,021.33 and GBP 732.75 per ounce.
(LBMA AM)
Gold in USD - 1 Week
On Friday, gold rose as high as $1161.67 in New York and ended with a gain of 0.64%. Silver slipped to as low as $15.14 and ended with a loss of 1.29%.
Gold was 4% higher for the week and made strong gains in all major currencies. Silver was also higher, but by just 0.41% for the week.
Gold stayed close to its highest level in almost seven weeks today as worries over a slowing Chinese economy pushed investors away from risky assets such as equities and into safe haven assets.
Asian equities tumbled to three-year lows, the U.S. dollar retreated and industrial commodities from copper to oil slid to their weakest since 2009. The Chinese stock market collapsed another 8.5% and the Nikkei was 4.6% lower.
IMPORTANT NEWS
Gold stands tall as China fears fuel safe-haven draw – Reuters
Gold Holds Weekly Gain as Global Equity Selloff Increases Demand – Bloomberg
Gold Bulls in Goa Happy to Quit This Year for Promising 2016 – Bloomberg
Kazakhstan, Malaysia Boost Gold Reserves; Colombia Cuts Holdings – Bloomberg
Stocks post worst week of 2015 – Investors move to gold – The Irish Times
IMPORTANT COMMENTARY
“Gold and silver will be your only lifeboats” warns Jim Sinclair – Jim Sinclair’s MineSet
Death of buy-to-let: landlords wake up to Osborne’s 150pc tax – The Telegraph
Can Kickers United –Why It’s Getting Downright Hazardous Out There – David Stockman’s Contra Corner
The Fed Is Looking at a Very Different Dollar Than Wall Street – Bloomberg
Is Gold a Safe Haven? – FXStreet
Click on News and Commentary
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Gold and silver do not float. Proved by countless people reporting loss of their precious metals in boating accidents.
I'll leave it to your imagination and a little math what the likely potential resolution of ground penetrating radar metal detectors in the sky.
A little known fact: The Fed Nimrods are investing heavily in lake dredging equipment...and long range metal detectors.
Like any bankrupt tyrant, they are getting desperate for operating funds.
They will turn mean,,,
;-D
hey messymerry,
about the fed buying long range metal detectors:
post a link if you have it?
NEVAH!!!
A long-range locator is a class of fraudulent devices purported to be a type of metal detector, supposedly able to detect a variety of substances, including gold, drugs and explosives; most are said to operate on a principle of resonance with the material being detected.
https://en.wikipedia.org/wiki/Long-range_locator
;-D
The government will surely turn to paper assets first as they are easy to get. The cost of actually obtaining physical gold would be very high.
Can you imagine the fight if the government went after one asset at a time when they are telling everyone that gold has no place in a portfolio. Such confusion that would create.
The shares of AAPL in your 401k however would be an easy snatch.....trade em out for Treasuries...for your own safety...of course.
when they get around to sending their brownshirts out to collect the guns they'll get to keep all the gold they find as an incentive
Hey you got any extra SSRIs laying around, I think I could use some...
;-D
Edit: OBTW lasvegas, I was long sarcasm on that post. I heartily agree that they will sweep in and scoop up the easy stuff first. Please note however, that will not sate their thirst for the assets of others. ALL YOUR ASSES ARE BELONG TO US!!! (Oops, forgot the T,,, ;-)