Jim Sinclair Predicts Gold Is ‘Going To And Through $3,500’

This morning the talking heads on CNBC are saying that a number of gold mining shares are approaching or are at 52-week lows.

I’ve been interested in gold and other precious metals for a long time. And I started reading Jim Sinclair’s MineSet- free gold commentary provided by veteran precious metals expert Jim Sinclair- even before I departed the public sector to do independent research.

Sinclair is being talked about in a number of financial/investing circles this week because of something he wrote on his blog last Thursday about the gold banks manipulating the paper gold market in an attempt to drive down the price of gold- and how holders of the yellow metal should respond . From a January 24 post:

Please do not fall for this classic manipulation. Please do not make the gold banks happy by giving away your physical. Please do not throw away gold shares because the hedge fund have worked black PR so well that they even have convinced some well known community physical gold merchants of their bear position of shares…

Fundamentally we are approaching the period in gold when it will move up the most points in the shortest period of time. The paper gold market is being used to shake the bullish tree harder this time than any time before because of what is to come. Fear is the most powerful emotion in markets and it is being used perfectly to enrich the grand names of finance at your expense…

Clearly the gold banks will try to get gold into a capitulation point. Hear me: We are right in front of that time when the market performs a classic bottom both in shares and physical. From this point gold is going to and through $3500. That is why what happened today is happening in the first place.

(Editor’s note: Italics added for emphasis)

The post is nothing short than a declaration of war against what Sinclair sees as gold price manipulation. As well as the latest forecast from a long-time gold observer.

A good read- possibly even a classic one, if Sinclair turns out to be correct- which can be found in its entirety on Sinclair’s blog here.

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, January 28th, 2013 Banking, Commodities, Investing, Precious Metals, Stocks

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