He was holding meetings in New York City and Toronto. He was charging $40 per person to cover costs.
He was quite sure that the physical gold price was starting to determine the general gold price. He was also certain that the bottom was in and that gold was resuming its upward trend, and that China and Russia buying would not permit the gold price to drop. When gold would start to drop again, he would tell everyone via his blog that it was a temporary effort by hedge funds to shake out weak hands, and then gold would resume its up trend again. He recommended to his gold-holding followers to "do nothing". I guess there is no fool like an old fool.
I believe that the gold price drop was a manipulated and coordinated orchestration engineered by the Fed, like Paul Craig Roberts claims. The Fed cannot permit the price of gold to get too high, or they will lose control over the dollar and interest rates. However, I still must fault Jim Sinclair for underestimating the Fed's power.
He apparently did not realize how powerful the Fed can be when it is desperate to hold down the price of gold.