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  • easygoin_al easygoin_al Apr 10, 2013 3:40 PM Flag

    Today Was A Coordinated Attack On Gold

    Today Jim Sinclair spoke with King World News about the massive and coordinated attack on the gold market. Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say in this interview.


    “Today was a coordinated attack on gold. We had the Goldman Sachs recommendation to short gold. We also had the Federal Reserve Open Market Committee notes quite unusually released before the opening. Then we had the mainstream media focus on the sale of Cyprus gold, and Mrs. Lagarde on the wire telling people everything was fine with the economy.

    The market in gold has significantly changed....

    Continue reading the Jim Sinclair interview below...

    Sentiment: Strong Buy

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    • “It’s no longer the investment banks vs a community of investors who feel that gold is undervalued, but rather it has shifted, as you can see in trade figures, to major accumulation by sovereign central banks such as Russia and China.

      It is also important to note that in Europe gold has been marked-to-market as far as their reserves are concerned. So the focus of today’s totally transparent attempt to discredit gold is that, yes, it will have an effect on the paper market, but it will have no effect whatsoever on the physical market where in fact the sovereigns trade.

      Sovereigns don’t trade on the COMEX, they never would. Rather sovereigns trade in the physical market in London and elsewhere, and they take delivery of the gold they have purchased.

      The intention of central planners is to remove concern from the general public. Yesterday we had to listen to almost embarrassing backpedaling on the definition of the bail-in, which has now been converted to the need for banks to hold additional reserves from their earnings in order to be able to have the funds to meet emergencies.

      But all you need to do is to go back to the 2010 BIS (Bank for International Settlements) review of the methods for handling further bankruptcies in their point #10, or more recently in 2012, the paper that was released by the FDIC and the Bank of England together. They both say the same thing, that the unsecured creditors of the bank have to fill the responsibility of further bankruptcies.

      An unsecured creditor to the bank is the depositor. This has been agreed to by a proposition paper and signed by multiple banks. So denial that ‘bail-in’ has anything to do with depositors now is patently false, especially in light of what has been released to the public.”

      Sinclair also added: “This raid on gold will fail miserably, and the recovery will be even more ebullient than the decline. We may decline $25, but we will go up many hundreds of dollars from here.”

      Sentiment: Strong Buy

    • Was there ever a doubt this ridiculous piece of journalism would be posted. What a bunch of pathetic, poor losers you guys are.

 
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