"
On the heels of the release of the Fed minutes, today legendary
trader and investor Jim Sinclair told King World News the release of the Fed
minutes and subsequent market reaction in gold was orchestrated. Sinclair also
said this is government manipulation against the tide of the bull market and it
will be overrun. Here is what Sinclair had to say about what transpired today
in the gold market: “The tactic is always the same. The gold banks
enter the COMEX and offer more gold for sale at the market than has been mined
in the last five years. Immediately, the locals (pit traders) try to run in
front and hit any bids they happen to have on their book or are out there in
order to get the price down.”
Jim Sinclair
continues:
“Gold tanks down to the $1,640 level and now the
brokers for the gold banks begin to enter the market to cover shorts to reduce
the short position taken, and most likely to completely flatten it on the day.
This has been going on from 1968 to 1980 and it’s also been going on from 2001
to today.
The net effect is absolutely nothing. The idea that
there is a significant, improving economy directly in front of us is absolutely,
completely and utterly a fabrication. The only reason car sales are firm is
because they are giving away easy credit out there, so much so that even my dogs
could buy a Cadillac Escalade...."
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