Jim Sinclair told an audience of 591 in Vancouver that the gold price correction was over. Thursday, 11 July 2013
‘This is probably a historic day for the gold price,’ he said. ‘With the $1,275 barrier broken we are back on the way up.’
The gold price jumped after Fed chairman Ben Bernanke said ‘highly accommodative’ monetary policy will be needed for the ‘foreseeable future’ following a speech in Cambridge, Massachusetts after US markets had closed.
Gold going up
But Mr. Sinclair noted that technical indicators had been pointing to a change of direction this week. He expects gold to retest its all-time high of $1,923 by August 2013 and advance to $2,400 before succumbing to another correction.
Further out he has $3,200-$3,500 in his sights with much higher prices likely if the physical metals takeover from the futures pit as the price setting mechanism for precious metals, something he says might happen in three months’ time when the Comex inventories get too low for it to continue.
After the four-hour long meeting he sat down with ArabianMoney to give us some additional insights into how the gold market will move in the year ahead, and the full text of this interview and our notes from his main presentation will be available only to subscribers to our sister newsletter (subscribe here).
Mr. Sinclair is one of the most widely followed gold commentators in the world and advised the legendary Hunt Brothers in the late 1970s when they cornered the silver market driving silver to $50 an ounce, a price still unrepeated today. His website www.jsmineset.com is one of the most popular gold resouces.
JPM Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At Fresh All Time Low
Tyler Durden's pictureSubmitted by Tyler Durden on 07/19/2013 16:31 -0400
For over a month, JPMorgan managed to mysteriously avoid matching up the gold held in its (world's largest) vault with the Comex delivery notice update. However, as of today, that particular can will be kicked no more. Starting yesterday, JPM reported that just under 12,000 ounces of Eligible gold (the same Registered gold that two days earlier saw its warrants detached and convert to eligible) were withdrawn from its warehouse 100 feet below CMP 1. But it was today's move that was the kicker, as a whopping 90,311 ounces of eligible gold were withdrawn, accounting for a massive 66% of the firm's entire inventory of non-Registered gold, and leaving a token 46K ounces, or a little over 1 tonne in JPM's possession.
Needless to say, today's massive move which increasingly puts JPM's gold holdings in the danger zone vis-a-vis future delivery notices which just refuse to stop, has pushed total JPM vault gold to a new all time low of just 436k ounces, or a little under 14k tonn es with just 12 tonnes, or 390k ounces, of Registered gold left and rapidly draining. And to think that two years ago around this time JPM had over 3 million ounces of gold in its possession.
Finally, those who believe there is a connection between the ongoing run on JPM's vault gold, the suppressed price of the metal, the redemption of Bundesbank gold, and the fact that 3M GOFO has now been negative for 10 straight days or the longest period in history it has been below zero, and indicating an unprecedented gold collateral shortage, you are correct.
Finally, putting it all in context, this is what 1 ton of gold looks like in the real world courtesy of Demonocracy:
BUY GOLD NOWAs the WORLDWIDE CURRENCY WAR is STARTING - Japan, China, US and Europe on DECLINE -
China is the #1 producer of gold and has recently become the #1 importer of gold. They have also encouraged their own citizens to buy both gold and silver.
Though it is speculative, we believe that China is indeed preparing for the future, either to have the first gold backed currency or to follow up with a gold back currency after Russia, the U.S., or another major nation announces one.
Recently it was reported that a Chinese Diplomat told Stephen Leeb that China is accumulating gold to back the Yuan, so this is certainly being talked about in some very high circles of influence.
If China Yuan be backed by a Gold Standard - HOW HIGH WILL GOLD PRICE FLY ? -
THE HISTORY OF LAWFUL GOLD AND SILVER LEGAL TENDER AND THE DEBT BROUGHT ON BY UNLAWFUL FIAT PAPER MONEY -
Caledonia “Cash costs at the mine are running at around $500/oz, which positions the company well to keep generating cash to self-fund expansion and pay dividends to shareholders.
News 
Market Data 
Discover 
