Gold & Silver Rolling Over As Sinclair’s Bottom Call Expires

silverGold and silver have been hammered today after the London fix (ensuring as few physical stackers as possible are able to take advantage of the paper discount), with gold pushed back under critical $1600 support to $1593, and silver towards a $27 handle.

Recall that last month, legendary gold trader Jim Sinclair predicted that gold would see a bottom by March 27th, and would have begun a strong move higher by that date.    While it is too early to tell whether the ultimate bottom is already in, the recent black-swan events in Cyprus while allowing the cartel cover to continue to add short-term pressure to gold and silver, certainly have major, major long-term bullish implications for both metals.

buff ad small

 

Silver has been smashed as low as $28.14, as $27 silver and a re-test of last summer’s lows near $26-$26.50 is becoming possible as silver was unable to break out of its month long trading range to the upside:

silver

Gold pushed back under $1600: if this week’s low near $1580 is unable to hold, a retest of $1530-$1550 low is possible. 

gold

 

gold banner

Comments

  1. Is this supposed to be a tongue-in-cheek shot at Jim Sinclair? Obviously his prediction was wrong.

    • It could be a ‘tongue in cheak’ excuse to run 5 banner adds sellng SD bullion.

    • PM’s are going to be pushed lower before things fall apart and they spike

    • @google_zerohedge @silvaSchmiegel
      “The earliest date of the end of the decline is the 28th of February and the longest period of pressure is until the 27th of March. Thereafter gold is released to the upside which will be a minimum of $3500.“ Nothing in there has been violated except that the lowest daily close was made a week before the 2/28 (only $5 lower). The lowest weekly close was actually in his interval. Unless we make a lower low, how can you tell that gold is not on its way higher? Where you expecting $50 moves up starting 3/27 continuing every consecutive day until 3500?
       
      He has unofficially said that the date 3/27 was picked just because it was his birthday, which I think was an irresponsible basis for predicting a price and conveying it to his subscribers. But… that does not make his call any less right (if it turns out that way).

    • “He has unofficially said that the date 3/27 was picked just because it was his birthday, which I think was an irresponsible basis for predicting a price and conveying it to his subscribers.”
      Exactly! These financial “experts” are just useless and they keep saying the obvious crap for a long time! This is just really annoying!

  2. Well, I knew when Mr Sinclair said that 1600 would be the bottom for gold that he was taking a big chance of being wrong.  He back peddled a little on that call when he said that gold may go down to 1580 for a short time and then quickly rebound over 1600.  He also said that gold would begin its forward move towards 3500 by the 27th.  In about a month or so, if things do not go according to his prognostication I will know that Mr Sinclair was just guessing.  I will have to take him down a few notches and have him watch some David Morgan videos.  Or maybe some Greggory Mannorino video’s.  I hope it doesn’t come to that.  It’ll hurt me more than it will hurt him I am sure.

    • Off by one day and your precious hopium has run out (or perhaps you have a month supply left according to your post). Why don’t you dust off your crystal ball and stop looking for someone to blame.

    • 1600$ to 3500$ in one month is way too unrealistic, especially for gold! That’s common sense! The next time that a financial “expert” says something like that, tell him: “Yeah… and then after the date, the prediction will be wrong just like the other ones!”.

  3. will be interesting to see the next cot reports and see what the silver short has been reduced to. I think sinclair has just been delayed. 

  4. I MADE THE PREDICTION THAT THE METALS WOULD BE RANGE BOUND FOR ALL OF 2013. EVEN I DONT WANT TO BELIEVE THAT BUT THEY WILL DO WHATEVER IT TAKES TO KEEP THE PRICES CONTAINED. CYPRUS WAS A LITMUS TEST AS THE THE PUBLIC REMAINED CALM AND NO PANIC INTO THE METALS THAT SOME HAVE PREDICTED.

    • In case one hasn’t noticed, there are record sales of physical Silver bullion going on right now.  It is a very hard concept for most people to understand, but the selling of paper Silver while at the same time buying physical Silver will temporarily drive spot prices down (because the spot prices are set based on paper Silver trading).
       
      It can be safely assumed that no one is actually selling huge amounts of physical Silver right now, driving down the price.  The selling is strictly in paper Silver.  In fact, demand for physical Silver has been spiking all through 2013 so far, yet spot prices are going down.  This particular situation cannot continue for long, because soon the effects of higher demand for physical Silver will be felt.  A similar thing happened in 2008, when Silver dropped momentarily to less than $10/oz.  That was all because of paper Silver selling, because buying of physical Silver was happening at a brisk rate.
       
      There may be no ‘panic’ into the precious metals right now, but not one is selling physical Gold or Silver, just the paper variety.  Demand for physical precious metals is in fact increasing.

  5. This is obviously JPM painting the tape at quarter end.  Make your short term quarterly bonus, but putting the company at risk long term.  I think the analogy of ”picking up nickles in front of a steam roller” applies here.

    • ”picking up nickles in front of a steam roller”
      That quote sure applies to Canada since it has no more pennies! :P

  6. We don’t need to keep going through this do we? THIS IS HOW IT IS GOING TO PLAY OUT! The paper price is declining – and I suspect, will continue to decline until you can’t buy physical Gold… anywhere. Don’t confuse the paper price with the physical price. They need to separate for the real boosts to transpire. Forget the manipulation for a moment. The marketplace is losing faith in paper Gold (as it should!) … I welcome a declining price as it means we are close to a revaluation. I don’t expect a steady rise (they can’t let that happen – vs. the USD). It will have to be a revaluation. Think a reverse bubble with the beach ball physical price held underwater by LBMA led weights…

    • That’s true but don’t forget that the premiums of physical precious metals will rise as well! eBay is a good example on what would people actually pay for silver coins, bars and rounds.

  7. People can specifically shit all over Santa all they want because of his specific predictions. I would not be surprised ift he cartel is specifically giving him a birthday present.
     
    FACT is, there are no shortage of people who can be ritually mocked for parading an imminent explosion in metal prices.

  8.  
    $4 Million For a Job Well Done! Lanny Breuer, chief of DOJ’s criminal division, returns to Covington & Burling
    3 Replies

    Now you know why they (the banks where not prosecuted)

    Stacy Summary: Sick. Sick. Sick. Sick. Oh well, the population itself, for the most part, doesn’t seem to care about the racket. He is, after all, making $4 million per year at the firm, so he must be, indeed, doing God’s work.
    http://maxkeiser.com/2013/03/28/job-well-done-lanny-breuer-chief-of-dojs-criminal-division-returns-to-covington-burling/

  9. Sinclair himself when asked said the only thing special about March 27th was that it was his birthday.  Give any call (+)or(-) 10% on price and timing when you judge it. 

  10. Doc, I LOVE that “Gold – Get It While It’s Hot” graphic for SD Bullion … it’s GREAT!
     
    Over on the FB side, I opined that we could be seeing the ‘Algo-Bots’ winding down in preparation for Ann Barnhardt’s ‘No-Bid-Market’ specter. Her deduction made a lot of sense to me sincethere won’t be any sence to bid on anything if the ‘pay-off’ will be in worthless digits. Like the infamous check issued to the German widow after the Weimar ‘event’ that had less value than the stamp on the envelope, all (paper) bets will be off the tables.

  11. I suppose he will disappear for a while now…

    • That’s a good thing if he does disappear for a while or even better, forever. It’s because I’m tired to hear about the obvious things from these financial “experts” which are wrong most of the time!

  12. Slightly off topic but it appears that the IMF/EU/ECB have done a masterful job of ringfencing the fallout from the Cyprus debacleso far. No riots, no bankr runs in other countries and things seem to be fairly normal as if nothing has happened at all. Either the Europeans do not understand what has just happened or are as dumbed down as joe sixpack over here or are ingesting copious quantities of fukitall. No problems, nothing to see here, just move along and carry on. Watch ice skating and listen to classical music. Works every time.

    • People from everywhere around the world are being brainwashed by the mainstream medias controlled by the elites who controlling the banksters as well. So because of that, people need to learn the hard way!

  13. Well Happy Belated Birthday Jim. If the PM’s don’t move then my Brother Pollokeeper is going to be upset at you. Lol

    • Sinclair is not totally down for the count yet.  But if we don’t get a firm 1600 dollar bottom in gold I will be pretty upset.  We have been waiting long enough in my view.  And, we need to drag silver higher along with this.  I am looking for 30 dollar silver to arrive as well. 

    • …And precious metals’ prices didn’t moved up a little bit! Instead the prices have gone down a lot lower! Silver which was at about 28.30$ per ounce is now at about 26.90$ per ounce. Never listen to these financial “experts” again!

  14. looks like they want a close under 28.40, which as I recall could portend to another leg down.
     
    apparently our launch to 100 has been impaired. again.

  15. We use high purity silver in our research projects for solar technology. We put an order in three months ago for a couple of pounds and still have not received a delivery date. And this is NOT a small company.
     
    I jokingly offered some of the 9999 silver bullion I have at home and, believe it or not, they were seriously considering it. To which I immediately told them I was kidding. I guess it would be interesting to find out what they would pay for it. THAT’S the true value of silver! Not this paper facade.
     
    There is such a disconnect between the paper and physical world. It won’t take much to cause a massive run on Ag.

    • @Not Sure:  Give some thought as to how you might, if possible, get your company to be willing to go public about that delay.  One of the fastest ways this market distortion will end will be when industrial silver users come to understand true market fundamentals.  In the long-run, industrial users of silver are not doing their businesses any favors by keeping quiet about all this crap.  The level of future mine supply is directly linked to higher prices.

    • I just recieved a new solar panel today with the MC4 cables I ordered. I got to get off the grid. Electricity is “going to necessarily skyrocket” says Barry. Solar is expensive and takes away alot of my stacking cash but I think I’ll be glad to have them lights on when oil hits 200$ a barrel.

    • That’s a nice example! If I were you, I would’ve sold all of these silver ounces at a high premium and then buy more from local coin shops. That’s a great way to stack more precious metals!

  16. I see that BullionbyPost is out of stock for ASE and Maples as well as for the 1 Kg Snake coins??
    I am forever seeing people on EBay paying over the odds for ‘Layered’ Silver and Gold bars and coins thinking they are getting the real deal!!
    I just wish the money was spent on the Real Deal!!
    JS is on the money IMHO he is just feeling pressure to be too detailed. Everyone needs to just chill out, each stay with their plan and stack to your own aims and not pay too much attention to the spot prices.
    We all know deep down this can only go as we all think. This year or gradually over the next three shouldn’t matter too much unless you go too deep too quick.
    All the very best
    TaMart

    • The premiums at my local coin shops have also risen very high. Two of them are out of stock and the other two are selling silver ounces at about 35$ per ounce! That’s eight dollars over spot price and they have no numismatic values!

  17. First Jim said the bottom will be in by the 27, than spinner Eric King boradcasted it as what could be the biggest call in history or whatever, and in a later intervoew with Jim Siclair said he a strong feeling the bottom will be in by the 27, so you see, it’s all BS, up or down they are covered

  18. I think tomorrow will be a good day to visit the LCD and then do some early season fishing!

  19. Patience my friends. Not so hasty with your judgements. LOL! Most of you will soon be pleasantly surprised. The rest of you will have lost your arses. :-) .

  20. I wouldn’t call Jim wrong.  I’d call him a little late.  When 2000+ gold and 100+ silver will make most of the posters here forget he was a little late on the call.

  21. The lower it goes the faster I scoop.  That’s how it works.  

  22. 28.30$ per ounce is now nothing because it is now at about 26.90$ per ounce!!! That’s a lot less than I though! Although, we have to remember that this is a really good price to buy some precious metals, especially at these prices! In the really big long term, I believe it will go up eventually… I hope!

  23. The reasons for Jim Sinclair being off on his PM calls is because the criminals in banking and government keep coming up with new tricks that in the past would have landed them in jail, but these are new times and the old ways and laws are no longer followed. Jim gave the $1650.00 call on gold a few years back and it was about 4-5 months later after the date he set. His target price was unbelievable when he made it, but it came to be after jumping several unheard of obstacles and it will be that way again I am sure. Riding this bull is very painful and doing the right thing for yourself and your family by purchasing PM’s gets you a lot of abuse along the way. To the person who say’s what good is gold? You can’t eat it! Well, I reluctantly had to sell some gold last week that I had purchased a while back, the food I bought tastes just fine and I am glad that I have gold reserves which maintain purchasing power. PM’s are real and the promises of paper are doubtful at best. Hang in there fellow bull riders.

Speak Your Mind