Legendary gold trader Jim Sinclair sent an alert to email subscribers tonight regarding the recent volatility and blatant manipulation in gold.
Sinclair stated that manipulation is no different (worse)today than it was at gold $248, it is simply more visible due to increased volatility.
Sinclair also states that if the manipulators were winning, gold would not have risen from $248 to $1920, and that those unable to stomach gold’s violent manipulative take-downs will hand over their precious metals directly to the cartel, stating that the manipulators will be on the long side as soon as you all finish throwing in the towel like last week.
Full alert below:
From Jim Sinclair:
If you believe that fiat paper will survive this you are so wrong. Gold is the only asset that will survive the constant manufacturing of paper money and the dynamic expansion of debt.
Pension funds, if they had to mark their assets to market, would be as broke as the Student Loan Program is. If student loans get forgiven it is a direct payment, in a sense, to each loan holder for their loyalty.
How can ANYONE even think about such a thing as the country approaches the popular new MSM boogey man, the Fiscal Cliff?
So many of you are being fooled by the gold and silver manipulators. Gold is no different today than it was at $248. We were being hit then on every move up. It was 10 steps forward and 9 steps back. The only thing is that gold then had little volatility, and today it is getting wild.
If manipulation was to forbid higher prices, how come it got from $248 to here with as much or more manipulation then, than now? The swings are just that more visible due to increased volatility.
Please wake up! Just like in 1978- 1980 the manipulators will be on the long side as soon as you all finish throwing in the towel like last week.
One CIGA sold $3,000,000 of gold Thursday. He had purchase this gold at somewhere around $300 to buy investment diamonds. If he is not a gemoligist he is going to be skinned.