Jim Sinclair – The Gold Panic & What to Expect in 2012
With escalating fears from gold and silver investors around the world, including professionals, today King World News interviewed legendary Jim Sinclair. When KWN asked if he has ever seen this kind of fear and panic in the gold market, Sinclair responded, “Not in the first gold market (1970s), not in the gold market we are in now, not in the correction (in ’08 & ’09), which took us down after the first move through $1,000 and back under $800.”
Jim Sinclair continues:
“The amount of discontent and bearishness among people who know better is enormous. It’s moved from bearishness to some form of anger. (This is a) historical bottom, capitulation. A clear sign that the gold market is moving into an outrageously oversold position, most certainly in anything that’s a common share.
You must not allow your emotions to direct your decisions. Your emotions will always be your best contrary indicator you have. You have to examine the circumstances and ask whether or not the reasons why you’ve committed to something have changed. And if they haven’t changed, you simply need to buck up and go the course because you’re right.
People are beginning to literally crack, defined as shifting their total focus to their emotions and away from their intellect. I’ve seen emotionalism in areas where it doesn’t belong, where it’s never existed before. I’m in total shock.
When I see people who have distinguished themselves under pressure, over years, let their emotions cloud their judgement, actually letting their emotions break over them like a tidal wave, it puts me in total shock….
“We’re in the most manipulated markets. We’re in the most fraudulent markets in history. There has never been a time when you can have assets disappear from people and modest inquiries take place of the leaders of that company. What you are seeing go on right now favors the bankers and disfavors all others.
However, when it’s finally finished there will be one man standing and that one man standing will be gold, the only market that the banksters can’t control in the final chapter. In a very short period yesterday we had a range of $100, and I’m going to tell you and the listeners now, you haven’t seen anything yet compared to what you are going to see as gold moves toward $4,500.”
When asked what to expect from gold in 2012, Sinclair stated, “Well into the high $2,000s. And as Truman said, ‘If you can’t stand the heat, you’ve got to get out of the kitchen.’ But let me tell you that when this year is over, the only hands left holding physical gold and gold shares are the strongest hands on the planet.
Every possible weak hand has been shaken out. Every person with emotions even latently capable of overwhelming their intellect, overwhelming their judgement, will have already overwhelmed it this week. After this week, the people who are left are people who will never give up their positions.”