Jim Sinclair – Fed Minutes, Gold Manipulation & Fool’s Play
April 4, 2012
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 by a Cadillac Escalade….