The end is here for financial markets warns veteran gold guru Jim Sinclair
By: Peter Cooper
GoldSeek.com
Wednesday, 6 June 2012
Veteran gold trader and a former adviser to the Hunt Brothers in the silver spike of 1980, Jim Sinclair is now saying boldly on his website jsmineset.com that ‘The end is not near, it is here and now’ in reference to the global economy.
That means of course that the time for gold and silver prices to hit the roof is also very close, and much closer than anybody else is currently forecasting. Mr Sinclair is laughing at George Soros for saying that the euro has three months to sort itself out. He thinks it will be lucky to have three weeks.
End is here?
After a couple of years of crises in the euro zone market commentators may have become somewhat hardened to bad news and in danger of missing the real denouement when it is actually about to happen.
The Greek election on June 17th is only 11 days away and is the obvious flash point ahead. Meeting after meeting of European leaders and committees do not seem to be getting anywhere. Nobody really seems to have a handle on the situation.
The danger of simply falling over the edge of the precipice with everybody behaving like a flock of disturbed sheep is only too clear. ArabianMoney reads the earnest US op-eds about what Europe ought to do, should do or could do with some amusement. Europe is not the USA with your federal institutions and history.
Master forecaster
Mr Sinclair could therefore well be right. He’s the guy who predicted back in the early 2000s with gold around $300 an ounce that gold would reach $1,650 within a decade. Now he is talking about ‘quantitative easing to the moon’ and a similar trajectory for gold and silver prices.
For the central bankers of the world would have only one way to respond to another global financial crisis and that would be massive money printing to inflate debts away and reset the global financial system. Nothing else could be done.
It is the gold and silver bugs contention that this would crash equity, real estate and bond markets around the world and send money pouring into the only money that can never be printed, gold and silver. Can this really happen? We may not have long to wait to find out if Mr Sinclair is right again.
