The following is a missive that we received from Jim Sinclair this morning, who is the host of a web site called Jim Sinclair's MineSet. He sums up the situation much better than we can so its well worth the time spent on reading what he has to say. The above link will take to his site and his updates via email are free, so you have nothing to lose by signing up for them.
Here we go:
My Dear Extended Family,
I have been working constantly since Friday to answer your emails. Being indoors all this time, I had to go out and get some fresh air. To my astonishment upon my return there were more incoming emails than I have answered in the last three days. Clearly, I will not get these all answered, but that does not mean I am not going to try.
I understand the responsibility of giving you my opinion. To say I understand the serious nature of what I say is a world-class understatement. The people I am speaking to are not the leveraged paper traders in gold. I am speaking to those who have invested in gold without borrowed money as protection against the instability of the Western world's financial condition.
There is no question whatsoever in my mind that gold will trade at and above $3500. The volatility in gold is only going to become more extreme, so you crazies who are in gold on heavy margin are beyond my help.
If you are so concerned that you cannot think straight, what are you doing investing in anything? I willingly stake my over 50 years in this business to tell you gold will trade at $3500 and above. I have committed 100% of what I am and have to my gold related position. I have zero concern about my gold investment. Absolutely none whatsoever.
I told you when gold was forced back under $1000 that it would trade at $1650 and above. For that analysis, I was scorned by many who are the same personalities that today are the outspoken bears.
Gold will trade at and above $3500 and no manipulator, private or public, can stop it. Gold is not for the weak, but then the weak will not survive this crisis in Western finance trying to be hidden from view with every possible public relations weapon.
For all the bears communicating with me tonight, you are totally wasting your time.
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