Time to get aboardif you are still on the side lines:
2010Nov 18: Jim Sinclair - This is Late 1979, Gold Will Rise Violently
Withgold heading higher today, King World News interviewed legendarytrader Jim Sinclair. When asked about the action in gold Sinclairstated, “We have to be right in front of a major move in gold.Today the gold market had all of the indications of what would beconsidered by the old-time traders (Bert Seligman & JesseLivermore) as a major turn. This would be a sign to them that thebulls are gaining strength in the market, and given any excuse itwill rise violently.”
November18, 2010
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Sinclaircontinues:
“Thestrategy now would not be to run after spikes and strength, but tobegin to take in those periods which will certainly come, of weaknessthat exist during the day. This is really the first time since wecame off of the high, that it’s starting to show a character ofwanting to make a new high.
Thechorus of complaints about the Fed and their adoption of QE, I callthat the backfire of MOPE. You have so many of the new guysconvinced that yes, the economy is recovering but not really thatfast, and there is no inflation anywhere. Then why in the world isBernanke going to a $600 billion project which is a rescue plan thatcomes up during a period of crisis? They can’t understand it.
Theother thing is the belief that the financial institutions balancesheets have made such great progress. The bottom line is he(Bernanke) sees what they don’t see. The stumped recovery we’vehad is in fact an economy headed down.
Gettingback to gold, this is late 1979. It’s got all of thecharacteristics of late 1979. If people will go back and look at thelong chart they’ll see that there was one violent flip right beforeit took off and never looked back. And it’s getting very close tothat point now. I think what you have seen is a major shake of thetree right before gold takes off.”
Wellthere you have it from Jim Sinclair, who’s father was businesspartners with legendary Jesse Livermore. The green light has beengiven to the upside by one of the great ones, so sit back and enjoythe show.