by David Schectman, MilesFranklin.com:
One of my close friends is furious with Jim Sinclair. He says, “He’s lost all credibility with me forever.” “How on earth will we ever beat them?” I guess no one has a lock on the short-term price of gold, up or down. Not even Jim, “the greatest gold call of all time” Sinclair. After his $1,650 call, many years ago, Sinclair had attained near-cult status.
I told my friend, “I promise you, if gold takes off in the next week or two, most people will be thrilled; it will have been a very good call. He may not have finished first in the horse race, but there is still time for his call to ‘show’ or ‘place.’” A few weeks late still gets a “pass” from me. Also, I am totally in his camp and do expect gold, when it breaks the grip of the Cartel, to move rather quickly back to the $1800 and higher range.
Yes, he missed his call ($1,600 will be in the rear-view mirror by March 27th), but gold is still hanging around $1,600. If it falls back $10 or $20 and then moves up, as Sinclair predicted, what’s the big deal? Actually, I’m relieved. This forces the people who are looking for a 100% sure short-term psychic will have to step back and do two things: First, understand that in manipulated markets, there is no such thing as a short-term crystal ball and second; the bullion banks and hedge funds that Sinclair constantly takes to the woodshed should be EXPECTED to do everything possible to make sure his prediction does not come true.
Please follow SGT Report on Twitter & help share the message.