The many followers of Mr. Gold, Jim Sinclair, whose earlier predictions have proven uncannily accurate a decade out will be extremely interested to hear his latest forecast issued Wednesday:
"Gold will go to and above $3,500. This is the most important message I have sent you since 2001.
"There are very few of us dynamic thinkers that see everything as a trend constantly in motion. Anyone can be a static thinker, quoting recent economic figures or news headline, and coming up with a usually wrong opinion.
The change today is that the ‘Rig Is Up.’
The Bank of England turning their backs on Barclays, the company who did their bidding, will be the event in time marking the trend change.
Many of us in our areas of activity will successfully fight the Riggers. The many complaints that so many of you kindly sent in to fight manipulation released the Kraken in me.
The Kraken is back in its cage where it belongs. The paper trail is there. The worm has turned. Even more importantly is that this fight in the $1,540 gold price area was not for regaining the old high in gold. The six attempts to kill gold, supported by some gold writers looking for favors from the riggers was a now failed attempt to keep gold from trading above $3,500.
The battle to stop gold has been lost.
The start, like all starts towards the old high and well above, should be slow with more unfolding drama. It will build on itself but gold will trade at and above $3,500. I am now as certain of this as I was over ten years ago when I told you gold was headed for $1,650. I knew that as fact and to me from $248 gold was trading at $1,650.