This Is Scary, I respect Jim Sinclair's predictions very highly as he is the one who predicted this derivative meltdown back in 2001, at that time he also made his most famous and ridiculed prediction of $1650 gold.
It took warren Buffet until 2003 to see this coming, in a letter to his shareholders in 2003, buffet called over the counter derivatives "weapons of mass financial destruction"
Jim Sinclair is also credited with calling the high price of gold back in the 80"s and he and his followers made out like bandits when they engineered the drop in gold back to the $500 range overnight in the europe markets as they sold all their gold before America even woke up.
His prediction tonight is without A doubt the end of the world as we know it (If it comes true)
Everyone should read it and decide for themselves whether or not to protect their Asses and Assets. I protected myself last month by refinancing my home and putting $141,600 in to Pre 1933 Gold Swiss Francs.
Have You Protected Yourself from A real catastrophe? Gold is cheap insurance but it is getting very scarce everywhere.
http://www.jsmineset.com/
Posted On: Wednesday, October 15, 2008, 9:28:00 PM EST
Upcoming Events In The World Of Gold
Author: Jim Sinclair
Dear Friends,
There is one simple but extremely dangerous error being made by the man who is the world's greatest expert on the time period and economics of the Great Depression, Dr. Bernanke, Chairman of the Federal Reserve.
The Chairman is an expert on the history and consequences of that period. He is being guided by this deep knowledge, yet is totally oblivious to the consequences of the alternative actions he is taking to not make the same errors as the 30s. This is all in his attempt to prevent his president from going down in history along with other failed economic leaders.
The unprecedented creation of infinite dollars for the purpose of flooding the world's entire financial system is causing the birth an inflation of types unknown in a modern economy.
The test case for the CONSEQUENCES of present united central bank actions is the history of the Weimar Republic, but this time it is on a planetary basis.
CONSEQUENCES cannot be avoided by any means. They are economic equal and opposing forces. That is simple fact.
In an attempt to avoid what the Chairman see as consequences of incorrect central bank action in the 1929 - 1933 period, he is creating new and infinitely more dangerous, longer lasting, society changing, politically provocative new sets of unexpected economic CONSEQUENCES.
The only number that might compare to the nominal value of all OTC derivatives is a count of all the individual plankton in all the oceans of the world and then only maybe.
The world will never be the same because of the greed of these 29 year olds and the old goat bosses who sat at the long desk of the board of directors while looking the other way.
Upcoming events:
As a result of "This is it and It is NOW":
1. US exchanges will be closed. There is a chance all world exchanges will close down. Only gold and currencies which are planetary markets will continue to trade.
2. Retirement programs will not pay off.
3. Medicare and Medicaid will at best buy you a bandage or pay for 1/4 of a visit to a free clinic.
4. Social security, due to the massive upcoming inflation, will provide no security for any society.
5. Money Market Funds will not pay off.
6. A CD is a gift, but not to you.
7. Unified central bank action has a short life.
8. Central banks will soon revert to the strategy of everyone for themselves.
9. 401Ks not self directed are headed for the toilet forever.
10. Exchange Traded Funds will not return the assets upon which it is based to you.
11. Sliver will demonstrate the fact that it is more industrial a metal than precious.
12. Silver is not a currency because it is simply too HEAVY to settle debts or to be universally fungible.
13. Silver performs best when there is reasonable industrial demand and distrust of currency. When this happens rounding up the gang and their money will have a lot to do with which party is elected.
14. Credit card companies are going to have to be bailed out.
15. GE Capital is a nuclear capable entity that has the capacity to take down the good old toaster and refrigerator manufacturer - SIGMA ZERO.
16. GE Capital is a huge OTC derivative dealer but somehow I do not recall that fact being discussed.
17. Gold is the only Honest Money because it has no liability attached to it.
18. Gold coins are the best way to own gold for the average investor.
19. When you select a junior gold, I would look for the highest quality, most bashed, highest short positioned, with real assets and real people devoid of pu*sy management. The situation is best if it is based in another country than the country you live in while doing business in a third and trading in multiple areas. The benefit is obvious.
20. Nobody ever did or will ever trade items as insurance. That is a form of madness.
21. At $1650 I will take my leave, having been with you to the point I promised.
22. The only place you will find me then is at my place of business on the ground or the web.
There is no question that gold will trade at or above $1650 by January 14th, 2011.
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) If I am right, my market investments will recover, in time. If I'm wrong, I can still kill deer, turkey, squirrels, grow a garden, raise squab, cuy, rabbits, goats, geese, ducks , cornish game hens and chickens and make my own beer wine, and thrice distilled vodka etc. I can even cut my own firewood if we end up in a real Depression.
