Gold price wager?

gecko109

A few months ago (maybe up to even a year ago) I remember some type of $1,000,000 bet that a big shot gold bull analyst made open to the public. Anyone remember this bet and more importantly what the terms were?

ttown

Sinclair betting $1650 gold by early 2011? It is a bet that required certified funds, no crack pots you had to put up the money.

bluelobster

<< <i>Sinclair betting $1650 gold by early 2011? , no crack pots you had to put up the money. >>



Somehow, I find this ironic

Deadhorse

Oh,,,,,,,,,,,, I'm so tempted.

roadrunner

Yeah, Sinclair. $1 MILL that gold reaches $1650 by Jan. 14th, 2011. He wrote that he found some Wall Street guy to take the bet. For all I know both of them hedged it so nothing is really at stake except bragging rights. But then again, solvent counter-parties covering bets like this might be slimming down by 2011 such that the hedge gets taken out by a bankruptcy. Hmmm?

I'm sure if you want to get in on the same deal Sinclair would be happy to oblige. Link below to contact him.

roadrunner

storm888

2011 is pretty far away.

JS' position should be slightly favored, based solely on "logic" and "fundamentals."

roadrunner

JS's view of 2011 (or earlier) includes financial markets breaking down and missles flying all around Pakistan and the middle east. I guess if that comes to pass, $1650 gold is pretty believable.

Actually, 26 months really doesn't seem all that far away.

roadrunner

storm888

<< <i>JS's view of 2011 (or earlier) includes financial markets breaking down and missles flying all around Pakistan and the middle east. I guess if that comes to pass, $1650 gold is pretty believable.

roadrunner >>



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Pakistan asks for emergency IMF funds to stave off bankruptcy

DEBKAfile Special Report

October 22, 2008, 8:05 AM (GMT+02:00)

Hit by the global financial crisis, Pakistan is the second country after Iceland to ask the International Monetary Fund for help against its looming balance of payments crisis. With a population of 170 million, Pakistan is also the biggest nation and the first Muslim country to turn to the IMF, troubled equally by near bankruptcy and an encroaching al Qaeda-backed Taliban insurgency.

The IMF directors in Washington are expected to approve a $4-5 bn a first aid rescue package against outflow of cash as investors clean out their accounts in Pakistani banks. The level of cash reserves barely covers one month’s imports, inflation hovers at a 30-year high and the value of the rupee is in freefall, making food and other staples unaffordable. The new president Ali Asif Zardari is trying to raise at least $10 bn from western bankers to stave off bankruptcy within weeks from a group called Friends of Pakistan.

The Pakistani army is engaged in ferocious battles to contain the thrust from al Qaeda and Taliban from the northern and western provinces bordering on Afghanistan to the country’s heartland. They are threatening not only to destabilize the regime but also its nuclear arsenal. Pakistan has 60-80 nuclear warheads. Bankruptcy would make it impossible for the Pakistani army to sustain its counter-insurgency and counter-terror operations. Economic deprivation would cut deep into public support for these operations.

DEBKAfile’s counter-terror sources report that Pakistan’s woes are such that the United States, itself beset by economic troubles, is up against the need to provide instant succor for this vast Muslim nation at the forefront of the war on terror, a need as critical as the rescuing of an American bank.

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