Jim Sinclair called it on the money.

jmski52

For the record, Jim Sinclair did call the $1,224.00 level for gold right on the money, almost to the day. You can check the archives on his website going back for years. Roadrunner might know more precisely, but Sinclair has been pointing to this level for gold at this exact point in time for over a year, maybe 2.

What makes it much more interesting is that he says we are nowhere near done yet with the price rise in gold.

Check it out.

In addition to calling the price level, he documents very well many of the factors that play into the prices of the precious metals. A consultant to N. Bunker Hunt for his silver liquidations and a contemporary of Paul Volker, he has been involved in high level finance and markets for his whole career, and it is helpful to listen to what he has to say.

SportsModerator

He's one of the first things I read every day without fail.

secondrepublic

Where does Sinclair believe gold is headed as a final top?

roadrunner

Sinclair has refused to officially publish any recommendation of his own higher than the $1680 he posted for many years. I think that his highest "angel" at $2025 is his own highest call even if only depicted in a cartoon. But he also has stated that gold is heading towards the numbers predicted by Martin Armstrong ($5000) and Alf Fields ($3500). Alf's was a minimal projection I believe based on certain EW characteristics and fundamentals. However Alf did admit that a number as high as $10,000 was not out of the question. Armstrong doesn't see $5000 until 2015-2016. All 3 basically agree it's going a lot higher than most could imagine.

Sinclair posted his gold markers earlier this year and $1224 was certainly among them. But I don't recall that he predicted months ago that it was going to be hit this year though he did state very recently that $1224-$1278 would be hit by Christmas....give him 1 pt for that one. Certainly he targeted gold angels at $1025, $1089, $1156, and $1224 many months/years ago. In June he did indicate that a battle at $1224 was to occur but from that I didn't assume that meant it was going to happen in June/July or anytime this year. If anything most readers might have taken that as gold was looking to jump very soon, not nearly 3 months later in September. But JS certainly did call a weakening of the dollar following the first week in November (during the G20 summit) as far back as January. He was spot on concerning that gold would strengthen considerably starting in November. His detractors say that he predicted a dollar collapse in November and that he was flat out wrong. From my point of view the dollar did experience a collapse in confidence even if its price didn't reflect a true collapse. Gold rising 19% above the previous all-time high while the dollar sort of meandered in the 74-77 range for months certainly indicated something "collapsed."

Sinclair's roadmap for much of this year has been pretty good. But don't expect him to tell you when a major correction is coming such as what occured from Feb-April this year. He figures if you've been reading him faithfully and followed his TA preachings that you can fend for yourself and know when to lighten up.

Next angel after $1225 is $1296.

roadrunner

mrearlygold

And he ain't blowing smoke

secondrepublic

Sinclair had a pretty good track record in making calls back in 1979/80. I happen to think the bull market isn't close to being over yet. Gold has increased about 4x in the last decade. Over the course of the 70s, correct me if I'm wrong, it increase far more than that.

1201reset

An interesting statement by JS on 12-6.

_Reset


I will advise taking the cost of your position out between gold at $1580 and $1620,
letting the balance of your position ride as the price shows its intention of reaching
Alf and Martin’s numbers.

Respectfully yours,
Jim

jpkinla

Very bearish candlestick pattern called an "evening star". According to Nison, one of the most reliable patterns are the morning or evening stars which are turning points and more than likely a retracement of the minor trend which could be $1120-$1130 or $1040-$1050 at worst. I didn't lighten up and have given back too much of my futures profits in November but I still believe we will be much higher in the next few months so am positioned accordingly.

Jim Sinclair has been pretty much dead on and I read his commentary religiously every day.

Justacommeman

While those recent candles are pretty ugly I don't think you can interpret that pattern as an evening star.

Weekly charts-- You need a large green candle on the first candle. You did not really have that. The second candle did gap up, but not signifi
cantly. Stalemate. The third candle is why it's not an evening star. The third candle did not eat into the first candle erasing 75% of the gains. It never even reached the first candle.

On the daily charts---- the first candle actually rules it out as being an evening star. It has no large green body at all. In fact it's a doji. The second candle body actually closed at the high of the day. The third days candle is another doji and never reaches into day ones body at all. Now day four is the doozy....But, it's not an evening star pattern, which is a very reliable indicator. Evening stars are not four candle patterns. It is a three candlestick pattern.

Evening star pattern-

The first part of an Evening Star reversal pattern is a large bullish green candle.

The second day begins with a bullish gap up. The candlestick on Day 2 is USUALLY quite small.

Day 3 that is the most significant candlestick.

Day 3 begins with a gap down and ends up wiping out at least 75% of the gains seen on Day 1.

As for Sinclair---I love him. He has taken my phone calls, returned them and answers e-mails in a timely manner. Wow. MJ

renman95

Great explanation, thanks.

joebb21

where is sinclair now?

Justacommeman

<< <i>where is sinclair now? >>


What does that mean exactly? Curious...........MJ

jmski52

Without looking through his archives for specific timing, I think his forecast is that gold will hit $1,650 sometime in 2011 and will continue higher from there.

renman95

<< <i>Without looking through his archives for specific timing, I think his forecast is that gold will hit $1,650 sometime in 2011 and will continue higher from there. >>



Jan 14, 2011....had it noted in my iPhone.

Zubie

Any word from Sinclair about Silver? If the GSR stays around 60, then that would be around $27.50 with Gold at $1650.

Justacommeman

<< <i>Any word from Sinclair about Silver? If the GSR stays around 60, then that would be around $27.50 with Gold at $1650. >>


He rarely comments on silver. MJ