Five years ago gold was at $418/oz. One year ago gold was $909/oz. Today, under a blistering, paper leveraged, fraudulent assault…with a takedown of $40 starting at the New York open…gold is $1210…and rebounding right now. The perpetrators will be paying a very stiff price for their desperate, myopic, short-lived attack today. They may have painted the tape…but it was only with disappearing ink.
Ya gotta love Jim Sinclair as he puts it all into perspective.:
“Contemplate what each of the following means to you one at a time. Do not try to do them all at once. You do not want to do this as a routine memory exercise as much as a meditation on why you have bought the insurance you have.
- Gold is a currency with no liabilities attached.
- Gold is competition to paper currency.
- Gold is not a commodity.
- Gold is a barometer of fear.
- Gold is a barometer of confidence in Government.
- Gold is insurance.
- Insurance is not something to trade.
- Gold is money when money fails.
- Hyperinflation is a currency event, not an economic event.
- Hyperinflation is a currency event described as a loss of confidence in the currency.
- Gold in your hand eliminates counter-party risk.
- Gold is the high ground when the global tsunami hits.
- Gold removes financial agents between you and your assets.
Be strong in your conviction and do not be bothered by the return of the Prechterites and top callers.
Respectfully,
Jim
