Mots clés associés : Dollar | Euro |

Re:        Chairman's Corner - Wednesday, July 23, 2008
Title:     Gold Price Volatility Perfectly Normal
Author:    Jim Sinclair

Dear Friends,

I want to provide you with my personal view on today's gold market activity. My take is that today was really nothing new. Gold is a currency that reacts in a direct relationship to the Euro. All other ingredients that are assumed to create the gold price work into the dollar versus Euro relationship.

Because of this relationship, we could (and many are tonight) writing tomes on energy prices, the equity market, interest rates and other commodities. I like simplicity. That means I look At THE EURO TO KNOW WHAT THE GOLD PRICE IS DOING AS THE DISTILLENT OF EVERY OTHER FACTOR OUT THERE.

Reactions happen in every market. When it comes to gold violence is its surname.

Today's activity in the gold market was a forced reaction. When the Euro hit $1.5980, the panic alarm sounded in the dollar versus Euro relationship. A freefall was destined to occur.

Crude to gold works only via its impact on the dollar versus Euro action.

If we must speak about crude what we saw today was a black box barf reaction and not the end of a major bull market. The worst case scenario under $125 is major buying interest that will wait for $110 to $115 - but not for long before it steps up.

Nothing has changed fundamentally for the key element in gold, the dollar. The panic alarm went off as the dollar threatened a free fall. The greatest show on earth went to maximum TV exposure at maximum volume. The margin traders bailed and the rest of the public gamblers were sold out the next day in commodities.

Nothing whatsoever has changed. Gold is headed to $1,200 this year and $1,650 on or before January 14th, 2011. The Euro will trade above $1.60 on its way to $2 plus.

Gold buyers now are at $910 to $915 and they will move up if not satisfied this week. My next buy is at $912.

The odds do not favor a gold price under $900.

I have traded gold backwards to how you should do it if speculating in general commodities. In gold I have bought every reaction in a stepladder fashion, selling exactly the same way. It has worked every time, even though I have seen my life pass before my eyes on a few occasions.

The only selling that should be done is if you approach a margin call. Cover the call yourself before the session close. Do not wait for a margin call, and once you have covered, stay away from margin! If you have other needs for your funds, make sure you have completed the necessary actions to deal with them.

Other than margin or other financial needs, jump back into the hole we dug years ago, pull the same rock over your head and peak out in a week to see where we are.

Respectfully yours,

Jim Sinclair

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Message sent on Wed Jul 23, 2008 at 9:28:11 PM Pacific Time

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Tanzanian Royalty Expl. est une société basée au Canada.

Tanzanian Royalty Expl. détient divers projets d'exploration en Tanzanie.

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