Jim Sinclair: Current Sell-Off is the Foundation of $5,000 Gold

Jim Sinclair today stated that the current sell-off sets the foundation for $5,000 gold. Sinclair also yesterday stated that we have not yet seen the highs for silver as well.   $5,000 gold implies silver at $312.50 even if it only reaches the historical average of 16:1, much less if silver overshoots this ratio, which we believe it will.
Stay the course, and for goodness sakes, BTFD!

From Jim Sinclair:

Dear Friends,

Simply stated, the drop at this time will in retrospect be seen as the foundation for gold trading not at $1650 but rather at $5000.

Armstrong was right and wrong. He looked for a reaction in gold at a time it would not happen, to a price that simply did not and will not occur.

He is absolutely right that as June approaches this type of action is the foundational proof of a major move in gold coming out of June and continuing with the normal drama into 2015.

Relax!