Friday, July 15, 2011

Jim Sinclair: A Move in Gold Above $1764 Will LOCK IN 5 Figure Gold!

Imagine what $12,500 gold will mean for silver! Even if silver only reaches a conservative 16:1 ratio, this would be $781 silver
As there are 5x more above ground ounces of gold than silver today....make sure you are sitting down before calculating the potential price for silver should the free market (supply and demand) be allowed to determine price.

With gold hitting new all-time highs yesterday in dollars, euros and pounds, today King World News interviewed legendary trader Jim Sinclair and Dan Norcini to get their take on where things stand in the gold market.  When Sinclair was asked about the action in gold he stated, “Gold at $1,764 is as important as gold at $524.90, and above $524.90 the gold market went into a runawayIt’s the exact same setup at $1,764, but having said that $1,764 should bring in some significant supply. 

However, a move above $1,764 would be the equivalent of $524.90 in the sense that you would go from the runaway that was born at $524.90, into a hyperbolic market.  The key to all of this is $1,764 and you will go above that level, but what that does is lock in four (he means 5) figures on the price of gold.  A move above $1,764 brings into focus prices as high as $12,000, so we are are approaching the most critical milestone in the entire gold bull market…
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