Veteran gold guru and chairman of the Tanzanian Royalty Exploration Corporation, Jim Sinclair told an audience of 591 in Vancouver today that the gold price correction was over.
‘This is probably a historic day for the gold price,’ he said. ‘With the $1,275 barrier broken we are back on the way up.’
The gold price jumped after Fed chairman Ben Bernanke said ‘highly accommodative’ monetary policy will be needed for the ‘foreseeable future’ following a speech in Cambridge, Massachusetts after US markets had closed.
Gold going up
But Mr. Sinclair noted that technical indicators had been pointing to a change of direction this week. He expects gold to retest its all-time high of $1,923 by August 2014 and advance to $2,400 before succumbing to another correction.
Further out he has $3,200-$3,500 in his sights with much higher prices likely if the physical metals takeover from the futures pit as the price setting mechanism for precious metals, something he says might happen in three months’ time when the Comex inventories get too low for it to continue.
After the four-hour long meeting he sat down with ArabianMoney to give us some additional insights into how the gold market will move in the year ahead, and the full text of this interview and our notes from his main presentation will be available only to subscribers to our sister newsletter (subscribe here).
Mr. Sinclair is one of the most widely followed gold commentators in the world and advised the legendary Hunt Brothers in the late 1970s when they cornered the silver market driving silver to $50 an ounce, a price still unrepeated today. His website www.jsmineset.com is one of the most popular gold resouces.
-- Posted Thursday, 11 July 2013 | Digg This Article | Source: GoldSeek.com
comments powered by DisqusPrevious Articles by Peter Cooper About Peter Cooper:
Oxford University educated financial journalist Peter Cooper found himself made redundant by Emap plc in London in the mid-1990s and decided to rebuild his career in Dubai as launch editor of the pioneering magazine Gulf Business. He returned briefly to London in
1999 to complete his first book, a history of the Bovis construction group.
Then in 2000 he went back to Dubai to become an Internet entrepreneur, just as the dot-com market crashed. But he stumbled across the opportunity to become a partner in www.ameinfo.com, which later became the Middle East's leading English language business news website.
Over the course of the next seven years he had a ringside seat as editor-in-chief writing about the remarkable transformation of Dubai into a global business and financial hub city. At the same time www.ameinfo.com prospered and was sold in 2006 to Emap plc for $27 million, completing the career circle back to where it began a decade earlier.
He remains a lively commentator and columnist as a freelance journalist based in Dubai and travels extensively each summer with his wife Svetlana. His financial blog www.arabianmoney.net is attracting increasing attention with its focus on investment in gold and silver as a means of prospering during a time of great consumer price inflation and asset price deflation.
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