Jim Sinclair writes in response to this news item: Banks told by Fed to test for 12% unemployment http://www.marketwatch.com/story/banks-told-by-fed-to-test-for-12-unemployment-2012-11-15?link=MW_latest_news
"Gold will trade at $3500 and beyond. The US dollar will test USDX .7200 before heading lower.
"Whatever is required, be it time or money, the Euro nations will get. The Fed will, via swaps, backstop the euro. QE will go to infinity both here and there.
"The Chinese have publicly said when the gold market takes a hit they will be buying.
"Calm down. Emotions are being run by machines, HFT and nerds who hide behind their computer. They will not win.
"All hell is going to break lose, and its name is Currency Induced Cost Push Inflation."