Jim Sinclair writes:
"My Dear Extended Family,
"This should serve as an answer to more than 300 emails:
1. There is no top in place for the gold price. Absolutely none.
2. This reaction is an operation using the MSM multitude of reports on the Fiscal Cliff sure to occur in order to scream unopposed deflation (wrong).
3. The US Dollar and Gold are under pressure by the operators screaming Fiscal cliff, deep depression, no additional stimulation will be provided.
4. As usual since $248 Gold, they are dead wrong as to the result.
5. The fact that the Fed is the primary buyer of US Treasuries is the common denominator of all the reasons why gold is going to $3500 and above. This common denominator is simply not going to change for years.
6. The Administration proposes as part of a Fiscal Cliff compromise that the debt Ceiling be permanently removed. That means debt to infinity.
7. This is nothing more than noise.
"It has finally happened. I am buried by your emails. I apologize, but there simply are too many people emailing the same question for me to reply.