Jim Sinclair on King World News:
“But it’s the type of action in their market that bespeaks things to come. Fundamentally we are locked and loaded to go into the $2,000 area. Technically this chop is going to end real soon and we’re going to get direction. And the direction, in my opinion, is not going to be on the downside, but rather on the upside.
"The accordion chop is going to launch us into the $2,000 area. Gold has never been easy to trade and it’s certainly not getting easier. But there has been a great deal of money made, not by chasing, but by waiting for these drops and taking advantage of them when they come, (and by) laying off a little on the upside.
"Gold is cheap relative to the idea that you could have a life’s fortune on a statement from a clearing agent and find out that you don’t have a penny left anywhere. Which should you have had, physical gold or that clearing house statement? Gold is cheap because of the condition of other things...."