With the move down in the gold market today, King World News interviewed the legendary Jim Sinclair to get his thoughts on where things stand. Many investors are badly shaken by a day like today, but Jim and I spent large chunks of our conversation laughing today as we swapped market war stories. Here is what was left that was suitable for print from that interview...We had a big drop in sentiment in gold today. What’s funny Jim is that the sentiment today is the same as it was $400 or $500 dollars ago. You have investors and traders in gold that are still very afraid, and at the slightest hiccup in the market their fear escalates. Because of that would you say we have a little more work to do on the downside in gold?
“Yeah, whenever you make a technical hit in a technical world, you’ve created a weakness that needs to be gone through. So yes, the market breaking $40, it’s got to become a show me market before the bull takes off again. The bubble callers are celebrating a very brief period of false victory.” (more)
No comments:
Post a Comment