Wed 2 Apr 2008
A $1 million wager for gold bears
Posted by Prieur du Plessis under Gold, Investment, Markets, Money
Gold bullion is under water at the moment with the price having dived sharply over the past two weeks. This move has triggered a myriad opinions ranging from the end of gold’s 7-year bull market to a mere healthy correction in an ongoing uptrend. But few pundits have as strong a conviction as Jim Sinclair who is putting his money where his mouth is – $1 million smackaroos, to be exact, that the gold price will trade at US$1,650 before the second week of January 2011. Any takers? (Let’s hope this is not Jim’s version of an April Fool’s hoax!)
Source: Jim Sinclair’s MineSet, April 1, 2008.
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April 2nd, 2008 at 12:50 pmA $1 million wager for gold bears…
Gold bullion is under water at the moment with the price having dived sharply over the past two weeks. This move has triggered a myriad opinions ranging from the end of gold’s 7-year bull market to a mere healthy correction in an ongoing uptrend. But…
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Pingback from Sinclair’s Million Dollar Gold Bet Enters the Home Stretch | Reaction Radio
January 29th, 2010 at 2:36 pm[...] I noticed this on Barry Ritholtz’s site more than two years ago (via Prieur du Plessis). [...]
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April 3rd, 2008 at 2:25 am
Jim Sinclair’s vocalizations remind me of the early years in the ’80’s decade, when those two sisters from New Orleans or was it Red Stick?
– well, whatever — assured us that gold was headed for someplace between the moon and Mars. Unless the growth in M1, which is broad cash, starts doing something besides slumping, Jim may find that he is on the wrong end of the wager. Then again, could monetarism just be a load of malarky? If one is gambling on the dollar going to minus infinity, then he better start paying attention to the grumbling and low keyed threats in Europe to intervene in the currency market.
When physical gold drops $50 in a single day, one should think hard before taking a position.