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Sinclair: “Today was a coordinated attack on gold.  We had the Goldman Sachs recommendation to short gold.  We also had the Federal Reserve Open Market Committee notes quite unusually released before the opening.  Then we had the mainstream media focus on the sale of Cyprus gold, and Mrs. Lagarde on the wire telling people everything was fine with the economy.


The market in gold has significantly changed....


Continue reading the Jim Sinclair interview below...




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“It’s no longer the investment banks vs a community of investors who feel that gold is undervalued, but rather it has shifted, as you can see in trade figures, to major accumulation by sovereign central banks such as Russia and China.


It is also important to note that in Europe gold has been marked-to-market as far as their reserves are concerned.  So the focus of today’s totally transparent attempt to discredit gold is that, yes, it will have an effect on the paper market, but it will have no effect whatsoever on the physical market where in fact the sovereigns trade.


Sovereigns don’t trade on the COMEX, they never would.  Rather sovereigns trade in the physical market in London and elsewhere, and they take delivery of the gold they have purchased.


The intention of central planners is to remove concern from the general public.  Yesterday we had to listen to almost embarrassing backpedaling on the definition of the bail-in, which has now been converted to the need for banks to hold additional reserves from their earnings in order to be able to have the funds to meet emergencies.


But all you need to do is to go back to the 2010 BIS (Bank for International Settlements) review of the methods for handling further bankruptcies in their point #10, or more recently in 2012, the paper that was released by the FDIC and the Bank of England together.  They both say the same thing, that the unsecured creditors of the bank have to fill the responsibility of further bankruptcies.


An unsecured creditor to the bank is the depositor.  This has been agreed to by a proposition paper and signed by multiple banks.  So denial that ‘bail-in’ has anything to do with depositors now is patently false, especially in light of what has been released to the public.”


Sinclair also added:  “This raid on gold will fail miserably, and the recovery will be even more ebullient than the decline.  We may decline $25, but we will go up many hundreds of dollars from here.”


***IMPORTANT - The first scheduled meeting that Jim Sinclair is holding in Toronto is already completely sold out.  Due to popular demand, a second and final meeting in Toronto has been scheduled for this coming Friday, April 12th at 1 PM EST.  For details and to sign up to attend this event while seats are still available CLICK HERE.


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with John Embry, James Turk, Art Cashin, Gerald Celente, Stephen Leeb, John Maudin, Egon von Greyerz, Rick Rule, Bill Fleckenstein, Paul Craig Roberts and Nigel Farage are available now.  Also, be sure to hear the other recent KWN interviews which include Eric Sprott, Marc Faber and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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