“Gold And Silver Will Be Your Only Lifeboats” Warns Jim Sinclair

• “As for gold and silver, these markets are both REALLY tight if you want the physical metal. If you are trading paper metal …oh well, can’t help you.
• This is the Great Credit Unwind and as such, currencies of all sorts, including the dollar, will take turns crashing. Watch the various sovereign treasury prices and yields (also CDS credit default swaps) as a clue to which country is experiencing an “attack du jour”.
• Gold and silver will be your only lifeboats as they are no one’s liability in a world where everything including the money in your pocket is someone else’s liability.”

Jim Sinclair is one of the most respected experts on the gold market in the world and he released this important warning to his community over the weekend. 

The full note to his readers can be read here.

DAILY PRICES
Today’s Gold Prices: USD 1,153.50, EUR 1,005.93 and GBP 734.40 per ounce.
Friday’s Gold Prices: USD 1,149.35, EUR 1,021.33 and GBP 732.75 per ounce.
(LBMA AM)

Gold in USD – 1 Week

On Friday, gold rose as high as $1161.67 in New York and ended with a gain of 0.64%.  Silver slipped to as low as $15.14 and ended with a loss of 1.29%.

Gold was 4% higher for the week and made strong gains in all major currencies. Silver was also higher, but by just 0.41% for the week.

Gold stayed close to its highest level in almost seven weeks today as worries over a slowing Chinese economy pushed investors away from risky assets such as equities and into safe haven assets.

Asian equities tumbled to three-year lows, the U.S. dollar retreated and industrial commodities from copper to oil slid to their weakest since 2009. The Chinese stock market collapsed another 8.5% and the Nikkei was 4.6% lower.

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