*Updated with more in-depth recap from SD reader GL
For those unable to attend the legendary Jim Sinclair’s NYC Q&A meeting yesterday, we have provided SD readers an exclusive full recap summary of the meeting below.
While 5 hours of Jim Sinclair’s wisdom could never be conveyed in a single post, of note- Sinclair urged PM investors that they have 2 years to remove your IRA funds before they are lost to forced Treasury allocation, and to stop contributing now.
Sinclair also confirmed he sees a triple digit future for silver, but that silver’s rise will be orgasmic- a rapid climax rally followed by a dramatic decline.
Full recap of Jim Sinclair’s NYC meeting is below:
Courtesy SD reader StackerX:
I arrived at the Sutton Room in the Hilton Hotel at about 1:30pm. I figured it would be better to be 30 minutes early than a minute late and too my surprise the room was practically full. Once I entered the room I was also surprised Mr Sinclair had already started answering questions. Their were roughly 800 people at this meeting and hundreds of questions answered. I would say a quarter of the questions revolved around silver. Anyway the Q&A ran till about 5:30pm. Here are some of the notes I was able to capture while there:
1) Cyprus was a major mistake by the IMF. This was meant to shift the onus from debt monetization to the depositors. This means you should move your money out of the banking system and into something else like gold. He also said if Cypus was successful it would have caused the Dow to plummet down to as low as 1000 points because it would be a shift away from QE. QE would be second.
2) IRA timing question. Sinclair: “you have 2-3 years.” Says stop contributing. Get out. Doesn’t have to be right away. You have 2-3 years.
3) FDIC can’t meet its obligations. It could handle one or two bank failures but it cant handle a systemic crisis.
4) Mining production good to start now. 5 years ago maybe not so good.
5) Gold valuation math question: Dividing current fiat by amount of gold held = $15-17,000 gold? Sinclair: too soon to tell. Do this in 2015. This calculation may misguide you now.
6) Gold Confiscation possible? Sinclair: short answer “No” because gold has a different role today then it did back in the 1930′s. Back then they confiscated gold to increase the money supply. “Gold doesn’t function like that anymore”. Sinclair doesn’t believe their will be confiscation. Can’t comment on Taxing it instead.
7) Gold coins less likely counterfeit than Gold Bars.
8) Gold only asset to appreciate.
9) Gold will find its way back into the monetary system
10) Gold price to look for: $1517 and $2021.
11) Sinclair on Silver: Silver will rise past $50. It will rise as gold goes higher. Silver is not a monetary metal. The price of silver is based on the paper markets, because of this the supply is infinite. “The high Silver price wont be fulfilled”. “He cant agree on a really high Silver price”.
12) Why doesnt someone/ Billionaire try to corner the Silver market? Sinclair: because they will end up like the Hunt brothers.
Brings up a Jesse Livermore example where he was once pressured to take delivery. He said Livermore was a gentlemen and refused. Said other billionaires probably don’t want to go down in history as the person who crashed the Comex.
If the Hunts took delivery they may have ended up behind bars. When you break an exchange it creates a false price upwards. Problem with a Comex crash is it will go up but then crash down. He said it would be “orgasmic” lol. It is better to have a steady rise up!
13) Gold storage companies may become unethical like any other company.
14) Question about Gold Silver ratio. Sinclair: “He doesnt believe in ratios”
15) Sinclair is more of a believer of gold.
16) What about Silver? ” Silver will also do well”
17) Gold will be revalued by the market
18) Their has never been a nationalized mine that made a profit.
19) Remonetization of Silver is unlikely.
20) Yes physical Gold and Silver can run out.
21) Triple digit Silver a myth? Sinclair: Not a myth. But wont hold. $500 Silver probably wont happen.
22) Dow high because of liquidity. (floats all boats)
23) Dow could have a reaction lower sometime soon but then go higher.
24) Significant Gold targets: $248, $1650,
25) Gold was a utility in the 50′s
26) Miners are a great opportunity because they are smashed. Even with a market crash they cant go much lower.
27) QE pullback? Stopping QE creates a black hole. No limit to QE
28) The Fed only has two tools: Debt monetization and Gold revaluation.
29) Gold bull run cycle to end by year 2020-2021
30) Glass Steagall wont come back.
31) He believes Hyperinflation can occur. He believes if we have Hyperinflation it will only last 3 months. “It will be a very ugly experience”. Also said it would be short and violent.
32) Euro will outperform Dollar because they are practicing Austerity.
33) Said their is no solution to over the counter derivatives. He said a derivative is like a knot in a string that loops. He said the collapse of Lehman caused the loop to be cut.
34) 5 year window for BRICS to take over
35) He said next target for Gold was $3,100-3,200. Below $3500 is a buy. By 2015-17 Gold will be roughly $4000-4500.
36) He said if you are a Miner stock holder you must act crazy and raise hell to see profits.
37) He said the significance of March 27th date was it was his birthday. lol
38) Attack on Iran is unlikely. In the past it was possible but it doesnt look attractive today. Russian stealth Submarines may be game changer.
39) If Gold revaluation were to occur within a year it would be roughly $4,499. But could go higher after a year.
40) He was asked if he has a leg up in the industry. He said of course. Being in this business for as long as he has means he trades information with heads of industry.
41) He doesnt believe Comex will fail.
42) Question about Bitcoin? Sinclair:” it may not be practical”
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