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Jim Sinclair is a commodities and forex trader and currently CEO of gold mining company, Tanzanian Royalty
Exploration. He was tasked with liquidating the Hunt brothers’ silver position in the early 1980s. He is also
the son of Bert Seligman, who was the trading partner of Jesse (“Reminiscences of a Stock Operator”) Livermore, the most famous trader in history. On 23 December 2011, Jim Sinclair commented:
“We’re in the most manipulated markets. We are in the most fraudulent markets in history…
What you’re seeing going on right now favours the bankers and disfavours all others. However,
when it’s finally finished there will be one man standing and that one man standing will be gold
– the only market that the banksters can’t control in the final chapter.”
I didn't know that. I've read his books. (JesseLivermore) His one book and the other two. I didn't recall that he had a trading partner. I was under the distinct impression he was a one man show. I mean aside from the fact that he knew a lot of people and a lot of people knew about him.
That fact that Jim Sinclair is the son of Bert Seligman is just too weird for words. I don't doubt you, just too weird for words.
All this makes Jim's position even more bizarro. I mean after reading Jesse Livermore, of course there's manipulation. There's as much manipulation as the market will bear. Doesn't change anything. Up or down. Didn't matter to ol' Jesse. And as a trader, Sinclair would have to live by that too. So why get your shirt all in a knot only about gold? It wouldn't be because he has a stake in a mine would it?
Personally I watch gold and silver spot, USDCAD and EURUSD in order to try to trade SLW on the NYSE.
I'd like to try to trade what you trade or to trade gold or silver spot. But there are a lot of reasons that I don't right now. I want to first learn how to be profitable trading this one instrument first. I know it may not be the best from other peoples perspective. But I feel it is the best choice for the time being. Just a little info in case you were interested.
Can you help answer these questions from other members on NexusFi?
What unbelievable heritage. I mean somebody has to have it. So let me get this straight. What he does all day is manipulate the markets. He comes from a long line of market manipulators. And he's warning us about the gold market manipulation??
"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."
That was really Bert Seligman. That's a quote that belongs on my wall along with a few others.
...On Tuesday, Gold ETF interest increased to its highest level in nearly a month at 2,190.583 tonnes showing how investment demand in the gold ETF is far more ‘sticky’ and long term in nature.
This means that there is a fundamental pillar of support below the gold market which did not exist in the 1970’s.
An important positive development for the gold market is billionaire financiers George Soros and John Paulson have again increased their allocations to gold as seen in the latest SEC filings.
George Soros more than doubled his shares in the SPDR gold trust ETF.
He increased his position in SPDR Gold to $137.3 million in the second quarter from $52 million previously. SEC filing for the second quarter showed Soros Fund Management more than doubled its investment in the SPDR Gold Trust from 319,550 shares to 884,400 shares at the end of June.
In September 2010 (see chart), Soros called gold "the ultimate bubble" and largely dumped his stake in the ETF before gold recorded annual gains in 2010 and 2011 and rose to a nominal high of $1,920.30 per ounce in September.
There was speculation at the time that he may have sold the SPDR trust in order to own far safer allocated gold bars.
Another billionaire investor respected for his financial acumen is John Paulson and Paulson & Co increased its holdings by 26% by purchasing an additional 4.53 million shares of the SPDR Gold Trust to bring entire holding to 21.8 million shares.
It was the first time Paulson & Co had increased its position in the SPDR Gold Trust since the first quarter of 2009, when the investment firm initially acquired 31.5 million shares. It means that Paulson's $21 billion hedge fund now has more than 44% of the company's assets allocated to gold.
Paulson, who became a billionaire in 2007 by betting against the US subprime mortgage market, lost 23% in his gold fund through July as lower bullion prices and slumping mining stocks led to losses.
The increased allocation by Paulson shows that he has much confidence that his allocation to gold will pay off in the long term....
“Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.” - Dr. Seuss
