Rasta wrote:In today's "
In The News Today"
Jim Sinclair’s Commentary
A man who the gold gang helped get out of the can with thousands of letters on his behalf is talking trash about the dedication of gold investors.
I firmly believe he is dead wrong, and shooting himself directly in the foot. I knew him in the 70s and I guess nothing really ever changes.
Respect and gratitude is not the long suit of many. Have no fear because we are here.
Regards,
Jim
There is no related article. Is Sinclair talking about Armstrong here, or who is Sinclair talking about?
Guess it is clear to me because there really are related Armstrong articles.
I made remarks here before that Armstrong is trashing goldbugs just because goldbugs think gold is going to play some role again in the monetary system (but they don't understand what precise role and they are confused about comexgold jumping up and down).
On the other hand Sinclair is predicting time related goldnumbers that are not coming true in his predicted timeframe. His father Bert Seligman could do that but Jim himself isn't as good in that.
Both giants make mistakes 
-Jim and Martin lack an independant strong website editor and because of that the goldincrowd doesn't always understand what they really meant to say. The goldbugs get confused and they herass both giants with misplaced complaints.
-They both receive e-mail, fax and telephone calls from goldbugs who are looking for confirmation and they really should
cut that service because it isn't doing anyone good.
-Martin is a trader and his cycle system seems to be proven. Martin looks upon gold as just a wealth commodity. So if you want to trade gold you'd better listen to Armstrong.
-Jim is also a trader but moreover a fundamental monetary specialist who is still a WallStreet incrowd member and is foreseeing a reintroduction of gold in the monetary system. He knows that and he knows that the big WS-financial firms know that as well.
And sure, it actually really doesn't matter at all if central bank goldbars are filled with thungsten or exist only in papercontracts. Just because the WS financial incrowd knows there is coming a BrettonWoods 2.0 some day in the near future where an agreement will be made to install a new digital world currency that will be exchangable between central banks only and will be controlled by some percentage of gold into that system. (an international day-to-day trade balance clearing
)
In that case it doesn't matter where any CB gold is stored, because the only thing that is important is that governments
believe the gold is actually where it should be.
The world leaders believed American fort Knox accountants during Bretton Woods 1944. During the next decennia they trusted that the unaudited gold was still there. Some countries only desired some gold for their dollars during the seventies because they didn’t trust the dollar purchasing power anymore (NOT because they thought the gold possibly wouldn’t be there). Many countries still believe that their own CB gold is stored safely in N.Y. (only some politicians and almost every goldbug doesn’t trust this). The Euro Union countries believe all separate states will keep their golden ECB promise, but NO participating country demanded for audit. Etc. Etc.
So the central bank gold stock promise is built upon mutual believe only. Why should that change within a virtual world currency unit system?
It could change if freegold was introduced, but that would certainly lead us into WWIII (China included). Therefore I don’t think a currency pricing freegold system will see daylight. Only when there’s no other way out.
What IS important is that your personnaly owned physical is genuine, because you are NOT a central bank. You can perform like your own central bank, but banks or precious dealers will check your gold over and over again if you want to exchange it.
So ....... I both respect these two giants for their hughe knowledge and I can see they are both making unnecessarily mistakes, but who cares ..... at the end they are just man like you and me.
Let them fight their battle and in the meantime: TAKE BOTH SERIOUS
