Friday, May 29, 2015

Bloomberg confirms Jim Sinclair’s $50000 gold prediction if China backs currency with metals

A few years ago, the well respected precious metal analyst Jim Sinclair issued a prediction that the price of gold could be valued as high as $50,000 per ounce should the markets be let loose and free to find true price discovery.  On May 27, that prediction was suddenly confirmed by Bloomberg who determined that if China were to back their currency with gold, the price would need to be valued 50 times higher than the current paper spot price set each day by the Comex and London.
In fact, if the current spot price of $1192 per ounce were increased by a factor of 50, the price of gold would not just be $50,000, but would be much higher and reside at around $60,000 per ounce in U.S. dollars and thus be able to facilitate China’s use of the metal for a gold backed currency.
 

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