Jim Sinclair Expects Confiscation In The US And Much Higher Gold Prices

In this interview conducted by Greg Hunter (courtesy USAWatchDog), gold expert Jim Sinclair sees financial calamity coming especially in America. In his own words:

“We are facing the annihilation of currency. We are facing the shift of America as the leading and most influential nation of the world to some form of banana republic. If it wasn’t for food stamps, we would be facing long lines of people waiting for free food.”

That should not come as a surprise to readers. Given the evolution of late, especially in the States, one can clearly see the red line when connecting the dots.

The outlook for gold is depending on the U.S. dollar. Jim Sinclair thinks that the dollar will get hammered as he believes that the US is headed for hyperinflation. According to Sinclair, one of the many black swans is the possible abandonment of the US dollar by Saudi Arabia. In case the Saudi’s will stop selling their oil in US dollars, it would terribly impact the buying power of the dollar. Sinclair believes that gasoline will be $10 a gallon very soon, without a doubt.

Furthermore, Sinclair predicts that retirement funds and bank deposits will be confiscated … by the government.

On the question how much money one could you lose, Sinclair answers the following:

“In Cyprus, it was a total of 83%. Cyprus is the blueprint, and it’s what we are going to experience here in the United States.”

Jim Sinclair, who has just accepted the position as Chairman of the Advisory Board for the establishment of the Singapore Gold Exchange, says,

“The exchange will trade physical gold only and not future gold. You have to make delivery.” Meaning, there will be no naked short selling or manipulation of this new market. Sinclair says, “This will emancipate gold from the paper price.”

How high will gold go? Sinclair predicts, by 2016, “Gold will be $3,200 to $3,500 an ounce.” By 2020, Sinclair predicts, “Emancipated gold will be $50,000 per ounce.”

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