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Honoring the first gold-bug, Jim Sinclair

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Last month, on 6 Oct , Jim Sinclair passed away at the age of 82. Jim Sinclair was the ‘first gold bug’. 

By the end of 1974, after gold hat hit $190/$, the ban on holding physical gold by American private citizens was lifted. The price of gold retreated soon afterwards to less than $150/Oz and would bottom out by late 1976. Jim Sinclair was very vocal pointing out that the retreat was not going to last. On the contrary, the price of gold was going to surpass the previous $190 high at least fourfold. 

By the turn of the century, Jim Sinclair again predicted that the ongoing weakness in the gold price was nearing its end. The 9/11 twin tower attacks eventually were the spark, but gold started rising more as a result of the US monetary policy change, countering the looming recession with low interest rates. The monetary largesse which going to be called ‘The Bernanke put’ a few years later. Moreover, it was combined with fiscal expansion through higher federal deficits. 

In the video, Jeffrey Christian of the CPM group is honoring Jim Sinclair and goes into detail of him meeting Jim personally on that pivotal moment in 2001.


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