$1,000,000.00 Bet gold hits $1650.00

Jim Sinclair is looking for a wager..........


Dear Friends,

Gold weakness today is predicated by the short covering strength in the US dollar.

Short covering in the US dollar is predicated by the Paulson program, the $4 billion raised by Lehman Brothers and the conclusion that the credit problems are now behind us.

The problems in credit are NOT behind us. The US dollar problems are far from over.

The Formula is 100% correct.

There are consequences to the increase in liquidity created to craft the appearance that no further major international investment and banking companies will need rescuing.

Gold will trade at $1650 before the second week of January 2011. I am offering a $1,000,000USD wager with a financially qualified party that this will occur.

Any party on Bloomberg, CNBC or CNN stating an opposite opinion on the price of gold should be informed of this challenge.

Please communicate to any vocal bearish gold expert that I challenge them to put their money on their views.

Respectfully,
Jim

 

Umm... Why don't you just buy 12 ZG/GC contracts ? This is your dip.

 

Why not just buy a couple million in gold futures with a stop at 1mil down?

Even if gold only hits, say, 1250. The risk/reward seems better than just saying "if it closes at 1649" i'm down a million.

Seems like a publicity stunt

 

I'll probably take him up on this. First I have to raise the funds though. You'll be able to read about it in my journal: Turning $11 into $1,000,000 by Jan. 2011.

 

I can't wait *that* long until I have my diamond-encrusted, solid-gold bathroom suite installed. Can't it be $1050 by next month?

 

Quit giving him free publicity. He should just long the futures.

 

reminds me of harry dent: His forecast was that by the end of 2006 the Dow would reach 15,000 and the NASDAQ would hit 3500, by the end of 2008 the Dow would hit 20k and by 2010 the Dow should be flirting with 40,000 with the NASDAQ peaking at 13,000 by late 2009.

 

The Fed and the government will hard run gold to $1649.00 and then pull the rug out - just to make the guy lose. Then they will come out and say, "see the dollar aint so bad - gold was not even able to make it to $1650.00"! :eek:

 

The 12/31/08 1600 touch-exotic is trading 15/100 offered at DB, UBS and SocGen. Bet the fool a mil and buy the 1600 touch at $200k/$1,333k. A reasonable expectation [85%] that the taker will walk away with $800k less credit risk.

 

Understand everything you say, except the 15/100 and 200k/1,333k .

I assume 15/100 chance (15%), but haven't the clue about the 200k/1,333k.