$1 million Gold Bet

Discussion in 'Wall St. News' started by Covertibility, Apr 3, 2008.

  1. Jim Sinclair's MineSet
    (Scroll down to April 2, 2008 post - Gold Bears: Put Your Money Where Your Mouth Is)

    Dear Comrades in Golden Arms (CIGAs),

    In times like these I invite you to put your non-margined hand in my totally confident hand. Be calmed as we walk the wildness of the gold market to $1650.

    I know gold is headed for $1650. If that is not enough for you today, then please allow me to demonstrate my commitment to my view of the gold price.

    We wish the Fed, the US Treasury and all other central banks well in this process as there is NO other alternative.

    KNOW that there are consequences to the increase of non-drainable international liquidity created to craft the appearance that no further major international investment and banking companies will need rescuing.

    My position on timing and price is that Gold will trade at USD $1650 before the second week of January 2011.

    I am offering a $1,000,000USD wager to a financially qualified party that this will occur within the stated timeframe. Any party on Bloomberg, CNBC or CNN-Business stating an opposite opinion on the price of gold should be informed of this challenge.

    Please communicate to ANY vocal bearish so-called gold expert that I challenge them to put their money on their views.

    Any commentator unable to financially meet this challenge should not be opining. If they really knew the gold and currency market they could easily meet the challenge.

    I am relying on you CIGAs to forward this challenge to any vocal bear, suggesting they stop flapping their lips by putting up or shutting up. It is one thing to hide behind a computer screen. It is another to bet the ranch on the view you promote.

    The technical procedure of a serious wager is:

    Prove you can in fact wage the challenge by an attorney's letter.
    Segregate the funds in cash or near cash kind in the hands of your attorney.
    Execute an agreed upon binding contract stating the terms of the wager.
    (This offer is void in all areas where wagering is illegal if any such areas still exist in our algorithm-geek casino world)

    Respectfully yours,
    Jim Sinclair


    Scary cause he's been right the whole way up. $1650 gold would put the dollar index around 60?
  2. PaulRon


    you have to back up that insane prediction with at least some sort of reasoning
  3. rosy2


    why go even money when the same binary bet is about 10/1 ?

  4. basic cyclical analysis and experience. no magic here.


  5. :D

    exactly, a publicity stunt. last ditch attempt to ride the lightning prior to gold fall.

  6. PaulRon


    can you elaborate on this please?
  7. rosy2


    > CashOrNothingOption(TypeFlag="c",S=900,X=1650,K=1000000,Time=3,r=0.05,b = 0, sigma = 0.20)

    Cash Or Nothing Option

    CashOrNothingOption(TypeFlag = "c", S = 900, X = 1650, K = 1e+06,
    Time = 3, r = 0.05, b = 0, sigma = 0.2)

    TypeFlag c
    S 900
    X 1650
    K 1000000
    Time 3
    r 0.05
    b 0
    sigma 0.2

    Option Price:

    i just used fseries library for R and assumed 5% interest rate and 20% vol, 3 yr maturity
  8. When I read this I couldn't help but this of this chartwatcher, Louise Yamada on CNBC, dollar to 60, gold to 1500 to 2000. I'm not entire sold on the idea that charting can predict the future but every once in awhile the damn things foreshadow prices down the road.

    Fundamentally, the printing presses are still running. Cheap money will find something to bubble up.
  9. surely this is marking a top. Gold to sub 600 by 4.1.2009.

    this guy has no clue about the large metallic funds....t



    Hi Surf
    Do you know who Jim Sinclair is?
    If so have you followed him and his advise? I have been a long time follower and he has point me in the GREEN direction for over 3 years. To say he has no clue is well, saying you have no clue! Do some research on the guy and then tell me if he has no clue.
    #10     Apr 3, 2008