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riday, August 13, 2004, 5:34:00 PM EST

Gold Market Summary

Author: Jim Sinclair





The gold commentator on financial TV I spoke about yesterday was a floor trader who receives significant business from COT. No wonder he tried to pan gold.



However, gold is the US dollar in the inverse. Today certainly said that loud and clear. So arguing about gold is a waste of time. The answer to the gold price going higher in this bull market is all about the dollar going to a new low. I would suggest that today's dollar market supports that contention. Gold is going to a new high and the dollar to a new low and our feisty, hawkish Fed Chairman will have egg on his face.

Looking at the charts today is a must as both the US dollar and gold have formed important triangles. Financial TV was broadcasting the gold chart outlined here in the context of a breakdown. I suggest that when it breaks out on the upside, financial TV commentators will become quiet as church mice.

Hedge funds have been making huge plays shorting junior exploration shares and small to large gold producers and development companies but the jig is up NOW on these naked short sellers.

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