Today legendary trader Jim Sinclair told King World News we have just witnessed one of the most important events in history and it will have a major impact on the gold market. Sinclair, who’s father was business partners with legendary trader Jesse Livermore, had this to say in this extraordinary and exclusive KWN interview:
“The wire reports on the Cyprus situation are working overtime to try to make the case that 80% of the deposits belong to the people of Cyprus, and only 20% of the deposits belong to the Russians. That’s absolutely false. After 1985, when the ‘Robber Barrons’ of Russia took over the general economics of Russia, that was the transformation from the KGB to private business. The primary place for exported Russian funds was Cyprus.
Now, there is one leader in the world that would be very dangerous to challenge and that is Putin of Russia….
“What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’ Russian ‘black money’ is KGB money, now in business. The leader of Russia (Putin) was a former KGB official. Whose money do you think they have taken? This is the biggest mistake the IMF could possibly have ever made.”
Eric King: “Jim, it’s unimaginable to me, but, incredibly, just ten days ago in a KWN interview you warned that you don’t want to anger Russian leader Putin because he and Russia will punish the West in the gold market. Can you talk about how this is going to impact the gold market beginning on Monday?”
Sinclair: “What would you rather have, an insured bank account by the BIS, FDIC, ECB, when any government can come in and take 10% of your account and treat that as if you are paying a tax for monies that were lost because of devious actions by the banks themselves, or gold?”