from Jim Sinclair...

Dear Friends,

Simply stated, the drop at this time will in retrospect be seen as the foundation for gold trading not at $1650 but rather at $5000.

Armstrong was right and wrong. He looked for a reaction in gold at a time it would not happen, to a price that simply did not and will not occur.

He is absolutely right that as June approaches this type of action is the foundational proof of a major move in gold coming out of June and continuing with the normal drama into 2015.

Relax!