Jim Sinclair: Key Points to Review Given Today's Action in the Gold Market

Here's a short yet sobering communique from Jim Sinclair:

"What the market is showing us today are all the same items that occurred in the 70's. I have been telling you this for months if not years.

Key Points in action right now:

We have witnessed the Dow rise on economic news,indicating deceleration of activity. This will continue until major corporations announce poor earnings, making the Dow fall faster than it rose and moving it deeply into the red.

I heard all this "slow business" as negative to gold talk in the 70's. It was totally wrong then. It will be exactly the same now.

Those of you who were panicked by today's action in gold and gold shares are simply doing the WRONG thing. If you had reviewed any of my public commentary you would know that what is taking place in general equities and the general economy is completely gold positive. Yet out you go in a state of total abandon."