The Bet: Gold=$1,650 by 2011; The Wager $1M

My S. African pal Prieur du Plessis informs us of this interesting wager from Jim Sinclair: A $1 million wager for the price of gold over the next 3 years.

Assuming this is more than a marketing stunt, here are Sinclair's terms:

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. 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.

I have been a bull on commodities and Gold for quite some time. But there are plenty of Gold Bears out there. Will any of them rise to the bait?

~~~

UPDATE: April 3, 2008 6:43am

Neal informs us this is not a marketing ploy for several reasons:

1. Jim Sinclair is the CEO of TRE

2. His website www.jsmineset.com is a free website

3. He has been bullish on gold since the upper $200's

4. He has been dead on with his accuracy of where gold is going.

5. He is tired of the top callers of gold anytime gold has a correction

6. He is one of the country's top gold traders.







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Source:

A $1 million wager for gold bears

Prieur du Plessis

Investment Postcards from Cape Town, April 2, 2008

http://www.investmentpostcards.com/2008/04/02/a-1-million-wager-for-gold-bears/

Wednesday, April 02, 2008 | 02:00 PM | Permalink | Comments (52) | TrackBack (1)

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Comments

Not unless they would like to depart with their $1M. Sinclair should have them take out $1M in gold futures and DELIVER those ozs as payment instead of $1M in cash as the NPV only be $750K by then.

Posted by: Stuart | Apr 2, 2008 2:08:58 PM