Jim Sinclair: Russia Could Cause Gold To Hit $2000 In 2014 [SPDR Gold Trust (ETF), iShares Silver Trust (ETF), ETFS Gold Trust]

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March 20, 2014 11:31am NYSE:GLD NYSE:IAU

india-gold-etfThe Silver Bug: The Russian and Ukrainian crisis has been discussed extensively by media outlets and this blog over the course of the last few weeks. It is hard to ignore the ramifications that this escalating scenario could have on the global economy

, gold and the safety of citizens around the world.

As we previously discussed, Western leaders have threatened economic sanctions in response to Russia’s move to annex Crimea. These sanctions have begun, but has targeted only a select few Russian elites, which are seen as a non game changer.

Sadly, the response from Russia may have much more dire consequences for the global economy. The main target of focus appears to be the US dollar. Russia has already begun dumping US treasuries and could continue to do so, if they are successful in convincing their allies to follow suit, then look out below. For their next course of action, they are discussing is trading their vast oil and gas reserves for anything but the US dollar. This includes the Russian Rubles, gold and Yuan.

Recently discussing this matter is precious metals expert Jim Sinclair. In a recent interview with USA Watchdog, Jim discusses the impact that these actions could have on the precious metals, the world economy and the dominance of the US dollar:

“It’s struggling… because it smells the real teeth of retaliation for sanctions being in the simple acceptance of any currency whatsoever for payment for gas to Europe. Believe me, they will settle in other currencies. . . . It makes energy cheaper. Why in the world would anyone want to pay in dollars if they can pay in their own currency? Russia could retaliate in a way that would have a phenomenal impact on the U.S. dollar. . . . Russia has the upper hand. They have it in their ability to turn the U.S. economy upside down and into collapse. There is no question whatsoever. Putin doesn’t need a nuclear bomb. He has a nuclear economic bomb that he can set off at any time.” 

Jim Sinclair then goes on to discuss his price predictions for both gold and silver throughout the remainder of 2014:

“Gold has $2,000 an ounce in its sights in 2014. Silver is gold on steroids. When gold takes off, silver goes up faster. . . . So, the idea you are going to get an old high on silver or better is a given.”

Interviews with Jim Sinclair are incredibly rare and insightful. His track record is not one to dismiss lightly and serious consideration should always be given to what he has to say. Posted below is the full interview in which Greg Hunter conducted with Jim Sinclair. Enjoy.

This article is brought to your courtesy of The Silver Bug.

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