From Jim Sinclair

Dear Comrades In Golden Arms,

COT loses when it takes on governments.

COT loses badly when it takes on persistent governments.

COT gets creamed when the US dollar trades below .7400 and persistent government are persistent.

COT expires when delivery problems occur on any futures exchange, the dollar trades under .7400 and persistent government persist.

COT does the death rattle when COT takes on persistent governments that do persist, the dollar trades under .7400, delivery problems occur on any futures exchange and there is a run on the bank of ETFs who "own" more gold than anyone could have bought in the physical market, straining ones imagination enough to read the prospectus.

Junior precious metals shares and junior producers do their 1980 thing when the run on ETFs takes place.

Then Christmas comes?