You have to love Jim Sinclair:

Dear Friends,

Gold weakness today is predicated by the short covering strength in the US dollar.

Short covering in the US dollar is predicated by the Paulson program, the $4 billion raised by Lehman Brothers and the conclusion that the credit problems are now behind us.

The problems in credit are NOT behind us. The US dollar problems are far from over.

The Formula is 100% correct.

There are consequences to the increase in liquidity created to craft the appearance that no further major international investment and banking companies will need rescuing.

Gold will trade at $1650 before the second week of January 2011. I am offering a $1,000,000USD wager with a financially qualified party that this will occur.

Any party on Bloomberg, CNBC or CNN stating an opposite opinion on the price of gold should be informed of this challenge.

Please communicate to any vocal bearish gold expert that I challenge them to put their money on their views.

Respectfully,
Jim