Jim Sinclair always manages to put things in perspective:

Dear CIGAs,

I will not bother you with many words this evening. Sentiment today is as negative as I have ever seen.

I appreciate that most of you sending communications my way today reached out, expressing your fear and anxiety properly.

CIGA Pedro from London called my attention to the fact that the Bank of England informs those that read their monthly statements of the size of their begging bowl loan window activity. He noted that their figure is slightly above $360 billion. If you compare the relative size of US financial entities to those of Great Britain you can assume the size of the US Fed Begging Bowl funding of bankruptcies is now over one trillion dollars.

1. This situation will not simply round out in 2009 and move back into sound business conditions.
2. The world is heading into a hyper inflationary condition asa result of the expansion of liquidity at a rate never experienced in economic history.
3. Gold shares have been bullied as many under severe pressure are in fact moving forward on the ground at the best and most successful rate in their respective corporate histories. The short operator’s pressure has broken the spirit of the longs. The companies have no problems; it is the group dragging every entity down.
4. There is no denying gold is a currency.
5. I stand firmly behind my view that gold is headed to $1200 and then onward to $1650 and beyond.
6. The US dollar will not return to its former glory. Any rally is a reaction within a bear market that will seek the levels suggested.

I could list example after example of why your fears are more a success story of spin manipulation. The following are examples of where the news is not focused.

I am not arguing your concerns. This effort is simply to assure those that remain convinced of the underlying fundamentals that you are not wrong.