Gold is unleashed and it's heading to $3,500: Jim Sinclair

Jim Sinclair, the man who called for $1,650 gold in 2001, writes that the recent events in England was the last chain holding back gold, and now bullion is heading higher, way higher.

The CEO of Barklays Bank PLC, Robert Diamond, was forced to resign due to a rate-rigging scandal. The bank is being investigated for unfairly influencing the London interbank offered rate or Libor, and there are hints the scandal may be wider than just Barclays. Other top financial firms may be implicated.

Sinclair believes with the scheme now being exposed, bankers will have less tools to manipulate interest rates and commodity prices:

The Bank of England turning their backs on Barclays, the company who did their bidding, will be the event in time marking the trend change.

Many of us in our areas of activity will successfully fight the Riggers. The many complaints that so many of you kindly sent in to fight manipulation released the Kraken in me.

The Kraken is back in its cage where it belongs. The paper trail is there. The worm has turned. Even more importantly is that this fight in the $1540 gold price area was not for regaining the old high in gold. The six attempts to kill gold, supported by some gold writers looking for favors from the riggers was a now failed attempt to keep gold from trading above $3500.

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