Article: Gold is attacking the previous record high in European trading and silver is moving towards $20.50. In an interview with King World News from Spain, James Turk stated, “We are very close to the upside explosion.” You have to remember that Turk has been following gold and silver since the early 70’s, and there are not many people around that have that much direct experience in these markets. The following are his thoughts on where we are…
This is a 1970’s type of market, we haven’t seen this type of trading action for 30 years. I’m not just talking about the precious metals, I’m talking about all commodities across the board.
The bell rang in 1973 when the Soviet Union imposed an embargo on grain exports, after that, the commodities markets went wild. The bell rang again last month when the Russians imposed another embargo on grain exports, and here we are seeing commodity markets starting to go wild once again.
The bottom line is that I think we can expect higher prices in tangible assets across the board, and gold and silver will lead the way.
When asked about gold and silver specifically Turk responded, “Once we are over this $20.50 to $21 area in silver, we will explode. The fact that silver is leading means that gold’s time for breaking above the previous high of $1,260 is at hand.”
James is continuing to note the importance of the change in the trading habits of both metals, but with regards to silver specifically Turk stated, “We were down 20 cents or so after-hours yesterday, briefly dropping below a spot price of $20.00, but if you blinked you missed it.”
As Turk has been indicating, pullbacks are proving to be short and shallow in the metals and then the markets immediately turn higher. This action continues to be aggressive with volatility only the most seasoned professionals can understand.
Source: Eric King