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James Turk continues:

“The important point to keep in mind is while silver may look high compared to where it started the month, to me silver looks cheap compared to its upside potential over the next few months. So don’t wait for a big pullback to buy. If today is the day where you purchase silver each month, go ahead and make the buy. Don’t try to time the market.

This following weekly silver chart is really looking very powerful and as I have been saying, once silver hurdles above $35, I expect to see $68-$70 in 2-to-3 months.

Note how the downtrend line, the $35 resistance level and the current silver price are getting ready to meet. Silver's first attempt to hurdle $35 could happen within the next 2-to-3 weeks....

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“There is, of course, no guarantee that silver will successfully hurdle $35 on its first attempt, but we need to get ready just in case it does. By ‘get ready,’ I mean we have to prepare ourselves mentally - to eliminate the emotion and watch what silver is telling us. This can be very hard to do, but it is essential. Otherwise you will miss the big moves, and it is riding these big moves to the fullest extent possible, from start to finish, where the big money is made.

Regarding gold, I don’t think people realize that gold could explode from current levels. I think the potential for explosion is there and what you are going to see is not only silver on the move, but you will also see gold smash through the $2,000 level.”

When asked what’s happening in Europe, Turk responded, “It looks like Greece is ready to blow up, Eric. The Greeks have rejected German-led calls for the EU to start managing Greek government finances. That would mean the complete loss of Greek sovereignty, so the Greek finance minister obviously rejected that dictate.

Consequently, it looks like Greece is not going to get its next bailout, meaning it will default. But there’s a lot of other bad news in Europe as well. Spain is in a depression with its youth unemployment rate now over 50%. France just raised the VAT (Value Added Tax) to 21%. Imagine, Eric, paying 21% to the government for everything you purchase.

This is why the underground economy is so large and growing in Europe because people need to survive. Across the channel, the UK is sliding into what looks like a deep recession.

To make things even worse, on the other side of the Atlantic, the Federal Reserve announced they are going to destroy savers by keeping interest rates below the inflation rate for another two years. It is really tragic, Eric, how governments are destroying capitalism, but as Ludwig von Mises warned us, governments will destroy free markets and economic activity long before they understand how they work.”

To read Turk’s previous KWN interview CLICK HERE.

Eric King

KingWorldNews.com

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Turk - Gold Ready to Smash Through $2,000, Exploding Higher

Today James Turk told King World News that gold is very close to beginning a move that will take the ‘Metal of King’ smashing through the $2,000 level. Turk was even more outspoken on where silver is headed and included a chart. Turk, who was interviewed out of Spain, had this to say about where gold and silver are headed in coming weeks: “The logical question here, Eric, is after the big week we had last week, will silver drop back to give buyers one more chance to buy the dip? A dip is logical given silver’s 6.5% gain last week. On the other hand, as we noted in the last blog we did, sometimes the dips can be very shallow.”

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January 30, 2012

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