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Turk continues:


“Eric, here we are at $25.50 which is the price that was identified by your London source last week.  So they painted the tape, but the Comex open interest shows that they haven’t driven out any buyers which is very surprising.  Normally you would expect to see some longs liquidating on any pullback like the one that we have seen over the past few days, but that hasn’t happened this time around.


The buying pressure in the physical market remains, we are starting to see the industrial buyers coming back in to secure supply.  My guess Eric is that the industrial users will be there on any price dip like we have had at present.  Up to this point we haven’t seen the boomerang effect that I have been anticipating but I am still expecting a sharp snap back in prices.


As we pointed out in the piece which had Mark Lundeen’s illustration in it, gold is dramatically undervalued and this can only result in much, much higher prices over time.  I would just add that I expect the gold/silver ratio to decline over time to under 20 to 1, so silver will be exploding along with the price of gold.


As you know Eric I have been projecting gold to hit $8,000 by 2013 to 2015, so that would equate to silver hitting $400, and that is well within the realm of possibility as silver reverts back to its historical mean.”


This is what happens in bull markets, prices climb to levels that previously seemed unimaginable.


Eric King

KingWorldNews.com

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