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James Turk - “Here We Go Again”
Gold is at new record highs in European trading and silver is attempting a move towards $21. In an interview with King World News from Spain, James Turk stated, “While gold is moving higher, I am really focused on the $21 level in silver...” James has three and a half decades of experience in both gold and silver so he truly is a veteran of these markets. The following are his thoughts on where we are...
September 16, 2010
James Turk:
“The bears tried taking it down again last night but the demand for both physical gold and silver are too strong and here we go again taking out the previous highs.”
“The gold and silver mining shares are also moving higher and therefore confirming the strength in the metals themselves.”
“Eric, you just put out a piece this morning titled ‘Gold and Silver Takeovers Heating Up.’ The takeovers are being driven by the desire to control costs, and by combining two companies and reducing overhead on a greater level of revenue you increase profitability...This is known as synergy on Wall Street.”
“All of the important sentiment indicators are showing that the metals still have a long way to run, meaning we are not showing the exuberance to indicate a top.”
When I reminded Turk that two day ago he mentioned the time was at hand for gold to break $1,260 he stated, “While gold is moving higher, I am really focused on the $21 level in silver to be hurdled because that’s when the upside explosion that we have been talking about is really going to start.”
As Turk continues to indicate, pullbacks are still proving to be short and shallow in the metals and then the markets immediately turn higher. This market action has run over a great many locals who have been attempting to short with the commercials as they normally do. Many of those traders have already capitulated, covering their shorts and licking their wounds. I guess we will have to sit back now and see what the next move by the commercials will be.
Eric King
c KingWorldNews.com
