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James Turk continues:


“This has dramatic implications for gold and silver, but first, the ongoing financial bust is taking more victims, namely everybody who loaned money to the City of Harrisburg.  Second, other over-indebted municipalities and companies will see bankruptcy as a viable alternative to get out from under their debt load.


Harrisburg is doing what Greece should do, which is to basically recognize they do not have the financial capacity to repay all of the debt obligations they foolishly entered into during the boom years.  


Here is another surprise.  Over here in Europe, the Slovakian government voted against the expanded EU bailout package.  It appears, however, the politicians will resubmit the proposal with the hope of getting it passed the next time around.  


The Dexia Bank failure is not the Lehman event I have been anticipating.  While the repercussions of Dexia are still being felt, it seems inevitable that more bank collapses are coming.  As a consequence, it appears one really needs to question how much governments are willing to fight the inevitable trend that is knocking out the props from insolvent institutions....


Continue reading the James Turk interview below... 




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“The world’s financial system is careening towards another Lehman moment.  A major institution will fail and the resulting contagion will be beyond the capacity of governments to contain it.  What that means is financial repression.  At that point you will see various capital controls in an attempt to keep the broken system going.


This gets back to a point that I like to make time and time again, and this is something that investors should never lose sight of, that physical gold and physical silver are the ultimate safe havens for your wealth because they do not have counterparty risk. 


I am very encouraged by what gold and silver are doing here.  Both metals are building up support after the big hit they took three weeks ago.  I don’t think we are out of the woods just yet as we may need more backing and filling.  A retest of $1,600 on gold and $30 for silver may well be in the cards.  


As is clear from my earlier comments, what is important here is not so much the price of the precious metals, but rather making sure that you own them.  When this Lehman moment occurs in the future, not only will you be glad you own physical gold and silver, but at that point you will see oceans of paper money coming into the market driving the price of both metals much, much higher.”


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Eric King

KingWorldNews.com

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