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James Turk continues:


“So the contagion is the first reason for concern.  The second reason for concern is it’s taking so long for them to find this so called missing money, which I find shocking.  It’s been three weeks now since the MF Global bankruptcy was declared and they started talking about $600 million of missing funds.


So I’m not too surprised that now they are talking about $1.2 billion of missing customer funds.  I think they are just trying to delay the inevitable as to how bad the situation at MF Global really is.


I go back to compare it to Refco, which I think collapsed back in 2005.  The interesting thing is that there were huge losses in Refco and people ended up going to jail as a consequence of the fraud and misuse of funds and faulty accounting within Refco.


But the customer money was safe and was returned to customers within a matter of days, unlike what we are seeing today with MF Global.  This thing has been dragging on and contagion is always the real issue in a inter-linked financial system like we have today.


I guess the biggest thing, Eric, is that when you are in a financial bust, promises are always broken and every time promises are broken it erodes confidence and more weak links in the chain are going to break....


Continue reading the James Turk interview below...




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“You know I have been expecting another Lehman event before the end of the year and the fact that MF Global has been dragging on to the extent that it has, this could actually turn into the Lehman moment.


As a consequence of that (lack of liquidity) I think the big issue is the paper market going to begin separating even more from the physical market?  And I’m talking specifically here about the metals (gold and silver).  This could be a major event for the metals over the next several weeks as this plays out.


We’re at the bottom of the trading range that gold and silver have been in and they are testing support once again.  It’s a consolidation and we’ve seen these consolidations many times in this long-term, decade long bull market and this is no different than other consolidations that we’ve gone through.


But what’s really interesting on these takedowns, Eric, the sentiment just gets worse and worse, but the fundamentals just get better and better.  So maybe this is the final, last test of support and we head higher from here.  But there are all of these reasons for gold and silver both to go much higher as we approach the end of the year.


It’s what we’ve been talking about for years now, Eric, and I’ve been talking about for all decade long, just continue accumulating on a regular dollar cost accumulation plan.  Go ahead and look at value, don’t look at prices.  Mining stocks are undervalued, gold and silver are undervalued and when you are buying good value, rarely do you go wrong.


I don’t think you are going to be wrong by accumulating either gold or silver or the mining stocks at these prices.  When I talk about accumulating I am talking about physical gold and physical silver.”


The KWN interview with James Turk will be available shortly and you can listen to it by CLICKING HERE. 


© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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