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When asked about the action in the metals Turk responded, “I think this is going to be a good week for silver.  There were a lot of hedge funds buying gold and selling silver when gold had its big move last week and I think some of those spreads are going to be unwound.  Silver has been holding support here, it’s getting ready to follow gold on the way up.  My expectation is that silver is going to outperform gold this week, which would be the first time that has happened in a few weeks.


Well I’m really impressed by the strength in gold Eric, it just gets stronger and stronger.  We had that big move up last week and we’ve basically just gone sideways, building support in the $1,720 area, we’re $1,755 as we speak.  We might work in the 1,740 to $1,760 area a little bit longer, but I think we’ll be challenging that $1,810 high before the month of August is over.


Continue reading the James Turk interview below...




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“Gold has started the week very positively and it’s quite clear that the test of support last week indicates that support under the market is solid.  Given the fact that you’ve got India on holiday and a lot of Europe as well, it’s quite amazing to see the physical demand for gold and the strength in gold today.


Regarding near-term outlook I think gold is going to probe $1,810 before the end of this month.  We may stay in an $1,810 to $1,740 range until next month, meaning we could test the lows one more time at $1,740 before we finally break out above $1,810, but that breakout above $1,810 could come at any time.”


James covers some very interesting ground in this segment.  The KWN interview with James Turk is available now and you can listen to it by CLICKING HERE. 


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Eric King

KingWorldNews.com

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