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James Turk - Expect $2,000 Gold Within 45 Days

With gold trading above $1,800 and silver over $40, today King World News interviewed James Turk out of Spain. Turk had forecast a massive move for the summer in gold, which is exactly what took place as gold had its biggest summer in 30 years. When asked what to expect from here Turk responded, “When we started talking about the big move I was expecting this summer, gold was roughly $1,480. From that low to the recent peak at $1,920, gold’s rise was nearly 30%.”

James Turk continues:

“I was expecting closer to 50% by the end of September and even though we are not at the end of the month and may not reach that 50%, there is a lot more left in this move. Gold is headed over $2,000 and if it doesn’t happen this month, it will probably happen in October.

So look at shakeouts like we have had today as yet another great opportunity to get rid of overvalued dollars, euros, pounds, etc., and trade them in for physical gold. Importantly, Eric, even though the price of gold has risen for many years, it still remains undervalued by all of my historical measures. More importantly, we know things have value because of their usefulness and right now physical gold’s greatest attribute is that it does not have counter-party risk.

Unlike debtors of all sorts, whether individuals, companies or governments, gold does not default. This is one of the main reasons to own physical gold as the world’s financial system unravels around us....

Continue reading the James Turk interview below...

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“At the end of the day, Eric, we don’t really know for certain who the big seller was in gold or why gold was under steady selling pressure today, but we do know that the market got a little frothy last week when a new record high was made. So it is not unusual to see a short-term setback to shake out the weak hands who were using leverage to carry positions. That’s the way the markets work and that’s the way it has always worked. Professional traders know that and take advantage of it.

The important thing here is not to lose sight of the big picture. Continue your gold and silver accumulation program like we have been talking about for years, Eric. A couple of years from now, you will marvel at how cheap these gold and silver prices are today.”

When asked about silver specifically Turk replied, “Silver has done alright this summer too, Eric, climbing from $33 to over $40. So here we are back at $40 once again, testing support under the market. If the present pattern is repeated, and we’ve seen this pattern all summer long, sharp selloffs are met with consistent, steady accumulation of physical metal.

It’s this type of action that is a sign an upside explosion is imminent as the paper shorts are eventually forced to run for cover. So looking forward we should be focusing on $50 silver. The key here is to watch resistance in the $42 to $43 area. When that resistance is hurdled on the upside, silver will be ready for the next major leg higher and there is a good possibility that will happen this month.”

Eric King

KingWorldNews.com

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