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James Turk continues:
“Ironically, Greece itself is in the middle of this tug of war. But regardless of the outcome, what the negotiators are missing is that Greece does not have the capacity to repay even the reduced amounts being negotiated. So some kind of default looks inevitable, Eric, which in turn will ramp up the pressure on other over-leveraged governments around the world. The extraordinary demand for gold we have been seeing in Europe will strengthen because of the rolling financial collapse.
So far, January has been an extraordinary month and more and more people are starting to take notice of gold’s performance. We’ve had an incredible advance off the lows, but keep in mind we have an option expiry this Thursday so the shorts may attempt to keep the price of gold near the $1,650 level.
If we do get that manipulation back down to the $1,650 level, it will be a great buying opportunity for money on the sidelines which has missed the move so far and wishes to enter the gold market. So I expect any test of support at $1,650 to be solid for that reason...
Continue reading the James Turk interview below...
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When asked about silver specifically, Turk replied, “I’m really getting quite excited about the near-term prospects for silver. We’ve been talking now for a couple of months about the flag formation being formed on the weekly silver chart. The support in the low 30s is big enough to provide the base to launch silver through overhead resistance near $35.
As I said to you before, Eric, once we take out $35, I expect to see $68 to $70 in two to three months. We could have one more dip down to the $30.5 to $31 area, but if we do, I see support in that area as strong as the $1,650 level for gold.”
Turk also added: “From a bigger picture perspective, the only thing we can do is let the market tell its own story. What that means is we just need to watch silver day by day to see how it develops. But as I said, we’ve been on this story now for a couple of months and it is beginning to look better and better.
With the financial world around us imploding because of sovereign debt and currency crises, I think people are going to be surprised at how well gold and silver do, not only this year, but in the near-term as well.
So far this market hasn’t given much opportunity for people to enter. Sometimes you just have to take the dips, even if they are shallow, and buy them.”
To read Turk’s previous KWN interview “2012 to See a Much Deeper Banking & Currency Collapse” CLICK HERE.
© 2012 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
Turk - Greek Default Imminent as Financial Crisis Propels Gold
Today James Turk informed King World News that a Greek default is imminent and investors should expect this rolling financial crisis to continue to propel gold higher. Here is what Turk had to say about the ongoing crisis and what to expect going forward: “I think the key item today is a Greek default looks imminent. The various parties are in the final stages of negotiating terms. They have now reached an impasse. Basically, the German government and the international institutions involved are insisting that the private lenders take a bigger loss and lower interest rate on the new bonds they are to receive.”
© 2012 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.
January 24, 2012
