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James Turk continues:


“So that KWN readers globally can get a visual of how violent some of the corrections in Apple have been, I am including a long-term chart of AAPL below.  As was mentioned in your October 18th piece, there were five major corrections in Apple, ranging from 27% to 82%, which long-term investors had to endure in order to make 70 times their money...




We have to transfer that big picture thinking to silver.  Over the past seven months, silver has undergone what everybody seems to believe was a very nasty correction.  However, a weekly chart of silver is still showing a very bullish picture.  The flag pattern, which you and I have spoken about previously, is still very much in place.




If anything, the patten has now become stronger because silver is now testing support in the high 20s and looks like it is forming a double bottom.  I still think this flag pattern will send silver to $70 in three months, once silver has broken out to the upside.  Because it is a descending flag pattern, the breakout pattern has now moved down to $37.50, but $35 is the more important resistance level. 


Once theses two levels are taken out, that three month move to $70 begins.  So, as I see it, just keep accumulating physical silver here.  The fundamentals for silver continue to remain very bullish and only time will tell if silver is the next Apple.  I continue to expect that silver will go much higher and reach my $400 per ounce forecast.... 


Continue reading the James Turk interview below...




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“If we go back a decade ago in silver and start the bull market in the mid 4s, and silver reaches my long-term target, it will have actually outperformed shares of Apple.”


When asked about gold, Turk responded, “Like silver, gold has come back and retested its September low.  So it too is forming a double-bottom on its chart.  Importantly, physical demand for gold, under $1,600, has been very strong.  Now that gold is back above $1,600, we are starting to see some serious short-covering which should propel gold significantly higher.


Over here in Europe, the euro and the worsening European bank crisis are inevitably leading many people to the gold market as a safe haven.  Consequently, I think it’s safe to assume that the low for gold is in place.  In fact, Eric, we’ve probably seen, this week, the low price in gold for the year.  In other words, onwards and upwards from here with a price well over $2,000 within sight.


Regardless of whether investors are accumulating additional gold and silver positions or simply holding on to what they have, people should remember those great lines from Jesse Livermore:


“And right here let me say one thing:  After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this:  It never was my thinking that made the big money for me.  It always was my sitting.  Got that?  My sitting tight!  It is no trick at all to be right on the market.  You always find lots of early bulls in bull markets and early bears in bear markets.


I’ve known many men who were right at exactly the right time, and began buying and selling stocks when prices were at the very level which should show the greatest profit.  And their experience invariable matched mine -- that is, they made no real money out of it.  Men who can both be right and sit tight are uncommon.  I found it one of the hardest things to learn.  But it is only after a stock operator has firmly grasped this that he can make big money.”


To read the KWN piece which James Turk referred to titled, “Is Silver the Next Apple?” 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

KingWorldNews.com

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