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James Turk continues:


“Eventually that erodes people’s emotions and causes them to turn negative.  In the early 1980s I worked with one of the top commodity traders in the world.  The things that (Jesse) Livermore talked about, this guy used to put together.  It was just holding those positions for the long-term bull market and that’s how you make the really big money.  The reason so few people make the big money, when it comes to the markets, is they let the emotion and the noise, that comes from day to day, interfere with their long-term focus.


You know, Eric, the main thing is the problems that have been plaguing the international monetary system for the past several years, they haven’t gone away.  They haven’t been solved.  In fact, they are not even being properly addressed with solutions to solve these problems.  So we have to assume we are going to continue down this same road we’ve been on, which ultimately means currency debasement and consequently higher metals prices.


As I’m fond of saying, ‘We always have to be focusing on the big picture.‘  Particularly now when emotions run wild six months after a correction in both of the precious metals prices.  We cannot lose sight of the big picture.  The reasons for owning gold and silver now are probably just as good as they were when gold and silver were half the price they are today.  They are still very undervalued and we still have a long way to go in this bull market.


This is exactly what you see during these deep corrections in bull markets.  Apple had 5 deep corrections and it shook out a lot of people and then the market moved up without them getting back in.  Once you are out, it’s very difficult to jump back in on the buy side....


Continue reading the James Turk interview below...




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“Too many people talk about the price of gold or the price of silver and what we really need to be focused on is not the price, but the value.  Assets can be overvalued or undervalued and over the past ten years gold has been undervalued and it remains undervalued, even though the price is rising.  It remains undervalued because central bank actions are continuing to debase national currencies around the world.


At some point in time, in the future, when you get a mania and your next door neighbor is telling you to buy gold and silver, that’s when the market will be peaking out.  But that’s still way, way down the road.  It’s a long time in the future.


Well, how do you determine value?  I use two which are popular.  (One is) my fear index and (two) then I looked at gold’s international reserve value in the piece that we did a few months ago.  I suggested as long as gold is under $11,000 an ounce, where that’s its fair market price, you should continue to accumulate gold.


I have a couple of projections and they both go back to 2003.  I was saying that a financial bust normally lasts about twelve to fifteen years and I was also saying back then that in 2013 to 2015, gold would be $8,000 an ounce and silver would be around $400.  When I made that forecast, back in 2003, gold was $350 an ounce.


I made that forecast in order to give people a target so they could understand how undervalued gold and silver are.  So, buy gold, buy silver as part of your regular savings plan and when this bull market is finally over, whatever price it’s finally going to be when gold gets way overvalued, you’re going to be very happy with all of the wealth you’ve accumulated.  It will get you across the valley.


Once you are across the valley, with all of that wealth, you will have lots of options for taking that hard earned wealth and investing into something new when we get into the next boom/bust cycle at some point in time in the future.”


In light of the emotional state of the gold market, this interview with Turk is very important and timely.  The KWN James Turk audio is available now and you can listen to it by CLICKING 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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