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James Turk continues:
“This will be a move which probably scares the dickens out of the central planners. It's no wonder they are doing everything they can to keep the precious metals under these critical resistance levels. But the metals keep bouncing back, which is a key observation to make here.
We've talked before about the battle being waged, but KWN readers need to understand one very important point.....
Continue reading the James Turk interview below...
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“This is a battle between the sellers of paper-gold and the buyers of physical gold. We know the paper-sellers are there because Comex open interest has exploded over the past several weeks.
This has occurred because the manipulators are attempting to contain all of the buying by the specs and hedge funds. But we also know that the physical buyers are there too because each time the shorts trigger a raid to try forcing prices lower, the physical buying picks up.
The upshot of all this is that the shorts are caught, at least so far. They have not been able to engineer the lower prices they are looking for to buy back their short positions and walk away with their profits like they have done so many times in the past. So the question becomes, what if they can't get the price for gold and silver any lower?
The shorts will need to buy back at whatever price they can to limit their losses. It is this panic buying that will launch the precious metals like a rocket when $1800 and $35 are finally hurdled. We have seen battles like this one many times over the past 12 years, Eric. Some of these battles have been fought even more fiercely than the current one, which means it could take a while longer to get the breakouts above $1800 and $35.
But readers have to remember that in the end, the physical buyers always win as evidenced by the fact that gold has risen 11 years in a row, and this year looks like it will be number 12. The reason of course is that there is far more paper-gold in existence than actual physical gold, which means only one thing: We could soon be seeing a massive short squeeze in gold and silver.”
© 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 This material may not be published, broadcast, rewritten, or redistributed.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.
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Eric King
Turk - Expect A Massive Short Squeeze In Gold & Silver
Today James Turk told King World News, “This is a battle between the sellers of paper-gold and the buyers of physical gold.” Turk also warned, “... we could soon be seeing a massive short squeeze in gold and silver.” Here is what Turk had to say: “Gold and silver are getting very close to an all-important upside breakout, Eric. When gold breaks above $1780 and silver hurdles over $35, both metals will rocket higher. I think we are getting very close to that moment, and I expect that the jump in precious metal prices will be something spectacular.”
© 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.
October 11, 2012
