KING WORLD NEWS - BLOG
BROADCAST../../../../Broadcast/Broadcast.html../../../../Broadcast/Broadcast.htmlshapeimage_6_link_0
HOME../../../../King_World_News.html../../../../King_World_News.htmlshapeimage_13_link_0
BUSINESS../../../../Business.html../../../../Business.htmlshapeimage_14_link_0
GREEN../../../../Green.html../../../../Green.htmlshapeimage_15_link_0
HEALTH../../../../Health_1.html../../../../Health_1.htmlshapeimage_16_link_0
ENERGY../../../../Energy.html../../../../Energy.htmlshapeimage_17_link_0
SPORTS../../../../Sports.html../../../../Sports.htmlshapeimage_18_link_0
GOLD+../../../../Gold.html../../../../Gold.htmlshapeimage_21_link_0
 

James Turk continues:


“But this quiet we are seeing masks an important development.  Almost every day for the past couple of weeks gold and silver have tested critical support, which is $1650 for gold and $32 for silver.  And every time the precious metals dipped below these price levels, they bounced back.  One can only conclude that support at these levels is solid.


Last Friday's close above critical support levels was particularly important.  The day traders and scalpers -- which are active traders in the paper markets -- rarely carry positions over the weekend....


Continue reading the James Turk interview below...  




Advertisement


To hear what billionaire Eric Sprott & Rick Rule are doing with their own

money and which $10 billion company John Embry &

Dr. Marc Faber oversee click on the logo:






“So when these guys exited the market last week, precious metal prices closed the week above important support.  It was a sign that the precious metals are sold-out. 


We did not get the short-covering rally this week that one would normally expect when the precious metals bounce back from oversold territory.  But that is probably because it was option expiry this week. 


With those now behind us, I am watching to see whether the same weekly close also happens tomorrow.  If gold and silver close the week above $1650 and $32 respectively, I think it will then be safe to assume that this long and tedious correction of precious metals prices is over. 


Sentiment is near rock-bottom as everyone's patience is being severely tested, even the old-timers.  That is another reliable sign saying that we are near an end of this correction.  The longer the correction, the bigger the base that is formed.  The bigger the base, the more prices will soar when they finally start heading higher.


KWN had a great interview with Dan Norcini describing the violent trading taking place in the commodities markets.  One of the things that really caught my attention in the interview was where Norcini described all of the destructive policies of the Fed and the toll they will take on the dollar.


The bearish scenario for the dollar that Norcini talks about is very bullish for the precious metals.  I agree with Dan’s assessment that we are moving toward the dethronement of the dollar as the world’s reserve currency.


The bottom line is the discouraged bulls need to hang in there because the charts are telling us these markets are very close to a turn.”


© 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

To return to BLOG click here.

 
 
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
KWN BLOGhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlshapeimage_27_link_0shapeimage_27_link_1

© 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.

Subscribe to RSS
CLICK HEREhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlshapeimage_30_link_0shapeimage_30_link_1
KWN Blog
Archiveshttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlshapeimage_31_link_0shapeimage_31_link_1
http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html