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Eric King:  “James, as you know a lot of times something will come and blind-side markets that nobody really has their eye on.  Do you have anything that might be a ‘black swan’ that nobody is focused on?”

Turk:  “We don’t hear too much about derivatives anymore.  That’s always a potential black swan hanging over the markets.  There is always the potential for geopolitical unrest, and we are seeing a lot of that again in the Middle-East, in various countries there.

I suppose the biggest ‘black swan,’ Eric, has to come from the banking system because that is the biggest threat to sound economic activity....

Continue reading the James Turk interview below...


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“The banks are still too highly leveraged.  They are operating like hedge funds, not operating like traditional banks have in the past.  At least not when I learned banking back in the 1960s.

More bank failures are inevitable.  Small ones happen every week, but what I am talking about is another big bank failure because they are all basically insolvent or bordering on insolvency, and if they weren’t being propped up by central banks and government policies they would be teetering even more than they are now.

So I think a bank failure would be the biggest ‘black swan,’ and in that environment obviously it would light a fire under precious metals prices because when you own physical gold and silver you own money outside of the banking system.”  

Turk also added:  “One of the things I am following, Eric, is what’s developing to be a bullish divergence between the two metals.  We had a low in gold a couple of months ago.  Gold did not make a new low in May when silver made a new low.

So you have a bullish divergence in the sense that gold did not confirm the May 20th low in silver.  That is setting up the potential for a key reversal.  What we need to see is a little bit more base-building.  Maybe a little bit more consolidation and then start taking out some of these overhead resistance levels, which would be $1,420 on gold $23 on silver.

So if this bullish divergence between gold and silver continues, and we start to turn and take out overhead resistance levels, that will signal that we’ve got a big base in place, and that this will be the next big launch pad for both gold and silver.”

IMPORTANT - The information above was just a small portion of what Turk had to say in his extraordinary audio interview.  The KWN audio interview with James Turk is available now and you can listen to it by CLICKING HERE. 

© 2013 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.

The audio interviews with James Turk, John Embry, Dr. Philippa Malmgren, Bill Fleckenstein, Eric Sprott, Stephen Leeb, Rick Rule, Gerald Celente, Jim Grant, Egon von Greyerz and Art Cashin are available now.  Also, be sure to hear the other recent KWN interviews which include Marc Faber and Felix Zulauf by CLICKING HERE.

Eric King

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