Barron:  “The thing that everyone should be focusing on right now is Iraq.  The situation has continued to deteriorate.  Two weeks ago I told you this crisis had the potential to propel the gold price $100 higher and that would take the silver price higher with it.  Gold has not yet advanced $100 but it has made a substantial upside move....

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“The oil price has moved higher and that will translate into even more inflation, which is hurting an already crippled consumer.

Also, gold and silver had already been basing for a very, very long time.  As I said to you two weeks ago, the gold market was just looking for a catalyst.  Lo and behold the catalyst, in the form of instability, came out of left field and caught traders by surprise.

It looks like the Americans are just going to let it go.  It’s a different paradigm from the Bush years when peak oil was a huge concern and the U.S. was staring down the barrel of a gun in terms of energy.  This was before the fracking boom.  But the bottom line is that all of this instability has been very good for precious metals.  I think the current move has momentum behind it.  There are all kinds of compelling reasons why the gold and silver prices should go higher.

The buying in the Far East certainly hasn’t abated.  On every dip in price the Chinese load up the wheelbarrow with gold.  The Chinese continue dumping dollars for gold because they are not long-term believers in the U.S. dollar.  So the Chinese keep turning those dollar reserves into something tangible.  It’s not just gold the Chinese are exchanging their U.S. dollar reserves for -- it’s cement factories, fertile ground, major companies, real estate, and all kinds of infrastructure around the world, particularly in South America and Africa.

So I don’t think this is a false start or a dead-cat bounce in the gold market.  As I said earlier, this market has some strong fundamentals behind it and so this surge in gold could really have some legs to it.  Governments are continuing to print money and that will translate into materially higher gold prices over time.

But KWN readers should stay focused on Iraq.  If the rebels gain control of Basra in the south, that means Iraq has pretty much fallen.  The Basra area contains the really big oilfield.  That is when you will start to see crude oil prices seriously surge.  At that point gold and silver will follow in tandem.  So keep watching this Iraq situation very carefully and be ready for more upside surprises in the metals markets.”

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Eric King

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