Today James Turk told King World News that a major bull surge in gold and silver is about to unfold, despite the recent volatility.
James Turk: “There are few things as boring as watching the precious metals form a base, Eric. Sometimes this process can seem endless, like at present. Unfortunately, there is no way to predict when a base will end. But when it does, a breakout from a base always sends the precious metals higher…
To hear which legend just spoke with KWN about $8,000 gold and the coming mania in the
gold, silver, and mining shares markets CLICK HERE OR ON THE IMAGE BELOW.
James Turk continues: “All we can do is be 100% ready, watch and wait, and not be distracted by thinking that the base forming process will never end. We should instead be focusing on the fact that gold is already up 11% this year, while silver has risen almost 7%. By any normal measure, these are good results, but I expect more to come as we head toward the close of the year.
There are some key points to keep in mind. Most importantly, the low price in both gold and silver occurred in December of 2015. That’s nearly two years ago. Since then, both gold and silver have been in rising uptrends within the huge bases both metals are forming. There is no reason to expect those uptrends will end any time soon, given all the reasons that will eventually send gold and silver much higher. These reasons include the banking and other financial problems we see all over the world as well as the mountains of debt that governments are building. These debts will never be repaid with the same purchasing power of the money used by the lenders to finance those debts, particularly in today’s world of central bank financial repression and low-to-zero interest rates. Inflation is visibly rising and is going to get worse.
All of this means that we should not be misled by the relative quiet in the precious metals at present. The following silver chart of daily spot prices in London indicates that the precious metals are setting up beautifully, Eric. So we should be getting ready for what looks like a big move higher in silver as well as gold as we move toward the end of the year (see chart below).
Silver consolidating before big move higher
There a few key points about this chart. First, we see the clear reverse head-and-shoulders pattern silver formed over the quiet summer months. Physical silver was being accumulated during this period. When this buying eventually overpowered the shorts, silver broke above the neckline of the head-and-shoulders pattern, and climbed higher until hitting resistance in the $1820 area. As is not uncommon after a break-out, silver then retraced back to the support zone, which I’ve marked on the chart between the two horizontal lines.
The big one-day swoon into the support zone with the same day upside reversal on Oct 6th is significant. The central planners tried to push silver lower, but failed. The only thing that happened was a lot of sell stops were hit, enabling the big players to cover shorts.
Despite Pullbacks, A Huge Bull Move Is Coming
That one-day reversal led to another small uptrend, and here we are again with silver testing support once more. But note the big uptrend line going back to this summer’s low price. That uptrend remains intact. What it all means, Eric, is this picture for silver is very positive. And gold is much the same. But returning to my original point, we continue to watch their bases develop. While doing so, we should continue to accumulate physical gold and silver in anticipation of much higher prices in the months immediately ahead.”
Speaking of gold…
In The Footsteps Of Giants
One of the top questions KWN receives from investors about the mining industry is always: “How do you know out of the thousands of companies there are to choose from which will take-off and which ones will falter?” The answer for smart money investors is always to look for proven leaders with previous success as a good indicator of future success. One individual that fits this description is pictured below with multi-billionaire Robert Friedland.
Multi-billionaire Robert Friedland chose this man to lead his expoloration team and it turned out to be a brilliant move because he was responsible for two of the largest and most important discoveries the world has ever seen while leading the team at Ivanhoe Mines. Investors across the globe are now following this man into his latest venture where he will help lead an exploration team where the CEO believes the team will deliver drill results that will send the stock price soaring more than 1,000 percent! Also, a legend in the business just made a 7-figure investment into this relatively unknown company. To get in on the ground floor and learn more about this remarkable company simply CLICK HERE.
***ALSO JUST RELEASED: John Embry – A World On The Road To Hyperinflation CLICK HERE.
***KWN has now released the remarkable audio interview with Dr. Stephen Leeb discussing the catalyst for a mega-bull market in silver, the takedown in the metals, oil and much more CLICK HERE OR ON THE IMAGE BELOW.
© 2017 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.