On the heels of China’s launch of its new oil exchange, today James Turk told King World News that gold and silver prices are finally ready for an upside explosion.
James Turk: “Gold and silver are on the cusp of major breakouts, Eric. All we need is a little upside follow through in the days ahead…
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James Turk continues: “What I find truly extraordinary – and I might add, very bullish – is the way gold and silver have been trading like they have the past few days as they approach and enter the period for month-end option expiry, which began today.
Option Expiry Surprises
You and I have discussed many times how metal prices become weak during option expiry. This weakness is from gaming and price capping by the option writers to manipulate precious metal prices during option expiry so as few calls as possible expire in the money, which puts more cash into the pockets of the price manipulators.
So to see gold and silver prices rising like they have over the past few days is a major change from the past few years. That bodes well for the bulls because it is manifesting pent up buying power.
Expect Short Covering
Also, there is a huge amount of shorts. As the price climbs from here, those shorts already weak-handed and those about to become weak-handed will start a flurry of short covering, adding more buying power.
The set-up at present suggests an upside price explosion is likely – particularly in silver. Here is the chart, which updates the one I presented the last time we spoke.
Silver Ready For Upside Explosion!
It has taken two more downtrend lines for silver to finally break out. Silver is now forming the right shoulder of a massive head-and-shoulders bottom (see green on chart above).
It has more resistance levels to hurdle, particularly the one at $16.80, but silver is clearly in an uptrend that is heading toward the neckline of this pattern at $17.40.
The gold chart is even more bullish, which is not surprising given that the gold/silver ratio has moved back above 80.
Gold Chart Even More Bullish!
I’ve drawn two trend channels. One is marked to bound the daily highs and lows. The other trend channel is marked by the daily closing price. As of today gold has climbed out from both of them.
PATIENCE: A Winning Strategy
It’s been a long time coming, Eric, and has required extraordinary patience, but guys like me who have been around investing and trading for five decades know that patience is a true virtue when it comes to markets because in the end, accumulating and holding on to undervalued assets is a winning strategy.
Importantly, even though gold and silver have been in minor uptrends since December 2015, they both remain as some of the most undervalued assets on the planet. As the counterparty risk of bank deposits and other financial assets increases this year, as I expect, gold and silver will become this year’s go-to assets.”
Here is one of those great opportunities in the gold market that James Turk is talking about…
I Recently Purchased Nearly $300,000 Of This Stock
Eric King: “I recently purchased nearly $300,000 of stock in your company because I believe it will be one of the big performers in 2018. You have not one, but 3 properties (projects) that various companies and entities want to acquire and that puts you in the drivers seat in terms of being one of the best performing stocks this year as your company moves to monetize and increase the value of those assets dramatically.”
This May Send Our Share Price Multiples Higher
Ivan Bebek, CEO of Auryn Resources: “The financing we just closed guarantees that Auryn will be funded for 2018, a year in which a series of catalysts could send our share price multiples higher than what is being quoted today, especially if the gold market performs.
A Junior With The Scale Of A Major
And yes, the scale of our gold exploration upside is unparalleled in the industry based on the amount of prospective real estate we have and are currently exploring. Auryn is pursuing multiple significant gold discoveries. We look at our company as a junior with a majors exploration portfolio backed by a majors exploration team. We are about to get access to our Sombrero Project in Peru, which is the best pre-drilling prospect we have seen in our careers based on gold and copper grades on surface along more than a 30 kilometer trend. We also have over 420 kilometers of prospect gold greenstone belts in Canada and over 100,000 hectares of prospective land in Peru.
Goldcorp Just Increased Its Investment Stake In Auryn Resources
The recent downturn in the gold equities and lack of discoveries has set the stage for substantial investor returns when the next discovery is made and we believe Auryn Resources will make that major discovery. The bottom line is that Goldcorp did not invest in Auryn to help the company finance mines. Goldcorp invested in Auryn to help the company find mines that they would eventually acquire. There are two types of mines that you can find, one that makes investors money and one that makes investors rich, and Auryn has both of those opportunities in its portfolio.” For those of you who have yet acquired a stake in this high-quality company, now is the time. Auryn Resources stock symbol AUG in Canada & the US.
ALSO RELEASED: ALERT: China Launches Global Game-Changer! $20,000+ Gold & Gold-Backed Yuan, Plus A Dire Warning CLICK HERE TO READ.
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