Today James Turk told King World News that the price of gold will soon skyrocket like the parabolic Bitcoin chart.
“Currencies Continue To Be Debased”
James Turk: “I can’t count the number of times have we seen disheartening downdrafts in the precious metals, Eric. But I do know the number of times gold and silver have rebounded – every time…
James Turk continues: “The rebound may not be the same week or the same month as the downdraft, but eventually gold and silver climb up from the canvas, dust themselves off, and start climbing higher. The precious metals do this because they are money, and the money-substitutes we call national currencies continue to be debased by central banks.
So over time, the purchasing power of national currencies is eroded, and eventually the debasement is reflected in higher precious metal prices. The tipping point occurs when the central banks and their bullion bank agents trying to cap the gold price can no longer hold back the global demands to exit paper money as investors seek to hold physical metal instead of depreciating fiat. But now people say gold has a new rival – cryptocurrencies.
They may have a point to a certain extent. As the following chart shows, Bitcoin – which was the world’s first cryptocurrency – has risen nearly 8-fold since the Autumn of 2015 from around $200 to $1600. Over that period it has been the world’s best performing currency, beating by a mile the runner-up – gold.
King World News note: The gold and silver charts will soon like like that of the parabolic 7-year bitcoin chart as soon as the manipulators lose control (see chart below).
Gold Chart Will Soon Look Like This Bitcoin Chart
James Turk continues: “Cryptocurrencies show what can happen when central banks are not trying to cap the price. We need to keep in mind that it is nearly impossible to short sell Bitcoin and the other cryptos and Bitcoin isn’t traded on the Comex or any other futures market.
The absence of central bank intervention means that cryptocurrencies are the last free market left in the world. That’s why chart reading for Bitcoin can be useful. There is no government intervention – at least not yet anyway. Bitcoin’s exchange rate responds just to market forces resulting from the aggregation of individual will.
Gold Or Cryptocurrencies?
So should we sell gold and buy cryptocurrencies? Or should it maybe be the other way around, sell cryptocurrencies and buy gold?
To answer these questions, let’s look at the usefulness of cryptos, which has changed in the past couple of years. The crypto advocates may argue against my view, but cryptos are not developing as an international, global currency used in commerce. Instead they are being used an escape valve to get wealth out of places like China, India, South Africa, etc. where government controls prevent the free exchange of currency or to move money quietly out of other countries.
It is a good thing that people have an escape valve to protect their hard-earned wealth from government controls, and in some countries like Venezuela, from confiscation. But that usefulness is not a sound base upon which the cryptos can build a bright future, although I expect it will raise the price of cryptos for the time being.
In the short-term looking out a year or maybe less, Bitcoin is in the early stages of a blow-off top as the above chart shows. The blow-off began the other day when Bitcoin broke out to the upside of its rising trend channel. There’s no saying how high that blow-off will reach, but I think it still has at least several months to go.
My expectation is that the backbone of cryptos – blockchain distributed ledgers – have a future, but I question the long-term outlook for cryptos. After all, in the final analysis, where would you rather place your trust? In a mathematical formula or gold — an immutable natural element with a 5000+ year history of being money? The bottom line is that the price of gold will soon skyrocket and look like the parabolic Bitcoin chart.”
***KWN has now released the remarkable audio interview with London whistleblower Andrew Maguire and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: John Embry – Central Banks Have Trillions Of Dollars Of Unsalable Assets, This Will End In Disaster CLICK HERE.
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