After two week takedown in the gold and silver markets, today James Turk spoke with King World News about the big surprise in the gold market.
BIS Surprises Gold Market Participants
Eric King: “James, I wanted to talk about the BIS (Bank for International Settlements) mobilizing all of that gold. As you know, the bullion banks, who act as agents for Western governments, were heavily shorting the gold market. And you were saying there were large backwardations in gold and silver, Maguire was talking about how they were getting overrun in the physical market. And then all the sudden the BIS mobilized all of that gold and the smash in the gold and silver markets began. Can you talk about that?”
James Turk: “Yes, we’ve seen this so many times, Eric, that you almost have to expect it. When there is panic behind the scenes by the bullion banks and the governments that are trying to cap the gold price, they go to the vault and they pull out some bars that haven’t seen the light of day for probably decades and then ship them over to Asia. And this just happened again…
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James Turk continues: “In fact, what the BIS mobilized was a record amount of physical gold (for the BIS). And that’s an indication of what we are seeing. The physical demand for gold and also for silver has just been huge. It (physical gold and silver) is getting vacuumed up by entities who are moving out of dollars, the stock market, and other assets, into something safe.”
Eric King: “James, when you see a lot of the people who have been around these markets for 20, 30, 40 years, they are having such a hard time after that 5 1/2 year bear market. Their minds are messed up and they are waiting for the next shoe to drop (in the gold market). And even though this is a normal correction, they seem to be having a hard time dealing with it. What would you say to those people?”
James Turk: “You know it’s really hard this time around, Eric, because everything is so crazy today. We are really living in a whacko world with…Everyone around the world needs to listen to this remarkable interview with James Turk because it covers so much important ground as Turk let’s listeners know what surprises to expect next. To continue listening to the timely and powerful KWN audio interview with James Turk CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: BREAKING: Multi-Billionaire Hugo Salinas Price Just Issued A Dire Warning And Said We May See The Price of Gold Spike To $13,000 CLICK HERE.
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