Today James Turk warned King World News that $50 silver is days or weeks away, not months.
Record Highs For Gold, Silver About To Launch
October 20 (King World News) – James Turk: “You know what I find noteworthy about all these record highs in gold, Eric? It’s the lack of excitement normally seen at bull market tops.
Few people are paying attention. That usually means a bull market has much further to run, from which we can presume that gold at $2700 is still early in this uptrend.
So today looks to me like the early stage of other great bull markets in gold I’ve lived through since 1971. It’s like $45 in 1971 on its way to $200 two years later, or $100 in 1976 then climbing to its 1980 high of $850, or $340 in 2002 on its way to $1900 in 2011 after the Great Financial Crisis.
The current uptrend began in November 2023 when gold finally hurdled $2,000 into new record highs. Since then it’s been stair-stepping its way higher to new records, as we can see in this chart.
Gold’s Beautiful Stair-Step Pattern Higher
Gold is being driven higher by a variety of factors, but it all boils down to supply and demand, the basic principle of all economic activity. The demand for the dollar around the globe is falling, and gold is rising because it is the proven safe haven to protect your purchasing power. So is silver, but it has a lot of catching up to do.
Silver
Right now silver is far from its $50 record reached in 1980 and again in 2011, but I am expecting a new record high soon. I’ve updated the same chart of silver’s weekly closing price that is now familiar to King World News readers, with one small change to explain my thinking. It’s a log scale chart to compare past percentage gains to potential future gains.
Post-Breakout, RED ARROW (Left Side Of Chart) Indicates Potential Massive Upside Gains For Silver
I’ve added the red arrow to highlight what happened in 2020. We’ll see if a similar percentage gain is possible in the weeks ahead. It’s a projection, not a prediction of course, based on the premise that sometimes history repeats.
There is the potential for a repeat because silver is being relentlessly accumulated by strong hands, resulting in this huge multi-year base of support. Silver is now breaking out from the base as well as a reverse head-and-shoulders pattern, one of the most reliable of all chart patterns.
With Friday’s new 12-year high closing price, silver has chewed through minor resistance at $32, a level first reached this past May. Silver is now set up to rocket higher like it did in 2020 for one all-important reason. The demand for physical metal is gaining the upper hand over the short sellers in the paper market attempting to ‘tamp down’ the price. Inevitably physical trumps paper because a real thing is more valuable and useful than just a promise to deliver a real thing at some future date…
ALERT:
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$100 Silver In Sight
So here’s what I see unfolding for the precious metals as we move toward year-end, Eric. Gold will continue climbing to make new records, but silver is about to catch up with its own new records too.
It looks to me that $50 is days/weeks away, not months. Once $50 is hurdled, decades of base-building driven by unstoppable demand for physical silver will launch silver into a major bull market taking it toward fair value.
In a world of fiat currency, you can’t use dollars or any other currency to measure fair value. We can’t predict whether central banks will inflate or deflate, so we need to use gold as the standard of measure.
So the fair value of silver is a Gold/Silver ratio under 30 – and probably close to the historic ratio of 16 ounces of silver to one ounce of gold. If gold does reach my near term target of $3,000 and if – that’s a big ‘if’ but worth thinking about – the ratio falls to 30 like it last did in 2011, $100 silver is in sight.
This Stock Is Starting A Massive Upside Breakout!
King World News is featuring the gold & copper stock below because the cash flow for this company is set to explode in 2025, 2026, 2027 and 2028! That also means there will be no stock offerings. This stock fell from $13.50 to under $3 during the bear market, but the entire time the company continued making acquisitions that dramatically increased the Net Asset Value, so the upside gains for this stock are sure to be jaw-dropping! I personally own $1,400,000 of this stock and expect this gold/copper royalty company to hit new all-time highs (above $13.50) as the gold bull market continues to surge. Here is a look at the chart, which just entered a long-term buy signal for the first time in nearly 6 years and yet the stock is still trading under $4!
First Time Monthly MACD Buy Signal In Almost 6 Years!
Royalty Stock Just Starting Major Upside Breakout After Falling From $13.50 To Under $3!
Take Action Immediately!
For more information regarding this stock email the CEO of this royalty company at brett@metallaroyalty.com or you can also call Kristina Pillon at investor relations at (604)908-1695. Email or call immediately since this upside breakout has just taken place!
Man Who Correctly Predicted Gold Would Soar In 2024, Just Issued A Dire Warning For The World
*To listen to Gerald Celente’s dire warning for the world as well as predictions for gold, silver, inflation, war and much more CLICK HERE OR ON THE IMAGE BELOW.
GOLD & SILVER UPDATE: Just Released!
To listen to Alasdair Macleod discuss gold hitting a new all-time high, silver on the cusp of a truly historic upside breakout as well as what to expect from the high-quality mining and exploration stocks CLICK HERE OR ON THE IMAGE BELOW.
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