James Turk - Rocket Launch in Gold Will Shock the Markets

With gold and silver still consolidating gains, today King World News interviewed James Turk out Spain. When asked about the action in precious metals Turk responded, “If they were going to smash it Eric, they would have done it on Friday, but the fact that gold and silver reversed so sharply just goes to show how much buying power is under this market. Early in the day both gold and silver were on the ropes, but the uptrend reasserted itself.”

Turk continues:

“So looking back on the past few days, we just had a normal sideways correction within what has been a strong uptrend. The important point it that these uptrends remain intact.

We have been waiting for silver to get disorderly and so far that hasn’t happened. Usually you will see multiple upside breakaway gaps as you get frothy, but we haven’t seen that yet. So there are no obvious signs of a top. Given the strength we saw on Friday, it seems the correction is nearing an end and the uptrend is about to resume.

Eric it took from August until March to get from $18 to $36 so there might be a temptation to sell here and take profits. But the biggest move comes at the end of the trend and it comes much more quickly. So to see silver move $14 from $36 to $50 by the end of June is consistent with the way major trends develop and unfold.

Perhaps the final climb to the intermediate top will not be of that magnitutde, but it would not surprise me if the move was that strong. Let the trend speak for itself until it ends and so far the trend shows no signs of being over so we have to give it every benefit of the doubt.”

When asked about gold specifically Turk stated, “You have almost six months of work underneath the market in the $1,300’s. That provides a massive base that has created the launch pad which will send gold higher.

There is a little bit of a battle going on at the previous high of $1,430, but the momentum is clearly starting to shift in favor of the bulls. The gold bulls have been very patient as gold has essentially moved sideways for the past six months, but their patience is about to be rewarded.

For KWN readers globally if we have gold move to $1,800 and silver to $50, the gold/silver ratio would fall slightly to 36 to 1. In that scenario, all precious metals holders will be happy.

In other words Eric, both precious metals will be rising more or lesss at the same rate. This will be in contrast to the last six months where silver was significantly outperforming gold with the ratio falling from 60 to 39.5 during that time.

Although a lot of people have been focused on the move in silver, but the coming rocket launch in gold will shock the markets.”

Turk is right, the coming move in gold will shock the markets. This will be the wake-up call for investors who have ignored the gold market up to this point.

Eric King

KingWorldNews.com