Sprott's Embry on King World News: the fun is just beginning!

Sprott Asset Management's chief investment strategist, John Embry, covers many topics related to gold and silver in a 14-minute interview today with Eric King of King World News, which you can listen to at the King World News Internet site here:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/10/29_John_Embry.html

Or try this abbreviated link:

http://bit.ly/bQKZSR

Silver manipulation lawsuit posted at GATA's Internet site

A copy of the silver market manipulation lawsuit filed yesterday in U.S. District Court for the Southern District of New York against J.P. Morgan Chase & Co. and HSBC Bank has been posted at GATA's Internet site here:

http://www.gata.org/files/SilverManipulationLawsuit-10-27-2010.pdf

GATA board member Adrian Douglas, who helped publicize London silver trader Andrew Maguire's disregarded silver market manipulation complaint to the U.S. Commodity Futures Trading Commission, said of the lawsuit:

"The Gold Anti-Trust Action Committee has worked tirelessly for more than 10 years to expose the suppression of gold and silver prices. The filing of this lawsuit is a milestone in stopping the fraud that has been occurring in these markets and punishing the bullion banks responsible. The suppression of the monetary metals has facilitated an overvalued dollar and mispriced debt that in turn have caused the massive imbalances at the root of the worldwide financial crisis. This fraud has hurt everyone except those on the inside who have profited at the expense of the public. I applaud the integrity of Andrew Maguire, whose whistleblower testimony has made this lawsuit possible, and the dedication of CFTC Commissioner Bart Chilton, who has had the courage to fight systemic corruption."

SilverManipulationLawsuit-10-27-2010

James Turk: Silver $30 in Less Than 18 Days

With gold and silver strong today, King World News interviewed James Turk out of London. When asked about silver specifically Turk commented, “I like this flag pattern because when you breakout to the upside you reach your target in half the time it takes the flagpole to form. The flagpole formed over 36 trading days, so the next leg up to $30 will be over in less than 18 trading days.”

Turk continues:

“The other thing Eric is that this time frame is not too far off from the three to four weeks window that I mentioned would take place when silver pierced $21.

We have been saying it is different this time because the ongoing accumulators of physical metal are right underneath the market. This aggressive buying is one of the key reasons why prices are poised to explode.

What I expect to see is a strong close today, and follow through tomorrow. That scenario requires more short covering tomorrow which is likely to happen anyway going into the weekend.

Even though silver is continuing to lead, gold will continue higher as well. Gold will eventually take out the previous high of $1,400. $1,400 is a pit stop on the way to $1,500.”

James Turk sent the above chart to go along with his comments. It shows the flag formation and the corresponding breakout he is discussing in this interview. When silver takes out the previous highs near $25, you should expect to see some serious fireworks to the upside. Gold will be in tow.

Second Highest Close for Silver Ever

This from the Got Gold Report:

"We believe that today’s (Thursday’s) close for silver is the second highest nominal close at a quarter-end ever. We note remarkably little in the way of quarter-end profit taking. Silver closed in New York at $21.75 on the cash market, about even with Tuesday’s close and down a couple of dimes from Wednesday’s last print in the electronic session. That is after silver tested as high as $22.10 in early Thursday trade. Subscribers to Got Gold Report can look at the linked charts (near the bottom of the last full report) for more on the silver and gold price action."

Please click HERE for the full Report.