December 7, 2010
December 3, 2010
November 17, 2010
James Turk: $400 Silver by 2013 to 2015
GoldMoney founder and GATA consultant James Turk was interviewed today by Eric King of King World News about the continuing increases in margin requirements for gold and silver futures longs. Turk says he expects a sharp snap back in precious metals prices:
Turk commented, “This may explain why Comex is raising margins a second time so quickly, they aim to put more pressure on the buyers. Obviously the Comex is trying to put more pressure on market participants by forcing them to liquidate their longs.”
Turk continues:
“Eric, here we are at $25.50 which is the price that was identified by your London source last week. So they painted the tape, but the Comex open interest shows that they haven’t driven out any buyers which is very surprising. Normally you would expect to see some longs liquidating on any pullback like the one that we have seen over the past few days, but that hasn’t happened this time around.
The buying pressure in the physical market remains, we are starting to see the industrial buyers coming back in to secure supply. My guess Eric is that the industrial users will be there on any price dip like we have had at present. Up to this point we haven’t seen the boomerang effect that I have been anticipating but I am still expecting a sharp snap back in prices.
As we pointed out in the piece which had Mark Lundeen’s illustration in it, gold is dramatically undervalued and this can only result in much, much higher prices over time. I would just add that I expect the gold/silver ratio to decline over time to under 20 to 1, so silver will be exploding along with the price of gold.
As you know Eric I have been projecting gold to hit $8,000 by 2013 to 2015, so that would equate to silver hitting $400, and that is well within the realm of possibility as silver reverts back to its historical mean.”
This is what happens in bull markets, prices climb to levels that previously seemed unimaginable.
October 29, 2010
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:
Or try this abbreviated link:
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:
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
October 28, 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.
October 3, 2010
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.
September 19, 2010
James Turk: The battle for $21 silver begins
GoldMoney founder James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, says the silver price chart has nearly completed a three-year accumulation pattern with $21 as the crucial resistance level. Turk expects silver to vault higher when $21 is breached. His commentary is headlined "The Battle for $21 Silver Begins" and you can find it here:
James Turk-The Battle for $21 Silver Begins
August 30, 2010
Gene Arensberg: Something changed in silver market last week
"Silver turned in an “outside reversal” Tuesday, August 24 (which happened to coincide with COT reporting cutoff day), and in the process it surged up and out of the wide triangular consolidation which, as regular readers know, we have been following here at Got Gold Report all along. An outside reversal occurs when the trading breaks below the previous day’s lows and then reverses to close higher than the previous day’s high. Outside reversals often, but not always, mark significant turning points and technically minded traders view such action as a more bullish event...."
Gene Arensberg's weekly "Got Gold Report" concentrates on silver and he writes that something changed in the silver market last week, starting with silver's "outside reversal" day on Tuesday, and it looks bullish.
Arensberg's commentary is headlined "Focus on Silver" and you can find it at the Got Gold Report Internet site HERE
August 9, 2010
James Turk: Is silver ready to move higher?
GoldMoney founder James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, observes in commentary today that silver has been appreciating just as much as gold has over the last nine years and may be an even better buy now for investors who are prepared to deal with its greater volatility. Turk's commentary is headlined "Is Silver Ready to Move Higher?" and you can find it at the GoldMoney Internet site here:
Subscribe to:
Posts (Atom)
