Turk – The Most Important & Extraordinary Chart for 2012
April 20, 2012
With continued volatility in global stock and commodities markets, today King World News interviewed James Turk out of Europe. Turk exclusively sent KWN what he calls “the most important and extraordinary chart for 2012.” But first, here is what Turk had to say about the action in gold and silver, and what investors should expect going forward: “The spring is already coiled, Eric, but it is being wound tighter and tighter by this relentless testing of support. For more than a month, gold and silver have been confined to a very narrow trading range.”
James Turk continues:
“I cannot count how many times $1,650 has been pounded, and it happened yet again today. But each time gold refuses to break down. The last time we spoke, I mentioned how gold snapped back the one time the paper shorts sent gold under $1,620. It is clear that support at current levels is strong. The same applies to silver.
Silver has been stuck under $32 for a couple of weeks now, but it refuses to break. Silver keeps trying to climb above $32, which shows good underlying strength. But it keeps getting hit….