Turk – Gold & Silver Bottoming as Euro Troubles Reemerge
May 7, 2012
With investors around the world are wondering what to expect after key European elections, today King World News interviewed James Turk out of Europe. Turk told KWN that gold and silver are bottoming, but first, here is what Turk said investors should expect after Europe’s elections: “The incumbents were routed in some important elections over the weekend here in Europe, Eric. The two parties in Greece that supported the EU bailout and all of the austerity it requires only received 31% of the vote between them. Five other parties received enough votes to have members in the Greek Parliament.”
James Turk continues:
“These diverse groups probably mean any coalition to form a ruling majority is unlikely, so Greece is plunging head-first into political uncertainty. Then French president Sarkozy was defeated by a socialist, who is quoted in a London newspaper saying he ‘does not like the rich’ and ‘my real enemy is the world of finance.’”
The newspaper then says the new socialist president wants to be ‘ploughing millions into creating more civil service jobs,’ as if the unproductive state sector in France wasn’t already bloated enough. Even Germany’s Chancellor Merkel was handed a setback in regional elections.
The clear verdict is that European austerity measures to control their spiraling debt burden and runaway government spending are out, and more government spending is in. But if so, how are European governments going to pay for it all?….