Gold & Silver Shorts Trapped As Scramble For Metal Under Way
September 4, 2012
Today James Turk told King World News the metals shorts have problems here: “There are a lot of people who want physical silver out there and they are scrambling for it.” Turk also said, “I’m not sure you are going to see many pullbacks in silver, particularly given the circumstances of the market, and the fact that there are so many shorts and so much money out there on the sidelines.”
Turk also discussed the move in gold, but first, here is what Turk had to say: “The physical market remains very tight, and I think you are seeing that in the way silver has moved over the past couple of days. This is more than just a short covering, this is a scramble for physical metal.”
James Turk continues:
“I think the key thing here, Eric, is there is a lot of money on the sidelines. It built up during what’s been almost a year and a half correction in silver, and a correction in gold that’s gone on for eleven months, and it stayed there while people were on vacation.
Now that people are coming back from their summer holidays, they are starting to commit to the markets, and you can see that in the silver price….