James Turk – Last Piece Now In Place To Trigger Hyperinflation
February 12, 2013
Today James Turk spoke with King World News about the smash in gold and silver yesterday, and what to expect going forward. Here is what Turk had to say about the action: “The precious metals took it on the chin yesterday, Eric. But how many times have we seen this happen, only for the metals to bounce right back? In fact, the last time this happened was also a Monday, just two weeks ago. With yesterday’s drop, gold and silver are simply re-testing support formed two weeks ago at $1650 on gold and near $31 on silver.”
James Turk continues:
“Sentiment is fairly weak at the moment, even while the fundamental picture is improving. Look at some of the evidence. For example, Brent crude is at a 9-month high and approaching $120 per barrel. All of the usual excuses for this price rise are being given, like strong demand from China, lower OPEC production, and ongoing concerns about political instability in North Africa.
These factors are having an impact of course, but what is being ignored is the most important explanation because people aren’t paying attention. There is no shortage of crude oil. Rather, there are just too many dollars, euros, pounds and other fiat currencies being printed by central banks….