Turk – Incredible Chart, Look For $12,000 Gold & $600 Silver
May 10, 2013
On the heels of weakness in gold, today James Turk shared with King World News exclusively an absolutely fantastic chart which shows that gold is headed to $12,000 and silver to $600. The chart below is extraordinary and Turk provides some intriguing commentary as well.
Eric King: “If gold and silver are forming a major bottom and putting an end to this bear phase in the metals, where do we go from here longer-term?”
Turk: “My view is that we are in a fiat currency bubble, in other words currency backed by nothing. If you look at history, whenever you have these kinds of periods where people think they can come up with some new kind of currency, it’s absolutely crazy some of the hair-brained schemes (people come up with).
What we have now is another hair-brained scheme that says currency can be backed by nothing except government promises. But when you take gold out of the monetary system, what monetary history always shows is that you remove the monetary discipline from government spending.
We are in an environment now where the government is spending more and more money, borrowing more and more money, the central bank is turning that money into currency, and eventually this is going to lead to hyperinflation….