Turk – We Are Witnessing Extraordinary Events In Gold & Silver
May 23, 2013
With hedge fund shorts in gold and silver continuing to battle the physical market in London, today James Turk told King World News that the hedge funds will be overrun as the physical market takes down the massively overexposed paper shorts. Turk also spoke about the wild trading which has centered around the London fix.
Turk: “We are seeing some extraordinary events in the gold market, Eric. One of these was yesterday’s London PM fix, which people are still talking about. Gold was trading quietly around $1385 just before the fix. Then, as the fix commenced, gold rose within roughly 15 minutes to $1414.
It was a real rocket-shot and caught the shorts by surprise. But the shorts regrouped, in order to regain control, and gold then dropped lower in the next 30 minutes. After the fix ended, gold had fallen to below $1370. We have to consider the significance of this extraordinary event….