We’re Seeing Unprecedented & Historic Events In Gold & Silver
August 12, 2013
With gold and silver stealing the spotlight in today’s trading, James Turk told King World News that what we are seeing right now in the gold and silver markets is “truly unprecedented.” He also told KWN that investors should brace themselves for a “historic” move in the metals. Below is what Turk had to say in this powerful interview.
Turk: “What is happening here in the gold market, Eric, is truly remarkable. It is a situation that undoubtedly will go down in the history books. Gold is now in its sixth week of backwardation. When we first spoke about this on July 8th, and KWN broke the news that gold had backwardated, gold jumped $22 that day.
That initial jump was a reaction to a market situation that was not sustainable. In other words, the backwardation clearly showed that physical gold priced at $1,200 was way too cheap. So traders back then bought it hand-over-fist, and the gold price jumped 1.8% in just one day as a result….