With gold and silver surging, today James Turk
warned King World News that the world is about to see another major
banking crisis. Turk also spoke about why the metals were so strong
today, as well as what investors should be doing to prepare themselves
for the coming big banking crisis.
You
will recall that both precious metals opened lower that day and sold off
badly before putting in a remarkable upside reversal as the day wore
on. That day had all the earmarks of a selling climax in both gold and
silver, so it could prove to be an important turning point and if so,
the end of this long correction in the precious metals which would be a
welcomed relief....
As
an example, the weak close in the precious metals this past Friday
naturally made a lot of people fearful that today would be a repeat of
what happened two Mondays ago. Instead, both precious metals have been
strong all day, catching a lot of traders and shorts on the wrong foot.
A lot of shorts covered last week, so those who did not were probably
in there buying today.
Read More: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/3_Turk_-_The_Next_Major_Banking_Crisis_As_Gold_%26_Silver_Surge.html
Turk:
“Gold has now risen two weeks in a row, Eric, and with the strong
showing today, maybe it will end this week by scoring three in a row.
That would be a very positive development. The
really important point is that gold and silver are steadily moving
further away from the low made on Monday, May 20th, as evidenced by
their short-term moving averages.
“A selling climax
occurs when the last hold-outs throw in the towel and sentiment is at
rock-bottom. That clearly was the case two weeks ago, yet sentiment
remains low, which is bullish. Few people are watching the action of
the precious metals, except the buyers of physical bullion.
Last
week a lot of the traders in paper gold exited their trading positions,
as evidenced by the big drop in Comex open interest the past several
days. Then, you also have the fear factor playing a big part which is
only natural given what happened to the metals over the past couple of
months.
Read More: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/3_Turk_-_The_Next_Major_Banking_Crisis_As_Gold_%26_Silver_Surge.html