The bottom is in!

[EE_]

No, not housing...that will continue to drop like a rock.

Turk - Gold & Silver Have Bottomed, Summer Explosion Ahead
June 14, 2011

With gold and silver rallying, today King World News interviewed James Turk to ask him if we have seen the lows. When asked about a bottom forming here Turk responded, “Eric you know from our previous discussion that I was looking for some more backing and filling and that is exactly what has happened over the last couple of weeks. More importantly gold dropped back to test $1,520, while silver probed support around $35 and both support levels held.”

“The sharp rally that occurred today off of those support zones suggests to me that the correction is over. In other words we are going to see silver back above $40 and gold above $1,550 within the next couple of weeks. Everything is all set for new record high prices in both metals this summer, which is going to surprise a lot of people.

I just think that people don’t really understand what can happen this summer. We’ve spoken before about the summer of 1982 when the gold price rose 50% from June to September, propelled back then by the Mexican debt default.

There are so many potential debt defaults going on today it is hard to figure out which one will be the tipping point. But whether it is Greece or Ireland or someone else it doesn’t really matter Eric, it will be a clear sign that today’s fragile monetary system of fiat currencies backed by nothing is imploding....

“When viewing December 2015 commitments to deliver, silver remains in backwardation and I want to let the KWN readers globally know that this physical silver market is extraordinarily tight.

This summer you could see a move higher in gold and silver that literally shakes the world, more than it was shaken when Lehman Brothers collapsed.

A lot of people ask if we get another Lehman style collapse, will gold and silver fall like they did in 2008? I say no they won’t. The reason is back in 2008 the primary driver after Lehman collapsed was a rush by investors, hedge funds and everyone else for liquidity. Most people learned a very valuable lesson from that event. Consequently, this time around you are not going to see a rush for liquidity, you are going to see a rush for safety. The safest haven of them all is physical gold and physical silver.”

The KWN audio interview with James Turk will be available shortly and you can listen to it by CLICKING HERE. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/14_Turk_-_Gold_%26_Silver_Have_Bottomed%2C_Summer_Explosion _Ahead.html

[gunDriller]

depends on the definition of a bottom, and on how much time transpires between now and the 2011 market crash.

reason suggests that the crash will come mid-July, when 2Q results come in & the world can see the full effects of Fukushima.

between now & then, silver could easily climb back up to the $40's, so that when the crash comes, who knows how that will effect it.

good point by Turk -

"A lot of people ask if we get another Lehman style collapse, will gold and silver fall like they did in 2008? I say no they won’t. The reason is back in 2008 the primary driver after Lehman collapsed was a rush by investors, hedge funds and everyone else for liquidity. Most people learned a very valuable lesson from that event. Consequently, this time around you are not going to see a rush for liquidity, you are going to see a rush for safety. The safest haven of them all is physical gold and physical silver.”


BUT the market has been on a trend the last 6 weeks, that if it continues could bring us back to the early May lows around $33 for silver.

gold sure is holding up above $1500.

but that's just noise. i think anybody who buys @ Ag $35 will be quite happy with that purchase in 2 years. or 2 weeks !

[mamboni]

A lot can happen in the next 2 weeks. The markets look very fragile and the budget battle in Washington is throwing a wet blanket over everything. Personally, I'm not loading up with AU or Ag in the short term - I'm in 'wait & see' mode, though my portfolio remains 70% cash 30% CEF.

[Horn]

A lot can happen in the next 2 weeks. The markets look very fragile and the budget battle in Washington is throwing a wet blanket over everything. Personally, I'm not loading up with AU or Ag in the short term - I'm in 'wait & see' mode, though my portfolio remains 70% cash 30% CEF.

Hey, how did this thread get a Thanks Feature?

And why did I give you one?

[mamboni]

Hey, how did this thread get a Thanks Feature?

And why did I give you one?

I don't know buddy, but thanks man!!!! Despite what everyone says about you, I think you're OK!;D

[osoab]

Hey, how did this thread get a Thanks Feature?

And why did I give you one?

Did you miss the report to Admin button and hit the thanks?

[EE_]

James Turk Broadcast

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/6/16_James_Turk.html

[JohnQPublic]

good point by Turk -

"A lot of people ask if we get another Lehman style collapse, will gold and silver fall like they did in 2008? I say no they won’t. The reason is back in 2008 the primary driver after Lehman collapsed was a rush by investors, hedge funds and everyone else for liquidity. Most people learned a very valuable lesson from that event. Consequently, this time around you are not going to see a rush for liquidity, you are going to see a rush for safety. The safest haven of them all is physical gold and physical silver.”

I tend to see things like that, but am less sure of it than Turk seems to be. PMs and bonds/stocks could bifurcate this time if there is a collapse (ala Greece or whatever). But, that said, it was a rush to safety that drove gold and silver up in the summer of 2008 just before the crash, too. True many lessons were learned, but it is not clear that enough actions were taken based on those lessons. For example homeowners now stuck with expensive upside down mortgages have "learned" that they are in a bad situaltion, but most have not been able to do anything about it (other than those that defaulted). The derivatives monster still lurks in the background, and has not been dealt with. Even the Dodd bill, which does something is being postponed for 6 months (it was supposed to start next month)! The fact this bill is being postponed now should give some pause for concern. Still, all said, gold and silver seem the safest bet at this ponit.

[Neuro]

I don't think the bottom is in yet. Wait until CONgress authorizes a raise in the debt ceiling, probably will coincide with the stop in QE2, and you will get a gigantic sucking sound of the treasury trying to compensate by selling massive amounts of bonds, and Fed ain't buying any. Rapidly raising the interest rates. Sucking liquidity out of every market. Rapid plunging stock markets, commodities, base metals and oil, the industrial PM's (Silver, Platinum, Palladium)... Gold may hold up fairly well though, since this situation is different than 2008, where Treasury bonds were considered a safe haven... But cash will be king this summer... Look for when treasury interest rates starts going down after peaking, this will be the sign that the Fed secretely has started buying again... They don't want to destabilize the market too much, just enough to make a handsome profit...

[oldmansmith]

And of course don't forget that if silver hits the 20's you will be able to buy all the paper "silver" you want at that price, and not a single ounce of the real stuff.

[Libertytree]

I think we all know the bottom ain't here yet but I personally feel that this summer/fall will start us down the road to the very bottom. It's one of the reasons and the main impetus for me moving back home to a rural southern setting, I feel something ill in the wind and I'm gettin while the gettin's good.

[EE_]

I think we all know the bottom ain't here yet but I personally feel that this summer/fall will start us down the road to the very bottom. It's one of the reasons and the main impetus for me moving back home to a rural southern setting, I feel something ill in the wind and I'm gettin while the gettin's good.

Watch the molten nuclear fuel at Fukushima burn through the concrete encasement and hit water and you'll see something no one can imagine.

[Libertytree]

Watch the molten nuclear fuel at Fukushima burn through the concrete encasement and hit water and you'll see something no one can imagine.

Are you tracking what's going on at the Ft Calhoun nuke plant?

[Horn]

I don't know buddy, but thanks man!!!! Despite what everyone says about you, I think you're OK!;D

Nobody knows a bottom, like mamboni. O0

[Serpo]

Turk is saying he thinks it will be a summer like no other..........^

[Horn]

Turk is saying he thinks it will be a summer like no other..........^

If anyone has money left over from the grocery store, maybe.

[EE_]

Nobody knows a bottom, like mamboni. O0

Like this?

http://i721.photobucket.com/albums/ww217/MaggiegirlEE/jlvn277l-1-1.jpg

[gunDriller]

I tend to see things like that, but am less sure of it than Turk seems to be. PMs and bonds/stocks could bifurcate this time if there is a collapse (ala Greece or whatever). But, that said, it was a rush to safety that drove gold and silver up in the summer of 2008 just before the crash, too.

i have the impression that many silver traders use a trading technique where a sell order is executed if the price falls below a certain amount. program trading - is that what they call it ? i don't know all the terms.

so you end up with sort of a domino effect, which can work going both directions. but JPMorgue likes to play it especially going down, i think because their losses are backstopped by the US government. a combination of financial compensation, insider information, and "regulators look the other way" behavior.

JPMorgue also plays games like withholding buy orders to get prices moving down, knowing that if they can get it to fall far enough, additional sell orders will kick in.

if they do this on a day when oil prices are falling (which tends to buoy the US $) or other economic news would take some wind out of silver's sales ... well let's just say they have more tricks than i know about.


overall, i would say that silver is holding STRONG ("GRUNT, GRUNT", says the Silver Dog !!) at $35 BUT JPMorgue is expert at manipulating the market.

it seems ironic or odd or something, because it creates buying opportunities for people who detest JPMorgue and have little or no faith in the US government.

what does the $ say ? "backed by the full faith & credit of the US government" ?

what full faith & credit ? there's none left, it's 100% squandered.

[Horn]

We could see a couple bouncing bottoms this summer...



http://www.youtube.com/watch?v=FPzxolmWYAk

[mamboni]

Like this?

http://i721.photobucket.com/albums/ww217/MaggiegirlEE/jlvn277l-1-1.jpg

How rude! I don't keep my gold there!!!!;)