- Turk – Bank & Government Collapses, Gold Spike Coming!
With continued volatility in major markets, as well as gold and silver, today King World News interviewed James Turk out of Europe. Turk told KWN, “if the central planners try to paper over the insolvency of governments and many of the big banks with more money printing, then gold, silver and the mining shares will rocket even higher than I can imagine.” Here is what Turk had to say about the recent action: “The significance of the big jump on Friday in gold, silver and the mining shares cannot be overstated, Eric. It was very important for a number of reasons. First, it was a continuation of the trend we spoke about on Thursday. The precious metals and the mining shares are showing clear, independent strength.”
I think there are many reasons to expect history to follow a similar pattern with the precious metals climbing much higher from here, Eric, especially given how quickly the sovereign debt and banking crises are worsening. The Economist magazine described this relationship very emphatically and with some humor: “Banks and their governments are propping each other up like Friday night drunks.”
After all, when fear of losing your money in a banking collapse and government insolvency becomes the foremost driver of investor thinking, the sky will be the limit for gold and silver.”