- Turk: I’ve Never Seen Anything Like This In My 45-Year Career!
Today James Turk told King World News that he has never seen anything like what we are witnessing today in his entire 45-year career. Turk also said that the bears can kiss goodbye to the downside momentum in both gold and silver. Here is what Turk had to say in this exclusive interview: “The gold mining shares have never been this cheap, Eric. The chart below of the XAU Index goes back to 1983, when the XAU Index was first constructed. But note that this chart illustrates prices of the XAU Index over these 3-decades in terms of gold and not the way it is normally presented, which of course is in US dollars.”
Eric King: “In a sense, James, the Fed, the central banks, Western governments, are gambling on this price suppression scheme and saying, ‘We’ve got to get people on the physical side to start selling.’ If they can’t accomplish that and we just end up with these mine closures, all of that production that disappears has to be vacuumed out, in addition to what’s already being vacuumed out, of those Western central bank vaults. So, if they can’t get the physical selling to start happening, they are in trouble here.”
Turk: “Yes, that’s exactly right. And you are bringing up a good point: The supply of gold is not just what comes on to the market every year from production. The supply of gold is everything that exists in the above ground stock, which is basically all of the gold that has been mined throughout history….