- Turk – Capital Controls, Bank Bailouts & Escalating Fear!
With continued volatility in major markets, as well as gold and silver, today King World News interviewed James Turk out of Europe. Turk discussed the capital controls being proposed in Europe, bank bailouts and escalating fear, but first, here is what Turk had to say about the recent action: “It has now been 16 trading days since the May low, Eric, which means that the base being formed in the precious metals is getting stronger with each passing day. Importantly, prices have been moving away from the May low, with both gold and silver up more than 4% since then.”
“These are exceptional gains for such a short period of time, but sentiment remains at rock bottom. One reason for the miserable sentiment is that the gold price has fallen half of the trading days since the May low. The same for silver, and some of the daily price declines have been huge, which really affects sentiment negatively. But these low sentiment readings are bullish. It is a sign that a market is sold-out and a rally is due, even if it is just a relief rally….