With the price of gold and silver breaking below the key psychological levels of $1,200 and $15 respectively, today James Turk spoke with King World News about the takedown in the metals.
Remain Focused On The Big Picture
August 13 (King World News) – James Turk: “It’s been a tough day for the precious metals, Eric, but you know how I view these types of situations. We’ve spoken about it many times before — you always have to look at the big picture on a day like today. …
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James Turk continues: “The central planners have a fix on gold that over the past few months has been relentless. They are going all out to trash gold and silver in the paper markets. So far it has worked out for them. But even though they are winning a battle, they will lose the war.
Gold has been used as money for 5,000 years. It would be silly to assume that something with that kind of proven track record is no longer needed. The price suppression of the precious metals of late has been very effective. But you can only hold a beachball under water for so long, and right now gold and silver are trading under extreme conditions.
The reality is that asset prices are always, in the final analysis, driven by fundamental factors. Undervalued assets eventually go up in price, and overvalued assets eventually go down in price. The Venezuelan bolivar was overvalued and crashed, just like is now happening to the Turkish lira. Look at this chart of gold priced in liras.
Gold Skyrocketing In Price In Turkish Lira
We are seeing, in Venezuela, one of the greatest gold bull markets in history, and Turkey is not far behind. This brings up a very important point: Gold is your safety net. Gold is good money, and every national currency pales in comparison. National currencies don’t measure up and never will. But here’s the key point, which I think will become increasingly important in the days and weeks ahead as this emerging market currency crisis deepens. In contrast to national currencies, physical gold does not have any counterparty risk. It is money you can hold in your hand. Gold is money you own.”
The Bottom Line
King World News note: We are now in the final phase of liquidation and capitulation in the battered gold and silver sector. For those who have the mental strength to execute, aggressive accumulation of physical gold and silver at these levels, on this final liquidation, will provide the last of the cheap prices for the metals. When $1,400 is breached on the upside, the price of gold will move extremely quickly to the $1,800 level.
As for where silver will be trading at $1,800 gold, who knows? One thing is certain, it will be trading a hell of a lot higher than what is being quoted today. It is also important to remember that when the sh*t hits the fan, nobody cares about paper instruments, but across the globe they will accept gold as payment in any crisis, regardless of how bad the meltdown is. And make sure to read today’s earlier release Worries About Turkish Contagion Are Spreading Across The Globe CLICK HERE TO READ.
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