August 3, 2012
Today James Turk told King World News that gold is now in backwardation and about to rocket higher. Turk also warned, “The bottom line is we are in a fiat currency bubble. Eventually this bubble is going to pop because we are using this fiat currency, backed by nothing, not just in one country, but throughout the world.”
Here is what Turk had to say: “This is exactly the kind of action I had been hoping for, Eric. When had the KWN blog interview on Wednesday, I had mentioned that we probably missed the last chance to buy gold at $1,580, and silver under $27.”
James Turk continues:
“The way the metals traded yesterday and today illustrates the important point I was making when we did that interview. There’s a ton of money on the sidelines waiting to buy the dips. This is exactly the type of thing you see at the beginning of a bull market.
I’ve been talking about a summer rally, and here we are at the beginning of August, and I think the summer rally is actually beginning now, Eric. I think it’s becoming increasingly clear that the central planners are bluffing. They are holding a losing hand….