phideaux
11-12-2010, 03:02 PM
James Turk - Kamikaze Attacks in the Silver Market
With gold and silver in retreat, King World News interviewed James Turk out of Spain. When asked about silver specifically James said, “They are not dislodging physical silver by running the paper market down. In fact the silver market is getting tighter and tighter. That’s why I am perplexed at why they are trying to run this paper market lower. If they want to get physical silver they are going to have to take the price higher, not lower.”
November 12, 2010
Turk continues:
“I’ve not seen this kind of tightness in the silver market before and you know that I have been talking about how tight the physical market has been these past few months.”
James, is this sort of like the kamikazes flying into aircraft carriers at the end of the war?
“That’s it exactly. There is no other logical answer. What we’re seeing now is exactly what your source out of London said would happen and where the source said the Asians would be aggressively buying. It’s actually sort of good to have the script ahead of time from your London source.
Maybe what we are seeing here is the silver shorts trying to make a few bucks in the paper market by dislodging the weak longs. Liquidity is at its lowest point of the week late on Friday.
From all indications there is going to be a major boomerang effect, and everybody who has been scrambling in the physical market is going to become even more aggressive trying to find and then buy physical metal at these low prices.
So the shorts who are selling here are playing with fire because if they are called on to deliver, they are going to have a herculean task trying to find physical metal.
Regarding gold, the important thing to remember is that we are still in an uptrend. The 21 day moving average has not been broken and gold is resting back at key support in the $1,360’s. The same thing applies for silver, the 21 day moving average is at $25 so it is still above strong support.”
Well there you have it, James Turk has tremendous connections in the physical market and it is extremely tight.
Eric King
KingWorldNews.com
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/11/12_James_Turk_-_Kamikaze_Attacks_in_the_Silver_Market.html
With gold and silver in retreat, King World News interviewed James Turk out of Spain. When asked about silver specifically James said, “They are not dislodging physical silver by running the paper market down. In fact the silver market is getting tighter and tighter. That’s why I am perplexed at why they are trying to run this paper market lower. If they want to get physical silver they are going to have to take the price higher, not lower.”
November 12, 2010
Turk continues:
“I’ve not seen this kind of tightness in the silver market before and you know that I have been talking about how tight the physical market has been these past few months.”
James, is this sort of like the kamikazes flying into aircraft carriers at the end of the war?
“That’s it exactly. There is no other logical answer. What we’re seeing now is exactly what your source out of London said would happen and where the source said the Asians would be aggressively buying. It’s actually sort of good to have the script ahead of time from your London source.
Maybe what we are seeing here is the silver shorts trying to make a few bucks in the paper market by dislodging the weak longs. Liquidity is at its lowest point of the week late on Friday.
From all indications there is going to be a major boomerang effect, and everybody who has been scrambling in the physical market is going to become even more aggressive trying to find and then buy physical metal at these low prices.
So the shorts who are selling here are playing with fire because if they are called on to deliver, they are going to have a herculean task trying to find physical metal.
Regarding gold, the important thing to remember is that we are still in an uptrend. The 21 day moving average has not been broken and gold is resting back at key support in the $1,360’s. The same thing applies for silver, the 21 day moving average is at $25 so it is still above strong support.”
Well there you have it, James Turk has tremendous connections in the physical market and it is extremely tight.
Eric King
KingWorldNews.com
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/11/12_James_Turk_-_Kamikaze_Attacks_in_the_Silver_Market.html