Turk – Unspeakable Financial Destruction Is Headed Our Way

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

kingworldnews.com / April 2, 2013

Today James Turk told King World News that unspeakable financial destruction is headed our way as a major country is about to default on billions of dollars it owes to banks.  He also warned, “Cyprus is the tremor, but the real earthquake isn’t far away.”  Below is what Turk had to say in this extraordinary and exclusive interview:

Turk:  “With all of the recent selling pressure on the precious metals, Eric, gold and silver have moved back to the bottom of their multi-month trading ranges.  Both precious metals have also reached an oversold state, so a relief bounce is likely.

I think the same conclusion can be made for the mining shares.  Although it is barely visible on the following chart, the XAU Index when priced in gold at the end of March is no lower than it was at the end of February.

So I see today’s downdraft as a final desperate attempt by the shorts and central planners to shake out some more physical metal from weak hands.  I do not think they will be successful given that both gold and silver have rallied several times from these support levels over the past couple of years.  And because the mining shares are so cheap, even forced margin selling is not having that much of an impact.

To me the ongoing developments in Cyprus are far more important than this downdraft in the precious metals….

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Thanks to BrotherJohnF