On the heels of more US dollar weakness, today James Turk warned King World News about coming financial chaos, currency destruction and cracks that are appearing in the global financial system. Turk also spoke at length about the action in both gold and silver and what to expect going forward.
Turk: “Today was a very important one for the precious metals in several respects, Eric. First, another week has passed since the May 20th low in gold and silver. That means with each passing day the base of support building under the market is getting bigger and therefore stronger.
That’s very good news, and it also ties into the second key point: Both precious metals closed Friday on their lows, which has become a common occurrence in recent weeks. But they did not collapse on Monday morning like they did on that May 20th low, which I previously told you seemed like a selling climax. Both gold and silver did indeed open lower here in Europe today but quickly found solid support and started climbing higher.
There was another attempt to push gold lower after the Comex opened today, but that raid failed too….