With gold closing above $1,750 on the 40th anniversary of Nixon taking the US off of the gold standard, today King World News interviewed James Turk. Turk had this to say, “Let’s talk about the 40th anniversary, you know normally anniversaries are happy times but I would say this is not a particularly happy anniversary given how badly everything has gone over the past 40 years. All of the problems that we see today are a direct result of the US abandoning gold.”
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When asked about the action in the metals Turk responded, “I think this is going to be a good week for silver. There were a lot of hedge funds buying gold and selling silver when gold had its big move last week and I think some of those spreads are going to be unwound. Silver has been holding support here, it’s getting ready to follow gold on the way up. My expectation is that silver is going to outperform gold this week, which would be the first time that has happened in a few weeks.
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