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Cyprus boosts gold and physical buyers always win, Turk tells King World News

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Published : March 21st, 2013
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Category : GoldWire

Nothing in the world banking system is safe from the kleptocracy of government as property rights increasingly are being trampled, GoldMoney founder James Turk today tells King World News in response to the turmoil around Cyprus. Turk sees the insolvency of Cyprus as another argument for owning gold and vaulting it outside the banking system.

Turk adds: "Give this backdrop, it is not surprising that the gold and silver picture is becoming increasingly bullish. First, it has been four weeks since the low was made. Second, and more importantly, the trading range in which the metals have been stuck is narrowing. While the shorts and central planners have been steadfast with their selling and intervention to keep gold under $1600, and silver under $29, the physical buyers under the market have become more aggressive. So we are getting ever closer to the breakout above resistance. The shorts and central planners cannot hold the line much longer.

"We've seen this scenario unfold many times over the past 12 years and the outcome is always the same. The physical buyers always win. While the shorts and central planners can throw a lot of paper at the market -- and they do -- in a battle like this, they eventually have to come up with the goods. In other words, they have to keep delivering physical metal into the market to keep their credibility. Any hint of a default or force majeure would knock the props out from under the paper traders and clearly signal an end to their price suppression scheme."

An excerpt from Turk's interview is posted at the King World News blog here:

Data and Statistics for these countries : Cyprus | All
Gold and Silver Prices for these countries : Cyprus | All
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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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