Home > Hey Silver Bugs: Is James Turk Off His Rocker? (SLV, GLD, AGQ, PSLV, ZSL, SIVR, SIL, UUP)
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Hey Silver Bugs: Is James Turk Off His Rocker? (SLV, GLD, AGQ, PSLV, ZSL, SIVR, SIL, UUP)

January 31st, 2012

Dominique de Kevelioc de Bailleul: Last years call by Goldmoney’s James Turk  for gold to reach record highs during the seasonally slow summer months seemed, frankly, off  the wall.  But, not only was he nearly alone in the call (James Sinclair agreed with Turk), he was right.  See BER article, On  Gold: Team Sinclair-Turk 1, Marc Faber 0.

Now the gold and silver expert extraordinaire expects the silver price to double as soon as it breaks out of its ‘descending wedge’ price  pattern.  He offers the chart, below, obtained on the KingWorldNews.com Web site.

“This following weekly silver chart is really looking very powerful and as I have been saying, once silver hurdles above $35, I expect to see $68-$70 in 2-to-3 months,” Turk told King  World News during the weekend. Get my next ALERT 100% FREE


Compare Turk’s latest call for a double in “2-to-3 months” with silver‘s  monstrous run of 177 percent from September 2010 through April 2011.  That  eight-month move, or a 13.6 monthly compounded rate of return, is half the rate  of return expected from Turk’s latest forecast of a 26 percent compound rate of  return for throughout the three months.  A truly remarkable call.

However, before silver bugs can sit back and watch the fireworks, silver must overcome its descending wedge upper band, first, which, from the graph, looks  like the $35 level.

“Note how the downtrend line, the $35 resistance level and the current silver price are getting ready to meet,” Turk added.  “Silver’s first attempt to hurdle $35 could happen within the next 2-to-3 weeks….”

Today, as silver trades near $33, it could break through $35 by as  early as February, according to Turk.

Presumably, dollar weakness must play a part in Turk’s latest call.  The  chart of the USDX, below, shows the dollar beginning to breakdown from its  eight-month rally beginning in early spring, as the euro crisis escalated to a  point of near hysteria.

Many bullion analysts have pointed out, however, that throughout the crisis  in Europe, one would think the dollar would have manage a more meaningful  rally.  An 11 percent move off its near-term bottom of 73 on the USDX, the  dollar topped out at approximately 81, which, considering the intense focus  brought onto the euro, day after day for eight months, the dollar’s touted ‘safe  haven’ status should be considered only that: touted.

What could Turk be sure about that would warrant a frenzied buying silver fest?

A move in silver that rapid could possibly mean that a surprise deal in Europe to stabilize the euro is in the offing, or, maybe, Iran gets drawn into a  kickoff to WWIII.  Or, how about the Fed panics and announces what it has  been doing all along anyway, monetization of debt through more QE.

In any event, Turk expects a flight out of the dollar.  That would leave Beijing plenty of room to ease again as China fights its own real estate crash and declining exports (see BER article, GET OUT of STOCKS).

What ever triggers a Turk scenario will no doubt disturb the peace in the currency markets, between warring nations, or both.

If silver does double in price within three months following a clean break from the $35 level, Goldmoney’s James Turk should go straight to the head of the class as far as silver investors are concerned.

ETFDN Related Tickers:  ProShares Ultra Silver (NYSEArca:AGQ), Sprott Physical Silver Trust ETF (NYSEArca:PSLV), SPDR Gold Trust (NYSEArca:GLD), ProShares UltraShort Silver (NYSEArca:ZSL), iShares Silver Trust (NYSEArca:SLV), Silver Miners ETF (NYSEArca:SIL), ETFS Physical Silver Shares Trust (NYSEArca:SIVR), Powershares Bullish Dollar ETF (NYSEArca:UUP).

By Dominique de Kevelioc de Bailleul From Beacon Equity Research

BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap  stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock  market today, which have traditionally been shunned by Wall Street.  We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock  opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.


NYSE:AGQ, NYSE:PSLV, NYSE:SIL, NYSE:SIVR, NYSE:SLV, NYSE:UUP, NYSE:ZSL


 

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  1. Googoo
    February 15th, 2013 at 12:33 | #1

    Here we are a year and one month later (Feb 2013)and Silver is at $29 this morning.
    ( Feb 2013)
    Anyone who predicts when and how much is either a crook or stupid. I no longer listen to Turk or Sprott or any of them. They claim the market is manipulated but then claim they can determine when and where the market is going. They use fundamentals to justify their positions. How can you use fundamentals in a manipulated market?

    Just remember hat as nice as these guys seem, They are hedge fund managers. They make money on fees. They make millions weather their clients makes or lose money.
    I believe Silver will eventually go much higher.. I believe the central bankers are long gold and silver… but these predictions and forecasts are for the birds.

  2. Pete
    April 17th, 2012 at 10:30 | #2

    @Jim

    JIM:

    Yes hyperinflation is a risk. But high price increases do not guarantee it. Prices rose very fast throughout the 1970′s and early-1980′s, but no hyperinflation.

    I think Turk is probably right in the LONG TERM. Buy some silver and gold as insurance, period.

    I was a successful real estate investor and I walked from everything when the market started to go bad back in 2008. Turk and Peter Schiff predicted all of this happening. So, I believed Turk about hyperinflation by end of 2010 as well. I figured silver and gold would pay off the depreciated real estate loans for a fraction of their face value when the prices exploded, as Turk predicted in “Collapse of the Dollar.” You have no idea how much I now regret listening to James Turk and Guys like him (Jim Willie, Bob Chapman, Alex Jones, Peter Schiff, John Rubino, Mike Rivero, etc., etc.).

    A friend of mine (who thought I was crazy, and ignored me) continued to invest in real estate, mostly rentals. Rather than walk away, he refinanced when rates dropped to record lows (contrary to Turk and Shiff’s predictions) and doubled down on MORE RENTAL PROPERTIES AT FIRE SALE PRICES. He is now almost ready to retire, while I’m eating expired chef-boy-ar-dee ravioli from my doomsday food stash.

    Maybe I’ll send a can to James Turk in his palatial mansion is Spain.

  3. Pete
    April 17th, 2012 at 10:17 | #3

    @Dilbert

    DILBERT: No one is belly aching. I am only trying to warn new readers/listeners that Turk has been wrong many times on his forecasting. Hyperinflation is definitely probable AT SOME POINT. Precious metals will likely explode upward AT SOME POINT. However, Turk has thoroughly discredited himself by predicting this would all happen BEFORE THE END OF 2010! I believed him, tried to warn all my friends and relatives back in 2008, and 2009, and invested in food, firewood, ammo and metals like Noah preparing for the great flood. Now I know better. I still listen to Turk’s analysis, but with a lot of caution. TURK IS A PERMA BULL!

    Turk is now calling for silver to be over $60 this year (2012). If one believed soft-ball tossing goldbug interviewers and gullible article writers like this one, one would believe Turk has uncanny prediction powers, and one might consider selling the farm and buy twelve month silver futures contracts or put all one’s savings into physical silver bars. However, if people were aware of Turks track record of bad predictions (Silver to $35 by end of 2008, Silver to explode upward before April, 2012, Hyperinflation undeniable by end of 2010), they would not take his predictions quite so seriously.

  4. Jim
    April 3rd, 2012 at 10:01 | #4

    @Pete
    In regards to no signs of hyper-inflation, I beg to differ. That is a risk and there are indicators of same. Check out your prices/helping ratios in the stores lately? Didn’t notice gas? The oil prices must be reflected in our everyday goods and services…you already see it to an extent. And the dollar is horribly weekend in too short a period of time. So I don’t know about silver/gold making these HUGE jumps, but as for hyper-inflation, there ARE signs it’s just around the corner. Just pick what you want to believe. And don’t forget, after QE2 when the fed said the easing was done, they still kept putting large tracts of money into the system by creating it in computers and transferring it there…and recently they’ve been indicating they just may do a QE3.

  5. Dilbert
    February 8th, 2012 at 16:31 | #5

    @Pete

    Just hang in there with silver and stop bellyaching. Patience, fella.

  6. Pete
    February 2nd, 2012 at 17:21 | #6

    What about Turk’s bad calls?

    He predicted $35 silver by the end of 2008…WRONG!

    He predicted undeniable signs of hyperinflation by the end of 2010…WRONG AGAIN!!

    Listen to archived “kingworldnews” and “goldseek radio” interviews to hear lots more of his constant, over-optimistic forecasts.

    James Turk has a vested interest in being a “perma-bull” with gold and silver. He has never warned anyone of an impending crash, like the recent plunge below $30/ ounce in silver. He pays a lot of advertising money to the big precious metals websites, so none of these guys call him out on when his predictions are hilariously wrong, as they have numerous times. Turk is a nice, smart guy, but don’t get drawn into his precious metals dreamworld like I did back in mid-2006.

  7. February 1st, 2012 at 00:35 | #7

    He’s not alone in that prediction. Hubert Moolmon reconfirmed his $140 prediction. I’ve even written about it extensibly. If you understand complex non-linear dynamic systems, this one is just screaming loud and clear.

    The problem is all these other analysts keep on looking at the graphs and the only thing they have to compare it to is the housing bubble or the tech market bubble. They forget the key ingredient though… you need the general public involved to have a proper bubble.

    You haven’t seen anything yet. The party isn’t even getting started until silver doubles.

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