Turk - Commencement of QE3 to Send the Dollar Into Oblivion
Turk continues:
“A lot of people who normally trade paper gold and silver from the long side are now on the sidelines. If gold can push above $1,510 and silver above $35 we are going to see a tidal wave of buying coming into the market from these sidelined buyers.
The purchasers of physical metal remain very active. Asian premiums on gold have jumped back up providing clear evidence that support at $1,500 is solid. Another piece of evidence is the huge drop in registered silver inventories on the Comex. Silver inventories have been disappearing for months, but the trend is starting to accelerate at these low silver prices.
I take this as an indication that support for silver at $35 and below is solid. So to me Eric, the bottom line is the metals are ready for the big summer rally that I’ve been anticipating. All we need now is a little upside momentum to develop as that will bring a lot of money from the sidelines into the market. Buyers of physical metal who have been waiting around for lower prices might be surprised to find how difficult it is to obtain immediate delivery if they are purchasing significant weights of metal....
Continue READING