James Turk expects surge in silver priceon December 5, 2011 at 10:38
James Turk, Founder of GoldMoney, has made it clear in an interview with Eric King of King World News that he expects the silver price to break out and quickly surge (within less than 9 months) to a silver price level of $68-$70 an ounce.
According to James, there are two very bullish technical signs for silver:
Firstly, a bullish flag pattern has developed which means that when “…silver breaks out to the upside, this flag measures to a target price of around $68 to $70. More importantly, the jump out of the flag should happen more quickly than the $18 to $50 move we saw back in 2010 and early 2011, which took about nine months” (James Turk – Bullish Flag Pattern to Quickly Send Silver to $70, King World News, Eric King, 28 November 2011).
Secondly, “The other important technical point is the bullish non-confirmation between gold and silver. Silver made a new low in September, below the price reached in July. Gold, however, did not. This bullish non-confirmation is giving a clear picture that gold is ready to move higher. If it was going to break that July low, gold would have done it by now. So taken together, these two developments are very bullish and suggest much higher prices in both gold and silver over the next few months” (James Turk – Bullish Flag Pattern to Quickly Send Silver to $70, King World News, Eric King, 28 November 2011).
In addition to the above, James expects a breakout to the top because he is of the opinion that the weak hands have been shaken out of the market and “…that the market is now dominated by the strong hands” (James Turk – Bullish Flag Pattern to Quickly Send Silver to $70, King World News, Eric King, 28 November 2011). For those of you who are not familiar with James Turk, he is the Founder of GoldMoney (as mentioned above), a company that have been selling physical gold and silver to the public since 2001.