“This could turn into a very violent wake-up call for [screen-traded gold]. People talk about ‘fiat currencies’, but we also have ‘fiat gold.’ Volatility is too cheap right now.” — Gold refiner quoted by John Dizard in his Financial Times column this weekend
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On the heels of what appears to be an eerie calmness in global markets, today a man who has been trading major markets for over four decades told King World News that the gold and silver markets are now set up to super-surge. He also provided two powerful charts which illustrate why the metals are now set up to soar. Below is what James Turk had to say in this tremendous and timely interview.
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The precious metal market has been stuck in a strong down trend since 2012. But the recent chart, volume and technical analysis is starting to show some signs that a bottom may have already taken place.
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1. The historic silver/gold price ratio was 15 or 16:1, but in recent years, silver is relatively cheaper ranging from about 40:1 to 80:1. On Jan 24th, 2003, with silver at$4.89/oz. and gold at $368/oz., the ratio is 75:1. This means that silver is currently undervalued, and cheaper than historic norms, and thus it is a better investment than even gold if you want to “buy low and sell high”.
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You are about to learn one of the biggest secrets in the history of the world…it’s a secret that has huge effects for everyone who lives on this planet. Most people can feel deep down that something isn’t quite right with the world economy, but few know what it is.
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During a panel discussion at the Commodities Week conference in London last week, Jeffrey Currie, head of commodities research at Goldman Sachs, called gold and other precious metals a “slam-dunk” sell once the fiscal crisis in Washington was resolved.
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The global gold supply reached 4,477 tonnes in 2012, with the gross value added (GVA) of the entire market estimated to be in excess of $210 billion, according to a new report from PwC.
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One of the main events of recent days was the first U.S. government shutdown in 17 years. Light crude dropped to a new monthly low at $101.05 on concerns that this event would reduce demand for black gold in the world’s largest oil consumer market. In the previous week, the yellow metal also declined and dropped below $1,300 an ounce. Despite this declines, on Wednesday, both commodities rebounded sharply supported by a weaker U.S. dollar as commodities priced in the greenback became less expensive for holders of other currencies. Additionally, in the second half of the previous week we saw similar price action in both cases.
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The standard wisdom on gold is that it does well in times of economic bad news such as in the 1970s, a period of stagflation and recessions, when the yellow metal rose from $35/oz to peak at $850/oz in 1980. But this time, Don Coxe, a portfolio adviser to the BMO Asset Management, believes things are different. In this interview with The Gold Report, Coxe explains why gold will rise when the economy improves.
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Sprott’s Charles Oliver Sees the Shine Returning to Metals
Has the gold price hit bottom? Charles Oliver, senior portfolio manager with Sprott Asset Management, believes that the fundamentals are in place for gold to vault from its downturn—possibly topping $2,000/oz in the next year. In this interview with The Gold Report, Oliver explains his outlook and talks about why he’s been adding small-cap miners to his portfolio.
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