Seeking Alpha

EPS100Momentum's  Instablog

EPS100Momentum
Send Message
Author has a degree in Engineering and is an avid investor in the market. Experience in industrial materials and structures. In college studied atomic & nuclear physics as well as material engineering. Eastern European
My blog:
EPS100Momentum's Instablog at SeekingAlpha
  • James Turk : Silver to hit $400 (2013-2015) 0 comments
    Nov 18, 2010 11:21 AM | about stocks: SLV, GLD, SIVR, PAAS, SLW, CDE, SSRI, SVM, HL, AU, HMY, GOLD, BVN, KGC, RGLD, LIHR, AUY, AEM, ABX, GG, PALL, PAL, BHP, RIO, POT, MOS, CF, AGU, WLT, ANR, CLF, PCXCQ, FCX, SCCO, NEM, X, RS, AKS, ACH, AA

    November 16, 2010

    Turk continues:

    With Comex increasing margin requirements for a second time so quickly, King World News interviewed James Turk today out of Spain.  Turk commented, “This may explain why Comex is raising margins a second time so quickly, they aim to put more pressure on the buyers.  Obviously the Comex is trying to put more pressure on market participants by forcing them to liquidate their longs.”  

     

    “Eric, here we are at $25.50 which is the price that was identified by your London source last week.  So they painted the tape, but the Comex open interest shows that they haven’t driven out any buyers which is very surprising.  Normally you would expect to see some longs liquidating on any pullback like the one that we have seen over the past few days, but that hasn’t happened this time around.

     

    The buying pressure in the physical market remains, we are starting to see the industrial buyers coming back in to secure supply.  My guess Eric is that the industrial users will be there on any price dip like we have had at present.  Up to this point we haven’t seen the boomerang effect that I have been anticipating but I am still expecting a sharp snap back in prices.

     

    As we pointed out in the piece which had Mark Lundeen’s illustration in it, gold is dramatically undervalued and this can only result in much, much higher prices over time.  I would just add that I expect the gold/silver ratio to decline over time to under 20 to 1, so silver will be exploding along with the price of gold.

     

    As you know Eric I have been projecting gold to hit $8,000 by 2013 to 2015, so that would equate to silver hitting $400, and that is well within the realm of possibility as silver reverts back to its historical mean.”

     

    This is what happens in bull markets, prices climb to levels that previously seemed unimaginable.

     

    Eric King

    KingWorldNews.com

    ------------------------------------------------------------------------------

    (James Turk was correct on the snap back prediction: )

    Silver Spot Price is up almost 5% today on snap back heavy short covering. http://www.kitco.com/market/

     

    Stocks: SLV, GLD, SIVR, PAAS, SLW, CDE, SSRI, SVM, HL, AU, HMY, GOLD, BVN, KGC, RGLD, LIHR, AUY, AEM, ABX, GG, PALL, PAL, BHP, RIO, POT, MOS, CF, AGU, WLT, ANR, CLF, PCXCQ, FCX, SCCO, NEM, X, RS, AKS, ACH, AA
Back To EPS100Momentum's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.