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James Turk: Gold 8000, Hyperinflation sure, Prohibition possible

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Michael Mross
MM News
Nov 15, 2010

For James Turk its quite clear, that the price of gold is maniupulated. “By doing so it makes the Dollar look better because gold is the only natural competitor towards the Dollar. If you keep the goldprice low it makes the Dollar look better then it really is”.

According to Turk, the caping of gold won’t last for ever. Just like the gold caping in the 60ies finally gave way in the 70ies its quite clear to him that the goldprice caping of the past serveral years if giving way here. Thats why the goldprice is starting to rise so rapidly.

Turk:”Goldprice manipulation is ending now, because they are finally losing control. Some central banks that not agree with the caping of gold are starting to buy right now. The concerns about the dollar are rising very rapidly and as a natural alternative people are turning to gold because there is no save currency anymore.

Back in the 70ies you could buy the Deutschmark, the Swiss Franc, – now the Deutschmark doesn’t exist, the Swiss Franc is now tight to the Euro – and given the fact that the Euro is based on Dollar reservers, the Euro is going down with it. So the only alternative currency now is gold and silver.”

Turk believes, that the fair price for gold would at least double from the current level. His longer term price forcast between 2013 and 2015 is 8000 Dollar per ounce,  a prognosis that he did already in 2003. If gold went from 35 $  to 800$ it could well go from 350 (in 2003) to 8000$ says Turk. 

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This article was posted: Monday, November 15, 2010 at 4:28 am





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