Demand for Physical Metal Extraordinary-James Turk

By Greg Hunter’s USAWatchdog.com James Turk #2

Gold expert James Turk is not worried about the recent sell-off in precious metals. He says, “At this level, we’ve probably gone as low as we possibly can.  The paper traders and the derivative traders have pushed it about as far as they can, but the demand for physical metal is extraordinary down here at these levels.”  Turk goes on to predict, “Within 12 months, gold is going to make a new record high over $2,000 an ounce, and silver is going to double. . . . It could happen sooner depending on how events unfold.”  Don’t think you can hide in cash in a bank because Turk contends, “It’s inevitable you are going to see bail-ins as we go forward from here because the capital just doesn’t exist.”  Turk points out, “The problems we’ve been confronting the past several years haven’t gone away . . .   governments have been trying to buy time, but they aren’t coming up with any solutions.”  Join Greg Hunter as he goes One-on-One with James Turk of GoldMoney.com from the UK.     

Comments
  1. palika

    I enjoy greg hunters delivery and what most of his guests have to say regarding world events. However, I could do without these metal pushers who have clearly jumped the shark months and maybe even a year ago. Sprott recently sold millions of shares of his silver fund just before the huge takedown as he was telling greg ,not even a month before, that the bottom was in. How many more times are greg and us going to fall for the these people that are making money with this hype? Check the archives. All these metal heads have been saying the bottom is in for close to 3 years now each time a low is breached. These people don’t have a clue. Stop giving them airtime.

    • Brent

      I totally agree palika!

      • droidX-G

        I disagree. If you understand why Greg is saying to have PM’s, you.would see these desperate manipulations as buying opportunities. Most insurance polices expire while the PMs on hand always have residual value…as long as they are in your possession.

    • fred c. dobbs

      by all means, keep all your assets in paper, keep your money in the bank, you are absoltely right not to follow the gold and silver market. in fact sell all your jewlery, silverware. by bonds, and stock, mutual funds. those of us who by gold and silver will give you a big laugh.

      • Heidi

        to Ted….that is one stupid comment you wrote: ” you would love to see silver going to $ 0.50 … that means you are in a bear market , stupid ! These bull runs usually last for 20 yrs. and take another 20 yrs. for bear markets . Silver at $ 0.50 would mean you got to wait 20 yrs. for the next cycle .
        I’m sure you don’t mind …lol

        • Greg

          Real name “Heidi,” and don’t come here and call people stupid.
          Greg

    • Tady

      Like they say in Jamaica,(how low can you go?). The lower the better! I’d love silver to go to 50Cents an ounce. Then i can really load up. I’m in this for survival! Toilet paper wont save yer neck my friend and you need a check up from da neck up! Cant you see the writing on the wall, St. You better batten down the hatches because the storm about to hit will be fearsome indeedie!Yer life just might come down between you an ah morgan, think about that. If you haven’t a clue read betwixt the lines of this dog, you dog!

    • Robert Burke

      I think in the financial world its called “talking their book”

      This isn’t a new phenomenon, the Roman Emperors would arrange for three day triumphs to be held citywide upon their return from military campaigns, even for the losing battles which would be spun as “strategic” victories.

    • Heidi

      You are so correct with your comments on Eric Sprott / James Turk …or called metal pusher . Funny how they all disappeared after the highs in gold/silver didn’t hold . These people are salespeople . Watch them for the next high in 2017 .
      The low might be in or by late 2013 and nothing exciting really until 2015.75 .
      Better read Martin Armstrong …he does not lie . According to him a lot of lies are being told about gold …re: hyperinflation , money printing and that sort of stuff. Anybody who tells you gold goes up because of hyperinflation is stupid or they lie . And James Turk is in that category .

      http://armstrongeconomics.com/2013/05/25/gold-the-real-conspiracy/#respond

      • Greg

        Heidi,
        Hey, if you want to be this critical, then please use a verifiable full real name. Own your comment. You can’t call someone a liar because you disagree with them. It is in especially poor taste when you do it anonymously. No one is omnipotent, not even Armstrong.
        Greg

      • George

        I read a lot of Armstrong and tried to verify his methodology. While I respect Mr. Armstrong, the math he states in his early papers does not hold up and is steeped in mysticism. He has made some wonderful calls that were spot on. I wish I knew what did.
        As far as gold going up due to money printing and/or hyperinflation, just look at the Weimar Republic. You could go to bed with enough money to buy a mink coat and awake with merely enough to buy a loaf of bread. If you had gold marks instead of paper ones, your purchasing power was preserved. If there is a conspiracy, it is to depress the price of PM’s: or do you think that the central banks stockpiling gold is just a coincidence?

    • Angie

      While I agree that a salesman may not be the most reputable choice to convey a buy, their reasoning should be examined. Look at the markets – all of them – and then tell where YOU want your money. Do YOU have faith in the USD? Equities? Bonds? Gold may not be at the bottom but it is no way near the top – not by a long shot … imo.

  2. Jerome Roberts

    I think this guy is a VP of DRDGold. Just wondering why so many financial folks are recommending that speculators should short DRDGold?

    • George

      From DRDGold’s website:

      James Turk (65)

      BA (International Economics)

      Independent non-executive director
      • Member: Audit Committee
      • Member: Risk Committee
      • Member: Remuneration Committee

      James Turk was appointed a non-executive director in October 2004, and in 2011 met the JSE Listing Requirements to be an independent director. He is the founder and a director of GoldMoney Network Limited, also known as GoldMoney.com, an online provider of physical gold, silver, platinum and palladium bullion to buyers worldwide and the operator of a digital gold currency payment system. Since graduating in 1969, he has specialised in international banking, finance and investments. After starting his career with JP Morgan Chase, in 1980 James joined the private investment and trading company of a prominent precious metals trader. He moved to the United Arab Emirates in 1983 as manager of the Commodity Department of the Abu Dhabi Investment Authority. Since resigning in 1987, he has written frequently on money and banking.”

  3. jc davis

    Good interview Greg.
    For some reason I find myself not concerned about the price of gold. Only when I am buying a gold chain in a yard sale is the dollar relevant. As for stocks, well it is a crooks game now, and anyone investing in stocks deserve what they get when the owners of the game close it down and take all the dollars. Fool me once shame on you fool me twice shame on me.
    I hope gold drops under 800.00 an oz. I will never invest in stocks for any return. To me it is immoral. Thanks for letting me vent.

  4. George

    Greg,
    I think the system is going to be taken down by the Law of unintended consequences. These morons in Congress pass 2,000+ page bills that no one really understands or has even read. Well Obamacare, by itself, may crash the economy. I think PM’s, in hand, are about the only safe bet after you have an emergency supply of food, water and safety equipment.

    Thanks for having Mr. Turk back. Keep the facts coming!

    • Allen Ols

      I agree. Word of god, food, fuel bullet, seed, and greg; ck. Driveonwood.com wayne keth gasifier, I am building2 units al ols

  5. George

    Greg,
    USA Watchdog has come a long way from “The Simple Truth”. Thanks for being out there. Keep up the good work.

    • Greg

      Thank you George for the support and comments!
      Greg

  6. RUSS SMITH

    Hi!, Patrons Of USA WatchDog.com Et Al:

    Readers, do U remmber when the catch phrase for real estate was: “Buy real estate, because they aren’t making any more of it?”
    Well, buy gold and silver, becaue they truly aren’t making any more of them; except from what already exists that OUR miners bring to the gold and silver markets. Worldwide, politicians don’t bring any gold or silver to the markets do they but instead endless reams of paper money that over time continues to depreciate in terms of nominal buying power from their inflationary policies.
    Also, please keep in mind what Daniel Webster had to say about paper money, when he announced: “Of all the contrivances ever designed for cheating the laboring classes of mankind, none has been more successful than that which deludes them with issues of irredeemable, I owe you nothing, paper money. If the conscious and subconscious minds of all men/women worldwide could truly grasp the absolute significance of Mr. Websters’ intent in making his statement about depreciating fiat money, then we would have a worldwide potential in my opinion for rebuilding a solid, physical gold based monetary standard undergirding all of world commerce but as things stand today we have a foundation for building trade wars and outright war. Let us instead choose sound money and peace. Thanks for reading my post.

    RUSS SMITH, CALIFORNIA (One Of Our Broke Fiat Money States)
    [email protected]

    • droidX-G

      Nice comment!

  7. david clumpner

    A hi degree of probability that Turk will be proven correct but his timing will probably be off by a year or more: Too many ‘black swans’ that can interrupt things short and mid term.
    How many more trump cards do the Elitists have left to be played?

    Presently, ‘broken clock’ Harry Dent’s theory is leading with the Dollar getting stronger and gold plummeting. OTOH, the stock market is opposing his thesis.

  8. Anne Elliott

    It is interesting that Mr. Turk said there had already been some government bail-outs of certain LBMA members when Lehmans went under. Wonder if those entities have since become more financially sound, or if, because they were bailed out before, are just doing the same old accounting tricks, knowing that if there’s another problem, they will be bailed out again.

  9. M.Smith

    Greg, a quote I read. Fiat money represents the greatest Robbery of all times, the work & energy they put out has left them with worthless pieces of paper with no value as a store of wealth for the endeavors & time they spend saving fiat in a system built on lies & corruption from CB’s & governments & corporations who run them!

    Today we Honor our Vet’s, I thank all my fellow Vets for what all did to secure our Freedoms we are losing daily!

    There is story that will be coming out very soon, all I can say right now is do not eat the TUNA!
    Thanks again!

  10. Anne Elliott

    BTW – what Mr. Turk said about savings is spot on – no matter what the price of gold or silver is that month – up or down – try to buy a piece every month. The cost averaging will even everything out, the discipline is a great exercise, and the PM assets will add up before you know it.

  11. shawn

    why would the spot price not continue to the bottom as the paper loses its appeal? more sellers of paper less buyers equals lower spot price. the problem comes when the physical shortages really do happen, then the spot price means jack. a new invisible price emerges. am i missing something?
    now i am not to experienced here,but i do know that the big players are smart, smart enough to pull off huge naked shorts. they have some serious tricks up their sleeves, i say do not underestimate them.
    hold on for a bumpy ride,and when the real stuff does win out, the devastation will be big.

  12. Bonnie

    Yeah! Metal is more valuable than anything. MOre than:

    the Planet Earth
    love
    water
    food
    knowledge
    cooperation for survival
    skill for earning a living
    companionship

    Yep!

    BTW, mining ruins the earth/soil.
    And mining for gold or silver or any other metal, contaminates the soil so that nothing grows afterwards. And the runoff drains into potable water systems.

    So the more demand there is for the metals, the more you encourage tptb to continue ruining this planet.

  13. Jerry

    Great interview Greg. Its hard for anyone to predict what’s going to happen in the global markets with so much manipulation going on by various parties. I tend to lean more toward Greg Manarino’s “hockey stick” theory of economic collapse. A market reset simply has to happen with the amounts of debt that in in the system, not to mention the avalanche of government programs that have been created. It simply is unsustainable. The timeline is hard to predict, but it will happen at some point. What’s your thought Greg on how long people should hold precious metals after the collapse? My mothers aunt waited two years after the crash in 1929 and bought 30% of the Coca Cola stocks when they were at rock bottom prices. When the market reset and the stocks came back up, she became wealthy literally overnight. I know timing in these things is important.

  14. Joel Wadkins

    I sold all of my DRDGold stock a few months ago and bought physical 1 oz American gold eagles. Best move I ever made and with great timing. I collected the dividend and offloaded the shares just in time to make a small bundle and capitalize on buying the real thing. My broker says to short the share now and profit on the way down, which I still might consider. Lets see.

    • Tom Bernelli

      You might want to contact Goldman Sachs or some other investment bank. They may agree to sell you a leveraged contract short. This will entitle you to sell someone elses shares that you dont even own. Its like you are just borrowing them for a small rental fee and then you cover at the lower price at a later time. I have been doing this for years and pushing it up their butts.

      • George

        Make yourself aware of the risk if you do this.

  15. jc davis

    Tick, Tock.
    http://gainspainscapital.com/2013/05/23/could-japan-trigger-a-global-financial-meltdown/

    Japan’s bond market is officially losing control.

    • Greg

      JC,
      Good point and link!
      Greg

  16. Chip

    Good interview Greg.

  17. droidX-G

    Try buying silver at spot. Even 1,000 troy oz purchase has nearly a 20% premium before shipping, insurance, etc.
    And then you get the news that it will be 4 weeks for delivery.

  18. Rebecca

    How do coins (quarters, half dollars, etc) figure into scheme of things?
    They are not paper money, yet I don’t believe they have much merit of precious metals — as they used to. Coins used to contain as much precious metal as they were worth. Used to. I do not know if they contain anything of value anymore.

    Are ordinary coins like fiat money?
    Will they have no value when the collapse comes?

    Simple question, but I would appreciate if someone with knowledge would answer it.

    Thank you.

    • George

      The metal content of current US coins at the current metal prices:
      Penny 1982-current metal value $0.005 49.57%
      Nickel 1946-current metal value $0.0456 91.20%
      Dime 1965-current metal value $0.0178 17.83%
      Quarter 1965-current metal value $0.4458 17.83%

      As you can see, they are not worth much

    • Shawn in San Jose

      Hi Rebecca,

      Modern coins aren’t really worth much. But older US coins with silver like 1964 dimes are worth something. I try to buy a roll of 50 every 3rd month or so. Its commonly refered to as “junk” silver but its not really junk. Just not a nice, high purity coin like a silver maple.

      Shawn in San Jose

      • Rebecca

        Thank you, George and Shawn.

        So, if one has older coins — like the 1964 dimes — then when the rest of fiat money becomes worthless, they would still have some trade value?

        Please pardon my ignorance, but having lived in the fiat money world all my life, I am still not understanding how having gold and silver helps when the collapse comes.

        I think it would be great if sometime Greg could find someone to help those of us not usually dealing much in the “financial” world, just how things are going to work after the collapse.

        One has a gold coin. The collapse has occurred. You go to the store and pay for your groceries with a gold coin? How does a merchant buy the food to stock his shelves? With gold coin?

        I am having a difficult time grasping how the economy works in a non-fiat money world?

        There will be few people, out of the masses, who will actually have gold or silver to buy with. How does a financial system operate when most will have no money?

        It must seem that the government will have to have the digital system in place before they collapse the fiat system.

        Some say killing off the masses is the purpose behind this.
        If this is so, how does a gold/silver system operate in chaos?
        You walk to the local grocery store and plop down a silver/gold coin and get what you want?

        Scripture says you cannot buy or sell without the Mark?
        It does not say you cannot buy or sell without precious metals.
        I look at everything through scripture and it seems to me that a person may have silver and gold, but that person is still not buying or selling without the Mark.

        If you take the Mark, you sell your soul.

  19. jonathan

    Metal pushers? If there was ever an industry where the sales people seem genuine to me, its PMs. These guys believe what they (most) say and that is very apparent. Do you think Turk is sitting heavy in bonds or wall street? Everyone is trying to make a living, that’s fair. PMs are a good like any other, only they happen to be the most storable, tradeable, divisible, consistent, durable, safest good with a relative scarcity, thereby evolving as “money.” Coincidentally a future paper market exists for this good and its heavily traded by those who loan and control currencies at interest? Currency replaced money….100% free market trade of all goods and services, thats the bottom line, imho.

  20. Fred

    Read Martin Armstrong(among others) about Gold. Its had it for now. Too many USDs coming from Europe and Asia into US Stock/Bond markets. Dollar will strengthen not fall. This will cause Gold to collapse. There are too many people in the Gold trade now anyway. The commissions and buy/sell spreads on physical make it the worst investment unless the govt collapses. Then it will briefly soar, then collapse when its found that the new currency is all electonic and gold will have a 90% cap gain tax.
    Wait and see..the govt will do anything to preserve itself.

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