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Gold is in backwardation, signifying scarcity, Turk tells KWN
8:40p ET Monday, August 4, 2014
Dear Friend of GATA and Gold:
Gold in London is in backwardation for the first time since May -- at least the first time since May for small orders, GoldMoney founder and GATA consultant James Turk tells King World News today. But, Turk adds, gold likely has been in backwardation for longer for large orders, with the market being supplied -- and manipulated -- by central banks affiliated with the United States.
"Backwardation cannot predict what the gold price will do," Turk says. But it does "give a strong signal that gold is undervalued. That means gold is cheap and a good buy at current prices here at around $1,290. That conclusion is also supported by the strong rebounds we have seen the past few weeks whenever gold drops below $1,300."
Turk's interview is excerpted at the KWN blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/8/4_Jam...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Jim Sinclair Plans Market Seminar in Nashville on September 20
Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar on Saturday, September 20, in Nashville, Tennesse. For details about attending, please visit:
http://www.jsmineset.com/2014/07/28/nashville-qa-session-announced/
