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At KWN, Turk marvels at silver's blastoff -- investors are remonetizing it
9:57p ET Tuesday, July 21, 2020
Dear Friend of GATA and Gold:
At King World News tonight, GoldMoney founder and GATA consultant James Turk marvels at silver's blastoff today, which seems to be continuing tonight.
Turk says: "Every time there is a dip in the price of silver, some large entities are there to buy the dip. You can sense the panic by the shorts who are attempting to cover but are being met by a tidal wave of buying by the momentum players. These momentum players are new to the market. Meaning, this is fresh buying from new money that is now entering the silver market."
This morning the Financial Times, Kitco, and other news organizations attributed silver's explosion to reviving industrial demand and expectations of big government green-energy projects. This seems doubtful amid sharply declining production around the world.
Who needs energy when there's nothing to do with it and oil and natural gas are so cheap?
A more likely explanation for silver's price action is the collapse of the fractional-reserve gold and silver banking system as demand for physical metal soars and derivative positions blow up exponentially.
That is, silver is being remonetized by investors.
Turk's comments are posted at KWN here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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