Last years call by Goldmoney’s James Turk for gold to reach record highs during the seasonally slow summer months seemed, frankly, off the wall. But, not only was he nearly alone in the call (James Sinclair agreed with Turk), he was right. See BER article, On Gold: Team Sinclair-Turk 1, Marc Faber 0.
Now the gold and silver expert extraordinaire expects the silver price to double as soon as it breaks out of its ‘descending wedge’ price pattern. He offers the chart, below, obtained on the KingWorldNews.com Web site.
“This following weekly silver chart is really looking very powerful and as I have been saying, once silver hurdles above $35, I expect to see $68-$70 in 2-to-3 months,” Turk told King World News during the weekend.
Compare Turk’s latest call for a double in “2-to-3 months” with silver’s monstrous run of 177 percent from September 2010 through April 2011. That eight-month move, or a 13.6 monthly compounded rate of return, is half the rate of return expected from Turk’s latest forecast of a 26 percent compound rate of return for throughout the three months. A truly remarkable call.
However, before silver bugs can sit back and watch the fireworks, silver must overcome its descending wedge upper band, first, which, from the graph, looks like the $35 level.
