James Turk Says $50+ Silver Is Days Or Weeks Away, Not Months

(October 20, 2024 - James Turk)

Today James Turk warned King World News that $50 silver is days or weeks away, not months. Record Highs For Gold, Silver About To Launch:  “You know what I find noteworthy about all these record highs in gold, Eric? It’s the lack of excitement normally seen at bull market tops.

Few people are paying attention. That usually means a bull market has much further to run, from which we can presume that gold at $2700 is still early in this uptrend.

So today looks to me like the early stage of other great bull markets in gold I’ve lived through since 1971. It’s like $45 in 1971 on its way to $200 two years later, or $100 in 1976 then climbing to its 1980 high of $850, or $340 in 2002 on its way to $1900 in 2011 after the Great Financial Crisis.

The current uptrend began in November 2023 when gold finally hurdled $2,000 into new record highs. Since then it’s been stair-stepping its way higher to new records, as we can see in this chart.

Gold’s Beautiful Stair-Step Pattern Higher

Gold is being driven higher by a variety of factors, but it all boils down to supply and demand, the basic principle of all economic activity. The demand for the dollar around the globe is falling, and gold is rising because it is the proven safe haven to protect your purchasing power. So is silver, but it has a lot of catching up to do.

Silver

Right now silver is far from its $50 record reached in 1980 and again in 2011, but I am expecting a new record high soon. I’ve updated the same chart of silver’s weekly closing price that is now familiar to King World News readers, with one small change to explain my thinking. It’s a log scale chart to compare past percentage gains to potential future gains.

Post-Breakout, RED ARROW (Left Side Of Chart) Indicates Potential Massive Upside Gains For Silver

I’ve added the red arrow to highlight what happened in 2020. We’ll see if a similar percentage gain is possible in the weeks ahead. It’s a projection, not a prediction of course, based on the premise that sometimes history repeats.

There is the potential for a repeat because silver is being relentlessly accumulated by strong hands, resulting in this huge multi-year base of support. Silver is now breaking out from the base as well as a reverse head-and-shoulders pattern, one of the most reliable of all chart patterns.

With Friday’s new 12-year high closing price, silver has chewed through minor resistance at $32, a level first reached this past May. Silver is now set up to rocket higher like it did in 2020 for one all-important reason. The demand for physical metal is gaining the upper hand over the short sellers in the paper market attempting to ‘tamp down’ the price. Inevitably physical trumps paper because a real thing is more valuable and useful than just a promise to deliver a real thing at some future date…