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Gold & Silver Close To A Major Turn

Today one of the wealthiest people in the financial world told King World News that despite the recent and sometimes intensifying weakness, the gold and silver markets are now very close to a major turning point in this cycle. Rick Rule, who is business partners with Eric Sprott, also discussed why he is so bullish going forward.

Eric King: “Putting aside short-term movements, where are we in terms of the bigger picture?”
Rule: “In the short-term, perception is much more important than reality. There is such an enormous bias against the metals at this point because people have become so conditioned by weakness in the gold and silver markets. As an example, if these markets were in an uptrend, the problems in the Middle East, uncertainty in Hong Kong, the Russian incursion into Ukraine, all of these events would be excuses to take the gold price higher. But because we have had weakness for such a lengthy period of time, people are looking for any excuses to take these markets lower.

It’s my opinion that the bigger picture for gold and silver is going to improve radically as soon as people begin to question the premise surrounding the rally in the U.S. dollar. When they look at the sustainability of state and federal deficits and the sustainability of $70 – $80 trillion off-balance sheet liabilities, this is when the gold and silver markets will do incredibly well. There may also be a financial event that begins to call into question the sustainability of those liabilities.

Source King World News

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