James Turk - Gold is Great, But Silver is the Next Apple

With 2012 off to a solid start, King World News wanted to do a gold & silver special with James Turk for KWN readers globally. All we can tell you is Turk came through in a very big way. Turk discussed gold, but let’s start off with what he had to say about silver: “Whenever I look at silver I keep going back to the wonderful blog piece you wrote on October 18th, titled, ‘Is Silver the Next Apple?’ That long-term chart of Apple conveys an important message. Despite five major corrections, over ten years, shares of Apple, nevertheless, rose 70 fold. If you were shaken out on any of those corrections, you would have missed one of greatest bull moves in history.”

James Turk continues:

“So that KWN readers globally can get a visual of how violent some of the corrections in Apple have been, I am including a long-term chart of AAPL below.  As was mentioned in your October 18th piece, there were five major corrections in Apple, ranging from 27% to 82%, which long-term investors had to endure in order to make 70 times their money...

We have to transfer that big picture thinking to silver.  Over the past seven months, silver has undergone what everybody seems to believe was a very nasty correction.  However, a weekly chart of silver is still showing a very bullish picture.  The flag pattern, which you and I have spoken about previously, is still very much in place.

If anything, the patten has now become stronger because silver is now testing support in the high 20s and looks like it is forming a double bottom.  I still think this flag pattern will send silver to $70 in three months, once silver has broken out to the upside.  Because it is a descending flag pattern, the breakout pattern has now moved down to $37.50, but $35 is the more important resistance level. 

Once theses two levels are taken out, that three month move to $70 begins.  So, as I see it, just keep accumulating physical silver here.  The fundamentals for silver continue to remain very bullish and only time will if silver is the next Apple.  I continue to expect that silver will go much higher and reach my $400 per ounce forecast.... 

Continue reading the James Turk interview