Thursday, 28 April 2011

James Turk - The Waterfall Decline in the US Dollar Has Begun

Silver got close to its all-time $50 record high when it reached $49.78 on Monday morning in Asia.  It is currently still below that price.  Therefore, silver has not yet confirmed the new high gold made today.  That may mean silver has to build a base here in the high $40s before plowing higher, and let gold lead for awhile.  That would not be surprising given that silver has been leading since last summer, as is clear from the drop in the gold/silver ratio.  We'll see how long it will take silver to hurdle above $50, but regardless, let's step back from the trees and look at the forest.

The dollar is in trouble and the Federal Reserve has its head buried in the sand.  Washington's politicians are spending money they don't have and the federal government's credit rating is being called into question, I could go on, but you get the point.  We're at an historic moment.  Years from now we will look back and point to 2011 as the moment in time when the flight out of the US dollar accelerated leading to its eventual collapse.  A simple and safe way KWN readers can prepare for this catastrophe is to own physical gold and physical silver.”

Read the full interview here:

- James Turk, via a King World News interview