Today James Turk spoke with King World News about the Fed purposely allowing a Lehman-type blowup to occur, the stunning news about what is taking place with the Fed’s balance sheet, Friday’s gold and silver smash, as well as what to expect going forward.
Here is what Turk had to say: “When we get days like Friday with big price drops in the precious metals, Eric, two things come to mind. First, there have been a lot of similar smashes in precious metal prices over the past decade, particularly on a Friday. Why on Fridays?”
James Turk continues:
“These takedowns are intended to have the maximum psychological effect. The best way for the commercial shorts and the central planners to do that is to keep people pondering over the weekend about the big price drop. Big price drops often get some weak hands shaken out of the market, particularly when the weak hands have a whole weekend to worry about it.
It also gets people who intend to buy gold and silver to put off their purchase, either because they are too worried to buy or because they think they might get a lower price if they wait to buy at a later date….