James Turk - Short Squeeze in Silver Could Be the Big One-KWNSubmitted by SIERRAHPBT on Thu, 02/17/2011 - 20:27
With silver closing at a new multi-decade high, King World News today interviewed James Turk out of Spain. When asked about silver specifically Turk stated, “I always listen to what the market is telling me. The backwardation and all of the other factors that we have been talking about mean that the market is telling us the situation in silver is very bullish, regardless of what the naysayers are spouting.”
We are at a new multi-decade high, silver is still in backwardation, Comex open interest has been expanding and perhaps most importantly, I refer to the insight Dan Norcini provided in the KNW Weekly Metals Wrap, namely that silver is trading above all of its important moving averages.
The most reliable principle in investing as well as trading is to follow the trend. Commodity traders like to say, “The trend is your friend” and as simple as that statement sounds, it should be investors guiding light for following markets.