Gold and silver cartels getting desperate: Turk
Veteran precious metals analyst and founder of GoldMoney James Turk claims "cartels" manipulating the gold and silver markets are becoming desperate, as evidenced by recent shifts in the price of bullion.
Speaking to King World News Turk claims that the relatively muted performance of silver and gold immediately following the Federal Reserve's announcement of a fresh round of quantitative easing – an event which should trigger a huge bullish run on precious metals, was due to groups such as the "gold cartel" selling and "tearing the heart out of the gold and silver market."
According to Turk the actions of the precious metals manipulators are taking their toll on trend-based systematic traders, and the "the gold cartel is killing its feedstock, and in turn, killing the market for paper gold and silver as well."
The GoldMoney founder nonetheless remains boldly optimistic about precious metals, yet recommends that investors stick to physical bullion in lieu of paper investments:
Two things are important. First, the house is rigged, so don't play the game. Stay out of the paper market. Stop using the Comex. Don't be feedstock for the gold cartel. The second thing of course is far more important, which is to buy physical metal. In other words, accumulate physical gold and physical silver; don't trade them.