James Turk - Bullish Flag Pattern to Quickly Send Silver to $70 [kingworldnews: November 28, 2011]

With gold, silver and stocks all moving strongly to the upside, today King World News interviewed James Turk out of Spain to get his take on what is happening.  When asked about the action in gold and silver, Turk responded, “What a great way to start the week, Eric.  This move is going to catch a lot of people by surprise as evidenced by the extremely low sentiment readings.  Those low readings are a clear indication that there is a lot of money on the sidelines that is waiting to jump on board.”

James Turk continues:

“That money will come into the market like a tidal wave with just a little bit more upside progress.  Importantly, I think we are going to see more upside progress as we work toward the end of the year.  There are two important developments from a technical perspective.  

The first we have already spoken about, namely the bullish flag pattern on the weekly silver chart (above).  When silver breaks out to the upside, this flag measures to a target price of around $68 to $70.  More importantly, the jump out of the flag should happen more quickly than the $18 to $50 move we saw back in 2010 and early 2011, which took about nine months....

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