Thursday, June 27, 2013 6:25:16 AM
"We know that the physical markets are a complete disconnect with the paper market for gold. The demand in Asia, as evidenced by the premiums for physical gold, are at record levels. There is a shortage in the physical markets and the paper markets are very short.
The (gold) market short position is greater than it was at the bottom in 2008. So I would just expect a violent recoil in this extremely oversold market. I wish I knew when, but I kind of think it’s being exaggerated here at the end of the quarter.”
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/26_Physical_Gold_Market_In_Disconnect_As_Premiums_Hit_Record.html
“As I talk to you now we are now trading in the $1,220s, which is a new multi-year low. So the bulk of the damage was done in two time periods: In Asian trading and in equally thin Chicago (COMEX) trading, when most of the real players have already gone home.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/26_Physical_Gold_Market_In_Disconnect_As_Premiums_Hit_Record.html
“Every year in June or early July is always the point of maximum stress for gold and silver. This year is no exception. When I look at gold in particular, if you go back 1974 to 1976 we saw a 47% retracement in gold.
If we were to see something like that today, gold would go slightly below $1,000. Could it happen? Yes, of course anything can happen, but I doubt it. A 40% retracement is slightly below $1,200. We’re almost there on gold already....
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/27_A_Legend_Speaks_Out_About_The_Gold_%26_Silver_Takedown.html
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