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Turk - Historic Event as Gold Surges & Stock Markets Tumble
“Consequently you are seeing gold climb higher, even while stocks in Europe are suffering a bloodbath. This is a historic watershed moment in gold’s bull market because investors globally are finally coming to the realization that gold represents the ultimate safe haven. And more to the point, that gold is one of the only assets on the planet that avoids counter-party risk.
This is an important point, Eric, investors selling stocks are not just attempting to flee the stock market, they are also fleeing the euro and the incredibly fragile european banking system. As money flees Europe, we are seeing a bit of a knee-jerk reaction with some of that hot money going into the dollar, but more importantly we are seeing tremendous money flows into gold.
So going back to our discussion on Thursday, I expected the buy orders for gold and mining shares to roll in this week after everybody returned from the three day weekend. That looks almost certain now given what’s happened today here in Europe.”
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