James Turk - Silver Backwardation Near All-Time Record (As Silver Hits $38/oz)

Looks like the breakout in gold is happening, and silver has moved ahead of schedule: ``With gold and silver taking off to the upside, today King World News interviewed James Turk out of Switzerland. When asked about the gold and silver move Turk stated, “This was great action today by any measure. All we need now is for gold to confirm by breaking above $1,445 which was its previous high. Gold looks like it is ready to run, but worst scenario gold pulls back to test support at $1,420. The odds don’t favor that, but it is possible... “I think today was the breakout in gold, but it is one or two days behind silver. The key here Eric is that silver remains in backwardation even though silver is at a new 31 year high in terms of price. That shows that the demand for physical silver is not diminishing even though the price is rising.''