Turk - Twin "Dollar Destroyers" to Create Earthshaking Collapse

With gold trading at all-time highs and silver at multi-decade highs, today King World News interviewed James Turk out of Spain. When asked about the US dollar Turk stated, "The key development is that the US dollar is in fact breaking down. This is something that we have been talking about for a few weeks now and the dollar index here in Europe is at the lowest levels since November of 2009. We're closing in on those lows of 74.17, once that level breaks the floodgates open. Put another way, the dollar falls of the edge of the cliff."

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It is important for the readers to understand that there are two "dollar destroyers" at work here. In addition to the Federal Reserve, the politicians in Washington DC are spending money so quickly that the federal deficit for the first six months of this year has already eclipsed the first six months of last year by roughly 10% despite promises to control spending. These twin "dollar destroyers" have created a significant possibility of a waterfall decline leading to an earthshaking dollar collapse."

When asked about the ramifications for gold Turk replied, "We finally broke through resistance of $1,440 and in my opinion we're starting to see the beginning stages of an upside explosion in gold. It's sort of amazing to think Eric that here we have gold at record highs and it still hasn't yet caught the public's attention. There is no frenzy, there is no bubble mentality. One can only reasonably conclude that it is still early days in gold's bull market. But it will be interesting to see when gold hits my $1,800 target if it begins to awaken the masses.