58-year market veteran Ron Rosen told King World News that silver will advance roughly 800% and gold is set to soar over $3,000 from current levels. He believes the metals are "on the verge of the biggest move in the history of precious metals."
July 15, 2013
King World News
With continued uncertainty in the gold and silver markets, today a 58-year market veteran told King World News that silver will advance roughly 800% and gold is set to soar over $3,000 from current levels. Ron Rosen, who has been at this business for almost six decades, also spoke about the mining shares..
Eric King: “Ron, you’ve been doing this for 58 years, where are we right now as you see it in the gold and silver bull markets?”
Rosen: “We are on the verge of the biggest move in the history of the precious metals market, and it’s not far away from beginning. It’s going to be a monster move....
“What I don’t understand is why everybody doesn’t see it. There are so many analysts out there and if they just knew how to look at a monthly chart, and put it in a logarithmic form, they would see that gold and silver are going to explode.
This explosion higher in the price of gold and silver will just be Mother Nature at work, and there is nothing on the face of this Earth that can stop it -- no individual, no central bank, no country, and no collection of countries.”
Eric King: “You went through the bull market of the 1970s. How do you think this market will compare to that one?”
Rosen: “It will outperform it to such an extent that it will almost be beyond belief. We are looking at a massive move in front of us that will top sometime in 2014. At that point there will be a correction. Then, a massive blowoff will take us probably into early 2016. People who have been tortured by this long corrective phase, they will be thrilled if they have the ability to hang on. They just need patience here.
I expect the gold price to hit $4,300 in early 2016, but the really fascinating thing here is the silver chart because there have been three peaks. The first peak increased two times from the previous low. The low was $4.01 and silver went over $8 in that move. The second peak was $21.44. So silver increased four times the previous low, which was $5.45. The third peak was $49.82, and that was six times the previous low, which was $8.40.
You’ve got an old guy like me who has been at this business for almost six decades, and he sees 2, 4, 6. There’s only one number that comes up next, 8. We then multiply 8 times the low of $18.17, and we have a silver price of over $148 sometime in early 2016. It’s as clear to me as the sun rising and setting.”
Eric King: “Ron, how about investors who have been long-suffering in the mining shares? Any advice for them?”
Rosen: “Yes, that’s probably going to be the best performing group going forward. People forget that the HUI (Gold Bugs Index) began this bull market at 35, and is currently trading trading at around the 225 level. The HUI will be trading in the thousands before this bull market is finished! The timing for the gold and silver advances will be approximately the same as the shares, but the shares may top after gold and silver hit their peaks.”
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