in Munich, during a conference there, earlier this week.
Portions:
James Turk: "Yes, I agree with you completely, it has been my view for some time now, that we are going to be seeing a short squeeze and that looks like what we've been experiencing right at the moment. It probably started actually in the low twenties, but with this breakout above 25 dollar, which with I agree with you, is a very important move and that big move up the other day when it went up 1.60 dollar, that had all the earmarks of being a short squeeze on it. The fact that the open interest has been continuing to grow, is that a sign that the shorts are reluctant to throw in the towel, that they are going to continue selling and selling until eventually there paper will be completely discredited and won’t sell anymore?"
David Morgan: :I don't think they will never sell anymore, you’ve got to remember who they are, they are mainly the large banking houses and they can create infinite money. But the problem is, at what point do they have to throw in the towel and say, you know thirty dollar, forty dollar silver. At what point does something give and I think really don't know, but what I do know is that these markets are very fragile right now, meaning that decisions are going to have to be made, I would say in a very short term, either the CFTC is going to come out with a statement in the next month or two, hopefully in the next week or two, and say: "the position limits are such and such and you have to reduce them to that level in the next two months". Were that to occur, they would have to seriously look at covering their positions on the way up. That's a possibility, there are infinite possibilities, but that's one that is likely."
David Morgan: "You know me, I'm one of the most free market guys out there and I always believe strongly that the free market will take hold eventually. That has been my case on the trend; you can't manipulate the overall trend, because free markets are greater. Would silver or gold prices be higher than they are now, if this whacking the markets down all the time were not recurring? Of course they would be higher right now, but in a way that's an advantage to people that understand how markets work and which potential gold and silver still have."
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