As investors continue to await the outcome of this week’s Fed Meeting, today James Turk told King World News that people should instead be focused on the spectacular multi-year accumulation pattern in the gold market.

Is The Attack On Precious Metals Over?
 (King World News) – James Turk:  “The big question gold and silver bulls are facing at the moment, Eric, is whether the latest ferocious attack on the precious metals is over, or is there more ahead as month-end option expiry approaches. As one would expect, arguments can be made both ways.

First, I use the word “ferocious” purposefully. How else can the recent 15% increase in Comex open interest be described?…

From its low of $282 on March 5th, gold rose $10 an ounce while open interest going into Friday rocketed 70k contracts. So to counteract an onslaught of new buying, in 8 trading days someone sold an amount of paper-gold that takes global mining production 25 days to produce the actual (physical) gold. 

That selling frenzy was an obvious attempt by the central planners to keep the price of gold under $1,300. But there is good news. It looks like the shorts got nervous as gold kept rising, despite the selling. So as nearly 13k shorts covered and exited the market on Friday, gold rose. Importantly, gold is now back above $1,300, which has been a visible battle line for weeks.…..more here