James Turk, for those who may not know, is a very widely read and followed observer of financial markets. He may have a bias, of course, because he sells a newsletter, and very often appears as a speaker at investor converences - heard him myself. He's often quoted, too, or otherwise referenced in such journals as Forbe's magazine, et al.

Anyway, here's an inverview with him from a couple of days ago, where in he says...

"If gold were only to return to its historical norm, it would be $12,000 per ounce."

http://www.hardassetsinvestor.com/interviews/6030-turk-bursting-money-bubble-could-inflate-gold-to-12000.html?showall=&fullart=1&start=5

And while on the subject of financial bubbles and the consequences thereof, here's another warning on the still over-inflated real estate market.

http://www.oftwominds.com/blogjuly14/housing-crash7-14.html

"Prepare for the worst, and hope for the best," as someone said.

VP