With continued weakness in the gold and silver markets, today King World News interviewed the man who has been in the gold and silver business for over 44 years, and what he said about where the price of the metals are headed was fascinating.
Eric King: “Bill, I know you’ve had many smaller gold and silver sell orders taking place recently. You’ve been watching these markets for decades. What do those type of sell orders tell you?
Bill Haynes, founder of CMI Gold & Silver: “Eric, we’re seeing liquidations in both gold and silver, but particularly silver. We are going to see more liquidations as prices go higher because some of the newcomers will just look to breakeven. We have days now when people sell us more product than they buy from us. Typically this means that a bottom is close at hand. People who buy gold and silver in small quantities tend to buy at the wrong time and sell at the wrong time…
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My Career Started 50 Years Ago As A Stockbroker
My career in the financial world started half a century ago when I was a stock broker in the late 1960s. Eric, we used to keep an eye on “odd lot sells and buys.” We would look at that ratio closely because it indicated what the tiny speculators were doing. When odd lot sells were high, stocks would be putting in a bottom. When odd lot buys were rampant, stocks would put in a top.
Here’s What I Can Tell You After 44 Years In This Business
Eric, in my 44 years in the metals business I can tell you that the same principle applies to gold and silver. We are seeing those “odd lot” sellers in gold and silver in much higher volume than normal right now. Using that as a contrary indicator, it generally presages that a bottom is close to being put in place in both gold and silver. This does not mean that prices can’t drift lower from here, but it does mean that a significant bottom is close at hand.
We have a loose monetary policy worldwide. Look at Japan, Eric. The Bank of Japan is buying equities. In Europe, Draghi has stated that he is not going to cut back on his quantitative easing program. It’s going to continue, despite what the Germans say. And Greece is looking for its 3rd bailout. Italy is also in serious trouble in terms of its banking system. Because European leadership wants to keep the European Union together at all costs, the bailout money will be printed. That’s guaranteed.
The Bottom Line
So this is a very bullish backdrop for the gold and silver markets and long-term investors just need to be patient here. We’ve all been though this before, and the bottom line is that the trend in gold and silver since 2001 has been significantly higher, despite the bumpy ride.”
KWN has now released the remarkable audio interview with legendary James Dines and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Top Citi Analyst Comments On The War In The Gold Market CLICK HERE.
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