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 the panic selling that is now taking place was truly fascinating.
Eric King: “Bill, I know you’ve had many gold and silver sell orders taking place recently. You’ve been watching these markets for decades. What is happening here as you see it?
Massive Liquidations Taking Place
Bill Haynes, founder of CMI Gold & Silver, one of the largest metals dealers in the United States: “Eric, it’s unnerving how many liquidations are taking place. It has now reached the point where the four major wholesalers have been repeatedly lowering their bids on both gold and silver. Meaning, when a customer liquidates, the wholesalers’ bids on the other end are not what they used to be. At this point we are seeing about 30 percent more sell orders than buy orders…
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“The Last Time We Saw This Was In The 1980s”
Eric, in my 44 years in the metals business I can tell you that this is a very rare situation. The last time we saw this was in the 1980s. I have been doing this for almost half a century, and I am shocked at how bad the sentiment is in the gold and silver space at this moment in time — it’s worse than what we saw at the end of the brutal 5-year gold and silver bear market that bottomed at the beginning of 2016.
Panic Selling Creating Major Bottom
Using all of this panic selling as a contrary indicator, the reality is that we are putting in a major bottom in 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. Investors who are buying physical gold and silver at these levels will be incredibly well rewarded over the long-term. When you can buy gold and silver at the same prices that a dealer would normally pay, that’s when you should buy and hold. Who was it that said, ‘You should be buying when there is blood in the streets?’ Isn’t this bloody enough? We haven’t seen this type of pain in decades.”
Remain Disciplined When Others Are Panicking
King World News note: For those of you who dollar cost average purchases in gold and silver, don’t get cute and try to time these markets. Stick to your discipline and purchase gold and silver at the same time each month or on the same rotation as normal. As the next leg of the secular bull market advances, you will be very glad you remained disciplined when others were panicking.
***KWN has released the powerful audio interview with Dr. Stephen Leeb and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Fed Holds But Here Is The Single Biggest Risk To Global Markets CLICK HERE.
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