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Here is the balance of what 40-year veteran, Bill Haynes, President of CMI Gold & Silver had to say:  “This massive buying came in from many people who are brand new to the gold and silver markets.  But at the same time, investors which own physical gold and silver at much lower prices were stepping up and adding aggressively to their existing positions.


Across the board, buyers expressed that they were deeply troubled about the deteriorating financial condition of the United States and other Western nations....


Continue reading the Bill Haynes interview below...




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“Egon von Greyerz had two interviews this week on King World News where he laid out the frightening nature of the deteriorating conditions facing the West.  But as we go through this cycle, the earthquakes in the financial system will only increase in magnitude. 


KWN readers have to keep in mind that as we continue to witness the end of this current financial system, events will take place that people cannot even imagine today.  People simply need to protect themselves and get prepared because time is slowly running out.”


Below is also a small portion of what Haynes had to say on this week’s KWN Weekly Metals Wrap:


“Eric, (this was) a huge week for us (in terms of gold and silver sales), but half of our sales came today (Friday).  Buyers poured in on (Friday’s) drop.  These people were just content to buy the dips.  There are a lot of people sitting on dollars and they are finding gold and silver, and they are getting out of (dollars).


Gold was down $40, and silver was down $1.40 (on Friday).  That (action) came on those phony employment numbers (released in the US).  This is an ideal climate to invest in gold and silver.  Central banks around the world are printing money, and central banks will increase their gold purchases to nearly 500 tons this year, as they keep expanding their reserves in this inflationary climate.


This is something that has always astounded me, if you look at the central bank holdings of gold, according to data taken from the IMF, the top four sovereign gold holding countries are the United States, Germany, Italy and France, with gold making up more than 70% of each of those central banks (reserve) holdings.


Now I know we have the issue of how much gold does the United States (and other Western nations) hold, but for the moment let’s accept these numbers.  But if you look at the central banks with the largest (paper) reserves, you are looking at the Bank of China, the Bank of Japan, and Taiwan.  (However), they hold incredibly low percentages of gold reserves.


For example, the Bank of China’s gold (reserve) holdings are only 1.7% in gold.  Mind you, the United States, France, Germany and Italy are above 70%.  The Bank of China has the world’s largest (paper) reserves, somewhere in the neighborhood of $2 trillion.  The Bank of Japan, 3.2% of their (reserve) holdings are in gold, Taiwan, 5.7% (held in gold). 


Eric, if we just have a small shift from this 1.7%, 3.2%, and 5.7%, up to 10%, you are looking at huge buying pressure on gold.  I frankly think that those three central banks right there are putting a great floor under the price of gold somewhere at this level.”


You can hear acclaimed trader Dan Norcini and Bill Haynes discussing the gold and silver plunge and much more in this week’s KWN Weekly Metals Wrap by CLICKING HERE.


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The interviews with Stephen Leeb, Don Coxe (BMO $538 billion), Rick Rule, James Turk, Egon von Greyerz and Gerald Celente are available now.  Also, be sure to listen to other recent KWN interviews which included MEP Nigel Farage, Jean-Marie Eveillard, Bill Fleckenstein and Art Cashin (UBS $612 billion) by CLICKING HERE.


Eric King

KingWorldNews.com

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