Bill Haynes continues:

“You bought it because you were a contrarian.  It’s been about 12 years ago that you gave me your reasons for buying.  This is what it feels like (again), that we are considered idiots for being gold and silver bulls.  But let’s talk about the difference of what we’re looking at today, and what we were looking at 12 years ago.

12 years ago the only thing we had to worry about was massive deficit spending because we knew it was going to cause inflation sooner or later.  There was no talk in 2000, when we were buying, of Lehman disappearing.  Let’s not forget Merryll Lynch (essentially) went bankrupt, and rolled into Bank of America....

Continue reading the Bill Haynes interview below...


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“We forget about these things, just how bad they were.  Here we are today, I maintain that gold and silver are a better buy today than they were in 2000 because the problems are immensely worse, or at least they are recognized as being worse. 

I really believe people should be adding to their positions in here.  Any money you don’t have any use for over the next two years, it ought to be in gold and silver.”

Eric King: “Bill, it reminds me, back then I picked up over three tons of physical silver and took delivery.  And, as I said, you couldn’t give silver away for free (at that time) because people, they just didn’t want to pay for the storage fees. 

Right now when I look at sentiment, it’s not as bad as it was back then because nobody was interested in the sector at all (at that time), but we’re 57% lower on the bullish reading on silver than we were at the peak of $50.  People have thrown in the towel here.”

Haynes:  “Yes they have ... Every day the (global) situation continues to deteriorate.  We’re looking at a situation where right now gold is trading opposite the dollar.  The euro gets strong, gold gets strong.  But somewhere it’s going to be a situation where one of the two major currencies is going down (collapsing). 

Either the dollar is going down or the euro is going down or they are both going down, and people are going to trade gold and silver as safe havens.  Our problem is massive debt.  I think the inmates are running the asylum.”

Eric King:  “Bill, I was discussing this with Eric Sprott, but it’s like a Ponzi scheme because you essentially have these insolvent nations printing up money, giving it to the banks.  Then the banks turn around and buy the sovereign bonds of these insolvent nations.  It’s a Ponzi scheme. 

You have studied monetary history for 40+ years.  When you look at that situation, what can you compare this to?  What are the conclusions that you draw?  What’s going to happen here?”

Haynes: “Eric, the sad history of money is that the politicians print it until it’s worthless.  They are hoping (in the US) that somehow they will stimulate this economy.  In Europe you have two concepts going.  You have the austerity concept or you have the so-called growth philosophy. 

Now the growth philosophy is a euphemism for printing more money, and they will print the money until it’s worthless ... It’s going to be a destruction of the dollar and the euro.  It’s going to someday be a destruction of the yen and the other currencies.

The establishment has been so successful at selling people on Keynesianism, that it’s a given that all you have to do is print more money and it will stimulate the economy.  Paul Krugman told us the only thing we didn’t do is we didn’t print enough.  He said we needed $8 to $10 trillion, initially.

So now Krugman is standing there crowing and saying, ‘See how right I was.  You didn’t print enough.  All you needed to do was print more.’  Eric, it will be inflation and a destruction of paper currencies.”

This was just a small portion of what we covered in this week’s tremendous KWN Weekly Metals Wrap with Bill Haynes and Dan Norcini.  You can listen to the entire interview 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.

VERY IMPORTANT:  Because of the nationwide network problems, 50% of the Eric Sprott mp3 file was not available.  This was without question one of Eric Sprott’s greatest interviews ever.  The complete mp3 file is now available on his interview page.  I would encourage everyone around the world to access his incredible interview by CLICKING HERE.

The interviews with billionaire Eric Sprott, legendary Art Cashin ($612 billion UBS), Jean-Marie Eveillard (oversees $50 billion) and Don Coxe ($538 billion BMO) are available now.  Also, be sure to listen to this week’s line-up of other KWN interviews which include Ben Davies, Nigel Farage, James Turk and John Mauldin by CLICKING HERE.

Eric King

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© 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.

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