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Dan Norcini continues:


“The stock market hit four and a half year highs, gold is knocking on the door of $1,800, and silver is pushing up toward $35.50.  There was a flood of hot money that had been on the sidelines which came roaring back into the market.  While hard assets were flying high, the US dollar continued to break down.


Of course anybody that was positioned on the short side of the metals was simply run over when the news hit the wire.  Those shorts were panicking out of their positions and more buying poured in the throughout the day....


Continue reading the Dan Norcini interview below...




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“The shorts could not exit positions without paying up.  So we were seeing a violent wave of short covering along with fresh buying from new sources.  There was a relentless flow of new money coming into both the gold and silver markets.


Eric, all of this is having the net impact of further destroying the middle class.  Crude oil is nearing $100 a barrel, so consumers are going to get hit with higher gasoline prices.  When you take a look at the CCI (Continuous Commodity Index), you can see the move higher across the entire commodity complex.


Grains were on the move, along with livestock, cocoa, coffee, all of these markets were moving higher because hot money was coming in, and speculators were chasing prices higher.  There is enough of this money, which has been on the sidelines, that we could continue to see upward pressure going forward.


But people have to remember that wages are still relatively flat in both Europe and the US.  The jobs environment in the West is dreadful.  This means that the already stressed consumers in the West are going to be hit with another round of inflation at a time when they can least afford it.


So we will continue to see the middle class being wiped out on both sides of the Atlantic.  Having said that, from an investment perspective, this is the type of stagflationary environment where gold and silver can continue to soar, just as they did in the 70s.”


© 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 This material may not be published, broadcast, rewritten, or redistributed.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 Felix Zulauf, Rob Arnott, Michael Pento, Gerald Celente, James Dines and Marc Faber are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which included James Turk, Art Cashin, Egon von Greyerz, Sean Boyd, John Hathaway and Eric Sprott by CLICKING HERE.


Eric King

KingWorldNews.com

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