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Bill Haynes continues:


“But the thing we have to remember, when silver was below $5, and gold was below $300, there were a huge number of people who said gold could never go up because of the manipulators.  And they said that all the way up.  They’ve been saying that for the past 12 years.


In the long-run, the markets will win out....


Continue reading the Norcini & Haynes interview below...




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“This week was a solid performance.  It left a lot of people on the sidelines, Eric.  And they are just sitting on the sidelines while (gold & silver) are moving away from them.


Eric, the manipulators know, as well as you and I do, what the end result of this battle is going to be.  Gold and silver are going to win.  They are just picking their battles.  There will come a time when they have to stand back, and we are going to have monster run-ups to the upside.  There will be a huge move to the upside when the manipulators finally stand aside.”


Norcini noted this major development in the gold and silver markets: “Silver had a big move.  Quite frankly I expected to see a much larger build in the hedge fund long position in the silver market.  They (hedge funds) added almost 2,000 long contracts this week. 


But here is the interesting thing, the swap dealers, who are generally on the short side of the market, those guys are still on the net long side of the silver market, Eric.  That, to me, is phenomenal, considering we’ve come from around the $26 - $26.50 level in silver, to $32 - $33.  That’s a big move in silver, and these guys are still on the net long side of the market.


After today, they may finally be net short, but still, the position they are holding, after a move of this extent, is quite fascinating to me because it tells me there is still a lot of room for additional buying to come into this market.  I don’t see any imbalance in the swap side of the short side, the big, end-user commercial position on the short side, or the managed money position on the long side.  This market still looms relatively tame as far as that goes.”


Norcini also added: “Gold is what we are used to getting when we see a bull move in gold, speculative buying and commercial selling.  But here is the interesting thing, you remember back in May of this year we were talking at that time about how there was a pretty good floor of support down there.


The buying (in gold) was very large in size and there was heavy accumulation taking place.  We later found out the Asian central banks were buying, some of the big hedge funds like Paulson and Soros were buying.  The point is that as the accumulation was taking place, those guys were buying it from someone.  Well, the someone who was selling it was the broad hedge fund category.  They had made the most bearish bets in years on gold back in May of this year.


They (hedge funds) had almost a 41,000 contract short position in there (gold).  Well, what happened was the heavy accumulation stymied them and they weren’t able to break that market down.  They have (now) covered 30,000 of those short positions.  So their (short) position dropped from about 41,000, down to around 11,000.


We’ve had a huge amount of short covering from these (hedge fund) guys, who have had very sizable losses in gold playing it from the short side.  What I expect at this point, is the hedge funds will start to concentrate their firepower on the long side, and ignore the short side.


We’ll start seeing the (hedge fund) net long position begin to build.  As of yet I do not see any imbalances in the gold market, as far as the COT report goes.”


Below are two charts Dan Norcini put together exclusively for KWN readers.  They demonstrate the dramatic undervaluation of the mining shares vs gold.  This undervaluation is present, despite the latest rally in the HUI.








This was just a small portion of the type of critical information which is covered each week in the KWN Weekly Metals Wrap with Bill Haynes and Dan Norcini.  To hear a continuation of this conversation, 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.


KWN had an incorrect (old) link for the most recent Dr. Marc Faber interview. This was an incredibly powerful interview with one of the greats.  Dr. Marc Faber discusses everything from gold and silver, to investment allocations, confiscation fears, dangerous trends, protecting oneself, central planners, inflation and much more. The KWN audio with Dr. Marc Faber is available now and you can listen to it by CLICKING HERE.


The interviews with Gerald Celente, James Dines, Marc Faber, James Turk, Egon von Greyerz, Art Cashin (UBS $612 billion) are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which included Agnico CEO Sean Boyd, John Hathaway and Eric Sprottand Jean-Marie Eveillard by CLICKING HERE.


Eric King

KingWorldNews.com

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