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Eric King:  “John, you’ve seen the action in gold and silver.  We had the smash, followed by a recovery and now we are drifting a bit, but your thoughts on where we are now?”


Hathaway:  “Well, I think we are at the stage of dealing with our wounds and healing.  I thought we had already seen the lows, so this was a setback for the bulls in the sense that the ‘Maginot Line’ of the low $1,500s per ounce did not hold.




That level was breached and was very cleverly exploited by opportunistic parties out of New York and London who saw the potential to hit the stops, and they did that with a vengeance....


Continue reading the John Hathaway interview below...




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“I don’t think it means much in the long-run, but it did shatter the confidence for the bullish contingent for gold.”


Eric King:  “John, did that plunge in the price of gold look manufactured to you?”


Hathaway:  “Totally.  There’s no question about it.  It was a naked short.  Very little physical gold changed hands, if any (during that takedown).  It was all done on the COMEX.  The biggest damage was done that Sunday night and the following Monday.




There were a lot of people that had positions which had stops, and it just triggered the panic selling that Monday.  What I would love to know is who was short Friday, and who covered on Monday?”


Eric King:  “How do you see this playing out going forward now that this is behind us?”


Hathaway:  “To be realistic you have to say that we are in a healing mode and it may take a period of months for the market to get its footing.  That is assuming there is no major event or market-moving change of sentiment, which could happen at any time.


So if you are thinking about trying to time this, I think that’s a big mistake.  If you enter or add to positions in physical gold and the shares, you just have to be prepared to wait it out.  It will take some patience going forward, but the ultimate end game is as palpable and real as ever now.


Ultimately I think the dam will break, and whoever is sitting on the gold price and keeping it from going higher will get out of the way and people will wonder why the price exploded higher in such a violent manner.  But trying to time that is a very risky business.  It’s better just to be invested, stay patient and add to positions.”


IMPORTANT - Part II of Hathaway’s tremendous written interview will be released within hours.


© 2013 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.


To learn more about John Hathaway and his management services CLICK HERE.


The audio interviews with Jean-Marie Eveillard, Dr. Stephen Leeb, Bill Fleckenstein, Eric Sprott, Egon von Greyerz, Gerald Celente, Andrew Maguire, Nigel Farage and Art Cashin are available now.  Also, be sure to hear the other recent KWN interviews which include John Mauldin, Marc Faber and Felix Zulauf by CLICKING HERE.


© 2013 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.


Eric King

KingWorldNews.com

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