Today a legendary short seller spoke with King World News about today’s takedown in the gold & silver markets.
Eric King: “Bill, it’s a great day for people to hear from you because we have this hiccup in the mining shares, in gold and silver.”
Bill Fleckenstein: “People cannot worry about what happens on any given day or any given week. The (mining) stocks have had a huge run, the metals have had a decent move, and they are going to be subject to days when they do poorly. And then sometimes they are going to go up a whole bunch on news you didn’t think was that big of a deal…
Continue reading the Bill Fleckenstein interview below…
Bill Fleckenstein continues: “Venezuela is imploding. They’ve been selling gold. So they’ve been heavy in the market. I would imagine they’ve been continuing to monetize their gold. Meanwhile, the Indians don’t look like they haven’t been buying up as much as usual because of all the import tax issues there. So you have a big buyer who has not been buying as much as usual, for certain reasons, and you’ve had a forced seller (Venezuela).
We Are Very Early In This Bull Market
Meanwhile, the ETF in America gobbles up ounces. Everybody on the planet with an ounce of understanding of financial history can see they need to do something. Maybe some people would rather buy a Monet than gold, but the move to protect yourself — we’re very early in this. This is going to go on for a long time.
People toss out numbers for gold that are way, way higher than here. So people can’t get upset that the market got thumped for a couple of percent. If that bothers someone, they are not going to make very much money and they are going to get shaken out somewhere along the way.”
Eric King: “I would just add, Richard Russell used to talk about this, it’s very hard to sit tight in a bull market. Very few human beings can do that. People get shaken out along the way. That’s what bull markets do. They are very rough and they throw people off.”
Bill Fleckenstein: “That’s a point that I’ve made several times since we’ve been talking. Look, people see the number this morning and you know they are going to try to throw a party in stocks and you know they are going to sell the metals. So unless you are getting ready to buy…To continue listening to the timely interview with legendary short seller Bill Fleckenstein, where he discusses the short-term and big picture in the gold, silver, mining, and global markets, CLICK HERE OR ON THE IMAGE BELOW.
***To hear about the gold and silver markets, listen to the jaw-dropping audio interview with Michael Belkin, the man who advises the most prominent sovereign wealth funds, pension funds, hedge funds, and institutional funds in the world discussing the historic run in the gold & silver markets, what to expect next for gold, silver and the shares and much more by CLICKING HERE OR ON THE IMAGE BELOW.
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