Today the man who owns the largest gold and silver dealer in the United States told King World News he was surprised by the amount of panic selling in gold and silver taking place at these levels.  This has created an interesting dynamic in terms of buyers and sellers.  Below is what 41-year market veteran Bill Haynes had to say about the massive activity he is seeing in gold and silver.

Eric King:  “Bill, you've been in the metals business for over 42 years and you run one of the largest dealers in the United States.  What are you seeing from your customers?”

Haynes:  “Eric, we are seeing an incredibly high number of transactions on the buy side, but I have been surprised by the amount of panic selling we are also seeing.  But this is an extraordinarily important event….

Continue reading the Bill Haynes interview below…


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“The reason it's so important is because this panic selling is a key to putting in a final bottom on this brutal bear market in the metals.  But I cannot stress enough that it's absolutely panic selling and these people are doing the wrong thing.  These are people that have been in the metals for years.  

But, Eric, we are also seeing an equal amount of buying at these levels.  So we have been bypassing the wholesalers altogether.  Customers are panicking out of gold and silver and we are turning around and redistributing their metal to strong-handed, long-term customers who accumulate metals each time there is major weakness.  We also have new customers who are just entering the market.  In fact, we are finding that new people enter the market every week.

Big money is coming into the market as well.  We are constantly seeing $500,000 orders and above on the buy side.  These larger orders are happening with great regularity.  But, Eric, this is an unprecedented buying opportunity.  I never believed we would see the metals down here at these price levels.”

Eric King:  “Bill, what's happening with silver specifically?”

Haynes:  “We are seeing sizable buying in the silver market.  Some of these people have purchased silver above $20 and even $30, but they are delighted to be able to buy it at these depressed levels because they get a much bigger bang for their buck.  They strongly believe that these prices are a gift.  

If people can handle silver's bulk and weight, they should definitely be buying silver.  The reason is that when the man on the street ultimately figures out he's being had by inflation and all the government printing of money, he will buy silver.  That's when we will see a great compression of the gold/silver ratio as silver dramatically outperforms gold.  I expect that ratio to easily fall to 20:1.

But, Eric, we have waited for the kind of panic selling we are now seeing in order to mark the end of the bear market in the metals.  This flushes out the last of the weak hands and will set up the next major leg in the secular bull markets in both gold and silver as the last of the metal moves into strong hands.” 

UPDATE – KWN will be releasing interviews all day today.

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