With the price of silver surging breaking back above $20 and gold rallying strongly off the lows as the Dow trades over the 18,100 level, today one of the wealthiest and most street-smart pros in the business spoke with King World News about what he is buying and selling in the gold and silver markets right now?
Rick Rule: “The (gold) market is extremely well bid. Despite the fact that gold markets have run a long way, they had fallen a long way before this run so they probably have (even) further to run…
Continue reading the Rick Rule interview below…
Rick Rule continues: “That doesn’t suggest that the market can’t back and fill and digest its gains. But the truth is this market is extremely, extremely well bid. In the near-term, markets go up because there are more buyers than sellers and right now there are certainly more buyers than sellers. The summer doldrums, at least so far, have forgotten to happen.”
Eric King: “You get a chance to see fund flows Sprott. How do you think the (gold, silver, and mining share) markets will trade in the next few weeks?”
Rick Rule: “That’s a very interesting thing that you point out. Just in the last week there has been more of a balance between buys and sells (in terms of what clients are doing with their own accounts). Eric, our customer base is, for the most part, made up of people who have been trading resource stocks for 20 years.
And what you do in the sub-$250 million market cap space is if you have a portfolio that has broadly doubled in a short period of time, which is where many of our customers are, you sell when you can, not when you want to. So we are starting to see some balance of selling and profit-taking to accompany the buys, which is very prudent.
If someone has a $200,000 portfolio that has become a $500,000 portfolio, they are not ill-advised to take their $200,000 in capital out and let their profits ride. And that’s precisely what we are seeing with our better speculative customers.”
Eric King: “Are you taking any profits yourself on this run?”
Rick Rule: “I am in fact taking profits here. The truth is that there will be lots of…To continue listening to Rick Rule’s timely and powerful audio interview CLICK HERE OR ON THE IMAGE BELOW.
***Also Just Released: Top Citi Analyst Issues Major Update On The Silver Market Click Here.
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