Today 42-year veteran Bill Haynes, President of CMI Gold & Silver, told King World News that the public is now buying “monstrous” amounts of physical gold and silver. Haynes also discussed what this unprecedented buying means going forward and how it will impact the market.
Here is what Haynes had to say: “Eric,
this was a 3 day week for us because of the holiday schedule. In that
3 days we did more business than what we have done in any single week
in years. The buying is monstrous in here. As an example, we had one
buyer which completed a transaction for $6.8 million.”
Bill Haynes continues:
“Those
type of players are in here making large physical purchases of gold and
silver. Eric, there’s no doubt about it, there’s fear. There is fear
and there is acceptance that the West is in real trouble here. So, we
are seeing unimaginable buying here of both physical gold and silver.
“As prices breakout to the upside, gold
and silver will be looking at another massive move higher. Gold and
silver investors, if they have cash on the sidelines that’s not the
place for it. It needs to be in this market.
Eric
King: “As you see these type of money flows coming in, what does that
tell you about what stage we are in for this bull market?”
Haynes:
“Eric, I’ve been thinking about this ever since we’ve had this huge
buying developing here in the past few days. Actually, the past couple
of weeks we’ve had some really big buying. We may have just broken
into stage II of a three phase bull market.
As
you know, Eric, as a student of these markets, phase II is the longest
phase in terms of duration. If I am correct that we just broke into
phase II, we are looking at a phase that could run about 15 years.
This is because phase I lasted 11 years and as I said, phase II will be
even longer.
I
think during stage II gold will consistently hit new highs, but each
and every time the establishment and the mainstream media will declare
a top and tell people to get out of their gold. I have one long-term
customer that made the mistake of telling his financial firm that he
purchased a large amount of physical gold. This financial firm is a
household name that all KWN readers globally would recognize. Eric,
this firm has literally called him every week and instructed him to
sell his gold.”
Haynes also added:
“Eric, the people who are buying gold and silver are extremely
successful people. These are people that have accumulated a great deal
of wealth from a wide range of industries, and they are now looking to
protect their wealth.
In
the past, these people have had no reason to look at gold, but now they
are saying to themselves, ‘My excess cash needs to be in physical gold
and silver.’ Let me say it again, Eric, if somebody has cash that they
don’t have plans for in the next two years, it definitely needs to be
in gold or silver.
I
would point out that the type of buying we are seeing here at our firm
is happening across the country. There is a bit of a run on gold and
silver here.”
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