Public Buying “Monstrous” Amounts Of Physical Gold & Silver

kingworldnews.com

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. 

This is the type of buying you see when you are nearing the end a long period of digestion, and you are about ready to break out on the upside....

“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.”