An Absolutely Stunning Development In The Gold Market
July 14, 2012
Today King World News is reporting on an absolutely stunning development in the gold market. Acclaimed commodity trader Dan Norcini told KWN, “The swap dealers, (which is) a category of relatively large traders and big banks, for the first time on my records, are actually net longs in the gold market.” Norcini also noted, “Even back in 2008, at the height of the credit crisis, when there was a huge change of ownership in the gold market and traders were just jettisoning positions, the swap dealers never made it onto the net long side in the gold market.”
But first, Bill Haynes, President and owner of CMI Gold & Silver, had this to say about what buyers are doing in the gold market: “Eric, in the 70s we talked about hyperinflation. We had 13% inflation. Paul Volcker, appointed by Jimmy Carter, called in when Ronald Reagan took office, and (Reagan) said, ‘You put a stop to inflation!’ Paul Volcker did it.”
Bill Haynes continues:
“We jacked interest rates to 20% and it shut off inflation. We were worried about inflation then (in the 70s). We’re now talking about the survival of the world’s financial system, and when the smoke clears, (physical) gold and silver are going to be the last two men standing.
We had solid buying this week, some large orders came in. It was kind of interesting that one of the large buyers (of gold) that called us this week said, ‘I’ve watched this stuff long enough, it’s time to get in….