Absolutely Stunning Development In The Gold & Silver Markets
August 25, 2012
Today King World News is reporting on the stunning developments taking place in the gold and silver markets. Acclaimed commodity trader Dan Norcini told KWN that in the metals markets, “… we’ve had a huge amount of short covering.” Norcini also stated, “Those shorts got hit hard this week, and a lot of them ran for the exits. These guys got caught with their pants down.”
Just weeks ago, on July 28th, Norcini correctly predicted in his KWN interview that there would be a huge move in silver, “if they (hedge funds shorts) get caught on the wrong side of that market … because all of those shorts are going to head to the exits at the same time.” It has unfolded exactly as Norcini predicted, much to the dismay of the hedge fund shorts.
The acclaimed trader discussed hedge fund problems in both the gold and silver markets, but first, Bill Haynes, President of CMI Gold & Silver, had this to say about what is taking place: “Eric, it (the correction) looks like it’s over. We had a big run-up in gold and silver, a price correction, and we’ve had a period of basing now for a year and a half.”
Bill Haynes continues:
“Both of the metals are moving to the upside. It’s sort of like a stealth market, but it looks like it’s launching itself higher. Before we draw back in the people who were buying a year and a half ago, we are going to have to see new highs on gold, and we are going to have to see silver in the $40s.
But we’re going to see these prices start moving higher because there is greater awareness, worldwide, of the dire circumstances regarding the world’s financial situation…