Stunning Developments In The Gold & Silver Markets
September 8, 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 from these (hedge fund) guys, who have had very sizable losses in gold playing it from the short side.”
Just weeks ago, Norcini correctly predicted the hedge funds would take losses in both the gold and silver markets because of the vulnerability of their short positions. This is exactly what has come to pass, 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: “These markets are bigger than the manipulators. There just comes a time when the manipulators have to step back and let the market go where it want to go. Then they can look for an opportunity, if they want, to go in and do some manipulation.”
Bill Haynes continues:
“But the thing we have to remember, when silver was below $5, and gold was below $300, there were a huge number of people who said gold could never go up because of the manipulators. And they said that all the way up. They’ve been saying that for the past 12 years.
In the long-run, the markets will win out….