Norcini & Haynes – One Huge Gold Buyer & Hedge Fund Moves
February 16, 2013
Today acclaimed trader Dan Norcini and 40-year veteran Bill Haynes, President of CMI Gold & Silver, spoke with King World News about the recent gold and silver smash. Haynes told KWN there was a very large first time buyer, and Norcini spoke about the key hedge fund activity in both gold and silver.
First, here is what Haynes had to say: “It was a solid week of steady buying. Quite a few large orders, with one huge order. This was solid buying despite prices being range bound. Range bound of course until today, with big price drops in both metals. Half of this week’s $58 price drop (in gold), and 1/3 of silver’s price drop came Friday.”
Bill Haynes continues:
“As was the case last week, much more money went into gold than into silver. When we’re seeing a lot of big orders, more money goes into gold simply because it’s easier for the buyers to handle.
Eric King: “Bill, you said there was one huge order (at CMI this week).”….