Haynes:
“Eric, last week we sold more gold and silver than we normally sell in a
whole month. On Friday alone it was astounding because we sold as much physical
bullion as we would normally sell in an entire week. There is a great deal of
big money coming into the market on this decline.
If buying continues at the rate we saw on Friday,
there will be immediate shortages of product....
“We will see instant shortages of silver products
such as silver rounds, 10 ounce bars, 100 ounce bars, silver eagles, and silver
maple leafs if this relentless demand continues. Silver eagles and silver maple
leafs are already seeing delayed delivery.
In other words, the mints can’t keep up with the
demand for those coins. The US Mint could easily have another record year of
40+ million ounces of American Silver Eagle sales. I would also add that there
are already premiums on 90% silver coins that we haven’t seen in
decades.
But the buying is coming in huge for both gold and
silver. The physical gold market is on fire as well. Our largest 7-figure
order this week was specifically for one ounce gold bars. There was also big
buying of American Gold Eagles. This massive buying is taking place in the
entire metals industry right now.
This is why I cannot stress to you enough that we
will see immediate shortages of product if this continues. If another ‘Black
Swan’ happens I can promise you we will see immediate shortages of gold products
as well.”
Eric King: “Bill, does this remind you of what we
saw in 2008/2009 when there was an orchestrated smash in gold and silver? As
you know there were massive shortages of product when central planners organized
that takedown in both metals. The shortages were taking place all over the
world at that time.
If you remember, Bill, I got permission from the
government of Dubai to interview Ian MacDonald who was in charge of running the
entire gold and commodity operations in Dubai or what people call the ‘City of
Gold.’ Demand was incredibly relentless at that time. He told me buyers were
outpacing sellers by a remarkable 99 to 1.
Ian told me that as the takedown in gold and silver
was occurring in 2008/2009 that he was getting calls from New York all day,
every day. Guess who was calling him? Bankers from New York. The bankers from
New York had only one question: “Who is doing all of the physical buying?” Ian
told them, “It’s people from all over the world trading in their fiat money for
real money.”
Ian knew there was concern because the West had been
sending him gold from central bank vaults for years, but at that time he told me
he was getting the strangest ‘scrap’ gold from the Western central bank vaults
in the form of old coins. He said it looked to him like they were at the back
of some of the vaults getting whatever scrap was left to ship to him in order to
fill the massive demand for gold that was taking place. Dubai would then melt
this gold down and ship it all over the world, including places like India, the
Middle-East, and Far-East.”
Haynes: “We could be looking
at the beginning stages of that type of situation. If prices head even lower we
will continue to see an explosion of buying. Every time gold and silver tick
lower big money comes in to the market, and it is coming in from different
buyers.
Eric, we are entering another phase such as 2008/2009
where the physical buyers are going to have a major impact on both of these
markets. The physical market is on fire and it will become an inferno if the
central planners continue to artificially push prices lower.
Buyers are already outpacing sellers by a stunning 50
to 1 ratio. We are seeing the beginning of shortages, but this will only
accelerate if Western governments continue with this raid on gold and
silver.”
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