Today 41-year market veteran Bill Haynes warned King World News that we are already already on the verge of seeing major shortages of available retail bullion products. Haynes also said gold and silver buyers are outpacing sellers by a stunning margin, and he is now seeing premiums on physical products that haven’t been seen in decades. Below is what Haynes had to say in this extraordinary interview.
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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