With silver trading at a new multi-decade high trading above $34 and gold up almost $20 breaking above $1,400, King World News today interviewed John Hathaway, Senior Managing Director of the Tocqueville Gold Fund. Hathaway stated, “What I strongly believe is that the amount of paper we are seeing traded in both gold and silver on the Comex and in the derivatives market is nonsense. It has to be something in the order of 100 to 1. The fact that the market is moving today when the Comex is closed tells me it is not New York that is doing this, it is physical demand.”
“I think it is just a tight market. There have been reports of some difficulty regarding physical availability of silver. Retail interest is being driven even further by the price action in silver.
Silver has broken out to the upside and because of that you have technical buying and short covering. This could in fact be a short squeeze.
Full article here: King World News
More on gold and silver:
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And don’t forget to do this (!!!)…
– James G. Rickards of Omnis Inc.: Get Your Gold Out Of The Banking System
… or …
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