Festive season saw 'unimaginable' buying of bullion by public
The president of one of America's oldest precious bullion dealers says retail investors purchased gold and silver in unprecedented volumes during the Christmas holiday period.
Bill Haynes, president of CMI Gold & Silver told King World News that the Arizona bullion veteran did more business during the 3 day holiday week than during any single week in years, with one purchaser spending $6.8 million on a single transaction.
Haynes says fear of economic upheaval in the Western world is augmenting, leading to an "unimaginable" buying of physical gold and silver, and foresees further price breakouts to the upside.
Haynes further counsels canny investors to ignore the advice of leading financial institutions or popular pundits who claim that the bull market in gold will swiftly hit a ceiling:
each and every time the establishment and the mainstream media will declare a top and tell people to get out of their gold. I have one long-term customer that made the mistake of telling his financial firm that he purchased a large amount of physical gold. This financial firm is a household name that all KWN readers globally would recognize. Eric, this firm has literally called him every week and instructed him to sell his gold.