Today London metals trader Andrew Maguire spoke with King World News about who smashed the price of gold today and why as HSBC just shocked clients by announcing the closure of all gold vaults in London! Maguire also discussed what is happening in the physical gold market as well as what the bullion banks are up to.
Today's Gold Smash Is Western Government Intervention
Andrew Maguire: “Eric,
here we are again after another heavily gamed Non-Farm Payrolls (NFP)
report week that evidences just how ‘managed’ the paper markets are.
Given the strong Indian and Chinese demand above $1,200 and the currency
crosses related to gold that were net-positive all week, there was no
reason to paint gold down ahead of today's NFP. Given that the physical
market is strong, the Comex-centric selling has all the hallmarks of
‘official’ selling.
Massive Physical Demand
What I am saying is that there was
massive physical buying above $1,200. So there was no reason for
today's takedown other than to flush the paper markets of some
weak-handed longs, and for the commercials to cover shorts and add to
their long positions.
Bank Of England And Fed Fingerprints
Real Comex open interest has declined
by some 250,000 contracts in the last 4 years, leaving what remains in
the hands of a few directional high-frequency trading algorithms
controlled by a few CME insiders, who also happen to be the same 6
market-making bullion banks that have gold accounts with the Bank of
England. Considering the FED had the NFP data days ahead of the release,
it is highly unlikely these agent banks were not privy to the data as
well.
What this synthetic gaming has done is
drive out almost all ‘real’ open interest into an increasingly liquid
physical market outside the tendrils of a handful of collusive banks.
This migration has now reached an inflection point and reverse leverage
is about to run these banks over.
Phsysical Demand Exceeds Mine Supply – Takedown Is Naked Short Selling
The downside manipulations have become
so embarrassingly obvious to anyone connected to the strong physical
markets. There is no way of hiding that these sales are conducted in the
face of a market where physical demand continues to exceed mine supply,
meaning these sales can only be effected by way of high leveraged naked
short selling.
Bullion Banks' 100/1 Leveraged Paper Positions
These too-big-to-fail banks are once
again playing a high-risk game with taxpayer money. They are so
obviously mismatched to their underlying physical holdings that large
institutional entities are unwinding their fractional gold and silver
risks. The resulting deleveraging exposes the bullion banks'
rehypothecated positions. As this accelerates it is forcing a 100/1 unwind of paper positions.
Eric, last week we talked about a
membership-based physical exchange that has stealthily been built over
the last 3.5 years and is now bullet-proof from LBMA interference. In
our interview last week we talked about how this physical trading
platform provides a real alternative to the closed-loop LBMA system.
It all boils down to the fact that
providing direct access to the wholesale market, without going through a
bullion bank, empowers the end user. Up until now, the end user hasn’t
been able to directly access the wholesale market.
LBMA Killer
The next exciting step is the
announcement of a full-fledged institutional global exchange to compete
with the existing archaic LBMA/London Precious Metals Clearing Limited
unallocated market. All the institutional trading, clearing, settlement
and technological facilities to do so have effectively now been built.
There has been a slight delay with the launch but I will have a hard
date for you as well as the name of the exchange by next week.
Within a few weeks this will change the
way gold is traded as we witness large migrations of unallocated LBMA
position holders unwind from high counterparty risk unallocated
positions and then allocate into secure vaulted kilobar accounts outside
of the LBMA bullion banking system.
In other words, real allocated bullion
will have to take the place of fractional reserve holdings. This
leverage unwind will wrench the reins out of the bullion banks' hands
and force a cash settlement. We also have a treat for the bullion
banks. As this deleveraging forces the buying of bullion, the soon to be
announced exchange will introduce a new ‘pairs trade,’ short paper
gold, long physical gold XAU/AAU. This will represent a low-risk trade
and a nail in the coffin for the LBMA.
Eric just think, only one more NFP gaming to endure before things start to change! I will have more to share with you next week about this exciting game-changing news.
HSBC Just Shocked Clients By Announcing Closure Of All London Gold Vaults!
The other big news this week was HSBC
giving only 2 months’ notice to clients that they are closing down all 7
of their London gold vaults! This is an unprecedented move. Why do you
think this is? It is because transparency is coming. There is no profit
in plain, vanilla bullion banking any longer.
kingworldnews.com
On the heels of the remarkable news from Andrew Maguire
today that HSBC is closing all of their gold vaults in London, today
the top trends forecaster in the world called the news from Maguire “groundbreaking and earth-rattling.” Celente then stunned King World News by exposing why this will shake the very foundation of the gold world.
Eric King: “Gerald, your thoughts on this remarkable news that Andrew Maguire exposed to KWN that HSBC announced they are closing all of their gold vaults in London — a real shock for their clients.”
Another Shocker – HSBC Is The Custodian For GLD
Gerald Celente: “It should be a shock and it’s big news as is the rest of Andrew Maguire’s insights (in his KWN interview).
What’s so important about HSBC closing down all 7 of their London gold
vaults is that the Spyder Gold Trust, ticker symbol GLD, the custodian
of that GLD gold is none other than HSBC….
“While there are several gold exchange-traded products available, the SPDR Gold Trust, with over $60 billion in assets, is far and away the largest.
OK, so when you invest in the GLD you have an ownership interest in a Trust, which owns gold. Where is the gold, and who looks after it?
That
is the job of the custodian. In the case of this ETF, the custodian is
HSBC. The firm is responsible for safekeeping of the bars.
Where is the gold?
In the case of the GLD, in a vault in London…HSBC
is required to notify Bank of New York every business day about the
amount of bullion that is moved in and out of the allocated account.
Every month HSBC also provides a weight list that identifies each
bullion bar being held.”
Is The Gold Even There?
Gerald Celente continues: “So
if they are closing down all the vaults, where is the gold going?
Who’s going to be holding it, or is it really even there (in the
vaults)? So this should be shocking news to everyone that the Spyder
(GLD) gold is now crawling out of HSBC vaults, going to whom?
Dark Cloud Over GLD
Who
will be the new custodian? Who is seeing if the gold is really there?
So this is shocking news because this also puts a dark cloud over the
whole GLD Spyder (Gold Trust) experiment.”
Eric
King: “Gerald, when you say this puts a cloud over GLD, how do you
think this will unfold in terms of how institutions view (the safety of)
GLD?”
Mainstream Media Silence
Celente: “This is huge news and King World News and Andrew Maguire are
the ones who are breaking it. And it’s not hitting the wires (of the
mainstream media) as it should. How many people really know that the
Gold Trust is supposed to be in hard bullion that’s being held by a bank
that’s now closing its vaults?
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