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London whistleblower and metals trader Andrew Maguire told King World
News that Swiss gold refiners are telling him that gold demand hasn’t
been this strong since 2013.
Swiss Gold Production Massively Backlogged
June 22 (King World News) – Andrew Maguire: “The Dollar Index to foreign exchange gold conflict is reflective of a paper to physical battle, and given the absolute certainty that the physical kilobar market (as Swiss gold refiners have told me) is now backlogged 2 months out and extending
Andrew Maguire continues: “All Swiss refiners are now fully booked out on all gold kilobar production until the end of July.
Also, there is reliable feedback that China has been quietly forward
purchasing (large) tonnage of refinery production since May and
utilizing spot index positions to settle at delivery. With
refinery order books now full for 2 months out, each day gold stays
below $1,300, more tonnage orders are spot-indexed for delivery. And
with order books already full, this backlog was already threatening to
extend out into August.
Swiss Refiner Says China Just Ordered More Tonnage
But one Swiss refiner just reported to me that a Chinese order of 15 tonnes of gold hit today. This definitely pushes out the Swiss backlog into August. For this time of year and out of season that is unprecedented…
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