Maguire – Physical Silver Market Has Now Diverged To Extremes
December 20, 2012
Today renowned silver market whistleblower Andrew Maguire spoke with King World News and said the physical silver market has now diverged to extremes. This is the second in a series of interviews with Maguire lifting the curtain on what is going on behind the scenes in the gold and silver war.
But first, here is what whistleblower Maguire had to say about what the commercial traders are up to: “Eric, I’m looking at the action on Thursday and what really strikes me is we’ve discussed the backwardation. Backwardation is clear evidence that both gold and silver futures are oversold. Essentially there are no willing sellers of physical to exchange for a cheaper, further-out-dated futures contract.”
“There is zero relationship between the fundamentals and the current status of the entire US-centric wash-and-rinse cycle which we are seeing right now in the paper market. We are seeing very large physical buying, and it’s based on that discounted fix we discussed.
The commercials and the bullion banks, they’ve been buying all that’s being capitulated by the jettisoning longs….