Maguire – Big Banks In Trouble As Major LBMA Default Nears
November 1, 2013
On the heels of continued volatility in the gold and silver markets, today the man who three weeks ago correctly predicted gold would surge above $1,300, is now warning King World News that the LBMA is now moving closer to a major “default.” London metals trader Andrew Maguire also spoke with KWN about what the big banks so incredibly worried at this point. Below is what Maguire had to say in this tremendous and timely interview.
Maguire: “People will ask me, ‘With such strong physical demand, how can the price (of gold) be going down?’ The answer is simple. Physical gold is completely unleveraged. Synthetic Comex supply is not gold at all, it’s just fake supply, and it temporarily overwhelms the underlying (true physical) demand.
It’s pretty easy to do if you are the Fed. The Fed has a complete visibility into the (trading) ‘book,’ and knows exactly how much synthetic gold to dump into the market at any time to overcome the ‘bid stack,’ and ignite the algorithm-driven momentum follow through selling. It’s their (the Fed’s) game….