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.