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.
by KEVIN D. FREEMAN on NOVEMBER 22, 2013
by KEVIN D. FREEMAN on NOVEMBER 13, 2013 Continue reading
Note: The video will not properly post here. You must go to the website to view the video.
In this MUST WATCH clip, Bloomberg Industry’s Kenneth Hoffman shockingly reveals that London’s gold vaults are “virtually empty“: “You could go into a vault in London a couple of years ago.
The vaults were packed to the rafters with gold, and the gold would trade from me to you to somebody else. You can walk into those vaults today and they are virtually empty. Continue reading
The UK exported 240 tonnes of gold to Switzerland in May alone, while its exports over the first half of this year totalled 797 tonnes, Macquarie said in a note.
In contrast, Britain exported just 92 tonnes of bullion to Switzerland in the whole of last year, it said. Continue reading