I just don't get it! Physical buying through the roof. Metal shortages yet paper Comex / LBMA massively distorting markets. Read below... #$%$ gives????????????
Whistleblower Andrew Maguire told King World News that a stunning 40+ tons of physical gold were bought by sovereign entities on the price dip in the gold market today alone. Maguire, who recently appeared in the extraordinary CBC production titled, “The Secret World of Gold,” also spoke with KWN about what the bullion banks are doing today in their own trading accounts. Below is what Maguire had to say in part I of his remarkable and exclusive series of written interviews which will be released today.
Eric King: “Andrew, what about the physical market (for gold)? What are we seeing in terms of tonnage being taken out of the market today?”
Maguire: “When we crossed $1,445 (in gold) today, we knew there were some sovereign orders that had been sitting out there for three weeks, waiting for a fill....
“Their patience was rewarded today and that was some serious tonnage, at least 40 tons (of physical gold purchased). This is 40 tons of real physical (gold).
What it is doing is insuring that the bullion banks are taking the long side of this hot money (shorts) chasing price to zero. Because there is a lagging effect, we may see this (downside move) carry through until Monday, but I absolutely doubt that it can extend beyond that.
This cannot stick (the downside move) with this kind of volume (on the physical buy side) coming through. I saw premiums in Shanghai this morning at close to $26. That’s outrageous. The Mumbai premiums are through the roof. If you want physical today, you are going to have to pay a premium pri.....
yep the physical demand isn't at all priced into the paper price. at least the miners are having a great day. big dip at the open followed by a continuous rebound. everyone should be buying these dips.