On the heels of the gold market surging back above $1,275 and the price of silver once again trading over $17, today London whistleblower and metals trader Andrew Maguire told King World News that illegal trading activity continues in the gold market and he accused the CFTC of not doing “a f*cking thing about it” as price surges because of trapped bullion banks.
“Large Sovereign Bids”
Andrew Maguire: “Large sovereign bids were laying at $1,260. Why did the gold market turn at $1,260? Because the commercials had to front-run the sovereign bids in order to hedge some of their physical exposure and also cover some of their short positions. For what it’s worth, bullion banks have been using the manufactured downside action in the silver market to weigh on the gold market. But the bottom line is that the price of gold bounced exactly where I told King World News it would because the commercials had to front-run the sovereign bids…
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Maguire: “They (CFTC) Don’t Do A F*cking Thing About It”
Andrew Maguire continues: “Recent blatant efforts to suppress a gold breakout would not have been undertaken if officials weren’t on their back foot. By the way, Eric, an entity was in the gold market yesterday spoofing at the 50-day moving average. I complained to the CFTC, but it doesn’t make a difference because they don’t do a f*cking thing about it. For anyone who thinks spoofing is dead, that’s bullsh*t. I noted for the CFTC clear evidence in the tick data live as it was occurring at the 50-day moving average near $1,260.
Clearly this illegal activity is still alive and well, and given recent regulatory scrutiny, this was obviously official in nature and will not be pursued by the CFTC metals abuse desk to which I reported it. So the entities who are conducting officially sanctioned trades for the Fed and the BIS are still spoofing. No one in their right mind would be doing that with all of the investigations and charges that have been filed recently. So we know these entities are conducting this illegal activity on behalf of central banks.
Post-FOMC Trading Action
In the past, Eric, yesterday’s attack would have succeeded and the price of gold would have continued to be aggressively smashed. The reason it didn’t succeed this time is because it happened to coincide with the $1,260 sovereign bids I spoke to KWN about on Friday. It will be interesting to see what the bullion banks, who act as agents for the Fed and the Bank for International Settlements, will do in the paper gold market post-FOMC.” ***For those who missed the powerful audio interview with London whistleblower and metals trader Andrew Maguire, you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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