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Maguire continues:


“China is keen to diversify their cash holdings and is also encouraging citizens to make investments in gold and silver.  The Pan Asia Gold Exchange is another step in this direction by opening up ease of access to physical gold and silver to their bank customers.  This physical backed exchange is going to be a big game-changer.


Just look at the scale of this to get an idea of how massive this game-changer will be, The Agricultural Bank of China has over 320 million retail customers and 2.7 million corporate customers and has integrated its customer account information system with this platform.


By creating the first ever rolling spot contract, Chinese bank customers will for the first time have ease of access to 10 ounce gold contracts in Renminbi directly from their bank accounts and with the click of a mouse.  To give a further idea of scale, if just 1% of their customers bought a single 10 ounce contract, that would equate to 1,000 tons of physical gold being drawn down....


Continue reading the Andrew Maguire interview below...




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“The impact on the price of silver will be even more pronounced.  Silver is a much smaller market and already in tight supply.  If just 1% of Agricultural Bank of China customers buy 500 ounces of silver, that would require 1.6 billion ounces of silver!  I believe the leveraged and naked existing short side concentration in silver will be blind-sided by this.  In my opinion it will create a massive short squeeze.


None of this potential new physical demand has been factored in by analysts and I expect a large and unanticipated drawdown of physical gold and silver over the next few months, ahead of the international contracts going ‘live.’


One of the key points here Eric is that many of these shorts are naked and heavily leveraged.  Thus for every physical ounce of gold and silver taken out of the physical market and into this new exchange in China, it will force many multiples of that to be covered in the paper market.”


The KWN audio interview with Andrew Maguire will be available shortly, you can listen to it by CLICKING HERE. 


To watch Andrew Maguire and others discuss the new Pan Asia Exchange on YouTube.  


© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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