Kaye:  “Much of what I’ve been telling your readers has played out the way we’ve discussed.  Meaning, the information has been accurate.  In order to do that, you’ve got to have sources that are well-connected and telling you what they know.  And I have to say my information has resonated over the last several weeks and months very much with what Andrew Maguire has been saying on King World News....

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“So, I know Maguire’s information is legitimate, and it’s almost entirely consistent with my own sources, and my sources would not necessarily travel in the same circles as Maguire.  So, what I can say is that any attempt to impugn Maguire, and the quality of his information is just not something that your readers and your listeners should take seriously.  In fact, I would question the motivation behind whoever is doing this. 

Enquiring minds would ask themselves, ‘What could be the possible motivation here for an attempt to attack a legitimate, highly credible, and important source of information like Maguire, who is clearly well-connected in the industry.  I would simply point to the fact that he’s done a remarkable job awakening the investment world as to what’s really happening in the gold market, including the enormous leverage that exists in the paper gold market.

This leverage that Maguire is exposing could easily backfire and cause a tremendous spike due to short covering in the price of gold.  You and I have spoken about this possibility in previous interviews.  To this point, let me just add that the Reserve Bank of India was commissioned some time ago to do a study.  The point of this study was to advise the government on the options that were available to essentially deter demand for physical gold bullion.

One of the options that was looked at very closely by the Reserve Bank of India was actually similar to what goes on at the Comex.  In other words, luring Indians into buying paper gold, and as a result, (it would) deflect interest that would otherwise be routed to physical gold.  If the contracts were created on an Indian exchange, that would be all the better because in theory it would help solve the current account deficit problem. 

What’s interesting is there is a Chapter V in this Reserve Bank of India report titled, ‘Dematerialization Of Gold.’  And as you get to the chart under gold-backed instruments in global trends, what you wind up with is a chart that was excerpted right out of CPM’s book from 2011.  What the chart shows is the paper claims on gold being approximately 93 to 1 vs physical gold that is available in the same year.  This is an astonishing admission.

It is also admitted in that report that there was 11.2873 billion ounces of gold as having traded, against an available physical market supply of 120.8 million ounces.  Now, to save people from having to do the arithmetic, that’s over 93 to 1.  This is one of the things that Maguire has been warning the participants in the gold market about, and it’s also one of the things I’ve been trying to warn people about. 

So, when someone like Maguire ties this type of evidence into the paper charade that is the LBMA, and correctly points out that it will eventually collapse, he becomes a target by those who would seek to preserve that system for as long as possible, and at any cost.  This would of course include Western governments. 

But the simple fact is that the LBMA collapse is coming no matter how many distractions that various agents of the bullion banks, or the mainstream media might seek to create.  And as that collapse of the paper gold fraud begins to take place, that is the moment in time when you will see what I have warned you about for some time now in the gold market, Eric, and that is the beginning of the greatest short squeeze in modern financial history.”

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