Maguire:  “We always start by stepping back and looking at the bigger picture.  I’m going to actually tell you what we are seeing, not just myself, but what my sizable clients are seeing as well....

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“We are obviously in a downtrend, and there is no doubt that all of the technicals are bearish.  You have to respect that.  But there is so little or virtually no mainstream media attention focused on what’s happening in the physical markets (for both gold and silver).

As a trader, and even as an investor, technicals have to be respected.  And up to now, that’s why myself and my clients have been hedged.  Now, essentially what we’ve been doing is just averaging our prices down (through our hedge exposure).  But at the same time, we absolutely want to be fully exposed for an imminent upside surprise.

We are so deep inside of this downtrend, and we are very close to removing all of our hedge exposure.  We want to maximize ourselves to what we see as a substantial move higher, and quite imminently.  In short, the divergences between two completely separate markets have again reached extremes, and we are almost exactly back to the levels of bearishness that we saw out of the $1,180 June 28th low. 

And I recall being on the phone with you at the time (June 28th low), Eric, saying almost the same thing as we’re saying now (before gold rallied $240).  The similarities are almost identical.  A very similar poll of analysts today showed we are back to a 2 to 1 bearish view on both gold and silver.  And as far as the ‘hot money’ is concerned, everybody, except the bullion banks, are again back on the same side of the short trade.

Don’t forget, back then the bullion banks and the mainstream media were giving targets as low as $800.  But those chasing price lower are naked short.  I mean, (these short positions are) completely undeliverable.  And the bullion banks are about ready to ring the register on the weak hands (shorts), just like they did in July (during that massive rally in gold).  There are some big gaps to fill on the upside, Eric, and plenty of short fuel to propel it.

Outside of this virtual casino game there is a real world, and naked shorts are blind to the fact that there is a physical demand tsunami coming.  And we are very close to the point where it is going to swamp this virtual game with a complete reset.”

IMPORTANT - KWN will be releasing a second Maguire interview as well as other interviews all day today.  Also, Maguire’s remarkable audio interview is available now and you can listen to it by CLICKING HERE.

Andrew Maguire’s trading service has returned over a staggering $134,000 for each and every (single) contract traded in the gold and silver markets over the past 16 months.  For those who would like to get more information on Maguire’s incredible trading service and to sign up you can do so by CLICKING HERE.

© 2013 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.

The audio interviews with Michael Pento, Andrew Maguire, Gerald Celente, David Stockman, Art Cashin, Dr. Stephen Leeb, John Hathaway, Bill Fleckenstein, James Turk, William Kaye, Eric Sprott and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.

Eric King

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© 2013 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.

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