Maguire: “Outside of the virtual world of the Comex casino, sovereign and central bank buying is evident, as are the bullion banks, who are fully aware of this bullion drain, and they are taking the long side of these naked short sellers who blindly ignore the fundamentals....

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“Now, Eric, in the real world wholesalers were the busiest in months yesterday, and they are run off their feet again today.  Looking at the charts, that’s really counterintuitive to what’s happening.  There is enormous demand sub-$1,200, and these divergences cannot last much longer.

This enormous leverage employed by these paper market sellers is a distortion of what’s really happening.  We’re stretched so far that the unwind and the rebound higher are going to be disorderly as sovereign and central bank buyers continue to milk Comex-based leverage selling.

They are busy converting this resulting spot price into physical (gold) at the painted fixes (in London).  This physical latency will catch up in a very disorderly way the moment the downside momentum wavers.  And we’re reaching the point where we can see that change in behavior is beginning to become evident.”

Eric King:  “Andrew, can you give us an idea of how much tonnage is being taken out of the market as they put the (recent) smash on gold?”

Maguire:  “Eric, the amount of synthetic supply that’s coming into the market is in the tens of tons, in (increments of) several tons at a time.  It’s resulting in literally hundreds of tons in a week being supplied into the marketplace.

Because of the latency I discussed, it’s not being noticed but the central banks, bullion banks, and the sovereigns are taking the long side of that (trade).  They are taking delivery on an unleveraged basis, and it will show up, but it’s in the hundreds of tons, especially as we moved sub-$1,200 (on gold).  That’s why sub-$1,200 is unsustainable, despite what the likes of Goldman Sachs and all of these shill bullion banks are saying.”

IMPORTANT - KWN will be releasing interviews all day today with Andrew Maguire, former US Treasury Official Dr. Paul Craig Roberts and others.  Also, Andrew 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 Dr. Paul Craig Roberts, Andrew Maguire, Michael Pento, Rick Rule, Gerald Celente, Dr. Marc Faber, Bill Fleckenstein, Eric Sprott, Grant Williams, Egon von Greyerz and David Stockman are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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