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Eric King:  “How much paper gold was sold to take this market down, and how much tonnage have the Chinese and others been taking out of the physical market?”


Maguire:  “Just since the cross (today) of $1,550 into the (London) fix and the breach of $1,500, we are now looking at in excess of 500 tons of paper gold that’s been sold....


Continue reading the Andrew Maguire interview below...




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Eric King:  “So all of that is today?”


Maguire:  “Yes.”


Eric King:  “So when you look at the tonnage being taken out by the central banks in the last couple of weeks, including today, what kind of tonnage are we talking about on the physical side?”


Maguire:  “Deliveries in Shanghai alone in March were 283 tons.  In the eight trading days of April, we have seen another 117 tons (of gold) delivered.  Today was another 20 tons delivered.  So what we are looking at here is over 400 tons (of gold) in less than a month and a half.


Eric, consider that the basis of all of the mainstream media shills coming out and saying, ‘We’re in a bearish market because GLD, the ETF, has dumped around 200 tons since the beginning of the year.  But what we are talking about here is China having purchased and taken delivery of over 400 tons in less than a month and a half.  And since the beginning of the year (that figure) is substantially higher.  It’s probably in the 800 ton range (for the Shanghai Exchange).


So it just amazes me how people concentrate on what’s happening in one paper market.  What we are seeing today is actually a very positive development.  I think we’ve reached a point of capitulation.  I cannot see how the central bank buying cannot overwhelm all of these short sales, despite the leverage.”


Andrew Maguire has an absolutely incredible trading service.  For those who would like to get more information and sign up you can do so by CLICKING HERE.


This write-up is only a small portion of what Maguire had to say in his extraordinary audio interview.  The KWN audio interview with Andrew Maguire is available now and you can listen to it 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 This material may not be published, broadcast, rewritten, or redistributed.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, John Embry, James Turk, Art Cashin, Gerald Celente, John Mauldin, Egon von Greyerz and Nigel Farage are available now.  Also, be sure to hear the other recent KWN interviews which include Eric Sprott, Marc Faber and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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