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Maguire:  “Let’s take a minute now and take the blinkers off of this so-called ‘bear market’ in gold.  You cannot have a bear market when even the officially reported demand is surging to its highest levels in 18 months.


On top of this official data we also know that wholesale demand is exponentially larger.  We see this by monitoring the less transparent daily wholesale market, and those outflows are not even recorded in this data....


Continue reading the Andrew Maguire interview below...




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“You can’t call it a ‘bear market’ when we see consistent $30 premiums in Shanghai, India, and the Middle-Eastern markets.  You can’t call it a bear market when we see extended and increasing delivery bottlenecks and backlogs at the refiners.


You can’t call it a bear market when bullion banks are actively defaulting on an increasing number of clients who have the audacity to ask for the delivery of their bullion from these LBMA bullion bank vaults.  If we were in a bear market they would be trying to rid themselves of this bullion. 


We have a fractional reserve LBMA bullion bank system, and they were being drained of immediately deliverable, allocated supply.  Bear in mind that this was happening before the April 12th paper market smash.  So in March, when we spoke, we saw the beginning of the official intervention in the paper gold market.  I remember speaking to you at the time about how we were threatening to trip extremely large, margined naked short stops above the $1,620 level.


But then Cyprus reared its head and tipped the entire balance, scaring both dollar and euro gold holders into racing to get their (physical) gold out of the paper market, to actually take physical delivery.  Think about it, Eric, there was already large central bank and sovereign interest in the $1,600s.


And the rearward looking official data that we see now reflects hundreds of tons entering Asian markets at those prices ($1,600s).  Now that the paper markets have distorted supply/demand fundamentals (even further) by adding hundreds of tons of synthetic gold supply.  They have ended up accelerating this outflow of bullion.


This migration of bullion (from West to East) is, in reality, far in excess of the (roughly) 310 tons that was redeemed out of GLD.  And on that subject, not all of what was redeemed out of GLD was long capitulation, which is not what you are hearing from the mainstream media. 


Within these redemptions there were actually funds that I have met with which have redeemed shares to take actual delivery.  And if they were doing it, there were others who were doing it.  It barely costs more to vault (your own) gold, than it does to hold the ETF.


This is long-term money that is not fooled by the paper markets.  The picture is not as it seems.  So this ‘bear market’ is 100% in the virtual market.  Yet this underlying physical market has diverged into a full-fledged ‘bull market’ as evidence by hard, official data showing the strongest physical demand in 18 months.” 


IMPORTANT - Andrew Maguire’s trading service has returned a staggering $98,715 for each and every (single) contract traded in the gold and silver markets over the past 12 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.


This is part one of a three part written interview series which has now been released and it 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 Andrew Maguire, Art Cashin, William Kaye, James Turk, John Hathaway, John Embry, Dr. Paul Craig Roberts, Jean-Marie Eveillard and MEP 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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