Maguire:  “An increasing number of producers are being approached by China to buy their forward production, and at a premium over spot....

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“And I have reliable information from one of the producers I deal with that they are getting a forward sale price equivalent to just a small discount over the strong Shanghai closing wholesale premiums.  They (those premiums in Shanghai) average around $15 per ounce, but have been as high as $30 per ounce.

Even today’s premium of $17 is a substantial premium over the dilutive London spot price.  And it’s undermining the LBMA’s efforts to steal forward production at a discount.  But what’s really flying under the radar here, Eric -- and this is a big deal -- this is essentially a ‘shadow’ wholesale fix being set in Shanghai, well ahead of the AM and PM London fixes, and it’s going completely unnoticed and unreported by the (mainstream) media.

These poached forwards have been historically relied upon by the LBMA bullion banks to pay rehypothecated bullion positions at a discount.  And they are totally reliant on perpetual rollovers to continue the collateralizing game.  And this move by China seriously erodes the influence the LBMA banks have on the global market.

So this strategic move by China to hijack this highly profitable financing business consolidates their position as ‘the’ global bullion market.  This will no doubt have the attention of the Fed and the Bank for International Settlements because it removes the supporting cornerstone which the two primary bullion banks have enjoyed over the multi-billion derivative market.” 

Maguire added: “China is playing its hand more openly now which tells us the lines are really close to crossing, where they (the Chinese) are actually going to benefit from a gold revaluation.”

IMPORTANT - KWN will be releasing interviews all day weekend with Andrew Maguire, Eric Sprott 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.

© 2014 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 This material may not be published, broadcast, rewritten, or redistributed.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 Eric Sprott, Andrew Maguire, Rob Arnott, William Kaye, David Stockman, Rick Rule, John Mauldin, Bill Fleckenstein, Egon von Greyerz, Art Cashin, James Turk, Dr. Paul Craig Roberts and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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