Today London whistleblower and metals trader Andrew Maguire told King World News that gold is on the verge of a major breakout that will cause the price to spike, but he said the interesting thing is silver.
December 7 (King World News) – Eric King: “Andrew, we are approaching some pretty important levels in the gold market. What do you see happening in the gold market and where are the big bids underneath this market right now?”
Gold Price Set To Spike
Andrew Maguire: “Eric, on Friday, November 30th, we had the Bank for International Settlements option expiry. And if you remember, in our KWN interview approaching that we said there was no way gold would be able to exceed that resistance level at $1,250 (prior to November 30). We’ve now hit that level and of course the lid came off exactly on that day (November 30). We started to see a rise in the price of gold, and right on cue we’ve started to approach a very, very important level…
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Andrew Maguire continues: “Obviously $1,250 is a round number so it will have a lot of people’s attention. But more importantly, $1,250 is a major inflection point. If we get a pit close above $1250, watch out above because I think we will start to see a (big) move. There are traders who simply trade that 50 level for a living. Either they short it when it arrives at it, or they go long it when it breaks above. If we get a pit close above it, these traders would revert to long. Then we will probably see a rise into the $1,300s to $1,360s or thereabouts before any kind of real significant pullback takes place.
The Real Interesting Thing Is Silver
But I think the real interesting thing here is that there is a massive gap close potential for silver. The equivalent price for silver is at…KWN has now released the powerful and timely audio interview with Andrew Maguire and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
ALSO RELEASED: Michael Oliver Just Predicted Gold Will Take Out 5 Years Of Highs In 50 Trading Days CLICK HERE TO READ.
***KWN has now released the remarkable audio interview with Art Cashin discussing everything from today’s violent trading, to the possibility of a new ice age, what to expect in the gold market and much more and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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