Today London metals trader Andrew Maguire spoke with King World News about stunning developments in the gold market and where the massive sovereign bids are positioned in the physical market. Below is what Maguire had to say in Part I of a powerful series of interviews that will be released today.
Eric King: “Andrew, let's talk about the sovereign bids that are under the (gold) market because I know there's a ton of money being bid there for an awful lot of gold. Can you talk about where that's positioned in the market?”
Andrew Maguire: “Here's the thing, Eric: The last time that any size sort of (sovereign size) money was filled was around the $1,205 – $1,208 level. These guys are savvy and have learned the Comex tricks and the wash-and-rinse cycles that usually work for them….
Continue reading the Andrew Maguire interview below…
“So the last time these guys got filled was in the low $1,200s. They then migrated up to around the $1,250 mark. Isn’t it odd that (even) after options expiration that none of those bids got filled because they were front run (by the commercials in the market)?
It (gold) dropped down to about $1,251 (just above their bids). Obviously these guys (the commercials) know where they are bid. These guys (the commercials) were so offside on options that they wanted to get gold all the way down (as far as possible).
What I am saying is that none of these sovereign bids have been filled. Short-term we are overbought so we may consolidate in this area for a few more days and then it’s off and up with the strength to break through this significant barrier at $1,308. This is going to ultimately open up (a move into) the $1,400s.
The Indian wholesalers (buyers) have been holding back a bit. This is interesting because they are fairly certain there is going to be a duty cut (in the tax on gold imports). So they are not going to stock up on anything they don’t immediately need. But (regardless) there is a lot of strength under the market and this is not what the commercials wanted to see.” ***Andrew Maguire's trading service has left Coghlan Capital (see details below). KWN has now released the incredible Andrew Maguire audio interview and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***Andrew Maguire's trading service has left Coghlan Capital and they are no longer affiliated in any way. To sign-up for Maguire's incredible gold and silver trading service CLICK HERE or email King World News for more information.
***ALSO JUST RELEASED: Paul Craig Roberts – Putin's Ultimate Move To Crush The EU And NATO CLICK HERE and Legendary Felix Zulauf's Frightening Warning – World To Experience 5 Years Of Brutal Crisis And Chaos CLICK HERE.
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The audio interviews with Felix Zulauf, Andrew Maguire, John Mauldin, Egon von Greyerz, Dr. Paul Craig Roberts, Gerald Celente, Lord Christopher Monckton, Michael Pento, Bill Fleckenstein, David Stockman, Dr. Philippa Malmgren, Stephen Leeb, John Embry, Rick Rule, Rick Santell and Marc Faber are available now. Other recent KWN interviews include Jim Grant — to listen CLICK HERE.