Today London metals trader Andrew Maguire spoke with King World News about what has the gold shorts so terrified at this point. Maguire also discussed where the sovereign buyers have large bids in place in the gold market as well as what will trigger them to raise the price of those bids. Below is what Maguire had to say in Part II of a powerful series of interviews that have now been released.
Eric King: “Andrew, where are the major countries — the sovereign buyers — aggressively bidding in the gold market?”
Maguire: “As of today the sovereign buyers are aggressively bidding at the $1,208 level. And it will be incredibly difficult to take the gold market much lower because of the unprecedented tightness I highlighted with KWN in our interview earlier today….
Continue reading the Andrew Maguire interview below…
“With massive sovereign bids in place at the $1,208 level and below, and the gold market in London imploding, it will be very difficult for the cartel to have a sustained push to the downside in gold. It would have the unintended effect of exacerbating what is already a very panicky situation for the bullion banks and others.
But it’s also important to note that if the 100-day moving average is taken out on the upside in the gold market, then the sovereign buyers will almost certainly raise the price of those bids. This would have the effect of putting additional pressure on what are already very fragile and worried short positions in the gold market.” The incredible Andrew Maguire audio interview is available now and you can listen to it by CLICKING HERE.
IMPORTANT – KWN has many more interviews being released today.
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The audio interviews with Stephen Leeb, Andrew Maguire, John Embry, Gerald Celente, Rick Rule, Bill Fleckenstein, Ben Davies, Greyerz-Turk-Stamm, David Stockman, William Kaye, Eric Sprott, Rick Santelli, John Mauldin and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.