Today London metals trader Andrew Maguire spoke with King World News about exactly what triggered today’s stunning and massive selloff in gold and silver. Below is what Maguire had to say in Part II of an extraordinary series of interviews being released today on KWN.
Eric King: “Andrew, we are seeing a continuation of the smash in gold and silver. What are your thoughts here as you are watching this?”
Maguire: “First thing this morning, after the Bank of Japan decision, things got a bit roiled. But what I did see was a fully-timed algorithm kick off at exactly 7 AM U.K. time. There is only one seller that can come up with 50 tons of paper gold in a matter of 3 or 4 minutes and that is the Bank for International Settlements….
Continue reading the Andrew Maguire interview below…
“We saw this come through and it attacked the entire (massive) bid stack (defending the previous low of $1,180) in a matter of seconds. Obviously there were visible stops. They (the Bank for International Settlements) knew exactly what they were attacking there. It was purely paper gold. We are talking about 50 tons, Eric. That’s an awful big position for somebody to put on (as) a risk position in a single shot.
People ask, ‘How do you know?’ We know that it has to be an official (entity). It cannot possibly be somebody with a compliance department with a risk position they have to look at. And the other thing is this (trade) was enacted in the foreign exchange markets, as opposed to the Comex.
In other words, the short seller suddenly sold gold against the dollar in the foreign exchange market, and that had a huge effect and was able to trip off (an additional) 50 tons of Comex supply in a matter of minutes.” KWN will also be releasing written interviews all day today with billionaire Eric Sprott and Andrew Maguire. Also, the incredible KWN / Maguire audio interview will be available shortly and you can listen to it by CLICKING HERE.
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UPDATE – KWN has many more interviews being released today.
The audio interviews with Eric Sprott, Rick Santelli, Bill Fleckenstein, Rick Rule, Michael Pento, Dr. Paul Craig Roberts, Andrew Huszar, MEP Nigel Farage, John Mauldin, Egon von Greyerz, Michael Belkin, and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.