On the heels of a plunge in the price of gold and silver, today London metals trader Andrew Maguire spoke with King World News about the takedown in gold and silver, as well as what price levels the shorts are targeting. He also told KWN who is on the buy side of this smash and what to expect going forward. Below is what Maguire had to say in this tremendous and timely interview.
Maguire: “The West is taking advantage of this one week period where the Chinese are on holiday to smash the price of gold. This one week Chinese holiday just started today. But this decline is setting up a huge amount of buying. The Asians are buying physical gold like crazy into this takedown….
“It’s also important to note, Eric, that the Chinese agents are not taking the week off here at all. Chinese agents are are in this market as we speak aggressively buying into this decline in the price of gold. What we are seeing right now is the Fed intervening in the gold market. But, again, although China is on holiday, the PBOC (People’s Bank of China) is not. Meaning, they are in here aggressively buying physical gold on this takedown.
Remember, these Fed-gamed fix prices (in London) result in massive physical buying not just through London, but also direct from producers to the central bank. And it’s not just the Chinese who are in here buying. Other central banks are in here buying this dip as well.
Continue reading the Andrew Maguire interview at KING WORLD NEWS