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, and he told KWN the “Vampire Squid” is very busy in the gold market. He also spoke about what is taking place in the gold market today and why. Below is the first in a series of powerful interviews with Maguire that will be released today.
This is like a catch-22 market intervention. When you (as the Fed) time moves like we just saw, and then you coordinate that with really well-timed mainstream media reports (propaganda) saying that ‘Gold investors are giving up on gold because it isn’t reacting to obvious bullish inputs.’ Well, of course that is the strategy, and it’s working to some degree.
When the Fed steps in it’s for a reason, and we have to ask, why are they doing this? They are defending the dollar. The dollar is under attack, and the benchmark for the dollar is gold. And when they (the Fed) sell gold, in big size, against the dollar in the foreign exchange markets, what they are essentially doing is going long dollar and short gold. Even when we see the dollar (recently) under attack and moving down, we’ve seen gold going down too. That is the Fed trying to defend the dollar in a very, very bad dollar situation.
Continue reading the Andrew Maguire interview at KING WORLD NEWS