There’s Absolutely No Physical Gold For Sale

Maguire spoke about the manipulative takedown in the metals:  “Let’s start by looking at what happened on Wednesday morning because this is really where the intervention came in:  In the very thin access markets, in very thin liquidity, we saw a surgical strike.

And it was designed to trip-off and accelerate end of quarter position squaring.  There is no doubt this (manipulation) was Fed-backed and (agent) bullion bank instigated….

“This is the important part, these producers have to balance their books at the end of the quarter, and these guys were hoping for prices above $1,300.  This was a highly predatory move, but it enabled these bullion banks to go some way towards replenishing depleted bullion inventories.  But it was directly at the expense of these producers who had been holding out for a price rise well above $1,300.”

Eric King:  “Has any physical selling of gold been taking place during this takedown?”

Maguire:  “Absolutely no physical (gold) has turned up.  So when you estimate that we’ve had 600 tons of ETF capitulation, and when you see the fact that we’ve had forced producer sales, none of this is appearing on the market.  Why?  Because the bullion banks are repaying their positions.

We are still seeing backlogs and huge delays.  This morning we saw (stunning) $50 wholesale premiums in Shanghai.  Of course we’re seeing massive premiums, backlogs, and delivery delays.  And if you want physical (gold) you are going to pay a physical price, not the paper price, if you want size.”