You are here
Violation of position limits shows latest metals smash was government operation, Maguire says
7:50p ET Sunday, January 24, 2021
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, interviewed Thursday by Chris Marcus for Arcadia Economics, said bullion banks exceeded position limits in their gold and silver trading during the recent smashdown of metals prices.
... Dispatch continues below ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
http://www.goldmoney.com/?gmrefcode=gata
So, Maguire concludes, to be exempted from the rule, the banks had to be trading on behalf of governments -- just as your secretary/treasurer speculated earlier today:
Of course these assertions fit perfectly with the longstanding refusal of the U.S. Commodity Futures Trading Commission to answer GATA and even a member of Congress as to whether the commission has jurisdiction over manipulative trading by brokers acting for the U.S. government or other governments, or whether such trading is authorized by the Gold Reserve Act of 1934, as amended since then, and conducted through the Federal Reserve or the Treasury Department's Exchange Stabilization Fund and the intermediary brokers they use:
Maguire adds that physical demand by governments and their bullion bank agents is starting to create a put under the gold market.
Gold futures longs who agree to settle for cash instead of insisting on delivery are being paid premiums of 2 percent or more, Maguire says.
Maguire says the pending "Basel III" financial standards proclaimed by the Bank for International Settlements and taking effect June 28 will devalue unallocated gold and upvalue allocated physical gold and thus put pressure on banks belonging to the London Bullion Market Associaiton to trade unallocated gold for real metal.
This, Maguire says, will compel the exchange-trade gold fund GLD to switch its unallocated gold for real metal as well.
Not surprisingly, Maguire says, the LBMA is trying to delay application of "Basel III" rules to unallocated gold.
When the "Basel III" rules take effect, Maguire says, the gold price will become the price of the exchange of physical gold for immediate delivery -- no more paper games. He expects this to boost the gold price by at least 20 percent.
Maguire's interview with Marcus is 37 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=BfZh-Y-tBgM
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
