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Asian purchases, not tariff fears, have drained London gold, Maguire tells LFTV
9:09a ET Saturday, February 8, 2024
Dear Friend of GATA and Gold:
Long-running purchases of gold by Asian institutions, not the fear of U.S. tariffs, are the underlying cause of the gold shortage in the London market, London metals trader Andrew Maguire says on this week's edition of Kinesis Money's "Live from the Vault" program.
These purchases, Maguire says, have exposed the great imbalance between real metal and unbacked derivative claims on it.
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He adds that the failure of the Bank for International Settlements to publish its December financial statement on time was likely connected to the turmoil in the gold market, and he believes that, when it was filed last Monday, the report was doctored to falsify the bank's true position in gold and gold swaps.
This week's "Live from the Vault" is 46 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=wboYdkk84cM
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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