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Wising up to 'paper gold,' the world grabs for the real thing, Maguire says

Section: Daily Dispatches

11:59a ET Saturday, April 20, 2024

Dear Friend of GATA and Gold:

London monetary metals trader Andrew Maguire, speaking with the TF Metals Report's Craig Hemke on Kinesis Money's "Live from the Vault" program this week, says the conversion of Comex "paper gold" into physical gold is causing so much offtake of real metal that the U.S. Federal Reserve soon will be forced to stop using "paper gold" sales for price suppression.

... Dispatch continues below ...


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Among Maguire's assertions:

-- The Fed's longstanding gold price suppression tactics have become "far too obvious."

-- The "Basel 3" banking protocols of the Bank for International Settlements, which designate gold as a "Tier 1" asset, equivalent to U.S. government bonds, has encouraged conversion of gold derivatives into real metal.

-- The U.S. government's heavy use of economic sanctions and its restrictions on the SWIFT international money transfer system also have hastened de-dollarization and the rush of governments into gold.

-- The Fed impugned itself and gave a big clue about the sovereign rush into gold by refusing to answer the recent question from U.S. Rep. Alex X. Mooney, R-West Virginia, about repatriation of foreign gold from the Federal Reserve Bank of New York.

-- The trillions of U.S. dollars held surreptitiously in China's "shadow" banking reserve are being exchanged for gold, to reduce China's potential exposure to more U.S. sanctions amid China's effort to acquire Taiwan.

-- These developments will hasten an official upward revaluation of gold in the West.

-- Mainstream financial journalism and market analysts professed to be mystified by the sharp rally in gold because they ignore these developments and refuse to see the rally is physically driven.

Maguire's conversation with Hemke is 45 minutes long and can be viewed at YouTube here: 

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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