You are here
LBMA and Bank of England have defaulted with gold, Maguire tells LFTV
1:13p ET Friday, February 21, 2025
Dear Friend of GATA and Gold:
With their delivery delays the London Bullion Market Association and the Bank of England already have effectively defaulted on their gold obligations in advance of a probable gold price revaluation, London metals trader Andrew Maguire tells this week's edition of Kinesis Money's "Live from the Vault" program.
Maguire says the massive transfers of gold from London to New York have been engineered by U.S. interests to recover some of the metal that has been loaned or swapped over many years as part of gold price suppression policy to support the U.S. dollar and sustain it as the world reserve currency. But, he adds, there's no way of getting back all the gold, and metal lost through defaulted loans and swaps may figure inconveniently in any audit of the U.S. gold reserve.
... Dispatch continues below ...
... ADVERTISEMENT ...
Buy, Sell, or Store Precious Metals with Money Metals Exchange
Money Metals Exchange, a national bullion dealer recently named "Best Overall" by Investopedia.com --
https://www.moneymetals.com/
-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.
Shop online with Money Metals Exchange here --
https://www.moneymetals.com/buy
-- or by calling 1-800-800-1865.
Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:
https://www.moneymetals.com/depository
Asian interests, Maguire says, continue to buy all the physical gold offered for sale in the West, which is why gold market price smashes in the West on Fridays have been getting no traction, with the price quickly rising back the following week to where it was at the time of the smash.
According to Maguire, China's authorization for its insurance companies to invest in gold is a signal that China is aiming for a gold-backed currency. Chinese insurers might claim as much as a trillion dollars' worth of physical gold, Maguire says, though he doesn't say what a trillion dollars might be worth in real terms when that happens -- maybe a couple million.
This week's "Live from the Vault" is 52 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=UoEe4qn1a-E
In an interview this month with coin and bullion dealer Miles Franklin's Andy Schectman, Maguire elaborates on these issues and credits GATA for exposing the longstanding Western central bank policy of gold price suppression. Maguire's interview with Schectman is 50 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=Wr21Vn4YK_A
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
* * *
GATA is grateful to these companies for their recent support:
Apollo Silver Corp.
Barksdale Resources
Dolly Varden Silver Corp.
Dryden Gold Corp.
Group Eleven Resources
Guanajuato Silver
IBK Capital Corp.
Independent Trading Group
Mining Discovery
Power Nickel
Silver North
Strike Point Gold
The National Investor
The Prospector
Western Alaska Minerals
* * *
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:
* * *
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:
Donations of $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
