Eric King: “How much paper
gold was sold to take this market down, and how much tonnage have the Chinese
and others been taking out of the physical market?”
Maguire:
“Just since the cross
(today) of $1,550 into the (London) fix and the breach of $1,500, we are now
looking at in excess of 500 tons of paper gold that’s been sold....
Eric King: “So all of that is today?”
Maguire: “Yes.”
Eric King: “So when you look at the tonnage being
taken out by the central banks in the last couple of weeks, including today,
what kind of tonnage are we talking about on the physical side?”
Maguire: “Deliveries in Shanghai
alone in March were 283 tons. In the eight trading days of April, we have seen
another 117 tons (of gold) delivered. Today was another 20 tons delivered. So
what we are looking at here is over 400 tons (of gold) in less than a month and
a half.
Eric, consider that the basis of
all of the mainstream media shills coming out and saying, ‘We’re in a bearish
market because GLD, the ETF has dumped, around 200 tons since the beginning of
the year. But what we are talking about here is China having purchased and
taken delivery of over 400 tons in less than a month and a half. And since the
beginning of the year (that figure) is substantially higher. It’s probably in
the 800 ton range (for the Shanghai Exchange).
So it just amazes me how people
concentrate on what’s happening in one paper market. What we are seeing today
is actually a very positive development. I think we’ve reached a point of
capitulation. I cannot see how the central bank buying cannot overwhelm all of
these short sales, despite the leverage.”
at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/12_Maguire_-_Over_500_Tons_Of_Paper_Gold_Sold_In_Takedown.html
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