Maguire: “It’s pure short selling in the paper market, and
the focus of all of this all is to reach and target as many long-stops as
possible which they have done this afternoon. Then they can obviously cover
these paper short sales.
Historically, in order to succeed when the official
sellers have come in, they have relied on being able to back up the paper market
interventions with real physical supply, albeit, hypothecated or
re-hypothecated, borrowed or leased bullion...."
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