Maguire - Massive 580 Tons Of Gold Purchased In Just 7 Days

"Today whistleblower Andrew Maguire told King World News that Eastern Central banks have purchased a staggering 580 tons of physical gold in just the last 7 trading days.  This means Eastern Central banks just purchased a stunning 25% of the world’s annual gold mine production in just 7 trading days. This was the largest purchase of physical gold during any 7 trading day span in history.  Maguire, who recently appeared in the CBC production “The Secret World of Gold,” also discussed the brutal takedown in the gold and silver markets as well as the disappearing inventories in part one of a series of written interviews that will be released today.

Maguire:  “The lower these prices are set in the paper (gold and silver) markets, the stronger the physical buying becomes.  But it’s totally unsustainable.  And given the incredibly bullish COMEX structure now, and the global market underpinning, these paper sales just cannot continue any longer.

 

Officials have not been selling any physical gold for many months now....

“However, by manipulating the gold price lower through the foreign exchange interventions, they’ve succeeded in forcing 600 tons of ETF redemptions, COMEX capitulation, and drawn in an unprecedented level of fresh managed money short supply.  This has now successfully allowed the bailout of the bullion banks to the point where they have been able to get net long (gold) futures.  The two primary bullion banks that we all know about are net long.

 

But from a cash forex trading (currency trading) point of view, we are definitely still seeing aggressive official intervention, including the post-Bernanke smash (in the metals).  Any time he speaks we get the same thing.  The problem is this cash market intervention is also causing precious (metals) bullion inventories to deplete at a much faster rate than if gold was priced at $1,900.

 

Now I have contacts very close to the centers of influence in China, and I’m absolutely certain there is an escalation of this rapid exchange of dollars and euros for gold.  These spot indexed long gold/short dollar transactions (by the Chinese) are (ultimately) closed by seeking and taking physical allocations of (gold).

 

This is a huge deal, and it crystalizes the paper shuffle into real bullion.  That is (gold) bullion which is leveraged and underpinned by just a fraction of its face value (because of the LBMA paper Ponzi scheme).”

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/6/28_Maguire_-_Massive_580_Tons_Of_Gold_Purchased_In_Just_7_Days.html