On the heels of massive paper selling on the Comex, today whistleblower Andrew Maguire told King World News that a jaw-dropping 4,700 tonnes of paper silver were sold in just 2 hours in yesterday’s takedown.
Andrew Maguire: “Under this smoke and mirrors bearishly painted chart chatter, resides a strong physical market. As wholesalers, we have lots of evidence that supply (of physical gold) is tight at current prices…
Andrew Maguire continues: “This is also visible by delivery delays and obvious backwardations. Aside from obvious backwardations and wholesale premiums for size, one only has to look at the available data that the insider run CME exchange is forced to publish to drill down for evidence of supply shortages.
Market Rigging By Criminal Syndicate Of Banks
…The usual modus operandi is for wrong footed commercials to rig a discount to force longs waiting for delivery to bail and cash out of delivery requests, or to seek cheaper longer dated futures contracts. They (bullion banks) were still (hugely) offside on April 28th, just before the Monday holiday market attack on gold’s 200-day moving average. They chose the vapor thin May 1st Europe and Asian bank holidays to sell 539 tonnes of paper gold on a day there were no London gold fixes. As mentioned, this was a directional attack on speculative naked long stops below the very obvious 200-day moving average.
Last Time This Happened Silver Spiked More Than $7
Silver provides a view into what is happening in the opaque Comex and larger over the counter gold markets. This week we witnessed very large backwardations all the way to July — that simply should not be happening so far out on the curve. Furthermore, I have not witnessed a -0.00% oversold reading on silver since the low $14’s, in December of 2015 (major bottom), shortly before silver started a more than $7 rise to over $21. Silver is now an extremely attractive buy in all time frames.
Jaw-Dropping 4,700 Tonnes Of Paper Silver Sold In 2 Hours!
On Thursday, we witnessed what looked like very large capitulating selling action into the day’s lows in silver at $16.21. Just to illustrate the outrageous synthetic nature of these markets, within 2 hours of the pit open, over 4,700 tonnes of silver had been sold. To put this into context, during the Thursday Comex session, an even more ludicrous 14,000 tonnes of paper silver had been traded and 790 tonnes of paper gold had been traded. These are not markets, they are casinos.
Zero Physical For Sale
Eric, other than the paltry 5-7 tonnes of physical transacted on a big day in London, there is zero physical for sale of any size at current prices. However, there is strong physical buying, and competing central banks and sovereigns have learned to game the paper markets and are locking in spot gold and seeking delivery. This cannot last long.
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