The Phaserl


Gold market report: Gold and Silver Prices Move Sideways

by Alasdair Macleod, Gold Money:

The event of the week was the FOMC meeting on Wednesday, which actually said nothing of any substance. This was hardly surprising, given the impending change of chairmanship; however it triggered a rally in the US dollar as dollar bears rushed to close, and gold fell $20 from $1355 to $1335 in less than half an hour.

The price continued to drift lower yesterday (Thursday) closing at $1323. The consensus now appears to expect tapering following the March FOMC meeting. However, for that to happen, the economy will have to recover, unemployment will have to fall and the Fed will have to revise its forward guidance on interest rates. Therefore, those that expect tapering must be reflecting optimism about economic prospects.

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1 comment to Gold market report: Gold and Silver Prices Move Sideways

  • Frank Zak

    Andrew Maguire Responds To Allegations (New information)
    by Dan Dontrose – The Fundamental View
    Published : November 01st, 2013

    Andrew Maguire has formally responded to the allegations made about him from Jeff Christian at the Silver Summit that we posted here last week. Before we get into that however it is important to be a bit more specific on the allegations made by Christian. Many people just read the story but a fellow blogger who has also been following the story behind Andrew Maguire has obtained permission from Jeff Christian to publish his slide presentation presented at the Silver Summit. Up until Bron Suchecki obtained permission from Jeff himself to publish the contents of his slide, we’ve been going by the Kitko story referenced on the Kitco site last week. With this permission from both Bron and Jeff, it is important to note the details of Jeff Christian’s timeline so that readers better understand all this. This was from Jeff’s slide presentation at the Silver Summit. You can read Bron’s full post here.

    Who Is Andrew Maguire?

    Andrew Thomas Maguire, formerly Andrew Gerhard Maguire

    Born 4 June 1951 in Germany British citizen

    1980s: Sundry jobs in England

    Car salesman at Henleys, a car dealership, London

    Car leasing agent at H.R. Owen car dealership, Old Brompton Road, London

    ICS, start-up insurance courier company

    1989: Immigrated to Canada and started a vehicle leasing company, Custom Lease Capital Inc. Operated for around five or six years, it appears.

    Late 1990s: Day traded his own account.

    2004: Started another vehicle leasing company: Auto Direct Leasing and Rentals.

    2005: Left his wife and family and moved back to England. Apparently unemployed for two years or so.

    Circa: 2008. Had a job in a financial institution in London which reportedly collapsed in the financial crisis. Reportedly was at Lehman, which he denies. Not clear what position he held.

    Maguire has since issued a formal reply. The complete response can be found at KITCO.COM Maguire made it clear that he will not be making any further statements on this issue however this story won’t go away because people, including Jeff Christian are already blowing holes into the official response by Maguire. Andrew Maguire in part said;

    “In providing this response, it is not my intention to perpetuate a distracting and time wasteful exercise and will, therefore, not make any further comments relating to this matter as not only is it a waste of everybody’s time but it attempts to detract from the key issues of my work

    Maguire also clarified misconceptions of the companies that he has worked for over the years. During the 2010 CFTC hearing, GATA had presented Maguire as a Goldman Sachs employee, a claim also made on his Wikipedia page, which has now been revised since the release of the article.

    “I am recognised as a Metal Trading specialist and an accredited CFTC ‘whistleblower’ and I want to make the following information categorically clear. I have never said I worked for Goldman Sach’s. This no doubt arose because J Aron was taken over by Goldman Sachs and I suspect that is how people have wrongly attributed to me that I worked at GS. With regard to my tenure at J Aron, this was a very short term junior position taken 41 years ago coinciding with my 1st emigration to Canada and I do not attribute any of my trading experience or skill set to them.”

    Maguire added, “My fulltime institutional banking career started in Canada in 1972, at Associates Capital International, a division of Gulf and Western, prior to its acquisition by Citigroup, where I fulfilled numerous senior management roles in both Canada and later in the UK, specialising in derivatives trading. I left ACI in 1982 to become an independent trader, specialising in the precious metals markets whilst also pursuing several other business opportunities.”

    What is noteworthy on a cursory review is that Maguire alleges to have worked for J Aron at a time when according to my research and the research of others, they didn’t even have a Canadian office. Of course I will make necessary corrections if indeed I am shown to be wrong in my research.

    I also cannot accept that anyone who previously worked for J. Aron can classify themselves or represent themselves as a former Goldman Sachs employee.

    Of course, there is more to this story which in time will come out. However, what is laughable about this all is that Maguire maintains that he was attacked because he is, “exposing the imminent default of the LBMA unallocated bullion banking system.” Yes, yet another allegation that the banking system that we know is about to collapse. A familiar theme among the perma bulls.

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