Maguire: “Here is the problem, and why these banks are willing to throw all credibility out of the window (with wrong-footed bearish calls on gold): They are heavily underwater in their physical positions in London, and they are desperate to replace these disappearing inventories….
“They are extremely worried about the shift in bearish sentiment, and they are doing their utmost trying to stop this from taking off.
Now, we’ve been getting a lot of two-way information regarding India. … The World Gold Council estimates gold smuggling to be 20 to 30 tons per month, but my wholesaler says this is a ‘gross underestimation,’ and could be as high as ’50 tons per month.’
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