Today London metals trader Andrew Maguire told King World News that massive central bank buying is going to crush the shorts in the gold market. Maguire described unimaginably high physical demand from both central banks and sovereigns and also discussed where buy-stops will trigger a major move in gold. Below is what London metals trader Andrew Maguire had to say in Part I of a series of interviews that will be released on KWN.
Maguire: “The patient central banks and sovereign size buyers have been able to absorb as many tons of discounted physical (gold) as they were able to into the sell-downs of the June and December 2013 lows. This central bank buying activity was backed up by daily wholesaler feedback (I was receiving), and flies under the radar for everyone except the well-connected bullion banks who are close to the physical market.”
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