Andrew Maguire: “Much like back in 2013, the bullion banks are now once again at risk of a default but in a totally different circumstance….
“Back then sentiment was bullish. As we stand now sentiment has been carefully orchestrated into the tank, but really only in terms of gold priced in dollars. Gold in all other currencies is in a solid bull market — not just paper gold traded in the currency crosses, but more importantly there’s a bull market in the underpinning physical markets.
Let’s not forget that there is only one store of immediately deliverable physical bullion no matter which currency you denominate it in. And this time around there is no way the central banks or the six agent bullion banks that have gold accounts with the Bank of England can rob sufficient above ground ETF gold to hammer (the price of) gold down again, as they did in 2013.
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