As SD readers are likely aware, CPM Group’s Managing Director Jeffrey Christian publicly called out silver manipulation whistle-blower Andrew Maguire as a fraud with no real precious metals market experience Thursday at the Silver Summit in Washington.
In response to an SD reader (and Coghlan client)’s inquiry regarding the matter, Andrew Maguire’s employer Paul Coghlan of Coghlan Capital issued the following response:
Submitted by SD reader Gold Thumb:
I appreciate your concern in relation to the recent Kitco interview and the aspersions cast over Andrew and his background but can assure you that in talking with Andrew he has confirmed to me that the interview represents a horribly negative spin on reality. It is no secret that Jeffry Christian and Andrew have been adversaries for some time and so one does have to take that into account when looking at the motivation behind it.
Andrew’s institutional background emanates from time he spent working at both J Aron & Company and subsequently with Gulf & Western’s Associates Capital division prior to its acquisition by Citigroup. Since then he has been an independent trader, specializing in Gold and Silver. I have known Andrew for several years and can say without hesitation that he is a straight arrow, honest and loyal. Based upon both what Andrew himself has supplied and due diligence performed upon his background I am comfortable that Andrew is precisely as he presents himself, a long time veteran of the markets with both institutional and independent experience.
His skills and knowledge have never come into question and despite the fact he worked at these companies 30-40 years ago what is far more relevant is his more recent experience. Of this I don’t see any doubt or question.
A final thought. It strikes me that the inability to shoot down the message has morphed into an attempt instead to shoot down the messenger…