Andrew Maguire: Bullion Banks Positioning Themselves By Acquiring Physical Gold

New international financial standards take place on January 1st. Bullion banks are acquiring physical ahead of the change. Here’s Andrew with the details…

by Chris Powell of The Gold Anti-Trust Action Committee (GATA)

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire was interviewed Thursday on Russia Today’s “Boom Bust” program by host Bart Chilton, former member of the U.S. Commodity Futures Trading Commission, discussing manipulation of the gold and silver markets.

On the program Maguire credited Chilton for pushing the commission to hear complaints of manipulation of those markets in 2010, and Chilton regretted that the commission, while finding evidence of manipulation, could not find enough to bring action against particular traders.

They also discussed the recent guilty plea of a former JPMorganChase trader to federal charges of manipulating the gold and silver markets.

Maguire noted that the new international financial standards taking effect in January classify physical gold as a “Tier I” asset equivalent to cash, and he said bullion banks are positioning themselves for this by acquiring physical gold for their own accounts.

Maguire’s part of the “Boom Bust” program runs from the 19.23 market to the 28:04 mark at the RT YouTube site here (video embedded below begins at the appropriate time-stamp):

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

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