Market Overview

A Brave, New World for Precious Metals


My apologies to regular readers for being one of the last to get to the explosive developments in the precious metals market. I've been making final preparations for a speaking engagement, and had just begun a three-part series on U.S. markets when this news “broke”. I see these events as nothing less than THE biggest “news” in this sector since the world went off of a gold standard.

For those who have missed the news, it is difficult to know where to start. First, there was the appearance of a bona fide precious metals “whistle-blower”: a UK metals trader named Andrew Maguire – on the very eve of the CFTC's hearings into charges of market-manipulation. This news was quickly followed by the refusal of the CFTC to allow Mr. Maguire to testify, despite previously providing the CFTC with two, detailed accounts of market manipulation one of which was a current event – which was described as it happened.

For a more thorough discussion of this, the first place to start is the now-legendary, King World News interview, featuring Andrew Maguire (in his first, public interview). There are also a large number of clips available on the CFTC hearings, themselves, which can be accessed at our web-site.

Among those clips is the startling testimony of Jeffrey Christian of the CPM Group, one of the two “consultancies” who are quasi-official sources for gold and silver supply/demand data. As I have intimated in previous commentaries, they are closely connected to the anti-gold cabal. In attempting to defend the banksters' massive, “short” positions – the largest such concentrations in the history of commodities markets – Christian blurted-out that the bullion banks had leveraged their actual, “physical” bullion by 100:1. Even in the insane, world of greed in which these banksters dwell, that was extraordinary news.

Commentators all over this sector have jumped on Christian's foolish admission, but you will not see one word of it in any mainstream, media outlet. The propaganda-machine will do everything in its power to suppress these huge items – such as the “technical difficulties” which Bill Murphy of GATA experienced, when he tried to present Andrew Maguire's evidence at the CFTC hearings. Murphy was the only CFTC-speaker to encounter such “technical problems”.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


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