Market Overview

Andrew Maguire: the “King” Interview, Part I

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By now, any and every reasonably knowledgeable precious metals investor knows about the emergence of a bona fide “whistle-blower” - with respect to the rampant fraud and market-manipulation which takes place every day in the precious metals market. His name is Andrew Maguire, and his first public interview was with the now-famous “King World News” program.


Because there is so much to say on the many issues that emerged from that interview, I'm going to take the time to do my own summary of that content – so that when I refer to this material in future commentaries there will be an easy reference point for readers to return to for clarification, or to refresh your memories.


To begin with, Mr. Maguire is an independent metals-trader, meaning that he was not working as a “foot soldier” for the anti-gold cabal. However, he was in regular, personal contact with those individuals, and (according to Maguire) they were never the least bit hesitant to brag about their “exploits” in the gold and silver markets – especially JP Morgan's precious metals 'assassins'. When you own the (so-called) “regulator” (the CFTC), it does tend to create an attitude of arrogance.


Mr. Maguire was joined in the “King” interview by Adrian Douglas, director of GATA – who provided additional context for the subject matter, as well as his own observations of the significance of Mr. Maguire's revelations.


Prior to the commencement of yet another round of farcical, CFTC “hearings” (a strange word, for a group of individuals doing their best to “hear” nothing), Mr. Maguire approached the CFTC as a volunteer “whistle-blower”, especially with respect to JP Morgan's rampant manipulation of the silver market, which he described as even more severe than the manipulation occurring in the gold market.


There are two reasons we should not be surprised that Mr. Maguire identified silver-manipulation as being more egregious. First, the silver market is much smaller (making price-fixing easier); and second, as I have often discussed, the silver-shortage is much more acute than the gold-shortage – due to the fact that most of the world's silver has literally been “consumed” in an ever-growing number of industrial applications.


Mr. Maguire provided the CFTC with two anecdotal examples of silver-manipulation – in exquisite detail. One example was the brutal take-down of silver (and gold) which occurred immediately after the Wall Street-contrived “crisis” of 2008. At the same time that global demand for gold and silver was spiking to the highest level in decades, the price of the two metals was plummeting straight downward.

The following 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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