Gold Market Trends Are Moving Against Bullion Banks, London Trader Maguire Says

by Chris Powell

Dear Friend of GATA and Gold:

In his weekly interview with Shane Morand for Kinesis Money, London metals trader Andrew Maguire says gold futures longs continue to be offered substantial per-ounce premiums for taking cash settlement of their contracts instead of insisting on delivery.

But, Maguire adds, word of this racket is getting out and so “sharks” are buying contracts so they too can claim the premiums instead of taking delivery, thereby broadcasting that metal is in tight supply and the nominal futures price is as much as $40 per ounce lower than the price of real metal.

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