Whistleblower Maguire - This Will Destroy Gold & Silver Shorts

Good Day Team, I know that we drag you around the web to read various articles from time to time, but it is important to read as widely as you possibly can. Today we are popping over to King World News to for this commentary on the launch of a new gold and silver exchange in China.


This morning London whistleblower Andrew Maguire told King World News that the launch of the new gold and silver exchange in China will destroy the remaining gold and silver shorts.  Maguire stated,

 “The launch of this new gold and silver exchange has flown under the radar, but certainly has my attention.  I firmly believe we are marking a pivotal point that will in very short order affect current precious metals price discovery dynamics.  We now have an additional factor to be vended into the supply demand equation.  This factor will ultimately destroy the remaining short positions in both gold and silver.”

The Agricultural Bank of China has over 320 million retail customers and 2.7 million corporate customers and has integrated its customer account information system with this platform.

By creating the first ever rolling spot contract, Chinese bank customers will for the first time have ease of access to 10 ounce gold contracts in Renminbi directly from their bank accounts and with the click of a mouse.  To give a further idea of scale, if just 1% of their customers bought a single 10 ounce contract, that would equate to 1,000 tons of physical gold being drawn down....

We can only add our two cents worth regarding Andrews calculations in that he uses 1% of the customers which we would agree with, but, we are not sure that 10 ounces is within their reach, after all that's $15000.00. However, the opening of this exchange has to be a game changer and if the banks in the western world seize the opportunity and offer similar services then we can only imagine just how many customers would divert some of their wealth into the precious metals sector.



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Comments

[Blair Tremblay]

I hope this puts the crooks/ manipulators at JP Morgan in the poorhouse. Is this the catalyst that will allow the silver and gold prices to climb unabated?

[RJL]

Out of the 320 million retail customers and 2.7 million corporate customers you don't think there could be 3.2 million that could afford to purchase $15,000 worth of gold?

I have no way of knowing whether it is possible but it just seems as though it would be.