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« Foreign Holdings Of U.S. Treasuries Have Fallen | Main | The Dead Cat Dollar Outperforms Gold, Silver and The HUI »
Friday
Dec202013

LBMA Chairman Tells Producers Gold To Plunge $400 In 2014

On the heels of some wild trading action this week, today London metals trader Andrew Maguire shocked King World News when he told KWN that in a private closed-door meeting with producers, ScotiaMocatta’s Simon Weeks, who is Chairman of the LBMA, tried to frighten producers into forward selling by telling them gold was going to plunge ‘another $400 in 2014.’  Below is what Maguire had to say in the fascinating interview.

Magurie: 

 This tapering announcement this week will only accelerate China’s move to internationalize their currency with a gold-backed yuan -- something they are aggressively doing now (by purchasing gold)....


To continue reading the Andrew Maguire interview please click here.

In September 2011 the Gold Bugs index, the HUI stood at 630 as gold prices peaked, since then both have trended lower with the HUI losing about 65% of its value. The bottom has been called a number of times and after such a dramatic decline its difficult not to think that we are there now. However, as we all know the timing of any investment is crucial to its success and that is exactly what we are trying to do here, trying to pick advantageous entry and exit points. If you would like to know which stocks we are buying and selling please join us atStock Trader our premium investment service.

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