Today whistleblower Andrew Maguire warned King
World News that the LBMA is now staring dangerously into the abyss once
again. Maguire, who recently appeared in the CBC production “The Secret
World of Gold,” described this stunning situation as “very similar to
the abyss that Gordon Brown stared into when the Bank of England was
forced to bailout Goldman Sachs 13 years ago.” Below is part one of a
series of extraordinary written interviews that will released today with
Maguire on King World News.
“What
is notable, Eric, is that since the ABN AMRO default, where exactly one
day after the bank default became public, it forced that defensive
attack by the Fed and the Bank for International Settlements.
These
outsized, mismatched leases are having to rolled over while they
scramble to meet this unanticipated Eastern hemisphere demand. By the
Fed creating such huge downward derivative momentum, what they did was
they unleashed a monster.
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Maguire: “The
mainstream media has this myopic focus on the over 600 tons of GLD
redemptions, while in reality we are witnessing massive bullion demand
far in excess of these relatively small ETF redemptions. This bullion
demand is actually putting enormous pressure upon immediately
deliverable LBMA bullion stocks.
“I know we talked (on
KWN) about it right as it happened, and it forced that defensive
attack. It was a desperate attempt to bailout an imminent collapse of
the largest bullion houses in London. And despite an over $400 rigged
decline in the gold price, Eric, here we are back full circle, with the
bullion bank inventories again under stress.
A
rigged $400 discount may have delayed the default, but it also ramped up
Eastern hemisphere bullion buying, and was far in excess of what was
gained. I guarantee you that was not in the plan when they rigged this
(takedown).
Thanks
to the paper discount, the LBMA fractional reserve bullion inventories
have been drawn down at such a fast rate that there is lots of evidence
they are now running on fumes. Eric, the smash-down has enabled the
bullion banks to cover their paper shorts, but the Western central banks
are deeper in the glue now than they ever were.
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