Today London metals trader Andrew Maguire told King World News that the physical gold buying which took place in London on Thursday can only be described as “stunning.” He also said this terrified the shorts and created the panic spike in gold that shocked many market participants that day. Maguire also described what is happening the scenes in the war on gold, and with gold demand in his remarkable interview below.
Maguire: “Just like last week, this week was all about the funds trying to protect large naked short positions. They were trying to paint the gold price under the 50-day and the 10-day moving averages. This is a perfect example of how this paper-centric hot money is totally out of touch with the global bullion markets….