Tuesday, July 12, 2011

Maguire speaketh

3:28 am (Hawaii) Andrew Maguire is incredibly bullish on PMs, to no surprise, but also views the new gold exchange in China as a pivotal force.

See the interview at King World News here.

"We've got now a new fix. A new third gold and fix, each morning at 8 a.m. Beijing time, that will reflect real world pricing. Now it's going to be really interesting to see the effects of this thing, how it affects the London fixes and the HFT traded paper that often follows the London fix. We know when we get a quiet market, we often see a huge selloff. With Asia, we'll see a much more competitive world stage."

I know a lot of gold and silver bugs have already anticipated greatness for the PM bull market via China. But what if China's new metal market is a clone of Comex? After all, JP Morgan has its clammy paws in many things financial. Advisors. Models. Sheer currency. If that pans out to be true, then a third entity could exacerbate the current manipulative powers of the banksters. It could be at least 50% WORSE if the exchange in China is a puppet exchange.

I don't think it will be. If and when the China exchanges want to screw people, they certainly know how to do it without any help from US banksters. They'll just make sure the money stays on the mainland (of China).

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