Eric King: “Has any physical selling of gold been taking place during this takedown?”
Maguire: “Absolutely no physical (gold) has turned up. So when you estimate that we’ve had 600 tons of ETF capitulation, and when you see the fact that we’ve had forced producer sales, none of this is appearing on the market. Why? Because the bullion banks are repaying their positions.
We are still seeing backlogs and huge delays. This morning we saw (stunning) $50 wholesale premiums in Shanghai. Of course we’re seeing massive premiums, backlogs, and delivery delays. And if you want physical (gold) you are going to pay a physical price, not the paper price, if you want size.”
Read the complete article at King World News here.
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