On Oct. iv gilded savage yesteryear to a greater extent than than $40, in addition to most $100 over the yesteryear few days every bit the Chinese vacation provided the perfect surroundings for London to dump 1,000 tons of gilded contracts onto the marketplace to displace downwards the price.
According to long-time gilded analyst Andrew Maguire, the London gilded cartel facilitated a massive shorting of gilded futures contracts to driblet the toll dorsum downwards to pre-Brexit levels in addition to thus that bullion banks in addition to other insiders could encompass their brusk positions all the same opened upwards later gilded spiked $100 dorsum on June 24.
Eric King: “Andrew, we’re seeing a massive takedown inward the gilded in addition to silvery markets today along alongside the shares, what’s actually happening here? What is actually taking place?”
Andrew Maguire: “Close to a staggering 1,000 tonnes of newspaper gilded has been rinsed out inward the newspaper gilded markets today….
Andrew Maguire continues: “That’s merely below the targeted 100-day moving average that was taken out before today. Before this is finished today, this volition overstep over a shocking 1,000 tonnes of newspaper gilded that volition get got been rinsed.
This takedown is a consummate joke, in addition to the wholesale marketplace is all over (on the purchase side of) this newspaper takedown. This is a desperate endeavor yesteryear Western officials to encompass massive offside pre-Brexit over-the-counter brusk positions position on yesteryear their agent bullion banks close the $1,275 level. – King World News
Each twelvemonth roughly 2500 tons of gilded are produced, making this newspaper contract dump equivalent to 40% of the world's entire gilded production for 2016.
With the European banking organisation standing on the precipice of some other liquidity crisis, in addition to the Chinese outset their novel epitome every bit a fellow member of the IMF's SDR global currency, expectations of gilded skyrocketing upward inward the coming weeks or months left the bullion banks alongside piffling pick but to bear witness to delineate off a massive manipulation play to encompass their several billion dollar brusk seat that had left them vulnerable when they had bet against a Brexit vote. And when Communist People's Republic of China comes dorsum online later their vacation ends this weekend, facial expression the toll to climb dorsum upwards over $1300 every bit it regains all its losses imposed upon it from yesterday's gambit.