Gold Monitoring Thread $ (USD) only

[Bumble]

Andrew Maguire worked as a precious metals trader and is famous/notorious for turning whistleblower and explaining to the Commodity Futures Trading Commission (CFTC) how bullion banks manipulate the price of gold and silver. This became the subject of an episode of 60 Minutes. Andrew has been an advisor to the ABX Allocated Bullion Exchange and to the creation of Kinesis, which is a form of digital money fully backed by physical gold and silver.

While Andrew is highly knowledgeable about the business and mechanics of gold trading, my reservation is that he has been telling the same story for several years. He is a regular interviewee on King World News, and on numerous occasions he has given the same narrative that there is a huge mismatch between the trading of paper gold and the availability of physical, bullion bank traders rip everyone off by shorting and running the stops, the LBMA is running short of gold, there is a large pent-up demand for gold from sovereigns and high net worth individuals, a price reset of gold is inevitable.

I don't doubt that these things are true, but inevitable is not the same as imminent. Maybe the virus is the catalyst that will make things happen this year, but the capacity of the authorities to kick the can down the road should not be underestimated. We could still be years away from a major reset in price.

 

[Oldun]

Indeed, and that is why steady accumulation and cost averaging in but up to no more than 20% of total worth is still the best strategy for ordinary folk.

Edited April 10, 2020 by Oldun

[LawrenceChard]

11 hours ago, cinereus said:

I skipped to Andrew Maguire as I had never heard of the other people (and have no desire to).

I was under the impression he's relatively well-known. It's he who claimed the lack of flow of gold and cited the other stories (which I have seen circulating as well). In your view, is he right to make this claim?

And is Andrew Maguire really that much of a nobody?

A quick Google search found:

"Top 10 Countries with Largest Gold Reserves
United States. Tonnes: 8,133.5. Percent of foreign reserves"

I have no reason to believe it is inaccurate, but of course I don't know what he means by the "flow of gold", perhaps he has published an explanation somewhere.

Of course, if there is a lot of physical demand for "small bars" (up to one kilo), and coins, then most retail dealers could sell out within hours or days, and need to replenish from major brokers or refiners, they in turn would need to buy more stock, probably in the form of "good delivery" bars. These are not all .9999 fine, so may need further refining, before re-casting or stamping into required sizes, then shipping out to customers.

Shipping and distribution companies will all be facing their own problems, protecting staff, safe working, sickness, so will be under strain, and that's just to get good delivery bars to refiners. It will be similar for refiners and mints, then their products need transporting to major distibutors, dealers, then investors and consumers. So yes, it would be very surprising if the flow of anything was working normally. This is such a s simple concept that even Donald Trump could possibly understand it.

Of course if you run or work for a precious metal investment business, hyping this up is probably too tempting to resist.

I had never heard of Andrew Maguire, and would not have remembered his name if you hadn't name-tagged him.

[HawkHybrid]

8 hours ago, Bumble said:

bullion bank traders rip everyone off by shorting and running the stops

 

if this is what andrew maguire is saying then it doesn't even

make sense. how many forum members(physical gold owners)

have had their stop losses triggered on their physical gold?

is it not the metals pumpers that are affected by the supposed

suppression of the gold price?

 

HH

[sixgun]

2 minutes ago, cinereus said:

He was explicit about the flow of gold. I think it's common knowledge that there is a huge amount of gold already in the US in the Fed as well as other various vaults and collections.

Well this is the quoted amount 

"Top 10 Countries with Largest Gold Reserves
United States. Tonnes: 8,133.5. Percent of foreign reserves"

It hasn't been audited for decades - the claim is b/c the vaults have been sealed it doesn't need to be. Except the seals have been broken more than once and no audit. The auditor has lied and it all leads some people to question the said 8,133.5 tonnes.

https://www.silverdoctors.com/gold/gold-news/us-official-gold-reserves-auditor-caught-lying/

There WAS a huge amount of gold in the US but some people suspect that isn't the case anymore. 

[LawrenceChard]

2 hours ago, sixgun said:

Well this is the quoted amount 

"Top 10 Countries with Largest Gold Reserves
United States. Tonnes: 8,133.5. Percent of foreign reserves"

It hasn't been audited for decades - the claim is b/c the vaults have been sealed it doesn't need to be. Except the seals have been broken more than once and no audit. The auditor has lied and it all leads some people to question the said 8,133.5 tonnes.

https://www.silverdoctors.com/gold/gold-news/us-official-gold-reserves-auditor-caught-lying/

There WAS a huge amount of gold in the US but some people suspect that isn't the case anymore. 

I suspect the aliens from Roswell stole it all.

While there may possibly be a grain of truth or fact, most of it is totally outweighed and outnumbered by supposition abd disinformation in most if not all conspiracy theories.

I would much prefer to read https://en.wikipedia.org/wiki/Making_Money by Terry Pratchett.

 

Edited April 10, 2020 by LawrenceChard
added an extra image link

[sixgun]

1 minute ago, LawrenceChard said:

I suspect the aliens from Roswell stole it all.

While there may possibly be a grain of truth or fact, most of it is totally outweighed and outnumbered by supposition abd disinformation in most if not all conspiracy theories.

I would much prefer to read https://en.wikipedia.org/wiki/Making_Money by Terry Pratchett.

Could be the aliens beamed it up and flew it to places like China, Russia etc and why there was such a problem returning some of the German gold. 

[DarkChameleon]

So gold is showing at $1698 and change this morning....come on $1700.... I don't mind it going up, I got my treasure chest to sell...lol.

Edited April 10, 2020 by DarkChameleon

[LawrenceChard]

25 minutes ago, DarkChameleon said:

So gold is showing at $1698 and change this morning....come on $1700.... I don't mind it going up, I got my treasure chest to sell...lol.

 

Talking of treasure chests:

Next time we do a similar shot, we must try and source an old chest like yours, although the metal brief case would be good for travelling, money laundering, etc.

[GoldenPhil]

46 minutes ago, LawrenceChard said:

Talking of treasure chests:

Next time we do a similar shot, we must try and source an old chest like yours, although the metal brief case would be good for travelling, money laundering, etc.

Wow look at all that toilet paper. You are a wealthy man indeed. 

[LawrenceChard]

Just now, GoldenPhil said:

Wow look at all that toilet paper. You are a wealthy man indeed. 

I thought we had concealed the toilet paper carefully under all the Greek Drachma, or should that be Drachmae?

We did that photo when there was discussion about Greece dropping out of the Euro, and reverting the the drachma.

[DarkChameleon]

1 hour ago, LawrenceChard said:

Talking of treasure chests:

Next time we do a similar shot, we must try and source an old chest like yours, although the metal brief case would be good for travelling, money laundering, etc.

I'll keep mine e thanks, real money.

[LawrenceChard]

1 hour ago, DarkChameleon said:

I'll keep mine e thanks, real money.

Money isn't everything though:

 

This shows a keen notaphilist studing euro banknotes...

...possibly.

[GoldenPhil]

36 minutes ago, LawrenceChard said:

Money isn't everything though:

 

This shows a keen notaphilist studing euro banknotes...

...possibly.

Everything has a price 

[DarkChameleon]

1 hour ago, GoldenPhil said:

Everything has a price 

I'm not a fan of checker board material either...but it's amazing what you can do with a tablecloth nowerdays.

[Bumble]

That photograph is not politically correct. You obviously need to study the sexual harrassment policy.

[DarkChameleon]

So good crashes through $1700 and June contracts looking at $1750...so I'm thinking $1725 by the end of the week...shamejune co tract for silver is only $15.50...but we can hope the elastic band drags it along with gold.

[MancunianStacker]

Hit a high in $ again today

[DarkChameleon]

Now it just cracked $1720 oz ....this is reactionary pricing with the oil reduction not effecting the world price so much.

---

Added 0 minutes later...

$1723

[Guest]

Hello.

Gold Price for May $1440
Trade with care.

 

 

Edited April 13, 2020 by Guest

[Nick1368]

sure anything is possible,  some say it might even go down to $400, who knows .

[Tn21]

31 minutes ago, baltazarcorp said:

Hello.

Gold Price for May $1440
Trade with care.

 

 

Where is the info from ? 

[Melon]

Ah well if the random post from an unspecified source, posted on TSF by a new member on their first post says so, who am I to disagree! 

Selling gold! Fire sale!! PM me now!!!

[GoldenPhil]

Closed above $1700 😁

[GoldenPhil]

US price closed at above $1700 😊