Monday, July 11, 2011

Former Goldman Trader: Fasten Your Seatbelts There's Huge Unforeseen Demand Coming In The Physical Gold And Silver Markets


BusinessInsider reports that Andrew Maguire, a former trader with Goldman Sachs and a vocal spokesman about what he suspects is market manipulation in the gold and silver markets, has been saying for awhile that there's a huge unforeseen amount of demand coming in the physical gold and silver market. Maguire explains here's why: The Pan Asia Gold Exchange.

"The Pan Asia Gold Exchange is going to send shockwaves through the mechanisms for the price discovery for both gold and silver. It's backed by China's state administration for foreign exchange and also the Chinese security regulatory commision. But the biggest bombshell is the offer of an RMB gold contracts for international investors.

"This is concrete evidence that China plans to bring the Remninbi to the world stage. It's going to provide access to a much more physical market and I know it's going to attract a lot of the world's precious metal business, providing much more of the Chinese and the international customers an alternative platform on which they can buy and sell buy and sell physical gold and silver.

"Now the first contract is actually going alive this month and its a 10-ounce gold mini-contract for the domestic Chinese retail market, which really until now has been restricted to physical purchases, so this domestic contract should be fully operational this month…..

Find out more at http://www.businessinsider.com/former-goldman-sachs-trader-andrew-maguire-theres-an-unforseen-2011-7
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