ML-Implode News - Maguire, Who Predicted Last Week's Gold Surge, Says System is Collapsing

Last Friday, as gold was headed into the lows, I reported a major sovereign â€˜spot purchase' to KWN.Â Remember, we said it was about 90 tons (of gold) being accumulated, some of it at $1,270.Â You and I were literally speaking on the phone as gold was making the lows.Â But that sovereign order had been patiently waiting for weeks and it finally filled...
The bullion banks are then forced to buy at market to fill these orders, and there is no bullion bank I know that can turn up that kind of supply overnight.Â That's why we saw 1 - 3 month GOFO rates spike negative once again mid-week.Â As these orders stood for delivery, it actually forced gold into backwardation again.Â And it's going to happen each and every time the gold price is now pushed lower.Â

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Maguire, Who Predicted Last Week's Gold Surge, Says System is Collapsing