On Oct. 4 gold fell by more than $40, and nearly $100 over the past few days as the Chinese holiday provided the perfect environment for London to dump 1,000 tons of gold contracts onto the market to drive down the price.
According to long-time gold analyst Andrew Maguire, the London gold cartel facilitated a massive shorting of gold futures contracts to drop the price back down to pre-Brexit levels so that bullion banks and other insiders could cover their short positions still open after gold spiked $100 back on June 24.
Eric King: “Andrew, we’re seeing a massive takedown in the gold and silver markets today along with the shares, what’s really happening here? What is really taking place?”
Andrew Maguire: “Close to a staggering 1,000 tonnes of paper gold has been rinsed out in the paper gold markets today….
Andrew Maguire continues: “That’s just below the targeted 100-day moving average that was taken out earlier today. Before this is finished today, this will exceed over a shocking 1,000 tonnes of paper gold that will have been rinsed.
This takedown is a complete joke, and the wholesale market is all over (on the buy side of) this paper takedown. This is a desperate effort by Western officials to cover massive offside pre-Brexit over-the-counter short positions put on by their agent bullion banks near the $1,275 level. – King World News
With the European banking system standing on the precipice of another liquidity crisis, and the Chinese beginning their new paradigm as a member of the IMF's SDR global currency, expectations of gold skyrocketing upward in the coming weeks or months left the bullion banks with little choice but to try to pull off a massive manipulation play to cover their several billion dollar short position that had left them vulnerable when they had bet against a Brexit vote. And when China comes back online after their holiday ends this weekend, expect the price to climb back up over $1300 as it regains all its losses imposed upon it from yesterday's gambit.