Andrew Maguire, a former trader with Goldman Sachs (GS 130.31 ↓-1.30%) 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 coming from the new Pan Asia Gold Exchange.
Maguire explains why he predicts that the new exchange will usher in a new demand for physical gold and silver in a new interview with King World News.
“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 commission. But the biggest bombshell is the offer of an RMB gold contracts for international investors.
“It’s going to have a major impact on the demand side of precious metals equation. Especially as there are 320 million customers of Ag bank of China (3988 3.50 ↓-3.58%), who going to be plugged into this exchange platform from the off… If just 1% of their customers bought a single 10-oz contract, that would require new physical demand of 1,000 tons.
To view the Courtney Comstock article: Huge Unforeseen Demand
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