A Formal Response from Andrew Maguire

Andy sent this off earlier today to Kitco and requested that they post it and forward it to Forbes. We'll see about that. In the meantime, he's shared it with us and it's posted below.

Here is the entire text of Andy's response:

Last week, an attempted attack on me was made based upon unreliable and misinformation. The most important question to ask from it is why? This is extremely easy to answer. I am exposing the imminent default of the LBMA unallocated bullion banking system. Ever since JC of CPM Group made the mistake of admitting that a 100/1 leverage was routinely employed by the LBMA Bullion banks, it would appear his credibility with regard to his industry peers, was brought into question by exposing a default vulnerability of the entire LMBA unallocated Bullion banking system. My work in telegraphing and publicising this information has put him on the defence to try put negative spin on my highly successful trading career. 

It mystifies me as to why my 35+ years of trading and banking history is of such importance when I am recognised by my peers as an international and respected trade and investment advisor providing over 20 years of service to institutions and accredited investors. I am recognised as a Metal Trading specialist and an accredited CFTC ‘whistleblower’ and I want to make the following information categorically clear. I have never said I worked for Goldman Sachs. This no doubt arose because J Aron was taken over by Goldman Sachs and I suspect that is how people have wrongly attributed to me that I worked at GS. With regard to my tenure at J Aron, this was a very short term junior position taken 41 years ago coinciding with my first emigration to Canada and I do not attribute any of my trading experience or skill set to them. 

My fulltime institutional banking career started in Canada in 1972, at Associates Capital International, a division of Gulf and Western, prior to its acquisition by Citigroup, where I fulfilled numerous senior management roles in both Canada and later in the UK, specialising in derivatives trading. I left ACI in 1982 to become an independent trader, specialising in the precious metals markets whilst also pursuing several other business opportunities.

False information was recently given that one of my companies, Custom Lease Capital, had failed and inferred that it was my sole business interest, this is totally untrue. I personally received an Entrepreneur Award in 1992 for excellence for this company and was sold in good legal standing.

http://ethnobc.org/uploads/Pass_Winners.pdf

Alongside my wealth of experience as an independent trader, I have had directorships in several highly successful companies, including VSE listed Guilderand Mining in 1992.

http://www.northernminer.com/news/people--guilderand-mining/1000131933

Recently posted misinformation relating to a 1998 trading account having a ‘dismal performance’, actually relates to an ex-wife’s retail equity trading account which indeed underperformed and was closed by me.

It is not a prerequisite that if one has not worked at GS or JPM, one is not an accredited trader. Many of the most successful traders do not work or never have worked for these organisations. However, I do have very good contacts at both of these banks. 

Not being given the opportunity to rebut misinformed articles before they are posted further creates unnecessary confusion. Despite claims to the contrary, I have never directly been given the opportunity to do so.

In Summary, attempts to discredit my work by focussing on my credentials 40 years ago, using unreliable sources, confirms that the recent information that I am uncovering is exposing the very real risk of a potential LBMA default. Publicizing this information obviously strikes fear in those who try to discredit me or else why would it matter? This merely tells me that I am succeeding and am very encouraged to continue the pursuit of the truth exposing a very opaque and protected cabal of banks who are increasingly being caught manipulating global markets.

 

In providing this response, it is not my intention to perpetuate a distracting and time wasteful exercise and will, therefore, not make any further comments relating to this matter as not only is it a waste of everybody’s time but it attempts to detract from the key issues of my work. 

Andrew Maguire

October 29th 2013 

137 Comments

SilverRunNW's picture

Class Act

Mr Maguire is one class act!

What better way to get the message out concerning the bullion bank shenanigans and the ultimate LBMA default by giving this kind of rebuttal to the JC/CPM (mis)information.

Let's hope this goes far and wide.  It will be interesting to see if Forbes carries this!

bullion only's picture

You have to admire a guy that

You have to admire a guy that gets bashed by the bad guys.

rl999's picture

results

The only thing that matters is his results, everything else is useless distraction.

and 2nd. ha!

Wizard's picture

Only One Thing To Say

Very Well Done

Bravo

buzlightening's picture

Kill the truth and live the lie.

All exposing of crime, corruption, fraud, and blatant theft by tbtf bankster gangsters upon all global citizens, will have little effect on the ultimate outcome of an illusion.   Artificial wealth based on lies of the paper pushing shuffling bankster gangsters has one power.  It's the same power which has always destroyed itself.  The EEE has only the power to destroy itself.  It's doing a fine job and all things econophiled by the corrupt distortion of all asset classes will soon come to an end.  The EEE who have dug a financial pit for global citizens, will fall into it themselves.  Yes, the EEE has always dug its own grave and it will be buried in all its lies this time around as well.    Certain as the night gives way to a new day.

bullion only's picture

Question to the board or

Question to the board or bored:

Do you think GLD is the source of the excess supply to China?

What percent of GLD do you think GLD has in physical?

Currently there is about 872 tons and Harvey reports the daily withdraw.

If those withdraw numbers are correct and at current rate how long do you think they can continue to supply the physical.

And finally once gold becomes popular again where will GLD get their new physical?

Thanks and after over two years of base building I am bored with golds action but these are exciting time we live in.

RT

ReachWest's picture

Done.

Bravo - and with that - the matter is closed, IMO.

Peoples Front of Judea's picture

Anyone got any paper plates????

Turdwink

Can you supply the paper plates for all the trolls who are gonna be eating humble pie any minute now

MMMmm tastes good ...cheeky

Lumandi's picture

A sovereign and unagitated

A sovereign and unagitated reply. I like it.

Orange's picture

Well Said

Without a doubt, Andy is a class act.

AlienEyes's picture

I am impressed !!!

....and he did it without calling the rat bastards, rat bastards. Class act.

arch stanton's picture

DOUBTFUL

that it will silence the trolls, but thanks to Andy.  Not doubtful he is pissing the bad guys off.  Be careful driving Andy and stay the hell out of hot tubs.

Clarki Stomias's picture

Thank Goodness

I had hoped his response would be direct enough to remove doubt.  Color me satisfied.  It is telling that we've yet to see this posted on Kitco news.   Wonder how long it will take them to publish it? 

And I wouldn't be surprised if they don't even post his letter.  They will probably just put out an article stating that that they've received his rebuttal and then pull certain  innocuous extracts from his letter that still leave the ability to interpret doubt.  If they do, we will know where they stand on objective reporting. (And who they work for.) 

I hope I'm wrong and they just publish it as-is.

StevenBHorse's picture

As I said before

Anyone with an English accent is to be trusted. 

Kudos to Andrew for taking the high road.  Many of us in that same position wouldn't have been such a gentlemen.  This again speaks to his Englishness.

Bravo.

JC can talk to D.

glenno321's picture

NICELY DONE

WITH CLASS AND DIGNITY

bullion only's picture

Shame on kitco

If it were not for their metals quotes I would never go there.
As usual scream out the accusations on the front page and print the retraction on page 16.
Good job Andy.
RT

Silver_investor's picture

Jeff Christian

must be hopping mad!

silverwhere's picture

ATM - the tallest beacon

Andrew T. Maguire – the tallest PM beacon guiding us through a sea of serpents:

Sir - hundreds of thousands of like-minded honest people support what you do and trust what you say which is considerably more than others can claim.

Please forge ahead with this conviction: that you are extremely respected in & very precious to your chosen field. You distinctly define rock solid intrinsic value.

Bravo.

We ask but one more favor Andy: please let Bill Murphy know JM Christian owes him $5000 so Bill can buy some more physical silver this week.

Cheers.

.

Down Range's picture

Score

AM - 1

ASSHOLES - 0

Blythesshrink's picture

Well said Andy, keep

Well said Andy, keep mentioning the imminent default too - the more people that know, the quicker we can get back to sound money.

Fat Willie's picture

Awesome

Andy - great job sticking it to weasel-boy.    Nothing as satisfying as calling out a liar.  

Awesome job!  You have an army of like-minded soldiers behind you!

Mr. Fix's picture

Great post! Thanks Turd!

I love it when the good guys actually fight back, and this was done with both skill and tact.

I am happy to be on the same side of this storm with Andy, and the truth will always win out in the end. 

StevenBHorse's picture

I'm tweet bombing errbody at kitco

Let's see how long it takes for them to publish Andrew's rebuttal.

Pining 4 the Fjords's picture

This is outstanding

Kudos to Andy for showing such class and restraint in the face of a vicious character assassination.  I can tell  you that I will not be anywhere near as classy in discussing Jeff Christian, or perhaps even featuring him in a photoshop or two, in the future.  You pull something like this, and deliberately smear a good mans name... well, I guess you'll be treated with all the respect you deserve, won't you?

Any suggestions for some JC themed artwork? I just might take some requests on this one. Those rumors about him in a Tijuana donkey show featuring a dwarf, a pack animal, and a barrel of creamed corn are off limits, though... I have no idea if he has issued a formal denial of that or not, so it wouldn't be appropriate to discuss it in any way.

Texas Sandman's picture

Pretty well nails it. Great comeback.

Essentially rebutted everything said in that vile missive.  Andy was much more tactful than I would have been in similar circumstances.  I try to hit back at least twice as hard.

I guess the real question is who is this jerk, Christian and why does he carry water for the bankster cartel.

SRSrocco's picture

WELL DONE ANDY..... & MUST WATCH VIDEO ON FAKE SILVER EAGLES

Good for Andy coming forward with this information.   It really makes Christian look like a complete fool publishing misleading information.  It will be interesting to see how Christian responds going forward.

On another note, the Chinese are really producing a great deal of fake official precious metal coins from most of the larger government mints.   James Anderson of GoldSilver.com actually contacted the Secret Service as counterfeiting Gold & Silver Eagles is a Federal Offense as they are Legal Tender. 

MUST WATCH: How to Test Real Gold & Silver Eagles From Fakes

Dyna mo hum's picture

Pinning and themed art work

I hope you do drop the hammer on J. C. after all its what I call fair play for fair game.

StevenBHorse's picture

If you are taking requests

John Wayne Gacy circa clown suit.

Tabberto's picture

Jeffrey.....

You promised you would sort it....

2110420140_c331bd0d9c_z-1bcie8g.jpg

Mr. Fix's picture

Photo shopping suggestion for Pining:

About a year ago, we discussed the possibility of assembling a “Turdville"gang of vigilantes,

who tracked down the  the offending party, and drive him out of town. Remember?

It's time.smiley

(Why not do it gangster style!)

Mob justice!

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