Big Changes Coming to the Global Gold Market - A Conversation with Andrew Maguire

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Earlier today, I had the opportunity to visit with our friend, Andrew Maguire. Some exciting, new developments are pending in the global gold market and Andy stopped by to give all of us in Turdville a sneak preview.

The goal of this discussion was to familiarize everyone with some of the operations of the London-based, fractional reserve bullion banking system. As background, Andy references a document written by Jeffrey "Sister" Christian nearly 15 years ago. Here's a link to the pdf:

Andy goes on to inform us of a new project that he has been fortunate to be a part of...a new, 100% physical and fully-allocated precious metals exchange. You can learn more about this exchange in this article:

You can find additional information by visiting the actual website of Bullion Capital:

And here's just one page from the Bullion Capital site. It's pretty cool:

In the end, the hope is that all of these new exchanges (including SGE, HKmex, SGPMX) ultimately serve to draw away interest and liquidity from the den of vipers known as the LBMA and the Comex. As the devious influence of the bullion banks is finally removed, the metals will begin to trade solely within a 100% fully-allocated system, instead. Only then will true, free and fair price discovery finally be realized.

I'm confident that you'll find this conversation to be quite interesting and helpful and I look forward to reading your comments.



boomstick's picture



CPE's picture

Thank you



What if?

Orange's picture


Thanks for your time. Just started listening.

silver66's picture

4th not 43rd

you posted on the wrong thread

hope you are buying lots and  not shoveling


Marchas45's picture



Levon's picture

It all sounds great..

but I will believe it when I see it and I do hope I see it. Definitely a huge step in the right direction. I don't think the big boys will give up their license to print money any time soon.

nadgeskaul's picture

Questions Not Asked...

How will all of this change/affect price?

Does Andy think price is "fair" at current levels?  If not, where are fair prices being discovered in the physical world?

If physical is currently being sold at or near paper prices, how has the manipulation really affected price historically?

If the two are close, it sounds like, to me, market forces drove price from 1900 to 1200, not manipulation.

Gamble's picture


Worse stomach flu ever going through my house ! 

Gamble gamble

Thank The Lord for indoor plumbing and soft toilet paper!

-SilverIsMoney-'s picture

I have hope...

But I'm with ya Nadge I'm not sure how this is going to work.

Lets say this market starts repricing physical at a more realistic price of say $1500 which causes people to buy in one market at $1200 and sell into this one at $1500- that makes sense to me because it drives the physical into the market where its valued. Where I get confused is who is going to be buying? Why would someone buy at $1500 when they can buy at $1200? How is this going to work if everyone is selling physical into this market but not buying it? I hope this works but I'm a tad confused on how buyers show up here if price is considerably higher than it is in another market?

CPE's picture

Little Fish & Big Fish

If you have $100,000.00 to plow into immediately deliverable Au and Ag, go for it, it's easy, no problem.

If you have $1,000,000,000.00 to plow into immediately deliverable Au and Ag, good luck.  Your compliance manager or risk manager is going to throw up on the idea of Comex deliverables if they have any education.  If you want the metal and know you have the real thing, then you will pay a higher than pretend Comex price for a sound counter-party to deliver your metal.

I show spot silver at $16.60, but I go to and the premium is nearly 20%.  Price goes down, premium goes up, so real price stays about the same over a period of days.  And I'm a little fish.

Big fish that want allocated will pay whatever the real price is.  It's all about the volume/depth of market.......

Late update:  I've not yet listened to the podcast, as I don't have time until this evening.  I'm just giving you my own thoughts.  When paper is revealed as naked, these solutions will be the only avenue for deliverable or allocated supply.  Build the plumbing on a superior system and the volume will begin to show up.  What if?

Markedtofuture's picture

Market-Rigging And Manipulation Legal In The U.S.

Is This The Most Terrifying Interview Of 2015?

With so much chaos taking place around the world, today a man who has been focused on uncovering sensitive government and market information for over 15 years gave what is perhaps the most terrifying interview of 2015.  What he had to say will shock King World News readers around the globe.

King World News Powell IX 2:25:2015

Is This What The World Has Come To?

Eric King:  "Chris, today we are going to take a trip down the rabbit hole of Western governments moves toward a frightening control of everything on the planet, including all financial markets.  Let’s start with this note from the Bill King Report commenting on the Wall Street Journal article "U.S. Investigates at Least 10 Major Banks for Possible Rigging of Precious-Metals Markets"

Mickey's picture

big boys wil not easily give up printing

3 trick pony--print, keep rates low and jawbones intermingled with lying. The  economy is falling apart and they all have the audacity to say we are in recovery--

They would argue that its the best thing for the economy as without this bs the economy would have fallen apart already. Someone else could argue that their actions including the various forms of lying, and market manipulation, and bailing out banks at taxpayer cos, and we have to pass the bill to see whats in it attitude, and you can keep your doctor and insurance and it wil not cost one thin dime, are treasonous.

I say in the end we all die anyway  and the US goes broke. Go have fun while we can.

kardnul's picture

Sure Beats KWN

Just a great interview....AM's dialect was very clear, which has never been the case with the KWN great to hear and be able to understand AM clearly.

On top of that, for the first time I'm getting excited that maybe the COMEX, bullion bankster, ESF triumverate can be blown to bits.

This piece alone was well worth the $100/yr subscription.

lakedweller2's picture

Great Sound and Info

Thanks Craig.

boomer sooner's picture

Ammo ban article


ATF Risks Police Officers’ Lives For Obama’s Gun Control Agenda
Posted by Bob Owens on February 15, 2015 at 1:02 pm
ATF Risks Police Officers’ Lives For Obama’s Gun Control Agenda

The Obama Administration has launched its second major regulatory attack on American gun owners in less than a year, and they're will to risk the lives of law enforcement officers in the balance.

Obama's ATF has just proposed outlawing SS109/M855 ammunition, one of the two most common types of ammunition for AR-15-style rifles and pistols.

The 62-grain 5.56 NATO ball ammunition that Obama wants to ban is a lead bullet with a mild steel core. It was first adopted by NATO militaries in the 1970s because NATO wanted a cartridge that was more humane and caused less damage to enemy soldiers than the higher-velocity 55-grain M193 cartridge then commonly in use. They fears that the tumbling and fragmenting M193 might violate Hague Conventions (which the United States never signed, but other NATO countries did).

The SS109/M855 also provided slightly better performance against harder targets at distance, which seemed to justify the trade-off when NATO was expecting that World War Three would be an attempt to repulse a Soviet Army rolling across the open plains of Europe.

Over time, military surplus and factory new SS109/M855 became common on the civilian market, where it was adopted as inexpensive practice and general purpose ammunition in AR-15 rifles.

Millions of semi-automatic AR-15 rifles have been sold since 1964, and AR-15s are the most popular rifle sold in the United States year in and year out. They are used in various forms of competition shooting, are increasingly common in various forms of hunting for medium and big game across the United States, and are increasingly selected as home defense firearms by knowledgeable shooters due to the numerous advantages the AR-15 platform has over pistols and shotguns in both remote rural environments and crowded urban settings.

[caption id="" align="aligncenter" width="560"]A TWS15 AR-15 pistol with a 7.5" barrel and a 30-round standard-capacity magazine. (Image via TWS Arms).[/caption]

The ATF's stated reasoning for banning SS109/M855 is the popularity and recent rise in the sales of AR-15 pistols. These pistols sacrifice distance and a great deal of muzzle energy, generate a significant muzzle blast, and compromise on reliability to achieve their size, but have become popular as "range toys" all the same.

The ATF is claiming that SS109/M855 ammunition in these AR-15 pistols is a risk to police officers to justify the ban. That is a bald-faced fabrication. It is quite transparently designed to dry up common and economical ammunition for the more than 5 million owners of AR-15 rifles and carbines.

Here is the reality that the Bureau of Alcohol, Tobacco, and Mexican Drug Cartel Weapon Supply is not telling you as they attempt to use the claim that SS109/M855 is an "armor-piercing" threat to American police officers.

There is no such thing as a "bulletproof" vest.
"Bulletproof" is an interesting but abject fantasy. Nothing yet made to be worn by man is light enough to classify as "bulletproof," which is why real-world body armor manufacturers have various grades of body armor designed to stop various threats.

Police officers and sheriff's deputies on patrol are most commonly going to run into offenders armed with handguns, and so they typically wear "soft" armor made out of layers of Kevlar or similar fabrics that will stop the most commonly used pistol bullets. The law against armor piercing ammunition was written to ban handgun ammunition made to penetrate bullet-resistant vests, not rifle bullets fired from pistols.

Soldiers and SWAT officers going into high-threat environments where rifles are going to be more common wear vests with rigid armor plates either in place of soft armor or in addition to soft armor.

The goal of the commonly worn soft armor is to slow the bullet as it penetrates through multiple layers, bleeding off more energy as the bullet penetrates each layer until it is finally slowed to a stop. If you ever get a chance to see soft body armor shot with a pistol bullet, you will see that the front side of the armor carrier (vest) is easily penetrated, but that the bullet is typically caught among more than two dozen layers of fabric before it penetrates all the way through to hit the wearer's body.

The more velocity a bullet has the more energy it has, and the more energy body armor has to absorb. Rarer higher-velocity pistol bullets and common rifle bullets will penetrate all the way through soft body armor that is designed for more common pistol bullets.

Defending against an imaginary threat.
Criminals like to conceal their weapons as much as possible in order to drawing attention to themselves from police. The large size and bulk of AR-15 pistols that makes them such fun range toys makes them impractical for criminals to carry. Due in large part to that fact, the use of AR-15 pistols in crime is so rare that no known agencies are even tracking data on their use.

If there are instances where officers have been shot and killed with an AR-15 pistol loaded with SS109/M855 ammunition, we have not yet been able to find even anecdotal evidence of such an event... not even once.

The ATF is attempting to restrict some of the most common and accessible ammunition for the most common rifle sold in the United States based on what appears to be a completely hypothetical situation.

A SS109/M855 ban could make even this hypothetical situation more deadly for law enforcement.
As stated above, there is no known evidence to suggest that the ATF is addressing a real problem. The blatantly obvious goal of the proposed ban is to choke off ammunition for AR-15 rifles and carbines, using a purely hypothetical pistol situation as an excuse.

But would the proposed hypothetical even save lives if it were implemented?

No, it wouldn't.

It would actually serve to increase the risk to law enforcement officers, by forcing rifle and pistol users alike to return exclusively to the full-metal-jacketed 55-grain M193 round that NATO wanted to get away from in the 1970s with the adoption of the very SS109/M855 cartridge that Obama's ATF is attempting to ban.

Yes, the proposed ATF ban would return everyone to the round NATO said was too "inhumane" for use against expected waves of Soviet troops because it caused "devastating" wounds. It appears Obama's ATF cares more about the survival of Soviet infantry than they do American law enforcement officers.

If we're going to play hypothetical games with the lives of law enforcement officers—which the ATF clearly does—we need to look at the strengths and weaknesses of both bullet designs against police issue soft body armor and the human body beyond it.

The reality of the matter is that both rifle cartridges will easily penetrate common soft body armor. As we noted in the section above about soft body armor, soft body armor is designed to bleed off energy/velocity through multiple layers of ballistic fabrics. These fabrics will stop a relatively slow pistol bullet, but simply will  not stop a centerfire rifle bullet, even when that bullet is fired by a rifle-caliber pistol. The real question is what the bullet will do to the human body beyond the armor after it penetrates.

American soldiers who have used the SS109/M855 will be among the first to tell you that the round under-performs in most situations, with the bullet creating an "icepick" type through-and-through wounds. Enemies shot with the SS109/M855 may eventually die from their wounds, but they remain "in the fight" longer than they should, even when shot multiple times.

The SS109/M855 has performed so poorly in combat that the Marines in Afghanistan shift to a completely different bullet, the MK 318. Special operations forces and designated marksmen in the Army and Navy have likewise shifted to the MK262 cartridge because of the inadequate performance of the SS109/M855 in the real world. This does not matter to American civilian shooters, who use the SS109/M855 as an economical training rounds against paper or steel targets.

Hypothetically speaking, if a police officer is ever shot in the real world with an AR-15 bullet through his or her body armor, will that officer stand a better chance of surviving an "icepick" type wound, or a bullet that tumbles and fragments inside his body?  I'm not a surgeon, but I think I stand a better chance against one relatively narrow wound channel than multiple wound channels.

Conclusion: The ATF doesn't think that police lives matter, and Congress should act.
The ATF's excuse to attack common AR-15 ammunition is based on the weakest of hypothetical situations using poorly-crafted existing federal laws that were written by lawmakers who knew little or nothing about firearms and ammunition. The Republican House and Senate can easily fix this problem for once and for all with a simple amendment to any bill before either house that would remove the existing law against so-called "armor-piercing" rifle ammunition that the Obama administration has now used for a second time in economic warfare against American gun owners and the Second Amendment.

Last April, the ATF used an identical argument to create an ban on the importation of surplus and newly manufactured 7N6 ammunition, which allowed shooters of 5.45x39 caliber rifles to target shoot cheaply.

They are now attempting to do the same with the most common rifle in the United States.

This cannot be allowed to stand.

boomstick's picture

20% premium at CSP???

I just went to comparesilverprices and see <3% premium (best price for generic 100 oz bars).

AIJ's picture

Jesse's cryptic comment that I share..

..."There are quite a few odd things going on. I don't know if you get the sense of it, but things just don't add up."

All I can say is be mentally, physically and psychologically prepared at all times.

Improvise, Adapt and Overcome.

AJwhiteshirt's picture

Excellent Audio..

Andrew had the best audio I have ever heard to date. Got to get his microphone maker/system. Always a great update from the physical side in London.

Rakka's picture

agree on sound quality

much improved over the KWN interviews

good idea for this week, I like the interview length also

bim jeam's picture


Simply outstanding interview Craig, thank you and Andrew for all your efforts.

cyclemadman's picture

Welcome the End

I for one, would welcome the end of this experiment. At least then my extended family will stop thinking I'm a wing nut.

Then they will be saying, "Holy crap, that wing nut was right! Now what are we going to do?"

Luckily, most of them live far enough away I won't have to deal with their begging.

lund175's picture


I totally agree with the statement "...odd things going on". Things are blowing up around the world, currencies going down the tube is just the tip. TPTB know what is going on behind the curtain and it ain't pretty. Soon we will see. Be prepared!

G-Rod's picture

What just happened to the 30 year bond

Gone ballistic. Up 10% - holding.

-SilverIsMoney-'s picture

G-rod you got a link? I'm not

G-rod you got a link? I'm not seeing the same thing.

G-Rod's picture

30 Yr Bonds on Finviz

-SilverIsMoney-'s picture

Yea that's weird...

I've not seen it anywhere else but I hope that's not a glitch because it would be significant to say the least.

Longstreet's picture


Outstanding interview and info. THANKS!

-SilverIsMoney-'s picture


We appear to be going into the Asian open strong again... That is getting odd as well.

G-Rod's picture

Additional Mystery

This site says it all happened a few days ago...

Select the 1 hour view on the chart.

Barfly's picture

You know, it's funny

The more I hear about this "revolutionary" physical market, it sounds more and more like what's available through every large scale metals refiner in the country. Wholesale, allocated accounts, shipping, the whole nine yards. Of course, retail buyers don't know this. But everyone could simply become their own dealer and hook up with the big refiners in their area.

It's not hard. Wasn't for me. I got a DBA (doing business as, it's a legal document available at the courthouse for about $15), got a sales tax number (free), got a bank account (minimum opening balance) , then went around town to all the refiners and opened accounts with them (free). There are no licensing requirements where I'm at for being a metals dealer. And bullion sales are tax free, as are whole sale transactions. And I get the accompanying tax deductions for having a home based business. Not to mention, everything expense associated with owning metals (like buying a safe, for example) is now a business expense.

Presto chango, I was a metals dealer. I get to buy wholesale, I have access to commercial vaulting services if I so desire, armored car transport, allocated accounts with refiners, refining services, the whole shooting match. And it's all a business expense.

I had more than one big long post that I had written over the past several weeks about this. But, now seems as good a time as any to make it short and sweet. Of course, requirements may change state to state, so you should do your own research. And it's probably not right for everyone, depending on their personal situation. It can be worked as a side business or any way you want to do it. I'm certainly not gaining any commercial advantage here sharing this with you, and that's why you should think about it.

I think that there are probably a few million stackers out there. If they all gave themselves a few percent on each sale and a little incentive and they all got one new person each year to stack because now they are a channel to go through instead of turning someone loose to go find metal who has never bought any before, they could get that many more people stacking. The market (and demand for metal) could double or triple in a few years, providing that much more supply stress against the "system's" price suppression schemes. It would get more sound money in the hands of people who need to defend themselves against the soul sucking dehumanizing immoral effects of inflation.  Nobody has to be affiliated with any particular entity, everybody can do business with whoever in their area makes the most sense. A decentralized, organic, entreprenuerial movement.

There is no "Stacker Jesus." It's us. Each and every one of us can a metals dealer. If there is going to an awakening to the corrupt monetary system that we languish under, we're going to have to do it. One mind at a time.

Disclaimer: I hope I've given you something to think about. I've written this in good faith and it is an effort to share my experiences going into business and is not intended to be legal or tax advice. I pay people who are experts in those fields and if you are considering pursuing this course, you should do your own due diligence.

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