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.
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.
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.
October 29th 2013