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The Pricing System Is Broken - A Thursday Conversation with Andrew Maguire

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As we watch today some of the worst and most blatant gold price manipulation in recent memory, what a great time to get some perspective from our old friend, Andrew Maguire.

So what the heck is happening today? Why is price being smashed on COMEX and what is being accomplished? Andy explains the significance of the month-end PM Fix for the Banks and the BIS.

But also, what the heck happened back on March 24? Why did the OTC/spot market break? What are the long-term consequences and, more importantly, what happens next? For that, be sure to listen to the final ten minutes of this discussion.

Many thanks to Andy for so freely giving of his time today. Please be sure to give this podcast a thorough listen. Knowing that the Digital Derivative and Fractional Reserve Pricing Scheme is on its last legs may give you some comfort after having to endure again today the same old overt price manipulation tactics.

TF

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Benitho
May 1, 2020 - 9:18am

Balmoral/Wallbridge

...get it while you can !

https://finance.yahoo.com/news/balmoral-intersects-308-g-t-113010969.html

Balmoral Intersects 308 g/t Gold (8.98 Oz/Ton) Over 2.97 Metres, Including 858 g/t (25.03 Oz/Ton) Gold Over 1.06 Metres, at New Reaper Gold Discovery, Fenelon Property, Quebec

Ned Braden
May 1, 2020 - 8:46am

9 years ago today......

That's right.. $5.00 overnight

silverseekerAGXIIK
May 1, 2020 - 8:44am

If Andy is correct,

and a new exchange is in a formative phase; Jim Sinclair could be proven correct again. He had said back in 2008-9 timeframe that when physical Gold breaks the fractional Comex/LBMA pricing mechanism, the banks would be long and few retail holders would be in position to take advantage of the remonetization.

It took a decade, but Gold has quietly become a Tier 1 asset, accumulated by banks; and even now Gold is not in the minds of retail...

I ended my evening last night on a Stairway to Heaven lyric: "to be a rock and not a roll"...

Craig Hemke, you've been a rock in a world where so many are willing to roll... thank you for all you do!!!

AGXIIK, the high GTSR is now predicated on mechanized mining pulling sufficient 'byproduct' Silver out of base metals mines to satisfy industrial demand over the last dozen decades... This pricing scheme, holding Silver near cost of production; can only exist for as long as monetary demand does not exceed bullion supply, or only as long as the banks delude the public that Silver is not money. When Silver is recognized as a compliment to Gold as money, its ratio will reflect the natural ~10:1 ratio again. Lastly, the world enjoyed the fruits of the Comstock Lode and many other massive Silver discoveries in centuries past, allowing a 'commodity' mindset to take root. All the windfall Silver has now been mined, making it par to Gold as a stable monetary unit.

May 1, 2020 - 8:42am

RE GDX

As with every breakout, we have to expect a pullback that finds support where there had been resistance. As a recent example, you'll recall that Comex Gold did this a number of times with $1550.

Only a complete breakdown back into the mid 20s would invalidate last week's breakout.

TF Metals fan
May 1, 2020 - 7:39am

Smoking gun?

After listening to Andrew and Craig last night. I was again confused. Andy feels sincere but what is he exactly saying?

In order to make sense of it all I compared the weekly data of the physical gold price against the future price.

For every week I used Close, Open , High and Low and calculated the difference as a percentage.

This resulted in the graph above:

My observations:

From November 2018 there was a large gap in price between physical and future price for gold. From the start the gap became smaller and smaller.

It started around 4%. End of Feb 2020 futures even became cheaper than physical. This reversed again in March. The spikes are clear as well.

Why or what caused the 4% jump in Nov 2018 I do not know. Possibly my source of data is wrong. In both cases I used investing.com.

I compared the data back to 2002 but in no other incidence there is a clear pattern.

I also looked at daily data. Price volatility on a daily level is higher than what is was before.

Do I now understand what was discussed? Maybe. However: I certainly feel this graph might show us the evidence of the smoking gun Andrew mentioned earlier.

allenb
May 1, 2020 - 4:59am

Zero Hedge

Studs,

Did you ask Zero Hedge for an explanation?

Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

allenb
May 1, 2020 - 4:45am

Fools

Andy just called me a fool!

I resemble that remark.

Thanks Turd and Andy. Great interview!

nuggety
May 1, 2020 - 4:22am
mavens
Apr 30, 2020 - 11:18pm
mavens
Apr 30, 2020 - 10:58pm

Jesus, lmao, F this!!!

https://www.zerohedge.com/markets/deutsche-bank-capitulates-starts-charg...

Turn it into PM's and bury it in your back yard. What is the fucking point of paying someone to lend out your fiat.... Cats and dogs living together.... have we all gone insane????

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Key Economic Events Week of 6/29

6/30 9:00 ET Case-Shiller home prices
6/30 9:45 ET Chicago PMI
6/30 10:00 ET Consumer Confidence
6/30 12:30 ET CGP and SSHW to Capitol Hill
7/1 8:15 ET ADP Employment
7/1 9:45 ET Markit Manu PMI
7/1 10:00 ET ISM Manu PMI
7/1 2:00 ET June FOMC minutes
7/2 8:30 ET BLSBS
7/2 10:00 ET Factory Orders

Key Economic Events Week of 6/22

6/22 8:30 ET Chicago Fed
6/22 10:00 ET Existing home sales
6/23 9:45 ET Markit flash PMIs for June
6/23 10:00 ET New home sales
6/25 8:30 ET Q1 GDP final guess
6/25 8:30 ET Durable Goods
6/26 8:30 ET Pers Inc and Spending
6/26 8:30 ET Core inflation

Key Economic Events Week of 6/15

6/16 8:30 ET Retail Sales
6/16 8:30 ET Cap Ute and Ind Prod
6/16 10:00 ET Chief Goon Powell US Senate
6/16 4:00 pm ET Goon Chlamydia speech
6/17 8:30 ET Housing Starts
6/17 12:00 ET Chief Goon Powell US House
6/18 8:30 ET Initial Jobless Claims
6/18 8:30 ET Philly Fed
6/19 8:30 ET Current Account Deficit
6/19 1:00 pm ET CGP and Mester conference

Key Economic Events Week of 6/8

6/9 10:00 ET Job openings
6/9 10:00 ET Wholesale inventories
6/10 8:30 ET CPI for May
6/10 2:00 ET FOMC Fedlines
6/10 2:30 ET CGP presser
6/11 8:30 ET Initial jobless claims
6/11 8:30 ET PPI for May
6/12 8:30 ET Import price index
6/12 10:00 ET Consumer sentiment

Key Economic Events Week of 5/25

5/26 8:30 ET Chicago Fed
5/26 10:00 ET Consumer Confidence
5/27 2:00 ET Fed Beige Book
5/28 8:30 ET Q2 GDP 2nd guess
5/28 8:30 ET Durable Goods
5/29 8:30 ET Pers Inc and Cons Spend
5/29 8:30 ET Core Inflation
5/29 9:45 ET Chicago PMI

Key Economic Events Week of 5/18

5/18 2:00 ET Goon Bostic speech
5/19 8:30 ET Housing starts
5/19 10:00 ET CGP and Mnuchin US Senate
5/20 10:00 ET Goon Bullard speech
5/20 2:00 ET April FOMC minutes
5/21 8:30 ET Philly Fed
5/21 9:45 ET Markit flash PMIs for May
5/21 10:00 ET Goon Williams speech
5/21 1:00 ET Goon Chlamydia speech
5/21 2:30 ET Chief Goon Powell speech

Key Economic Events Week of 5/11

5/11 12:00 ET Goon Bostic speech
5/11 12:30 ET Goon Evans speech
5/12 8:30 ET CPI
5/12 9:00 ET Goon Kashnkari speech
5/12 10:00 ET Goon Quarles speech
5/12 10:00 ET Goon Harker speech
5/12 5:00 ET Goon Mester speech
5/13 8:30 ET PPI
5/13 9:00 ET Chief Goon Powell speech
5/14 8:30 ET Initial jobless claims and import prices
5/14 1:00 ET Another Goon Kashnkari speech
5/14 6:00 ET Goon Kaplan speech
5/15 8:30 ET Retail Sales and Empire State index
5/15 9:15 ET Cap Ute and Ind Prod
5/15 10:00 ET Business Inventories

Key Economic Events Week of 5/4

5/4 10:00 ET Factory Orders
5/5 8:30 ET US Trade Deficit
5/5 9:45 ET Markit Service PMI
5/5 10:00 ET ISM Sevrice PMI
5/6 8:15 ET ADP jobs report
5/7 8:30 ET Productivity
5/8 8:30 ET BLSBS
5/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 4/27

4/28 8:30 ET Advance trade in goods
4/28 9:00 ET Case-Shiller home prices
4/29 8:30 ET Q1 GDP first guess
4/29 2:00 ET FOMC Fedlines
4/29 2:30 ET CGP presser
4/30 8:30 ET Pers Inc and Cons Spend
4/30 9:45 ET Chicago PMI
5/1 9:45 ET Markit Manu PMI
5/1 10:00 ET ISM Manu PMI

Key Economic Events Week of 4/20

4/20 8:30 ET Chicago Fed
4/21 10:00 ET Existing home sales
4/23 8:30 ET Weekly jobless claims
4/23 9:45 ET Markit flash PMIs
4/24 8:30 ET Durable Goods

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