On July 7, London based precious metals analyst Andrew Maguire provided an update to his forecast from back in June of a large entity coming into the physical gold market around the time frame of July 5. And while this action was delayed from its original expected date, Maguire in an interview today with King World News stated that he is 100% sure that the order will go through very soon.
But perhaps what is most interesting about this sovereign bulk purchase of an estimated 250 tons of gold is that Maguire's sources tell him the metal will be used to back new sovereign cryptocurrencies that are being planned for the near future.
Eric King: Andrew, KWN has gotten so many emails asking us can you please get Andrew Maguire back on the air... he's had this prediction, the July 5th time frame was the exact date this was supposed to begin the upside fireworks. Andrew what was that catalyst you were talking about?
Andrew Maguire: Well Eric, I had fully anticipated some 250 tons of sovereign sized orders to hit on that date. The orders are still coming in very soon, and we all know there is no 250 tons of available gold to be delivered into the market, at market, at these current prices.
This is going to cause the inflection point that I discussed with you on the 9th of June, and I want everybody to be aware that I am 100% certain that this is coming.
This actually also relates to gold and silver becoming Blockchain currencies, and were talking about sovereign sized demand being required to fill these orders.
Now we're talking about billions of dollars worth of demand coming in Eric, and we all know that there is no such physical supply available at these levels. - King World News
We know that earlier this week an announcement was made from China regarding thedevelopment of a digital RMB, and it could be very likely that they, along with a possible conglomerate of other countries (Qatar, Saudi Arabia, UAE?) are also involved since they are also in the process of creating gold backed cryptocurrencies now that Sharia Law Finance has approved the personal ownership of gold products.
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This is interesting news.. Lets see if anything actually happens Over the last 5 years I've heard on a weekly basis how gold ad silver is going to rocket and every time so far this has failed to materialise.
I guess its a case of " lets wait and see"
Thanks for the update
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He's not the first to make this type of prediction and be proven wrong, so tread with caution. The price of gold (and conversely the primacy of the US dollar) has been tightly managed for years. Any threats to this order are considered acts of war (eg. Iraq, Libya). Either a non-US player is feeling lucky, or the Western banks are set to reverse their positions and let the market rocket to act as a counterbalance to a failing leveraged asset market. The recent paper short assault may suggest the latter. Barring these scenarios, we're in for another non-event. Remains to be seen. If you're a trader, be careful. If you're a stacker, sit tight. Prices are low, so not a bad time to accumulate regardless.
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