On the heels of some wild trading action this week, today London metals trader Andrew Maguire shocked King World News when he told KWN that in a private closed-door meeting with producers, ScotiaMocatta’s Simon Weeks, who is Chairman of the LBMA, tried to frighten producers into forward selling by telling them gold was going to plunge ‘another $400 in 2014.’ Below is what Maguire had to say in the fascinating interview.
Magurie: “This tapering announcement this week will only accelerate China’s move to internationalize their currency with a gold-backed yuan — something they are aggressively doing now (by purchasing gold)….
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