Eric King Interviews Whistleblower Andrew Maguire And Adrian Douglas Of GATA

Tyler Durden's picture

Recently, whistleblower Andrew Maguire gained substantial notoriety among LBMA circles after disclosing what could be an epic cabal of commodity price manipulation, and was subsequently involved in what could be classified as an attempted hit-and-run. In a first media appearance, Andrew is interviewed in this exclusive with Eric King of King World News, where he is joined by GATA director Adrian Douglas, who also made ripples at the recent CFTC hearing in which he used the words of former Goldman analyst Jeffrey Christian against him in proving that the gold market is nothing but one big Ponzi, in which a run to deliverables would result in 99% unsecured claims (a 1 in 100 dilution).

As Eric King summarizes:

Andrew Maguire, independent metals trader turned whistleblower is in
the center of a storm for exposing what could be the largest fraud in
history involving countries, banks and government leaders. Adrian
Douglas Board of Director from GATA, the man who Andrew reached out to
also joins in this interview where they discuss a fraud so
extraordinary and so unimaginable that it is the kind of thing that
hollywood thrillers are made of. In this interview they also discuss
the CFTC sponsored meeting on metals which was an unmitigated disaster
because it additionally exposed the fraud on a grander scale. Thanks to
GATA, Adrian and everyone else involved in helping to make this
exclusive King World News interview possible.

Click here for the full interview

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Cookie's picture

One very brief mention in the NY Post is the only coverageof this story in anything that can be considered mainstream media.

Quintus's picture

Listen to the interview.  GATA had arranged a series of interviews with numerous media outlets, but they were all cancelled within 24 hours of the revelation at the CFTC hearing.  The Mainstream media inexplicably ran away from a hot story.  Wonder why?

Cognitive Dissonance's picture

As you're pointing out, the mainstream media wants nothing to do with truth tellers or whistle blowers that have hard facts and information. The MSM is in so deep they must keep bailing the shit into the public meme 24/7 or their credibility among the brain dead and deep deniers would be destroyed.

Once you've hung with the gangsters and witnessed (and then covered up) the murders, corruption and theft, you have no choice but to continue. To admit your role would be suicide. You were in for a penny, now you're in for a pound, ton, enchilada, whatever you wish to call it. The expression "full Monty" comes to mind and is extremely apropos in this case.

carbonmutant's picture

The MSM is giving new meaning to the term "faux news"

Madcow's picture

MSM continues to cement their irrelevance -

Just look at the top stories in the NY Times today - 

- "Russia Mourns Attack Victims and Considers Response"

- "US Home Prices Inch Up, but Worries Remain"

- "Deportation Can Follow Low Level Drug Offenses"


All are legitimate news stores. But - compared to rampant political and financial sector corruption and the collapse of Western Civilization - seem like they should be on the back pages. 



Apocalypse Now's picture

A few perspectives:

  • "The Central Intelligence Agency owns everyone of any significance in the major media."----William Colby, former CIA director  (Newscasters, Producers, etc)
  • Think about the trillions in derivatives.  I would guess that the other side of the double sided accounting entry on the precious metals short positions wind up in that ridiculous figure - the 100's of trillions.  Think back to the prior post outlining the discussion of Greenspan and accounting discussion regarding gold in the basement and the recognition of imports/exports.  I would assume they don't want the fed audited because the accounting makes no sense - a giant unlimited pool of digits for managing the rise of gold and silver (the fed is tasked with stable prices).
  • The interviews were most likely cancelled because of the national security implications.  A run on gold and silver could crash the prices of other assets as owners of other assets rush to sell them and invest in precious metals.
  • It is a fraud, insiders profit from their own price direction including pump and dump, but it may be authorized by government.
  • The ex-Goldmanite tripped up and stated it is levered up 100 X and is a paper ledger transaction.
  • Which countries on the list of potential enemies have large pools of resources like gold and oil?  That could be a source of gold to cover the contracts, especially if these are the same countries trying to buy up gold - pressuring the dollar.
  • Nobody wants to have to lug pounds of gold around to stores or eat it, gold is real wealth, fiat is a transaction currency.  If government would operate with a balanced budget, maintain an increase in money supply consistent with population growth, and back their currency with reserves, there would be much less interest in precious metals.
ED's picture

Who needs to lug gold around to use it as money? As long as you have reserves you can believe in it can be spent digitally/paper etc

Cookie's picture

Thks for this, have not heard the interview yet, have baby sleeping nearby and have to mute sound. Explains a lot.

I have a lot of media contacts and have been pushing this story, nil response. Scary.



ZackAttack's picture

COMEX will do what it has to in order to protect itself.

To screw the Hunt brothers oh so long ago, it changed the rules to disallow taking physical delivery. There's no reason to believe it'd use half-measures this time.

svendthrift's picture

King World News is outstanding. I do hope they are able to get Markopolos involved. He has mainstream (ugh) credibility.


Thanks for the link to this Tyler. It needs to be widely disseminated.

oddsman's picture

I hope they get Markopolos, too. But considering the murder attempt -- if that's what it was -- I think the media SHOULD be interested even without him. It's not the bias that surprises me so much in this case, as I'm used to bias. It's the concerted nature of the Bill Murphy blackout...

nedwardkelly's picture

When I glanced at this headline I thought it said "..of GTA", which I thought was some weird connection to the fact the guy was hit by a car.

Too much time playing video games...

HEHEHE's picture

So if you can't get physical it's best to own miner's stocks rather than GLD etc?

Stuart's picture

The COMEX (Crimex) will now settle contracts with shares of GLD as of a few years ago.   Unbelievably corrupt, beyond words.  Can you imagine a customer long oil contracts being given shares of an oil ETF instead of actual oil which was sought..   Neither can I. 

goldfreak's picture

Why can't you get physical?

Dicite justitiam's picture

Please help me get perspective. I think as members of the ZH community we have a tendency toward myopia (maybe it's just me).

First, is the Maguire story truly newsworthy in the sense that it would sell copy to a wide audience? If it was front page WSJ would it move copy?

Second, is there a sound legal reason to prevent a WSJ level medium from presenting the story?

Third, if the story is newsworthy and there are no practical barriers to publication, should we conclude MSM is asleep at the wheel or constrained by fear of retribution?

These are questions aimed at a more absolute understanding of MSM function (not answers nor opinions). I am familiar with the Fox/Monsanto case, and that episode informs me. I seek greater understanding.

Anton LaVey's picture

1) Wide audience? Perhaps not, but any investor worth its salt keeps an eye on the commodities, including precious metals - and, in terms of commodities, this story is HUGE. It's blantant market manipulation and just plain scamming investors by manipulating prices.

2) Sound legal reason? No. But it needs to be fact-checked. You can bet anything that is not properly fact-checked will be sued to heck and back by JP Morgan's legal team.

3) I think no one - in the MSM - wants to fact-check this. "Asleep at the wheel" is a better description, as I don't subscribe to paranoid conspiracy theories. But

Please remember that, pretty much everywhere you look, investing in commodities is a tiny minority of investors. And investing in precious metals is a tiny minority of that tiny minority. Where I live, buying gold and silver is considered as an old man's game, not something for serious investors.

Essentially, I bet a lot of people at JP Morgan are, right now, holding their breaths and hoping it won't get out in the open like it should.

Lionhead's picture

"Please remember that, pretty much everywhere you look, investing in commodities is a tiny minority of investors. And investing in precious metals is a tiny minority of that tiny minority. Where I live, buying gold and silver is considered as an old man's game, not something for serious investors."

I strongly disagree with you. Maquire in the interview & others at CFTC hearing disclosed the huge multi trillion dollar trading every year with 100:1 leverage. This myth that you describe is disseminated to investors as a cover to discourage their participation in the PM markets as it allows the members only manipulation to continue.

Remember why gold is manipulated: 1) to maintain confidence in paper fiat currencies; 2) to control interest rates by maintaining the faith in the fiat currency.  This is so obvious, yet no one sees it, hence perpetuating the myth.


if's picture

I fail to see why trading gold with leverage constitutes manipulation.  In fact none of Maguire's allegations seem to be anything more than the usual antics traders engage in.

Gold is essentially worthless in a modern economy.  Without speculation its value is limited to industrial supply and demand.  Speculators determine a premium based on leasing and speculation but the price is still determined in terms of a fiat currency.  And if the sovereign behind our fiat currency fails demand for an assault rifle and ammunition will far exceed that of gold.

So if anything the price of gold may actually be greatly inflated as a result of speculation.  

Ironically, as reported by the FT (Dispute over curbs on metal futures) the Copper and Brass Fabricators were complaining to the CFTC that speculators were driving up their prices.



Dicite justitiam's picture

I fail to see why trading gold with leverage constitutes manipulation.

It does not.  The manipulation was the market maker's 'management' of the price.

In fact none of Maguire's allegations seem to be anything more than the usual antics traders engage in.


Gold is essentially worthless in a modern economy.  Without speculation its value is limited to industrial supply and demand.

The same is true of money.  Did you have a point?

So if anything the price of gold may actually be greatly inflated as a result of speculation. 

Except that without this particular speculation in these markets, by the market makers in short positions, the price would be higher.  Of course your point about transaction frequency imbuing value stands.

Maybe I'm just a sucker, but to me this seems like psyops in the battle of fiat supremacy.  Gold is the enemy of the fiat, and there is untold power behind the fiat.  But this story seems like something that could decimate (is there a word for a 100:1 ruin?  centimate?) the fiat.  All that needs to happen is a mass psychological movement that casts doubt on the ability of the FRN to control the future, and the fiat is finished.

if's picture

A fiat currency has no industrial demand although I guess you could always burn it as fuel.

Admittedly, 100:1 leverage could lead to a short squeeze but I suspect its unlikely because at the end of the day you can't practically buy groceries with a gold brick.  Which implies very few speculators are in a position to take physical delivery of tons of gold.


Bam_Man's picture

"Gold is essentially worthless in a modern economy"

My local jeweler does not agree. I doubt yours does either. 

if's picture

I think that qualifies as industrial albeit decorative use.

dumpster's picture

please the hyperbole,, a gold brick,,, how about a oz coin shopped on the way to the store ...for the fiat now worth ten cents ,, the gold worth 1000, or an oz of silver ,, worth just a few years ago 4 bucks ,, now 17,00  and your buck worth-less ,, than a few years ago.

some years ago the two bucks bought a gallon of gas ,, now almost 2/3 of a gal  an oz of silver a few years a go would buy two gallons of gas,, now 6..

sounds to me like the silver has trumped your gas bag,,

ditto gold .. 


the speculatorws who take tons of gold  are trying to preserve the buying power of a life time of work

i think the young uns are flat broke ,, may be a 20 grand or two ,, .but that is pocket change for the coming years ,

Al Gorerhythm's picture

A gold brick may not buy groceries. WTF! Not this disingenuous shit again? You're right!! No, it won't. That much we know already. It will be too expensive for mere fruit and veg. It will however, buy your house, car, wife and kids, a hotel, and your subservience, if that is the holder's bent. All it take is a bit of extrapolation. Additionally, how is a short squeeze eliminated because you can't buy groceries with gold? Once again ... WTF!?

Cognitive Dissonance's picture


Before you get upset with a poster, click on the ID and look to see how long the person has been registered with ZH and then look at some of the person's past posts. This person has been with ZH less than 5 days.

Nuff said. It's a disinformation op and of course he/she will deny it. I've gotten to the point I won't even bother to respond to someone unless they have been here for at least a month and have a hundred posts I can review. It's about veracity. This person has none.

Don't take the bait.

Johnny Dangereaux's picture

Greatly inflated compared to Silver....that's about it.......

Dicite justitiam's picture

I apologize for calling the ZH community myopic if that's what caused the junk flags, but I don't think anyone would disagree that there is a certain selection bias inherent in the communal information flow.  My weakness is that I'm a skeptic's skeptic, always wallowing in cognitive dissonance, and must attack the position I take (that this is a story could shake the foundation of our commercial society) in order to fortify it.  I want to fortify my position as to draw a more wide interest among peers in knowing the truth.  If you don't like it, kiss my ass. =]

Gold...Bitches's picture

First, is the Maguire story truly newsworthy in the sense that it would sell copy to a wide audience?

This has absolutely nothing to do whatsoever with a determination of whether its newsworthy.  Whether it will make enough papers move to make a profit on the cost of the days business is another discussion.

Of course, Ive never been in the newsbusiness, so maybe that is how they determine newsworthyness (# copies moved).  However, if it is, that just about says all you need to know.  If they put Britney Spears on it and a title of 'no panties' and it sells 3,000,000 copies it still aint news.

Al Gorerhythm's picture

Myopia, it's not just you DJ. The master baiter on this site, as well as 99% of the world's population, steeped in Keynesian dogma and government fiat, have yet to learn the difference between currency and money.

Aristotle's gave logical reasons for the establishment of a redeemable currency. The story remains the same to this date.

Aristotle's contention was: What the currency was redeemable for was crucial. What the currency was, was irrelevant. It could be salt, shells, sticks, paper or cow patties for that matter. (Save them if you like.) As long as the currency (credit note) had RESERVES of redeemable money, the system was honest and would work. Without the RESERVES the credit note holds no value. It is irredeemable. You won't get anything from the vault when you trade it in. In this case you will get 100 x 0. They have encumbered the reserves of their holdings (someone's savings) to 100 times the actual amount stored for redemption. Money x1. Currency x 100. May as well try buying fruit and veg with a cow pat.

By no small coincidence, you have only had the currency side of finance drilled into you. You weren't allowed to be given and haven't had the lesson in "money" delivered .... yet. Currency is for transactions, money is for savings of excess earnings.

Are you saving currency or money? Protecting the purchasing power of your saved currency requires gambling. (Good luck with that.) Protecting the purchasing power of you money merely requires a vault or cookie jar. (No luck needed at all unless it is held at the LMBA, GLD etc.)

Newsworthy enough for you yet?

PRECIOUS. Look it up.

Segestan's picture

These are brave people. But like the old saying goes' No good deed ever goes without being properly punished'. We will see.

Stuart's picture

Think of Markopolous and the SEC.  How long did he try to convince them of Bernie Madoff..and what has since become of it.   Besides Madoff, anyone else convicted?   Regulators value the preservation of the system above all other concerns, no matter how broken it is.   This is no different.   They just want this story to go away and would be perfectly satisfied if it did with no systemic cleanup ever undertaken.   Status quo until people start to be found face down in ditches.

xPat's picture

Eric King is one of the most professional interviewers in the financial community, and is a real asset to the profession.

That said, he needs to fire his idiot webmaster immediately. As per normal, I can't get the interview and am lost in a world of 500 Server errors. The same retard webmaster is responsible for the decision to not publish Eric's interviews on iTunes because he couldn't figure it out.

World class interviewer, low class webmaster. ERIC KING: Are you listening?


RagnarDanneskjold's picture

He lost credibility with me when he talked about silver falling in 2008. The decline was in line with other commodities...and almost every other financial asset. 


wyosteven's picture

** Edited for Content **

rich_maverick's picture

What people fail to realize is that as a consequence of this news coming out, many Asian investors (who don't give a crap if they take down the UK and US economy), are going to try to squeeze the "mother of all shorts" in the gold and silver markets by demanding physical delivery.  All they need is confirmation that this leverage is real.  If the delivery size is sufficient enough, even with a delivery of SLV or GLD, they can press and demand delivery of their LBMA gold.  Can you imagine a Chinese billionaire demanding $10 billion in silver or gold from LMBA for delivery?  The metal simply does not exist!

Madoff was chump change compared to this fraud!  Time to get your 24k gold coins when you still can!


Bob's picture

Good point.  That would quickly put au shorts between a rock and not a hard place, but a cliff.  Not to mention the snowballing chaos in ETF's, etc. 

Guess we should be finding out soon.  The strategy seems compelling.

tmosley's picture

There is a severe disincentive against that, as when they pay, then demand delivery, the bank will default, and they will never see their money again.  It is better for them to simply buy bullion for immediate delivery, and let the bullion warehouses struggle with getting delivery from the futures markets.

The only way that would work is if the "billionaire" had already purchased 9 billion dollars worth from the physical market and taken delivery, then he could spend another billion to break the COMEX, and send the price of his investment soaring.  In reality, such a move would be coordinated between all the big boys in China, and likely include the central bank.  I'd bet dollars to dimes that if anyone is planning such a move, it will be the Chinese central bank that does it.  They are the only ones that have the clout to demand delivery of physical, and can't be easily stopped.

Quintus's picture

A variation of 'Operation Grand Slam' then. 



Lionhead's picture

Yes, when the squeeze finally comes, it will start in the Asian markets overnite while we are asleep only to awaken to the price spike. Now, what will be interesting is the Friday jobs report that will be released when the markets are closed. Will the LBMA club work it's magic when the play book is now exposed to everyone that has an interest in PM's? Will their suppression become even more desperate & direct now if investors are forming pools to begin the squeeze?

USD paperbugs may be caught out blindsided someday as the scam slowly gains exposure when investors who have an agenda to break it & profit exponentially, including Maquire. Who better to direct the pool operators to implement their plan than an ex member of the club. If I were a gold operator in Dubai, Mr. Maguire would immediately have a job offer from me. Hence the physical attack last weekend against him & his family.

carbonmutant's picture

 The next big story will be, "how many of the repositories are blocking independent audits?"

Johnny Dangereaux's picture

They really don't have to "block" anything....

Go to 

and read his take on the GLD/SLV prospectus' says right in there they AREN"T obligated to audit...the subs and the subs of subs....ponzi ponzi ponzi!!

Please China-- take frikikin derivery!!

carbonmutant's picture

Actually I'm expecting public pressure to audit LBMA and the IMF since they're paying a 25% premium to avoid delivery.

PS. You've got an extra space in your link

Johnny Dangereaux's picture

Sorry 'bout the link...check that guy out...he's a lawyer and very knowledgable--in my opinion.

You have a link to the 25% premium story?


carbonmutant's picture

"Reports arrived privately cite the LBMA officials offering 25% more than contract value if high volume gold futures contracts are settled in cash. Two different central banks are scrambling to locate gold for the contracts, but much of it is substandard bullion with under 90% purity."