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In this week’s episode of Live from the Vault, Andrew Maguire explores the marketwide significance of China’s unprecedented move to open up gold imports.
The precious metals expert believes the lifting of restrictions is a direct retaliation to the London Bullion Market Association’s (LBMA) aggressive demands in late November. In a letter to all the major global hubs and refineries globally, the LBMA threatened to cut off accreditation within 30 days, if the LBMA's terms were not agreed to, in writing.
This week, Andrew Maguire predicts the seismic impact of China’s powerplay, on the LBMA, COMEX price containment and the likelihood of a gold price revaluation.
Taking in the recent action, the long-time wholesaler explains the market forces behind the recent gold and silver rally and sheds light on the extremely bullish open interest structure of the latest COT report.
Finally, with a rallying cry to the precious metals community, Andrew Maguire calls upon everyone to join the global movement and buy physical silver on May 1st - cranking up the pressure on the already-strained paper markets.