Read the original article for a more detailed overview. The following post just scrapes the surface…
In this week’s exploration of the gold and silver markets, Andrew Maguire explains how paper market footprints before options expiry, indicate an imminent raid on deliverable physical COMEX gold and silver.
Familiar paper market conditions
According to Andrew Maguire, the paper markets are evidencing footprints very similar to those observed leading up to the COMEX’s unravelling on March 23rd.
Andrew Maguire reports similar tonnage size spot index buying across both the Gold and Silver Futures markets. The precious metals expert reports buying coming in from a $400 and $10 higher step in GC and SI, respectively. Buying that echoes the trends witnessed in March, before massive, undeliverable physical demand broke the EFP conduit.
Footprints of physical delivery demand
Andrew Maguire reports that two very large first-tier trading banks are targeting COMEX bars for delivery.
Additionally, Andrew Maguire evidences an additional 100 tonnes of positions held by COMEX paper longs in the October contract. With specs who would normally close their positions into a gamed price rinse, choosing instead to stand for delivery.
With no tonnage size for physical gold available in the global wholesale market, Andrew Maguire believes wholesalers are calling the COMEX on their claim that they have bullion to deliver.
Andrew Maguire’s parting thought
“Despite what you see in the short term charts, this is a very, very bullish setup.”
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Next Episode: Andrew Maguire carries out another detailed round-up of the gold and silver markets.
The opinions expressed in this publication are those of Andrew Maguire and do not purport to reflect the official policy or position of Kinesis.
This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.