A few years ago CPM Group
Managing Director Jeff Christian and others in his crowd were claiming that
London metals trader and silver market rigging whistleblower Andrew Maguire
didn't even exist.
Now, according to reports
from the Silver Summit in Spokane, Washington, Christian is trying to
discredit Maguire on the basis of an interview Christian had with Maguire's
former wife purportedly disclosing that Maguire has not always been in the
monetary metals trading business.
Kitco News reports about it here:
http://www.kitco.com/news/2013-10-24/KitcoNews20131024DA-CPM-Group-Alleg...
And MineWeb
here:
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=210106&s...
So Maguire's existence is
no longer challenged. Maybe that's progress.
At issue here of course is the credibility of both Maguire and Christian
himself as observers of the monetary metals markets. GATA has cited both as
authority, Christian particularly for illuminating -- at the March 25, 2010,
hearing of the U.S. Commodity Futures Trading Commission and in a written
report 10 years earlier -- the extreme leverage in the so-called London
"physical" market for the monetary metals:
http://www.gata.org/node/8478
http://www.gata.org/node/8627
Maguire's complaint of
manipulation of the monetary metals markets was raised by GATA at that CFTC
hearing, he spoke at GATA's conference in London in August 2011, and GATA has
publicized interviews with him, particularly those done by King World News
and Max Keiser's "Keiser Report" program on the Russia Today
network.
Is Maguire less credible
because he may not have spent his entire working life in the monetary metals
market?
Is Christian more
credible because he claims most central banks as clients -- or is he simply
more compromised in commenting on those markets?
Maguire says he soon will
reply formally to Christian's attack. But Maguire already has offered some
defense in an interview with King World News, in which Sprott
Asset Management CEO Eric Sprott participates and
endorses Maguire's market analysis. Maguire tells KWN that Christian is
engaged in "an attempt to discredit my work exposing the unallocated
bullion banking system in which he has a vested interest and which he is
desperately trying to defend."
An excerpt from the
Maguire-Sprott interview is posted at the King
World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/10/25_M...
While advocates of free
and transparent markets in the monetary metals may be grateful for
Christian's exposure of his own side in the gold and silver war, some may get
a bit too agitated about him, as he is but a small cog in the machinery of
central banking and bullion banking who is just trying to make up for the
damage done to his side by a couple of moments of candor. The war has gotten far
too big for Christian to make much difference in it now. The central banks
and bullion banks can't show themselves without giving themselves away.
Indeed, they already have given themselves away this year with their
increasingly desperate paper bombings of the markets.
Christian is all they
have left, and all he has left is to search out ex-wives.
