Tuesday, March 10, 2015

Did HSBC Just Close All 7 of Its Gold Vaults?

Only a few weeks ago, HSBC announced that it was imposing restrictions on large cash withdrawals. The BBC reported how some HSBC customers were not allowed to withdrawal large amounts of cash, fueling fears of a bank run, or worse.

Zero Hedge reported: “HSBC admitted it has not informed customers of the change in policy, which was implemented in November for their own good: “We ask our customers about the purpose of large cash withdrawals when they are unusual… the reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime.” As one customer responded: “you shouldn’t have to explain to your bank why you want that money. It’s not theirs, it’s yours.”

Now there’s more trouble. Now we’re told that HSBC is “closing” its gold vaults.

Question: Was there anything in them to begin with?


Who Smashed Gold Today And Why As HSBC Shocks Clients By Closing All London Gold Vaults

King World News

Today London metals trader Andrew Maguire spoke with King World News about who smashed the price of gold today and why as HSBC just shocked clients by announcing the closure of all gold vaults in London!
Maguire also discussed what is happening in the physical gold market as well as what the bullion banks are up to.

Today’s Gold Smash Is Western Government Intervention

Andrew Maguire:  “Eric, here we are again after another heavily gamed Non-Farm Payrolls (NFP) report week that evidences just how ‘managed’ the paper markets are. Given the strong Indian and Chinese demand above $1,200 and the currency crosses related to gold that were net-positive all week, there was no reason to paint gold down ahead of today’s NFP. Given that the physical market is strong, the Comex-centric selling has all the hallmarks of ‘official’ selling.

Massive Physical Demand

What I am saying is that there was massive physical buying above $1,200.  So there was no reason for today’s takedown other than to flush the paper markets of some weak-handed longs, and for the commercials to cover shorts and add to their long positions.

Bank Of England And Fed Fingerprints

Real Comex open interest has declined by some 250,000 contracts in the last 4 years, leaving what remains in the hands of a few directional high-frequency trading algorithms controlled by a few CME insiders, who also happen to be the same 6 market-making bullion banks that have gold accounts with the Bank of England. Considering the FED had the NFP data days ahead of the release, it is highly unlikely these agent banks were not privy to the data as well.

What this synthetic gaming has done is drive out almost all ‘real’ open interest into an increasingly liquid physical market outside the tendrils of a handful of collusive banks. This migration has now reached an inflection point and reverse leverage is about to run these banks over.

Physical Demand Exceeds Mine Supply – Takedown Is Naked Short Selling

The downside manipulations have become so embarrassingly obvious to anyone connected to the strong physical markets. There is no way of hiding that these sales are conducted in the face of a market where physical demand continues to exceed mine supply, meaning these sales can only be effected by way of high leveraged naked short selling.

Bullion Banks’ 100/1 Leveraged Paper Positions

These too-big-to-fail banks are once again playing a high-risk game with taxpayer money. They are so obviously mismatched to their underlying physical holdings that large institutional entities are unwinding their fractional gold and silver risks…

Continue this story at King World News

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