Maguire - There Is Absolutely No Physical Gold For Sale on Smash-Down

`` "It's pure short selling in the paper market, and the focus of all of this all is to reach and target as many long-stops as possible which they have done this afternoon.  Then they can obviously cover these paper short sales... the bullion banks are really trading the Fed's ‘virtual market book,' but they are constrained. They are really constrained as to how far they can push these paper prices because the ... Eastern hemisphere central banks, who are competing with each other to buy (physical) bullion, these are the guys that are picking up this discount. This (smash in gold) results in an exponential ramp-up in their physical buying... I give it (at the most) two to three days before this has a massive rebound effect, and the short fuel above the market now is at absolutely unprecedented levels."