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Andrew Maguire: Christian attacked me to defend the paper gold system
By Andrew Maguire
Tuesday, October 29, 2013
Last week an attack was made on me based on misinformation. The most important question to ask about it is: Why?
This is easy to answer. I am exposing the imminent default of the London Bullion Market Association's unallocated bullion banking system. Ever since Jeffrey Christian of CPM Group made the mistake of admitting that 100-1 leverage was routinely employed by the LBMA bullion banks --
-- it would appear that his credibility with his industry peers was brought into question by his exposing the default vulnerability of the LMBA's unallocated bullion banking system.
My work publicizing this has put Christian on the defensive and has caused him to disparage my successful trading career.
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It mystifies me as to why my 35 years of trading and banking history are of such importance when I am recognized by my peers as an international and respected trade and investment adviser providing more than 20 years of service to institutions and accredited investors.
I am recognized as a metal trading specialist and a U.S. Commodity Futures Trading Commission "whistleblower" and I want to make the following information clear.
I have never said I worked for Goldman Sachs. The commodity trading firm J. Aron, for which I briefly worked, was taken over by Goldman Sachs and I suspect that this is how people have wrongly concluded that I worked at Goldman Sachs. With regard to my tenure at J. Aron, this was a very short-term junior position 41 years ago, coinciding with my first emigration to Canada, and I do not attribute any of my trading experience or skill set to the firm.
My full-time institutional banking career started in Canada in 1972 at Associates Capital International, a division of Gulf and Western, prior to its acquisition by Citigroup, where I fulfilled numerous senior management roles in both Canada and later in the UK, specializing in derivatives trading. I left ACI in 1982 to become an independent trader specializing in the precious metals markets while pursuing several other business opportunities.
False information was recently distributed that one of my companies, Custom Lease Capital, had failed and had been my sole business interest. I received an entrepreneur award in 1992 for excellence with this company and it was sold in good legal standing:
http://ethnobc.org/uploads/Pass_Winners.pdf
Alongside my experience as an independent trader, I have had directorships in several highly successful companies, including VSE-listed Guilderand Mining in 1992:
www.northernminer.com/news/people--guilderand-mining/1000131933
Recent misinformation relating to a 1998 trading account's supposedly having "dismal performance" actually relates to a former wife's retail equity trading account, which indeed underperformed and was closed by me. It is not a prerequisite to have worked at Goldman Sachs of JPMorganChase to be an accredited trader. Many successful traders have worked for these companies. But I do have very good contacts at both of these banks.
Not being given the opportunity to rebut misinformation before it is published creates unnecessary confusion. Despite claims to the contrary, I was never directly given the opportunity to rebut the recent charges before they were published.
In summary, attempts to discredit my work by focusing on my credentials 40 years ago, using unreliable sources, confirm that I am exposing the risk of a potential LBMA default. This information obviously strikes fear in those who try to discredit me, or else why would I matter?
These attacks tell me I am succeeding and I am very encouraged to continue the pursuit of the truth exposing a very opaque and protected cabal of banks that increasingly are being caught manipulating world markets.
In providing this response, it is not my intention to perpetuate a distracting exercise and so I do not plan to make further comments on this matter.
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