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CPM Group's Christian denounces whistleblower Maguire at Silver Summit

Section: Daily Dispatches

10a ICT Saturday, October 26, 2013

Dear Friend of GATA and Gold:

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:

And MineWeb here:

So Maguire's existence is no longer challenged. Maybe that's progress.

... Dispatch continues below ...


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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:

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:

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.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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