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Regulators are kicking Scotiabank out of gold, London trader Maguire says
12:51p ET Thursday, June 18, 2020
Dear Friend of GATA and Gold:
In a discussion with your secretary/treasurer this week, London metals trader and Kinesis Money founder Andrew Maguire says longtime metals bank Scotiabank is not only closing its metals trading desk but getting out of the vaulting business and all involvement with gold. Maguire says Scotiabank's withdrawal is a "forced regulatory decision," puts in doubt the resolution of the bank's gold positions, creates risks for the bank's counterparties, and raises the prospect of lawsuits.
The discussion also covers GATA's documentation of gold market manipulation at the behest of Western central banks, GATA's disclosure this month that gold market intervention by the Bank for International Settlements has reached its highest level in three years, the crumbling of the fractional-reserve gold banking system, and the prospect of an international currency revaluation that would peg the price of gold much higher.
The discussion is 37 minutes long and can be viewed at the Kinesis Money channel at You Tube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Toast to a free gold market
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