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Only JPM and Citi are long-term short in gold, trading for Fed, Maguire tells LFTV
5:40p ET Friday, July 4, 2025
Dear Friend of GATA and Gold:
JPMorganChase and Citibank and the only two bullion banks with long-term short exposure in the gold market and are trading for the Federal Reserve, London metals trader Andrew Maguire tells the TF Metals Report's Craig Hemke on this week's edition of Kinesis Money's "Live from the Vault" program.
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They discuss how the physical market in the monetary metals is starting to displace the derivatives market, whose prices remain below the prices for delivery of real metal.
Hemke says the derivatives system of price suppression is collapsing just as its predecessor, the London Gold Pool, did in 1968.
The program is an hour and five minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=6kWttRzT1XY
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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