ETFs & Funds
View as an RSS Feed
Dirty Deeds Done Dirt Cheap: Who Is The Real Fraud - Andrew Maguire Or Jeffrey Christian?
Here's the punch line: Maguire is trying to 'put this to bed' by giving his history, admitting that he was only a low level junior employee at J. Aron briefly in Canada, at a time when J. Aron did not have a Canadian office. Not even a good attempt to lie. He could have checked his facts. At Associated Capital in Nova Scotia his first executive level position was... as a debt collector. That's hardly a sterling explanation of his trading history, er, now its his banking experience.
Believe it or not, I am just interested in the truth. I am tired of liars polluting the precious metals markets. GATA came after me after I gave a speech in 2008 saying the conspiracy theories were distractions that cost investors money, but leading them to make bad decisions.... like staying long silver in May 2011 at $49. Then they continue to purposefully misrepresent my explanation that there is around 100 times more paper metals traded than annual new supply, saying I said that represented individual banks' leverage. Perhaps Maguire, who repeated this lie again today, really is so ignorant of the gold market as to not understand that. And, that number overlooks the fact that each physical ounce of gold refined from mine output or scrap turns over, changes hands, around nine times between mine and ultimate user or investor. SO, if the gold multiplier is nine, then the ratio of paper gold trades to physical trades falls to 11:1, instead of 100:1. But such 'advanced math' is beyond their capacity, or desire, to understand the markets they have appointed themselves as safeguards and experts in.
The key is what I said at the start: Maguire's defense of his experience in metals trading is to claim that he worked briefly for J. Aron in Canada at a time when Aron did not have a Canadian office. He is not even a good liar.
Enjoy. I've got work in the real world to do now.
Oct 29, 2013. 09:46 PM
Link to Comment