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Andrew Maguire shares the word that Standard Chartered Bank competes aggressively with JP Morgan for physical money.
Watch this week’s Live from the Vault to:
- 3 new bullish engines for the money.
- The strong points for gold and silver ahead of options expiration next week.
- Why the price of gold and silver may have exceeded the comfort level of insiders
- A short, medium and long term vision of gold and silver.
In this week’s exploration of the gold and silver markets, Andrew Maguire reveals that Standard Chartered, India’s largest bank, is in direct competition with JP Morgan for physical silver bullion.
In other news from India, Andrew Maguire reports that a record gold purchase is expected in the country, as the festival season kicks off.
Standard Chartered Bank competitor of JP Morgan
According to Andrew Maguire, Standard Chartered Bank has started competing with JP Morgan to buy every 1000-ounce wholesale refined silver bar available. The Indian bank does not appear to be staggered by delivery and transportation costs, buying the silver bars at a very high premium to be spotted.
Andrew Maguire believes the bank’s apparent lack of concern over additional costs indicates Standard Chartered is aggressively moving towards physical money. In Andrew Maguire’s view, another major COMEX market maker joining JP Morgan in the hunt for physical silver is a clear indicator of increased global demand for physical silver.
According to Andrew Maguire, the news that every ounce of silver production is the subject of aggressive competition is an extremely bullish driver for silver.
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