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**gooseCile** · 07-14-2012, 07:02 PM

Christian said that the LBMA -- the same market Maguire trades in -- has leverage of about 100-1 on the gold bars settled on the exchange. In layman's terms, that means if 100 clients requested their bullion bars be delivered, the exchange could only give one client the precious metal.

The remaining requests would have to be settled for cash equivalent. "That is tantamount to a default on the trade," says Bill Murphy, chairman of the Gold Antitrust Action committee.

Maguire goes further and calls it a fraud: "If you sell something you do not own, then that is fraud." http://www.nypost.com/p/news/busines...MK7mb1uJeVHb0O from 2010

07-14-2012, 07:02 PM	#18
gooseCile Join Date Oct 2005 Posts 563 Senior Member	Christian said that the LBMA -- the same market Maguire trades in -- has leverage of about 100-1 on the gold bars settled on the exchange. In layman's terms, that means if 100 clients requested their bullion bars be delivered, the exchange could only give one client the precious metal. The remaining requests would have to be settled for cash equivalent. "That is tantamount to a default on the trade," says Bill Murphy, chairman of the Gold Antitrust Action committee. Maguire goes further and calls it a fraud: "If you sell something you do not own, then that is fraud." http://www.nypost.com/p/news/busines...MK7mb1uJeVHb0O from 2010
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