28 October 2013

CPM Group/Christian's Silver Summit presentation on Andrew Maguire

While Kitco broke the news of Jeff Christian's Silver Summit presentation, where "at the end of his silver market presentation, [gave] what he considers Maguire’s true employment history", they only reported some of the details of what was presented.

Whether you are pro or con Andrew, it does help to know eactly what Christian claimed. So I did something unusual in the blogosphere, and just contacted the source for a comment. Below is the text of Jeff's last slide, FYI:

Who Is Andrew Maguire?

Andrew Thomas Maguire, formerly Andrew Gerhard Maguire
Born 4 June 1951 in Germany British citizen

1980s: Sundry jobs in England
  Car salesman at Henleys, a car dealership, London
  Car leasing agent at H.R. Owen car dealership, Old Brompton Road, London
  ICS, start-up insurance courier company

1989: Immigrated to Canada and started a vehicle leasing company, Custom Lease Capital Inc. Operated for around five or six years, it appears.

Late 1990s: Day traded his own account.

2004: Started another vehicle leasing company: Auto Direct Leasing and Rentals.

2005: Left his wife and family and moved back to England. Apparently unemployed for two years or so.

Circa: 2008. Had a job in a financial institution in London which reportedly collapsed in the financial crisis. Reportedly was at Lehman, which he denies. Not clear what position he held.

Andrew says the above is "is totally inaccurate" in an email to Turd Ferguson:

"An article contrived by CPM Group's Jeffery Christian based upon spuriously sourced information and published this evening on Kitco News is attempting to question my 35+ year banking history and is totally inaccurate and I will be responding to this shortly. As most know, I have brought Jeffery Christian’s integrity into question on numerous occasions and this is no more than an attempt to discredit my work in exposing the unallocated bullion banking system of which he is a primary architect."

Andrew then followed up with the following comment in a King World News interview:

"Obviously I am going to be dealing with this in more detail next week, but there was no mention of my over 35 years of banking history -- as I said, I’ll put this farce to bed next week. So what if I have other business interests aside from trading? No company I’ve ever been associated with has ever gone bankrupt."

I have plenty of thoughts on this story but as it is still developing, anything I write will be incomplete without Andrew's response, so I'll hold off until then. In any case, no matter how it plays out, there is an important lesson in this story for goldbugs regarding "the cartel" that I will also cover.


  1. "my over 35 years of banking history"

    And then this supposedly from Coghlan Capital who Andrew Maguire provides his trading service in conjunction with:

    "Andrew is precisely as he presents himself, a long time veteran of the markets with both institutional and independent experience.

    His skills and knowledge have never come into question and despite the fact he worked at these companies 30-40 years ago what is far more relevant is his more recent experience."

    So 30-40 years ago he finished 35 years in the banking industry, just how old is this guy?? So many inconsistencies. Here's hoping he does clear things up instead of hoping it will all blow over...

  2. Well, his knowledge has certainly come into question in relation to his attempt to explain the workings of GLD.

    I look forward to the next instalment.

  3. This is fantastic information and information that most certainly is just scratching the surface.

    35 years of banking history? More like 35 years of day trading in his pyjamas.

  4. Those is the know stand with Andrew, whereas the hypothecated gold crowd let Jeff C. carry their water for them.

  5. Well, now there is this : http://www.tfmetalsreport.com/blog/5198/formal-response-andrew-maguire

    Of course not a single participant there read it critically.


  6. Here is the entire text of Andy’s response:
    It mystifies me as to why my 35+ years of trading and banking history is of such importance when I am recognised by my peers as an international and respected trade and investment advisor providing over 20 years of service to institutions and accredited investors. I am recognised as a Metal Trading specialist and an accredited CFTC ‘whistle-blower’ and I want to make the following information categorically clear. I have never said I worked for Goldman Sachs. This no doubt arose because J Aron was taken over by Goldman Sachs and I suspect that is how people have wrongly attributed to me that I worked at GS. With regard to my tenure at J Aron, this was a very short term junior position taken 41 years ago coinciding with my first emigration to Canada and I do not attribute any of my trading experience or skill set to them.
    My full-time institutional banking career started in Canada in 1972, at Associates Capital International, a division of Gulf and Western, prior to its acquisition by Citigroup, where I fulfilled numerous senior management roles in both Canada and later in the UK, specialising in derivatives trading. I left ACI in 1982 to become an independent trader, specialising in the precious metals markets whilst also pursuing several other business opportunities.
    False information was recently given that one of my companies, Custom Lease Capital, had failed and inferred that it was my sole business interest, this is totally untrue. I personally received an Entrepreneur Award in 1992 for excellence for this company and was sold in good legal standing.
    Alongside my wealth of experience as an independent trader, I have had directorships in several highly successful companies, including VSE listed Guilderand Mining in 1992.
    Recently posted misinformation relating to a 1998 trading account having a ‘dismal performance’, actually relates to an ex-wife’s retail equity trading account which indeed underperformed and was closed by me.
    It is not a prerequisite that if one has not worked at GS or JPM, one is not an accredited trader. Many of the most successful traders do not work or never have worked for these organisations. However, I do have very good contacts at both of these banks.
    Not being given the opportunity to rebut misinformed articles before they are posted further creates unnecessary confusion. Despite claims to the contrary, I have never directly been given the opportunity to do so.
    In Summary, attempts to discredit my work by focussing on my credentials 40 years ago, using unreliable sources, confirms that the recent information that I am uncovering is exposing the very real risk of a potential LBMA default. Publicizing this information obviously strikes fear in those who try to discredit me or else why would it matter? This merely tells me that I am succeeding and am very encouraged to continue the pursuit of the truth exposing a very opaque and protected cabal of banks who are increasingly being caught manipulating global markets.
    In providing this response, it is not my intention to perpetuate a distracting and time wasteful exercise and will, therefore, not make any further comments relating to this matter as not only is it a waste of everybody’s time but it attempts to detract from the key issues of my work.
    Andrew Maguire

  7. A number of institutions found it useful to slag his name, to create doubt and hope to diminish his reputation. Having failed to finish him off in that 'car crash attack' not long after he gave evidence' Such is what happens to whistle-blowers, especially in the highly corrupted area of paper bullion trading.

  8. If anyone has got any doubts as to his credibility and depth of knowledge of the metals markets go subscribe to his service, and check out his past performance PnL which is impossible to falsify as trades are posted in real time.

  9. here: https://www.coghlancapital.com/metalstrades/past_performance