Andrew Maguire shares word that Standard Chartered bank is competing aggressively with JP Morgan for physical silver.

Watch this week’s Live from the Vault for:

  • 3 fresh bullish drivers for silver. 
  • The sweet spots for gold and silver ahead of next week’s options expiry.
  • Why the gold and silver price may have overshot insider’s comfort levels
  • A short, medium and long-term view 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 directly competing with JP Morgan for physical silver bullion.

In more news from India, Andrew Maguire reports that record gold buying is anticipated in the nation, as festival season gets underway.

Standard Chartered bank competing with JP Morgan

According to Andrew Maguire, Standard Chartered bank has begun competing with JP Morgan to buy up every refined wholesale 1000 oz silver bar available. The Indian bank appears unphased by the delivery and transportation costs, purchasing the silver bullion at a very large premium to spot.

Andrew Maguire believes the bank’s apparent lack of concern with the additional costs, indicate that Standard Chartered is moving aggressively into physical silver. In Andrew Maguire’s opinion, another major COMEX market maker joining JP Morgan in the hunt for physical silver is a clear indicator of heightened global physical silver demand.

As Andrew Maguire sees it, news that every single ounce of silver production is being aggressively competed for is an extremely bullish driver for silver.


This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD recovers toward 1.1350 on modest dollar weakness

EUR/USD edged higher in the early American session and managed to erase its daily losses. Ahead of Fed Chair Powell's testimony, the pair is closing in on 1.1350. Earlier in the session, the data from the US showed that employment in the private sector rose by 534,000 in April, surpassing the market expectation of 525,000. 


GBP/USD extends sideways grind around 1.3300 ahead of Powell's testimony

GBP/USD continues to move sideways around the 1.3300 handle on Wednesday after the data from the US failed to trigger a significant market reaction. The ADP Employment Change arrived at +534K in November, compared to the market expectation of 525,000. FOMC Chairman Powell will testify at 1500 GMT.


Gold clings to recovery gains near $1,790

Gold gained traction after dropping below $1,780 in the early European session and climbed toward $1,790. Ahead of FOMC Chairman, the 10-year US Treasury bond yield is up more than 1% on the day, limiting gold's upside for the time being.

Gold News

Altcoins recover as Bitcoin chops

BTC price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!