Kaye:  “I’m focused on the footprints which strongly suggest that the gold cartel isn’t done yet.  I continue to see the cartel making strategic moves at the PM fix in London.  The PM fix is a critical time when countries like China show up to buy sizable amounts of gold....

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“These significant buy orders are for 50 tons of gold or sometimes even more.  I’m told a very large sovereign buyer was in the market in the low $1,300s.  At that time, the gold market remained just above the area where the large physical  buy order was present.  This suggests to me that the cartel has a limited amount of gold to continue the ongoing prosecution of this down-move.

To celebrate the appointment of Janet Yellen, immediately after the paper market took the price down and we touched something like $1,296.  So, it’s apparent to me, Eric, that the cartel is not really done yet with their work to the downside, but it’s a safe time for investors who have not built a full position to continue accumulating. 

For the long-term investor, I think you are going to look very good if you are buying at these levels.  But people should be aware that there could be further short-term downside.  The ongoing cartel footprints suggest continued desperation.  The evidence strongly argues they are not done yet.  They would like to further brutally destroy the psychology of the gold market.  I don’t think they’ve given up on that motivation. 

It (their attempt to destroy psychology in the gold market) is not working in my area of the world.  Asia is not being fooled by the games these guys are playing.  They don’t read The Economist.  They don’t really care about what the Wall Street Journal or the Financial Times says.

The Asians believe gold is on sale and they are ready buyers.  This is the case both in the jewelry market, for large orders from high net worth individuals, and also for sovereign buyers which I think is the most important factor.  This is the People’s Bank of China, the Reserve Bank of India, Central Bank of Russia, and so forth.

Their appetite continues to be very strong at these levels.  So this is where the battle is getting fought.  And people need to understand that there is this mass migration which is ongoing, of gold going from the West to the East, and if anything that process is accelerating.  This is a very dangerous thing for the West.

So it’s very likely when all of this is done that China emerges with somewhere between 4,000 and 8,000 tons of gold -- far more than what they are currently estimated to possess.  China will then emerge as an extremely important global player with a gold-backed currency.

I think the main thing investors need to focus on is the fact that all of this is by design.  For all KWN readers around the world who have discretionary money they can put to work for the next several years, these continue to be excellent entry levels for the accumulation of gold.

Investors have to be patient.  It could easily be the first quarter of 2014 before things turn around.  But it’s my belief that when things do turn around, and the prosecution of this raid becomes unmanageable, people who position themselves at prices such as we are seeing today are going to be extremely happy.”

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Eric King

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