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Kaye:  “The major news that nobody cares about is China has now announced something we’ve been anticipating for quite some time, which is they are now going to be invoicing their oil imports in renminbi.  This is another major step in China sidestepping the US dollar as the world’s reserve currency....


Continue reading the William Kaye interview below...




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“This means that China will have bilateral trading arrangements with Russia and the other major countries, such as Iran, that provide energy to China.  So, again, this is another brick out of the wall for the US dollar and by the same token US hegemony.


But nobody seems to care, and if you noticed, instead of gold spiking $50 or $100 higher on that news, it was smashed lower.  In a way this should come as no surprise because this is exactly what has happened on gold bullish news practically all year. 


But what we also know, based on press reports, is that the gold Hugo Chavez worked so hard to secure before he mysteriously died, some of that gold is being reclaimed in a financing arrangement, which on the surface appears quite complex.  So I don’t want to speak about that because as a former investment banker I would need to see the term sheets and so forth.  I don’t want to rely on an anecdotal press report which really was fairly incomplete as it related to the details.


But what was very clear in the press reports (out of Caracas) was that because of the pressure on the Venezuelan economy, the new Prime MInister Maduro, the guy who replaced Chavez, is essentially leasing back to the West, with Goldman Sachs being the broker who would be the custodian, at least some of the gold that Chavez had retrieved.


I guess there are a few ways of looking at this:   One is that this certainly would be a marker for desperation on the part of the bullion banks and the Western central banking system, including the agent bullion banks, to get gold from whatever sources they can.  We’ve talked about GLD and exchange-traded funds in the past, and by the way, they have consistently been raided this week after being left alone for a while.  So that looting is starting to reoccur.  Now you have this Venezuelan deal. 


I’m not sure what we are going to see next, but one thing is for sure, the prosecution of this scam is still ongoing.  I can tell you that based on the data we have on yesterday’s AM and PM fixes in London, an enormous amount of gold changed hands.  I would assume China was a big part of that.


I can also tell you that at this $1,240 area there is immense sovereign wealth fund and central bank interest for physical gold.  I strongly believe they will continue to demand spot allocation.  So the war in gold is now becoming frenetic.  The paper gold smash, which can be totally controlled by the Western central banks, and the agent bullion banks, is now being met front and center by enormous physical demand from my area of the world.


At the end of the day, the bet I’ve made, and it’s a major bet, is that the forces of good will win.  But at the moment, the forces of darkness are still ruling the paper market.  I can assure you that even though these dark forces are winning some battles, they will definitely lose the war, and as they are defeated the price of gold will experience an enormous re-pricing to the upside.  We are talking about a move higher that will shock the world.”


IMPORTANT - Due to the recent action, KWN will be releasing interviews all day today.


IMPORTANT - Powerful entities do not want people to have access to the news that KWN provides.  As a result we have had a constant interference with the news feed on our home page.  Simply reload the home page until you receive the news feed, or go straight into the KWN blog.  You may need to clear your cache in order to see the latest news story.  KWN readers can simply google “how to clear cache” if they are unfamiliar with how to do this.


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with Gerald Celente, David Stockman, Art Cashin, Dr. Stephen Leeb, John Hathaway, Bill Fleckenstein, James Turk, Andrew Maguire, William Kaye, Dr. Paul Craig Roberts, Eric Sprott and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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