Eric King:  “As I mentioned earlier, you correctly forecast this price smash.  Why do you feel, even though you think the smash may continue, that we are nearing the end of this orchestrated takedown?”

Kaye:  “The reason I’m convinced we are close to an end is the demand from China continues to be immense.  The smuggling into India is also significantly underreported.  So the East is just taking up, at bargain basement prices, all of the available gold that they can get their hands on....

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“The East is has an absolutely voracious appetite for gold at these levels.  And by the West continuing the suppression, at prices that are preposterous, they are rapidly accelerating the day when the West won’t be able to make delivery.

This is showing up in things, once again, such as almost permanent backwardation.  Ever since gold broke below $1,300 a few weeks ago and the price had stayed in the low-to-mid $1,200s, gold has basically remained in permanent backwardation.  This means that various people and entities were becoming suspicious of their ability to convert paper or IOUs into physical gold.

GOFO rates have more recently started to turn negative again.  All of this is indicative of serious strains in the system.  This also suggests that the current suppression cannot be indefinitely continued.  The Western central planners would have to find other sources of physical gold in order to keep this scheme going, and our strong sense is that their traditional sources, which are these swap agreements with other central banks, that vein of gold appears to us to be running dry.  This is why the strains are reappearing in the system.

So we are optimistic that in Q1, and possibly as early as January, we are going to see a turn.  Keep in mind that, as I mentioned to you earlier, we will most lilkely see a violent move in gold once the turn occurs.  KWN readers also have to understand that one of the possible consequences for the West continuing with this paper gold price suppression scheme include the possible end of the Comex as we know it.  The rigged casino will simply close its doors and the players will go home.”

IMPORTANT - The blockbuster KWN audio interview with Michael Pento where he discusses the Fed’s decision, how this will impact major markets, and why this is setting up the gold market for a historic move is available now and you can listen to it by CLICKING HERE. 

UPDATE - Due to the increased market volatility KWN will be releasing interviews all day today.

© 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 Michael Pento, Rick Rule, Gerald Celente, Dr. Marc Faber, Bill Fleckenstein, Eric Sprott, Grant Williams, Egon von Greyerz, Dr. Paul Craig Roberts, Andrew Maguire, David Stockman and Art Cashin are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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