Williams:  “You have 5 banks that set the price of gold every day in London.  They literally do it over the telephone.  And this process takes anywhere from a few minutes to over an hour.  Amazingly enough, in this day and age, during that ‘fixing’ time the participants on that call are allowed to trade the metal (gold) and they are allowed to trade derivatives on that metal during the phone call....

Continue reading the Grant Williams interview below...


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“It’s just so arcane and so ridiculous in this world of constant information flow out there as to be farcical.  If anybody wants to sit and tell me there is no way any information leaks out of that room, the evidence points very, very firmly in the other direction if you look at the trading volumes around these fixes.  This is what is supposedly going to be investigated. 

The gold fix is different to everything else.  A, as I said, it’s called a ‘fix,’ and B, what they are actually fixing here is the price of the paper futures contract.  And unlike LIBOR, currency manipulation, bond manipulation, and the other manipulations, with gold it’s trading on a whole different platform and basis.  It trades on a premium to physical that we don’t see in the paper market.

So they can set this price and they can move it around for a long time, but all the while they are doing that the physical commodity itself is disappearing faster than you can even blink.  And it’s all going into very, very safe hands.  The issue comes when this manipulation gets exposed, just like LIBOR, FX, and mortgage bonds were. 

It’s not just a slap on the wrist and it’s not just a fine that’s going to be handed out -- the gold is going to be gone.  The gold is not going to be there.  The gold is going to be in very, very strong hands.  The gold is going to be in China, India, and in wealthy individuals’ private vaults.  And there is really not much you (the West) can do about that unless you get kind of crazy and start confiscating gold, but that’s really not going to work in the East.  People aren’t going to let governments confiscate their gold in the East.

So what do you do?  You have to reset this thing (gold) much, much higher, and I suspect ultimately that’s what will have to happen.”

IMPORTANT - This was an incredibly powerful interview with Williams.  The Singapore fund manager warned about the paper claims on gold and also spoke about why the price of gold and silver are very close to exploding higher.  The audio interview with Williams is available now and you can listen by CLICKING HERE.

© 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 Grant Williams, Egon von Greyerz, Dr. Paul Craig Roberts, William Kaye, Michael Pento, Andrew Maguire, Gerald Celente, David Stockman, Art Cashin, John Hathaway, James Turk and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.

Eric King

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© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast,

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