Kaye:  “Look at what’s happening to GLD and these other exchange traded products.  The gold is being looted, and it’s being looted in a systematic way.  GLD is a great example because it is by far the biggest gold ETP (exchange traded product) in the world.

Who can deal for gold with this exchange traded product?  Who can deal with the Trustee?  Only ‘bankster’ banks.  15 bankster banks deal with Bank of New York Mellon who is the Trustee (of GLD), and negotiate the price based off of the London fixing, which is (also priced by) 5 bankster banks, the same crime family....

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“Off of that London fixing they transact to get physical (gold) out of HSBC London, another bankster bank.  That’s the custodian.  That’s where the vault is.  The process is pretty simple.


Most of the time it works according to one formula:  They (conspiring banks) short the COMEX futures, which GLD tracks by design, into the London fix in order to get an attractive price at which they can transact for physical gold.  Then, at some point in New York time, typically both GLD and the COMEX futures will trade down further below that London PM fix.

That is the price at which the bullion banks gobble up the shares of GLD at a discounted price, and redeem them in minimum lots of 100,000 (shares).  That’s about $14 million US.  So you can rule out most investors and certainly almost all retail.  They present these discounted GLD shares to Bank of New York Mellon, who then cancels the shares and releases (physical) gold from HSBC London. 

They (Bank of New York Mellon) give the instruction out to HSBC to release the gold to the bankster banks.  Now this is a very profitable business.  The banksters are making money in two ways:  First of all they are arbitraging the spread between the discounted price at which they buy GLD, because with the Fed’s help they are manipulating the futures price down.

The second thing is normally they take their foot off the brake a little bit in my time in Asia, because demand is very high here with the price so low.  They allow the price in Asia to go up a bit.  Things tend to recover in Asia time before we rinse and repeat.

What they (then) do is the bullion banks sell the physical gold, which they acquired at a very attractive price, at a profit in Asian (trading) time.  So there are two sources of profit:  One is the arbitrage profit, which occurs in New York time, and the second is the profit off of the discounted, manipulated physical price that they receive for selling at a higher level in Asia.

So this is a great business for the bankster banks.  The same people who rigged LIBOR, I’m telling you are very obviously rigging the gold market.  It’s so obvious that only the mainstream media would not be able to figure this out.”

IMPORTANT - Part IV of William Kaye’s extraordinary written interview series will be released in a few hours.  Also, Part II of his audio interview is available now and you can listen to it 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 William Kaye, James Turk, Andrew Maguire, John Hathaway, John Embry, Dr. Paul Craig Roberts, Jean-Marie Eveillard, Eric Sprott, and Nigel Farage are available now.  Also, be sure to hear the other recent KWN interviews which include Art Cashin, Marc Faber and Felix Zulauf by CLICKING HERE.

Eric King

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