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Bill Kaye: Hong Kong recasts Western central bank gold for Asia
1:41p ET Tuesday, July 9, 2013
Dear Friend of GATA and Gold:
Gold leased from Western central banks and carrying their hallmarks is entering Hong Kong for melting, refining, and recasting into gold for the People's Bank of China and other Asian buyers, Hong Kong fund manager William Kaye tells King World News today.
Gold leasing, Kaye says, has made "a farce" out of Western central bank gold reserves. "The gold is gone," he says. "It's been hypothecated and rehypothecated. It's gone. Not only do the Fed and the U.S. Treasury not own 8,000-plus tons, they probably own nothing."
An excerpt from the interview is posted at the King World News blog here:
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