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Pacific Group's Bill Kaye: Gold plunge was an operation by Fed, big banks

By: Chris Powell, Secretary/Treasurer, GATA


-- Posted Sunday, 12 May 2013 | | Disqus

Dear Friend of GATA and Gold:

April's abrupt plunge in the gold price was an operation of the Federal Reserve and major banks to protect the Fed's "quantitative easing" and paper gold shorts that can't deliver the metal they have sold, Pacific Group founder and fund manager William S. Kaye writes in the May market letter of Pacific Group's Greater Asian Hedge Fund.

Kaye, who in January announced his fund's commitment to a major purchase of gold --

http://www.gata.org/node/12150

-- adds that gold exchange-traded funds are being used to manipulate the gold price and essentially are being looted by the banks that are short the metal. He expects paper gold to default this year and the gold price to be reset upward.

By Pacific Group's kind permission, Kaye's letter is posted at GATA's Internet site here:

http://www.gata.org/files/PacificGroupLetter-05-10-2013.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Join GATA here:

World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


-- Posted Sunday, 12 May 2013 | Digg This Article | Source: GoldSeek.com

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