Franco-Nevada Chairman Pierre Lassonde, former chairman of the World Gold Council, told GATA today that, contrary to GATA's interpretation of his interview yesterday with King World News about manipulation of the gold market he did not mean to acknowledge the possibility that the Bank for International Settlements might be among the entities doing the manipulating.
In that interview Eric King of King World News said to Lassonde: "Earlier today I spoke with a former board member of Paine Webber who also worked for Goldman Sachs 25 years ago, the very highly respected William Kaye out of Hong Kong. Kaye said the following about today's smash in gold:
"'This is something that you see in precious metals when there is clear evidence of manipulation. We saw 30 tons of gold sold at 2 p.m. Hong Kong time. That is a time in which no one does any real trading. What Asian trading is going to take place is already done by that time of the day. At that time of day people are simply waiting to hand things over to London in a few hours. Regardless, an awful lot of paper gold was intentionally dumped in a programmed algorithm. This was most likely done by the Bank for International Settlements. This was designed to condition the paper market by forcing the price lower. It was also designed to set the market up in London to open up at lower levels.'
This post was published at GATA
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