Clarification of William Kaye re: German / US gold in Hong Kong refineries?


By Lars Schall

You may have heard about William Kaye’s assertion that Western central bank gold is being recast for purchase in Asia. The recent statements of the Fund Manager on King World News are making quite a circuit. However, when asked about it in order to investigate the matter, Mr. Kaye had to say a few things to avoid unnecessary misunderstandings. (Deutsche Übersetzung für Mitglieder)

William Kaye is the Founder, Vice Chairman and Senior Managing Director of the Pacific Alliance Group of Companies in Hong Kong. In January 2013, Kaye said in a telephone interview with Bloomberg that he planed to take delivery of $35 million worth of gold bars that can be traded on the London Bullion Market Association and other international markets. It has secured vault space at Hong Kong International Airport to store the gold, he said.

If you follow the provided link, you’ll find the details of Mr. Kaye’s statements on KWN:

Game Over – “It’s All A Farce, The Fed & German Gold Is Gone”

Since this interview was released there is an ongoing debate on various sites and blogs about William Kaye’s statement that German gold is ending up in Hong Kong refineries. But did he really say that as a matter of fact? I received a couple of e-mails asking me if I might be motivated to undertake an investigation concerning this question. Of course I am. Therefore I wrote the following e-mail:

Dear Mr. Kaye,

My name is Lars Schall, I am a freelance journalist for finance from Germany. I copy this e-mail to Pepe Escobar, geopolitical analyst at Asia Times Online, and Chris Powell of GATA.

I would like to go into this topic, however, since I am here in Germany, my capabilities to do so are extremely limited. Yet, Pepe Escobar is right now in Hong Kong. He is interested in this topic in general.

My question:

Given that Mr. Escobar is an experienced investigative journalist, would it be possible that you both would meet with each other and talk about this topic? Then Mr. Escobar might do some research on-site.

If this was not possible: What is the name of the refiner in Hong Kong that you were referring to? That way I could write at least a media request with Mr. Escobar.

Thank you for your attention!

All the best, Lars Schall

Due to the fact that Mr. Kaye did not reply anything at first, I thought that this might be one more of those sensational stories that the internet is swamped with.

Yet, yesterday Mr. Kaye got in touch with me, saying that my message ended up in his spam folder. We then talked via Skype about the topic that he raised recently with King World News. Here’s the recording of our conversation:

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The Pacific Group Ltd. (Company’s Website)

Biography

William S. Kaye is the Founder, Vice Chairman and Senior Managing Director of the Pacific Alliance Group of Companies, which was established in 1991 in Hong Kong. Mr. Kaye is the Managing Partner of the Greater Asian Hedge Fund, as well as its predecessor, the Asian Hedge Fund, LP (1992-98). Both funds have exhibited a consistent history of absolute and relative outperformance that has been recognized by independent rating organizations. Prior to founding PAG, Mr. Kaye was Manager of the Arbitrage Department (1984-1990) and a Member of the Board of Directors (1986-1990) of PaineWebber Incorporated in New York. Mr. Kaye joined Paine Webber (PW) in 1978, leaving the Mergers & Acquisitions Department of Goldman, Sachs & Co, and successfully built PW’s Arbitrage Department into an industry leader.

 

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