Gold Futures Index (GOLD)

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Venezuela's gold withdrawal is 'the game changer,' Davies tells King World News

Submitted by cpowell on 09:48AM ET Saturday, August 20, 2011. Section: Daily Dispatches
12:40p ET Saturday, August 20, 2011

Dear Friend of GATA and Gold:

King World News today broadcasts a fantastic 10-minute interview with Hinde Capital CEO Ben Davies, who spoke at GATA's Gold Rush 2011 conference in London this month. Davies says Venezuela's plan to withdraw its gold deposits from the Bank of England and several bullion banks is "the game changer" in the gold market, exposing the fractional-reserve gold banking system and likely hastening the stampede from "unallocated" gold to "allocated" gold. Gold's explosion in price amid Venezuela's withdrawal of gold is also, Davies says, vindication for GATA, as "this is everything they've been talking about."

It might be added that not only is the Venezuelan president, Hugo Chavez, likely destroying the fractional-reserve gold banking system and blowing up the imaginary "paper gold" it has created, causing a short squeeze. With nationalization Chavez is also destroying the gold-mining industry in his own gold-rich country, thereby doubly constricting world gold supply.

Chavez might not be doing much for Venezuela, but even his hero, the South American revolutionary patriot Simon Bolivar, couldn't have struck such blows for the liberation of the rest of the world.

You can listen to the interview with Davies at the King World News Internet site here:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/8/20_Ben_Davies.html

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