14.1 The word param should be connected with the remote word jnanam.
Pravaksyami, I shall speak; bhuyah, again-even though spoken of more than once in all the preceding chapters; of the param, supreme-it is supreme because it is concerned with the supreme Reality;-which is that?-jnanam, Knowledge; uttamam, the best-since it has the best result; jnananam, of all knowledges-. 'Of all knowledges' does not mean 'of humility' etc. (13.7-11). What then? It means 'among knowledges of all knowable things like sacrifice etc.' They do not lead to Liberation, but this (Knowledge) leads to Liberation. Hence the Lord praises it with the words 'supreme' and 'best', so as to arouse interest in the intellect of the listener.
Yat jnatva, by realizing which, by attaining which Knowledge; sarve, all; munayah, the contemplatives, the monks [But not those who espoused monasticsim as a formality in in the fourth stage of life.] gatah, reached, attained; itah, from here-when this bondage of the body had ceased; param, the highest; siddhim, Perfection, called Liberation. 
And the Lord shows the infallibility of this Perfection: