The Gold Cartel

DIMITRI SPECK is commodity analyst and chief developer of trading strategies for asset manager Staedel Hanseatic, where he is responsible for the Stay-C commodity fund that won the Hedge Fund Journal's award as best European commodity fund. He specialises in economic history and empirical measurable market patterns, and in 2001 he discovered, with the help of intraday anomalies, that central banks have been systematically intervening in the gold market – research that formed the basis for this book. Speck holds a patent for an iterative financial market, is the author of numerous articles on the gold markets and other financial topics, and is publisher of the financial website www.seasonalcharts.com.

Preface 1. Why Gold? 2. The Crises of the 1990s 3. The Strange Behavior of Gold During Crises 4. The Strange Intraday Behavior of Gold 5. The First Statistical Studies 6. Statistical Proof and Dating of Gold Interventions 7. Intraday Movements of the Gold Price 1986-2012 8. Gold is Different 9. Means of Gold Market Intervention I: Sales 10. Means of Gold Intervention II: Gold Lending 11. The Gold Carry Trade 12. Coordination of Private Banks and Central Banks 13. Giving the Game Away: Central Bankers are Human Beings Too 14. The Books are Silent 15. The Miraculous Gold Multiplication 16. How Much Gold is on Loan Worldwide? 17. Means of Gold Intervention III: Intervention through the Futures Market 18. The Gold Pool and Other Gold Market Interventions before 1993 19. August 5 1993, 8:27 a.m. EST: The Beginning of Systematic Gold Market Interventions 20. The Decisive Fed Meeting 21. Greenspan Ponders Gold Market Interventions 22. Phases of Gold Price Suppression 23. Shock and Awe 24. The Financial Market Crisis of 2008 and the Euro Crisis of 2011 25. Strong Dollar and Weak Mining Stocks 26. Interventions in the Silver Market 27. Swapped Bundesbank Gold and Other Mysteries 28. Who Intervenes? 29. The Mystery of May 18 2001, 12:31 30. The Effects of Gold Price Suppression 31. The Wonderful World of Bubbles 32. Have Many Mini-Bubbles Created a Mega-Bubble? 33. Money or Credit 34. Possible Scenarios for the Future 35. Back to Gold