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The Mystery of 18 May 2001, 12.31

In: The Gold Cartel

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  • Dimitri Speck

Abstract

With 5 August 1993 we have found the day when the modern-day systematic interventions began – first, against a rising gold price and, from 21 November 1996 even in favour of a declining one. We now want to identify the day when the tide turned. Twice, in 1999 and 2001, the gold price put in a low in the vicinity of $250 per ounce. The year 1999 was, in addition, marked by the WAG, with which the central banks announced a change in their views regarding gold, and which led to a brief price spike. Nevertheless, it is a day in the year 2001 when the third phase, and with it the first stage of the termination of the gold market interventions, began. The interventions since then are no longer dominated by physical supply from gold lending, but are mainly focused on the futures markets. Due to the lack of additional central bank gold supply, moreover, the gold price is rising. Since then the price is no longer held, its rise is merely slowed down. If the main focus is now on the futures markets, it is obvious that one should look there for further traces left behind by interventions.

Suggested Citation

  • Dimitri Speck, 2013. "The Mystery of 18 May 2001, 12.31," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 170-179, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28643-7_29
    DOI: 10.1057/9781137286437_29
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