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« Australia's first-half gold production slows | Main | Gold: Solution to the Banking Crisis »
Thursday
Nov292012

Gold Price Manipulation Proven On The Intraday Charts

GoldSilverWorlds had the honour to do a Q&A with Dimitri Speck who is the author of the best-selling book “Geheime Goldpolitik”. He is chief financial engineer of Staedel Hanseatic and runs SeasonalCharts.com, offering a wealth of intraday trend charts. He is also one of the people who increased the pressure to create transparency in the German’s gold holdings.

A lot has been written lately about the gold price manipulation and the real amounts of gold reserves of the central banks. There are several views on the same topic, the most rational one being purely statistical. As it’s easy to get caught by emotions, we have chosen in this article to let the figures and the charts tell the story.

As a seasoned mathematician, Dimitri Speck is focused on what the charts are revealing. He looks both into intraday charts as well as seasonal charts, the former being one specific variant of the latter. Based on years of chart analysis, he could clearly pinpoint the manipulation in the gold market. In his book, he explores the subject of gold holdings of the central banks, in particular the Bundesbank. Interestingly, there is a link between all the different topics we just mentioned, which was the topic of our Q&A.

Transparency in Germany’s gold reserves

Dimitri Speck observes that the Bundesbank (German central bank) has to audit the German gold reserves on a regular basis and publish the results. That’s an obligation by German law. It needs to include in their reports for example if the gold has been leased out or if it’s physically there.

The point is that nobody has paid attention to these audits for a long time. A couple of years ago several authors started to question why the Bundesbank didn’t publish the results of their audits. Dimitri Speck was one of them. The question did escalate to some members of the Parliament. In Germany in particular, there is a Court of Auditors that picked up the topic two years ago (i.e. “RechnungsHof”, a special office which controls the public finances). The pressure increased and resulted in a promise by the Bundesbank to provide an answer “soon”. Their answer finally came in October. That’s the background of the whole “affair” that was created in October on Germany’s gold holdings.

Gold price suppression proven by intraday charts

Based on his statistical research, Dimitri Speck concludes that central banks started to influence systematically the price of gold as of August 1993. His conclusion comes in particular from his intraday statistics, where he observed several anomalies. First, since 1993, the price has been falling systematically during the trading session of COMEX in NY. Another trading anomaly is that during the PM fix the price systematically tends to drop significantly. 

To read this article in full please click here.

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Reader Comments (1)

This is getting OLD. What's anyone going to do about it?

December 2, 2012 | Unregistered CommenterCharles

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