Which in turn sold that gold for cash that they then used to fund highly leveraged trades. As long as the gold price was in a sustained downtrend, this ever-growing short position in gold worked beautifully. One didn’t have to worry about paying back gold if the cost to do so was dropping. And the game was even more beautiful for the banks because the gold loans and sales kept the gold price in that downtrend.

Frank stopped writing about gold in the early 2000s because, frankly, he feared for his well-being. In the process of his research, he grew to suspect that his communications were being monitored, and I can tell you from my intimate knowledge of the events, he had very good cause to believe so. As a result, we’ve never gotten Frank’s view on whether the issues he raised were ever resolved. Were the central banks ever paid back for their gold?

As I watch the gold price soar thanks to relentless, price-insensitive buying, I think there’s a good chance that this gold was never replaced… and it may be happening now. This is a long way of saying that I believe The Gold Book has become relevant again. There were relatively few copies printed and much fewer still in existence—the few copies you can find are now selling for hundreds of dollars.

We still have about a dozen copies, and I’m not selling them. But because the content is so valuable and, I believe, important right now, we’ve scanned one of our copies and are making it available for download by Gold Newsletter subscribers. 

You can download a PDF file of The Gold Book here. Note, though, that this is a rough scan, as we didn’t want to destroy one of our last copies to make the scanning process easier. Just enter your details below to access The Gold Book immediately.