(Courtesy of Watch_the_sky)

Special Gold Report

http://www.scribd.com/doc/33449889/2010-06-21-IE-Special-Report-GOLD

Table of contents

page

INTRODUCTION

2

Gold in the context of the financial crisis

7

Inflation vs. deflation

12

Criticism against the conceptual definition of inflation

14

Why the inflation-adjusted high of USD 2,300 is our target price

15

In what phase of the bull market are we?

17

Why gold is definitely not a bubble

20

Gold is the optimal portfolio insurance

25

Gold in the context of a new global lead currency

27

Chinese Gold Awakening (after a long slumber)

29

Gold is money, nothing else

31

The advantages of a gold standard

31 Excursus: the creation of money from the perspective of the Austrian School of Economics 33 Manipulation vs. intervention

35

Paper gold vs. physical gold

36

Demand

38

Jewellery demand

38

Investment demand

38

ETFs

40

De-hedging

41

Central banks

41

Industrial demand

43

Supply

44

Mining production

44

Resource nationalism

48

Gold shares

49

Technical analysis

54

Seasonality

56

Comparison: the current chart vs. the last bull market

58

Ratio analysis

60

1) Dow / gold (currently 9.4x)

60

2) Gold / S&P 500 (currently 0.99x)

60

3) Gold / Silver (currently 65x)

61

5) World Gold Mining index / Gold (currently 1.7x)

62

6) Gold / oil (currently 13.3x)

63

7) Home price / gold (currently 250x)

63

CONCLUSION

65

Contacts

68