A closer look
In 1961, eight of the world's most powerful central banks formed an elite financial cartel with one desperate goal: artificially keep the price of gold pegged at exactly $35 an ounce. The London Gold Pool was a blatant market manipulation scheme where these banks dumped thousands of tons of their own national gold reserves onto the open market to crush rising prices. It worked beautifully until the late sixties, when global inflation skyrocketed and rogue investors started buying the artificially cheap gold faster than the banks could physically dump it. The cartel utterly collapsed in 1968, proving that not even a superpower syndicate can beat raw market panic.
