GOLD PRICE DETAILS FROM 1969-2021 IN TABLE FORM
GOLD PRICE DETAILS FROM 1969-2021 IN CHART FORM
Again, US citizens were not allowed to own more than 3 oz of gold bullion each from 1934 to 1974. Given US Treasury cables now disclosed, it is clear the US government was intent on dissuading private gold ownership in mass likely seeing it a threat to the fiat US dollar’s power.
Gold in physical properties is a soft yellow metal. The first mention of use as a means of calculation was still found among the Sumerians and the ancient Greeks.
By 1816, gold affects the global economy. Britain ties the pound to gold. Almost a hundred years, until the First World War, the pound is an international currency with the gold standard.
World War I halted world exchanges and at the end of 1910, the pound fell 25 percent against the dollar.
In 1944, the Bretton Woods settlement system was introduced, which means the ratio of world currencies to the dollar, and the dollar to gold at $ 35 per ounce.
London 1949 British pound drops 35 percent.
In 1958, the pound drops another 20%.
And in 1964, Britain raised $ 3 billion worldwide to strengthen the pound.
1965 France exchanges $ 1.5 billion for gold at $ 35 an ounce. The victory of Charles de Gaulle over the Bretton Woods system, 1,200 tons of gold are taken from New York.
November 18, 1967 the pound falls against the dollar by 15 percent – this is the beginning of the end of the gold standard.
As a result, gold meets only the interests of countries with an isolated economy, and in the context of globalization it is poorly applicable, but still remains a key tool to ensure the preservation of capital.
Gold’s role as money and also the Gold Requirement
The history of gold is long connected with money, but gold relinquished this role in developed economies after the outbreak of the Second World War. At the end of the war, the Bretton Woods monetary system, a regime of fixed exchange rates, was created. This system broke down in 1971 when the US unilaterally ended its gold standard, which set the convertibility of gold and the dollar to US$35 per ounce.
References to the Gold Standard often refer to two key periods in history: that of the Classical Gold Standard and that of the post Bretton Woods gold-pegged exchange rate system.
why gold is very important in forex market trading
Similarly, gold is also a currency in the forex market that can be traded in the forex market and it can offer extra advantages to the traders if it is used for the profitable trade at the exact and profitable time. It is a natural currency that can be used around the globe in the forex trading system as well as many other systems.
How Gold Affects the Forex Market. Gold and other precious metals like silver, platinum and palladium have intrinsic value as hard physical assets with important industrial applications. They also have value due to their ability to store a considerable amount of wealth in a rather small space.
Gold as Mediums of Exchange
Since ancient times, gold has been used reliably as both a store of value and a medium of exchange. Today, in an era in which the world is moving ever closer toward the total elimination of currency and its replacement with plastic cards and even cyber-cash, the utilization of gold as money somehow seems completely out of place. But the possibility of an economic collapse has led many investors to begin acquiring and storing gold away specifically for the purpose of buying essential goods should the worst come to pass.
In most circumstances (including an economic breakdown) gold owners would sell their gold for the currency in use at the time through a gold exchange service, and then use that currency at the store or other marketplace to buy whatever they need. However, some economists hold the view that in a total financial collapse with no reliable currency available, citizens would resort to hand-to-hand barter transactions wherein gold would be used directly as the medium of exchange.