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Historical Gold Prices

Posted by adminNY on February 15, 2017
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From 1933 to 1976 the official price of gold controlled by the U.S. Treasury, and now the London Stock Exchange. In 1944, the price of gold was at $ 35 per troy ounce, and since then has grown it fell under the influence of the devaluation of the dollar or world crises or wars. the price of gold increased due to the fact that increased demand for gold as a raw material for production of electronics and radio engineering, the jewelry industry and medicine, as well as several other purposes. But most price gold increased as a result of speculative trading on the stock exchange and the establishment of the central banks of various countries of high reserves. In 1961, the countries of Western Europe created the "Gold Pool" which includes the central banks Britain, Germany, France, Italy, Belgium, the Netherlands, Switzerland and the Bank of New York. Pool was created to stabilize the world price of gold, but in 1968 after the devaluation of the pound, Britain has spent 3000 tons of gold for inter-state regulation of prices, gold pool collapsed and since then the price of gold is determined by the market, ie demand and supply. At the moment, the biggest gold reserves in America, then goes to Germany, France, Italy, Switzerland, and only at the 14 th place is Russia. For now the dynamics of the price of gold is kept almost the same level, but who knows what will happen to the price of gold in 2008 because of the crisis and so on.

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