Gold Price History

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History of Gold Price and its Standard

What is the gold Standard? The Gold Standard is defined by The Encyclopedia of Economics and Liberty as "an assurance by the involved countries to fix the prices of their domestic currencies in such a way that each is specified by amount of gold. Public money and other national forms of money like notes and bank deposits can be freely converted into gold at the set price." Let me explain this. A country, for example the United States, establishes a price per ounce, $100, and then would sell it at the same price. Thus, the currency has a value that is attached to that of the gold. In our example, $1 equals a 1/100th if the price of the gold. You may be wondering if there were other 'metal' standards before - there was the silver standard, used in the 1800's.

For more information about the history of the money on the Comparative Chronology of Money website, where you can find out many details about places and dates. In the 1800s, a bimetallic standard was used (both the gold and silver standards). And in 1900, the gold standard was adopted, thanks to the Gold Standard Act, and was ended in when President Franklin D. Roosevelt prohibited gold ownership (except of jewelry).

The Bretton Woods System (1946 - 1971) made possible a system where there were fixed exchange rates and countries sold the gold to the US for $35 per ounce. Since its end in 1971, by President Richard Nixon, the gold standard has not been used anymore.

But what do we use today? The majority of the countries in the world use the fiat money system. This is defined as the "money that is fundamentally useless and is used merely as a medium of exchange". Money is used for setting supply and demand for goods and services, whose prices vary.

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