Gold Price History
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History of Gold Prices Since World War II
People always saw gold as the solution to the economic problems because of its versatility - can be either used as a raw material (for jewelry) either as an investment. Investing gold does not mean you actually touch it, but its important value can add significant amount of money to your trading account. Now, we will briefly present you the most important moment in the history of gold since the WWII.
The Gold Standard was established after the World War II, at $35/ ounce, and was ended by President Nixon in 1971. After that, the gold had a price of it and started to attract the investors.
The 1970s, the gold price slowly increased and reached $100 in 1973. After variations between $100 and $150, the gold price reached a peak of $850/ ounce in 1980.
The 1980s and the 1990s were the moments when the gold price suffers a general decrease. Starting with $113/ ounce in 1980 and then rising at $315/ ounce in 1982 then an increase to $450/ ounce. In late 2000, the gold price was of almost $250/ ounce.
The 21st century was the moment when the price of the gold suffered a sudden increase in the beginning of 2002. This was followed by $400/ ounce in 2003, then $500/ ounce in 2005 and $700 in 2006. The record that was set in 1980 was passed in 2008, when the gold standard broke the record with $1,011/ ounce in 2008.
Range bound is the period between March 2008 and the end of July 2009, when the price of the gold varied between $750/ ounce and $1,000/ ounce. The only different moment was in February, 2009, when the $1000 mark was exceeded; however, that happened during the trade only, and by the end of the day, when the price was closed, it was set to $989/ ounce.
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Long before government-issued currency existed, people relied on bartering to obtain the things they needed (unless you were a barbarian and preferred plundering).
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