How much did gold cost in the 1980s?

In the United States and many other countries, currencies remained “linked to gold” until the 1970s, when the decline in global reserves marked the gold standard's last death sentence. From 284 to 305 AD, Diocletian further downgraded gold to 70 coins per pound initially, but coins were later issued at 60 coins per pound. Gold for dollars held by foreigners, then, in 1974, it lifted its four-decade ban on the private purchase of gold. The government began to sell some of its shares in the open market and in 1978, along with most other countries, officially abandoned the gold standard.

When people refer to the spot price of gold, they are simply referring to the price at which you could buy gold at that time. Emperor Augustus, who reigned in ancient Rome from 31 BC. C. In 14 AD, he set the price of gold between 40 and 42 coins per pound.

Due to its value and its usefulness as a currency, the evolution of the value of gold dates back to 30 BC. Fixed gold prices represent the compound prices reached by several commercial banks and brokerage firms in the OTC gold bullion markets. When the strength of the dollar increases and inflation decreases, interest rates can be expected to fall at the same time as gold prices. Inflation is declining, so cash-like investments don't have to offer such high interest rates, and fewer and fewer people are opting for gold as a stable store of value.

Learn little known data about the price peaks of the four precious metals (gold, silver, platinum and palladium) from the 1970s to 1980 and where this 21st century bull market for bullion could be headed. When it comes to gold, supply is affected by trade trends and by mining companies that extract more gold than they can put on the market. Gold is dispersed throughout the Earth's crust and has since ancient times been valued both for its scarcity and for its metallurgical properties. After the stock market crash of 1929, many investors began to exchange paper money for its value in gold.

The next revaluation occurred in the period from 211 to 217 AD, during the reign of Marcus Aurelius Antoninus (Caracalla), who reduced the value to 50 coins per pound of gold, reducing the value of each coin and making gold worth more.