What was the price of gold in 1970?

If you don't have gold yet, I advise you to get it before those most volatile peaks begin to materialize. Negative interest rates silence a typical complaint about gold: that it doesn't pay interest or dividends. In the previous 24-year period (1946 to 1996), prices were set by decree and an ounce of gold bought an average of 13 barrels of oil. As a hoarder, my basic strategy for accumulating gold or other precious metals is to buy during price declines, regardless of bullish or bearish market cycles.

Interactive chart with historical data on the real (inflation-adjusted) prices of gold per ounce up to 1915.The blue line represents the bull market of the 1970s and shows the increase in prices in percentage terms since 1970. The viewer acknowledges and accepts that SD Bullion does not guarantee the accuracy, timeliness or integrity of the price data shown here. At the end of 1981, there was an excess of oil with the slowdown in economic activity in industrial countries, the increase in production driven by high prices, and a decline in consumption driven by conservation measures. As we have repeatedly said, it is prudent to keep gold and gold stocks as part of a diversified portfolio.

Fixed gold prices represent the compound prices reached by several commercial banks and brokerage firms in the OTC gold bullion markets. In April 1979, President Carter initiated the deregulation of oil that had continued in effect since Nixon instituted price control in 1973.It is fascinating to see that the current bull market for gold follows a very similar pattern — until now — to that of the gold market of the 70s. However, in a world of NIRP, at least gold doesn't guarantee a loss, unlike some government bonds that guarantee that you'll receive less money than you invested. If you look only at the U.S.

dollar, as Goldcore's Mark O'Byrne observes, gold rose 49.7% against it in 1972.The current upturn in gold has some notable similarities with what happened with gold prices in the 1970s. In this 48-year interval (1970-2001), when the dollar was floating against gold starting in 1973 and WTI prices were completely deregulated after 1980, an ounce of gold on average bought about 16 barrels of oil.