Business Essay

682 WordsMay 27, 20153 Pages
HISTORICAL GOLD PRICES- 1833 to Present The price of gold remained remarkably stable for long periods of time. For example, Sir Isaac Newton, as master of the U.K. Mint, set the gold price at L3.17s. 10d. per troy ounce in 1717, and it remained effectively the same for two hundred years until 1914. The only exception was during the Napoleonic wars from 1797 to 1821. The official U.S. Government gold price has changed only four times from 1792 to the present. Starting at $19.75 per troy ounce, raised to $20.67 in 1834, and $35 in 1934. In 1972, the price was raised to $38 and then to $42.22 in 1973. A two-tiered pricing system was created in 1968, and the market price for gold has been free to fluctuate since then as the table below shows. Average Price Year 1833-49* Average Price Year Average Price Year Average Price Year 18.93 1901 18.98 1953 34.84 2005 444.74 1850 18.93 1902 18.97 1954 35.04 2006 603.46 1851 18.93 1903 18.95 1955 35.03 2007 695.39 1852 18.93 1904 18.96 1956 34.99 2008 871.96 1853 18.93 1905 18.92 1957 34.95 2009 1854 18.93 1906 18.90 1958 35.10 2010 1,224.53 1855 18.93 1907 18.94 1959 35.10 2011 1,571.52 1856 18.93 1908 18.95 1960 35.27 1857 18.93 1909 18.96 1961 35.25 1858 18.93 1910 18.92 1962 35.23 1859 18.93 1911 18.92 1963 35.09 1860 18.93 1912 18.93 1964 35.10 1861 18.93 1913 18.92 1965 35.12 1862 18.93 1914 18.99 1966 35.13 1863 18.93 1915 18.99 1967 34.95 1864 18.93 1916 18.99 1968 39.31 1865 18.93 1917 18.99 1969 41.28 1866 18.93 1918 18.99 1970 36.02 1867 18.93 1919 19.95 1971 40.62 1868 18.93 1920 20.68 1972 58.42 1869 18.93 1921 20.58 1973 97.39 1870 18.93 1922 20.66 1974 154.00 1871 18.93 1923 21.32 1975 160.86 1872 18.94 1924 20.69 1976 124.74 1873 18.94 1925 20.64 1977

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