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Today in history


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JANUARY 14

The price of gold soars - 1980

Gold reaches a world record, costing more than $ 800 an ounce (31.103481 g). Disordered and sparsely distributed across the earth, gold has been prized over time, both for its scarcity and for its metallurgical properties. Since 1821, in Britain, certain units of currency were used as a fixed criterion of the value of gold, and during the 1870s most industrialized countries adopted this measure. During World War I and the Great Depression the measure criterion deteriorated, and in 1937 no nation maintained the unique criteria of gold. During the 1950s, gold was again used in some currency exchanges, but the reduction of reserves during the 1970s meant the end of the single criteria. After freeing itself from government control, the price of gold soared, with its highest rise on January 14, 1980, above $ 800 an ounce (31.103481 g).