Well today in gold history is important.
from Wikipedia "This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led President Richard Nixon to end the direct convertibility of the dollar to gold on August 15th 1971, resulting in the system's breakdown (the "Nixon Shock")."
So 40 years ago today Nixon ended the gold standard. At the time the price of gold was fixed at $35 an ounce. It rose pretty quickly to $70 an ounce after that.
I seem to remember $35 would buy a 100 gallons of gasoline in 1971. Today 100 gallons of gasoline would set you back $350.00
Gold
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apostate
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Re: Gold
If your memory and my math are correct:philip964 wrote:I seem to remember $35 would buy a 100 gallons of gasoline in 1971. Today 100 gallons of gasoline would set you back $350.00
In 1971, 1 oz of gold would buy approximately 100 gallons of gasoline.
In 2011, 1 oz of gold would buy approximately 500 gallons of gasoline.