timeline - gold\'s history as a currency standard
Robert Zoellick, President of the World Bank, said major economies should consider reading out a revised global gold standard to guide currency flows.
Here is the timetable for gold as a medium of exchange.
2010: Zoellick suggests a return to the gold standard, arguing that the current floating exchange rate regime since the collapse of the Wall Street Journal in 1971 needs an alternative. -
The Bretton Woods system, in which the dollar and other currencies are linked to the value of gold.
2002: The Board of Directors of the Gold Association voted to dissolve.
1999: Euro, Pan-American-
The introduction of European currencies was supported by a newly established European Central Bank, which holds 15 per cent of its gold reserves.
1990: In 1987, the United States became the world\'s second largest gold producer: on October 19, the world stock market reversed sharply;
The volatile investment market has increased gold trading activity.
The World Gold Council was established to maintain and develop the needs of gold end-users in 1981: Treasury Secretary Donald Reagan announced the establishment of the Gold Council \"to obtain and make recommendations on U. S. policy\". S.
Government on the Role of Gold in the Domestic and International Monetary System \"1980: Gold Inflows-
New York hit an all-time high of $870 on January 21, closing at $591 at the end of the year.
1978: Weak AmericaS.
The dollar boosted interest in gold.
According to the Congressional Act, the United StatesS.
Abolish the official price of gold.
Governments of member countries are free to trade gold in the private market.
1975: Gold futures trading began on the New York Mercantile Exchange, the Chicago International Monetary Market and Trade Commission.
1974: The United States allows gold, not just jewelry.
On February 13, 1973, the United States depreciated the dollar again and announced that it would raise the official dollar price of gold to $42.
Twenty-two per ounce. Dollar-
Continue to sell, and eventually all currencies can float freely, regardless of the price of gold.
By June, London\'s gold market had risen to more than $120 an ounce.
Japan lifted the gold import ban.
1971: Nixon Shock, USA. S.
President Nixon ended the link between the dollar and gold established under the Bretton Woods Agreement.
The dollar has become the sole backing for the currencies and reserve currencies of Member States.
On Aug 15, U. S.
Termination of all gold sales or purchases, thus ending the conversion of foreign official holdings of dollars into gold.
In December, according to the Smithsonian Institute Agreement signed in Washington, USA. S.
By raising the official dollar price of gold to $38 per Troy ounce, the dollar depreciated.
1968: The London gold market is closed for two weeks after a surge in gold demand.
Gold pool managers announced that they would no longer buy and sell gold in the private market. A two-
A hierarchical pricing system has emerged: formal transactions between monetary authorities will be conducted at a constant price of $35 per Troy ounce, while other transactions will be conducted at a volatile price. -market price. U. S.
The Mint ended its policy of buying and selling gold from people with U. S. licences. S.
The Ministry of Finance holds gold.
Gold support for Fed bonds was cancelled.
1961: The United States prohibits the possession of gold abroad and at home.
The central banks of Belgium, France, Italy, the Netherlands, Switzerland, West Germany, the United Kingdom and the United States formed London Golden Pool and agreed to buy and sell for $35. 0875 per ounce.
1954: London Gold Market, closed and reopened in the early days of World War II.
1945: Gold support for Fed bonds decreased by 25. 5 percent.
1944: Bretton Woods Agreement ratified by the United States. S.
In 1945, Congress established a gold exchange standard and two new international organizations, the International Monetary Fund. （IMF)
And the World Bank.
The new criteria involve the denomination of currencies based on gold and the obligation of member countries to convert their holdings of foreign official currencies into gold at these denominations.
While the Second World War was still raging, the system was established to help rebuild the international economy.
Its main feature is that countries adopt monetary policies to keep their exchange rates within a fixed value. (
Add or subtract 1% of gold).
1942: President Franklin.
Roosevelt promulgated a presidential decree to shut down all the United StatesS. gold mines.
1934: The Gold Reserve Act of 1934 grants the government permanent ownership of gold in all currencies and stops minting gold coins.
It also allows gold certificates to be held only by the Federal Reserve Bank, which makes the United StatesS.
Under the Limited gold bars standard, gold redemption is limited to dollars held by foreign central banks and licensed private users.
President Roosevelt raised the price of gold to $35 an ounce, which depreciated the dollar.
1933: To alleviate the banking panic, President Franklin.
Roosevelt forbade private ownership of all gold coins, bars and certificates.
1931: Britain abandons the gold bar standard.
1929: The Great Depression, Wall Street crashed.
1925: Great Britain returns to gold bars with a redeemable currency of 400 pounds. -
An ounce of gold bars, but no gold coins. 1914-
1919: Several countries, including the United States and Britain, suspended the strict gold standard during World War I.
1913: The Federal Reserve Act stipulates that the Federal Reserve Bill has 40% gold support.
1900-The Gold Standard Act officially puts the United States above the gold standard, promising that the United States will maintain a fixed exchange rate related to other countries on the gold standard.
This continued until 1919, when World War I forced both the United States and Britain to suspend the program.
1873: Silver as a value standard was abolished due to the continuous revision of the Mint Law and Mint Law. The United States continued to adopt the unofficial gold standard.
1848: When John Marshall discovered gold flakes while building a sawmill, California started a gold rush.
1837: The weight of gold in the United States. S.
The dollar fell to 23 dollars.
22 grains. Gold is worth $20 an ounce. 67.
1817: Britain introduced the sovereign currency, a small gold coin worth 1816 pounds: Britain formally linked the pound to a specific amount of gold in a convertible British currency. 1804-
1828: North Carolina supplies all domestic gold minted by the United States.
1803: Gold was discovered in Little Meadocrick, North Carolina, which led to the first discovery of gold in the United States. S gold rush.
1799: A 17-
A pound of gold was found in North Carolina\'s Kabarus County, the first recorded gold discovery in the United States.
1792 - The Mint Act places the United States above bimetallic silver. -
The gold standard and the definition of the United States. S.
That\'s 24 dollars.
75 concentrate gold and 371 concentrate gold.
25 pieces of pure silver.
1787: First U.
His gold coins were minted by the goldsmith Ephraim Brascher in 1700: gold was discovered in Brazil, and by 1720 Brazil became the largest producer of gold, with nearly two. -
One third of world output.
Isaac Newton, the owner of the mint, set the price of gold in Britain at 84 shillings and 11 shillings.
Five pence an ounce.
The Royal Committee, composed of Lord Newton, John Locke and Lord Summers, recommended the recall of all old currencies and the issuance of new currencies with a gold-silver ratio of 16. -to-1.
Gold prices were thus established for more than 200 years in 1377: England turned to a gold and silver-based monetary system in 1284: England issued its first major gold coin, Florin.
Next came the nobility, then the angels, the crown and Guinea.
1284 - Venice launches the Kindu Card, which quickly becomes the most popular coin in the world and has lasted for more than five centuries. 1066 A.
D: With the Norman Conquest, metal monetary standards were eventually redesigned. -
A system of pounds, shillings and pennies has been established in Britain.
The pound is actually a pound of sterling silver.
Fifty BC: The Romans began issuing a gold coin called Auris.
560: The first pure gold coins were made in Lydia Minor.
1091: China legalized small pieces of gold as currency in 1500: Gold was recognized as the standard medium of exchange for international trade and became a huge gold. -
The fertility zone of Nubia has made Egypt a wealthy country.
Ancient Egypt left behind a rich golden heritage.