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Did you know? Gold has served as the most important monetary standard throughout history. It is measured in troy ounces and the price of gold is typically stated in terms of the cost of one troy ounce. Historically, the USA has fixed the price of gold. An ounce was fixed at $20 from 1786 until 1934, at which time the price was raised to $35 per ounce. In 1968, a two-tiered pricing structure was implemented, and by 1975 the price of gold was allowed to fluctuate. Back on January 21, 1980 the price of gold reached a peak of $850 and everyone went crazy thinking it wouldn't get better than that. But it sure has! |