The gold standard as a tool for expressing the cost of assets in physical terms
I have already mentioned gold in my previous articles devoted to the commodity market, which you can read here and here. This article will be entirely focused on gold.
History of gold pricing
Before the gold standard was abandoned in 1971, gold prices were kept under control artificially. There were attempts of price fixing. In the 1960ies, there was an OPEC analogue called “the London gold pool”. In the end, all those non-market instruments failed. At that time, gold was pegged to the dollar at…
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