Gold prices has increase from $35 in 1934 to $1512 an once in June, 2011. Gold is the most important monetary currency throughout the world's history.
Gold is measured in troy ounces and the price of gold prices are stated in terms of the cost of one ounce. One ounce is equivalent to 31.1 grams or .07 pounds. Historically, the United States has fixed the price of gold.
The price of an ounce of gold was fixed at $20.67 for many decades until 1934 at which point the price was raised to $35.00. In 1975 the price of gold was allowed to fluctuate.
Gold is measured in troy ounces and the price of gold prices are stated in terms of the cost of one ounce. One ounce is equivalent to 31.1 grams or .07 pounds. Historically, the United States has fixed the price of gold.
The price of an ounce of gold was fixed at $20.67 for many decades until 1934 at which point the price was raised to $35.00. In 1975 the price of gold was allowed to fluctuate.
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The U.S. has the biggest gold reserve with 9,301 tons, followed by Germany 3,412 tons , Italy 2,452 tons , France 2,437 tons, China, 1,200 tons, Switzerland 1,055 tons, Russia, 776 tons, Japan, 765 tons and Netherlands 675 tons.
Chinese official has a big strategy of internationalizing the Yuan by increasing gold reserves Chinese gold reserves need to be at 9,302 tons to surpass U.S., reserves. If China by the gold to match the U.S. gold prices will be at $ 2000 an once at no time.
Albanian Minerals President and CEO Sahit Muja said "On the supply side, the miners may need to bring more gold to meet increasing market demand". The reasons why gold is precious is its rarity. Gold is hard to find, and hard mine .
The gold extracting from the earth presents its own challenges and is very expensive. Albanian Minerals President Sahit Muja said "I have seen a massive gold production increase in 20 years driven by the growing demand mining industry may not be able to keep up with growing demand"
Chinese official has a big strategy of internationalizing the Yuan by increasing gold reserves Chinese gold reserves need to be at 9,302 tons to surpass U.S., reserves. If China by the gold to match the U.S. gold prices will be at $ 2000 an once at no time.
Albanian Minerals President and CEO Sahit Muja said "On the supply side, the miners may need to bring more gold to meet increasing market demand". The reasons why gold is precious is its rarity. Gold is hard to find, and hard mine .
The gold extracting from the earth presents its own challenges and is very expensive. Albanian Minerals President Sahit Muja said "I have seen a massive gold production increase in 20 years driven by the growing demand mining industry may not be able to keep up with growing demand"
Read more:http://www.prlog.org/11565218-gold-prices-up-2200-in-77-years-on-the-growing-demand.html
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