Gold was in use as a form of money, in one form or another, at least from 560 BC until the end of the Bretton Woods system in 1971. It was used as a store of value both by individuals and countries for much of that period.
Since the end of the Bretton Woods system in 1971, gold has largely lost its role as a form of currency. It is still considered by many as a store of value and a safe haven in times of crisis.
Central banks are believed to retain large gold reserves.
Gold historical background: President of the United States and France agreed that the central bank president may be the market price revaluation of its gold reserves.
During 1975
U.S. open gold market.
The U.S. Treasury Department auctioned 2.5 million ounces of gold.
Britain suspended the importation in 1837 after the issue of gold coins, including gold coins-Green.
10 nations agree to the Bank for International Settlements organizations may participate in the International Monetary Fund auction.
Members of the International Monetary Fund reached an agreement, the abolition of official gold price system, and to 42.2222 U.S. dollars an ounce, the price of gold will return half of the members, while the Central Bank agreement can be in a free market trading of gold, and the international funding of its six coins Foundation The gold reserves at an auction, the proceeds used to aid underdeveloped countries.
During 1976
10-country International Monetary Fund agreed to amend the Articles of Association, in a free market will not buy gold, but agreed to the Bank for International Settlements can be purchased on their behalf gold.
Germany and Switzerland approved a 250 million U.S. dollars credit to Italy to gold as collateral. South Africa announced a 5 million ounces of gold for the security, access to foreign loans.
International Foundation began funding currency auction of gold per month for a period of four years, will auction a total of 25 million ounces of gold, and also will be 25 million ounces of gold to Member States.
1,980 years
1980 pension at a record high, rising to 850 U.S. dollars an ounce, then fell in 1985 to 284 U.S. dollars an ounce low. 1980s gold trading activities decreased substantially, but it is the purchase of sustained growth, particularly in the case in Asia. Such market conditions, the world's major gold market continues to maintain.
Central banks and the Administration in 1980 and the 1990s are buying or selling gold. International Monetary Fund, "all members" gold holdings to the end of February 1995 to 905.1 million ounces.
1990s
From 1994 to 1996, and no major price fluctuations. And from 1996-99, prices began to decline to 250 U.S. dollars.
In addition, sluggish investment climate, also led to hoarding of gold coins and gold bullion declining demand. This also resulted in 1995, Europe and North America and other regions to investment, in 1996 a result of the reduced trading volume.
