Gold prices soar

Gold prices soar

Gold reaches a new record price on this day, hitting more than $800 an ounce. Scattered sparsely throughout the earth’s crust, gold has been treasured since ancient times for both its scarcity and metallurgic properties. Beginning in Great Britain in 1821, units of currency were redeemable for a fixed quantity of gold, and by the 1870s most other industrialized nations had adopted the gold standard. The standard collapsed during World War I and the Great Depression, and by 1937 not a single nation remained entirely on the gold standard. During the 1950s, gold was again tied to some currency exchanges, but dwindling global reserves in the 1970s signaled the final death knell of the standard. After being released from government control, the price of gold soared, with its most staggering increase recorded on January 14, 1980–to over $800 an ounce.