1:26 PM
M Esaa
The changes in demand for gold and supply from
domestic mines in the past two decades reflect price
changes. After the United States deregulated gold in
1971, the price increased markedly, briefly reaching
more than $800 per troy ounce in 1980. Since 1980,
the price has remained in the range of $320 to $460
per troy ounce. The rapidly rising prices of the 1970’s
encouraged both experienced explorationists and amateur
prospectors to renew their search for gold. As a
result of their efforts, many new mines opened in the
1980’s, accounting for much of the expansion of gold
output. The sharp declines in consumption in 1974
and 1980 resulted from reduced demands for jewelry
(the major use of fabricated gold) and investment
products, which in turn reflected rapid price increases
in those years.
domestic mines in the past two decades reflect price
changes. After the United States deregulated gold in
1971, the price increased markedly, briefly reaching
more than $800 per troy ounce in 1980. Since 1980,
the price has remained in the range of $320 to $460
per troy ounce. The rapidly rising prices of the 1970’s
encouraged both experienced explorationists and amateur
prospectors to renew their search for gold. As a
result of their efforts, many new mines opened in the
1980’s, accounting for much of the expansion of gold
output. The sharp declines in consumption in 1974
and 1980 resulted from reduced demands for jewelry
(the major use of fabricated gold) and investment
products, which in turn reflected rapid price increases
in those years.
Stacks of gold bars in the Fort Knox Bullion Depository
(photo courtesty of the U.S. Mint).
(photo courtesty of the U.S. Mint).
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