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On 21 January 1980 the gold fixing reached the price of $850, a figure not surpassed until 3 January 2008 when a new record of $865.35 per troy ounce was set in the a.m. fixing. However, when indexed for inflation, the 1980 high corresponds to a price of $2,305.18 in 2011 dollars, [ 3 ] thus the 1980 record still holds in real terms .
The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. the price in 1980: $850/oz [10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.
The gold reserve of the United Kingdom is the amount of gold kept by Bank of England as a store of value of part of the United Kingdom's wealth. Leftover from the Gold Standard which the country abandoned in 1931, it is the 17th largest central bank reserve in the world with 310.29 tonnes of gold bars .
Since 1968 the price of gold has ranged widely, from a high of $850/oz ($27,300/kg) on 21 January 1980, to a low of $252.90/oz ($8,131/kg) on 21 June 1999 (London Gold Fixing). [ 4 ] The analysis of this period is based on the work of Robert Solow and is rooted in macroeconomic theories of trade including the Mundell–Fleming model . [ 5 ]
Twice daily, at 10:30 AM and 3:00 PM (local time). the LBMA publishes the gold price in US dollars. [1] These forward contracts are known as gold futures contracts. Spot gold is traded for settlement two business days following the trade date, with a business day defined as a day when both the New York and London markets are open for business.
ScotiaMocatta was formed by Scotiabank's acquisition of Mocatta Bullion from Standard Chartered Bank in 1997. They acquired it from Hambros Bank in 1973.. The company dates back to Moses Mocatta, who immigrated from Amsterdam to London where, in 1671, he established a shop for gold, silver, and diamonds, then opened an account with the English goldsmith-banker Edward Backwell (ca. 1618–1683).
Proof that competitors have shared prices can be used as part of the evidence of an illegal price fixing agreement. [5] Experts generally advise that competitors avoid even the appearance of agreeing on price. [5] Since 1997, US courts have divided price fixing into two categories: vertical and horizontal maximum price fixing. [6]
According to this data, amount of gold and silver physically held in London vaults is currently more than 7,700 tonnes of gold and 33,700 tonnes of silver. [6] The gold alone is valued in excess of $330 billion, more than the reported value of the metal held in Fort Knox, Kentucky and second only to the entire holdings of the US Government. [7]