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GOLD 127 prices are quoted in dollars per troy ounce for 900 fine metal For many years the ‘official’ value of gold was set by the USA at $20.67 per troy ounce The St Gaudens Double Eagle, a $20 US coin, was minted from 1907– 1933 and weighed 34 g In 1934 the value of gold in the USA was increased to $35.00 per troy ounce, to build up reserves and stabilize the dollar after the Great Depression Although this had a stabilizing effect on the currency markets, it gradually devalued gold over the next 34 years as inflation caused other commodity prices to rise slowly American citizens were also prohibited from owning gold bullion, whereas foreign parties could purchase gold from the US government at the fixed price In 1968, partly because of the growing gap between the ‘real’ value of gold and the fixed price, a twotiered pricing system was briefly established whereby gold was still transferred among governments at the ‘official’ price of $35.00 per troy ounce while the price on the private market was allowed to fluctuate This tiered price system soon failed (mainly because of South African government sales at the higher market price) and in 1971 the US government finally abandoned the gold monetary standard, allowing gold prices to float freely In 1974 American citizens were once again allowed to own gold bullion With the global oil crises of the 1970s, oil and gold prices spiralled upwards dramatically, the latter peaking at about $850 per troy ounce in 1980 Americans were now free to invest in gold bullion and gold futures markets, which expanded dramatically The increased prices and influx of investment capital stimulated a new wave of global exploration for gold deposits It was during this period that South Africa’s century-long domination of global gold production from the Wits deposits began to wane Many gold districts in the USA, Australia, and other nations were discovered or expanded, their financial bottom lines aided by cheap cyanide heap leaching technology Increases in the price of gold in the 1980s prompted a wave of gold investment scams, with crooks setting up temporary field operations and fancy offices that were designed to lure investors into buying ‘future’ gold ore in lots of $5000–$15 000 Enticements of free food, alcohol, and female companionship were often used in such ‘investment seminars’ Apparently some investors were hesitant to report losses from such scams because they were using money that they did not want tax officials or former spouses to know about Being highly influenced by emotion, greed, international conflict, and economic uncertainty (rather than a more rational basis of technological usefulness), trends in gold price have never lent themselves to accurate prediction Recent years have seen downward pressure on prices as some western governments sell off some of their central banks’ gold reserves, while continued fears of economic and political conflicts in Asia, Europe, and the Middle East have pushed prices upwards The net result is, as always, erratic and unpredictable trends More than any other Earth resource, the concept of ‘caveat emptor’ applies to gold in all of its manifestations The most successful investors in gold are probably those who buy stock in reputable goldmining companies with adequate reserves and low overheads See Also Atmosphere Evolution Economic Geology Fluid Inclusions Minerals: Native Elements; Sulphides Mining Geology: Hydrothermal Ores Tectonics: Hydrothermal Activity Further Reading Amey EB (2002) Gold In: US Geological Survey Minerals Year book 2002, vol 1, pp US Geological Survey, Washington, DC: Govt Printing Office Boyle RW (1987) Gold: History and Genesis of Deposits New York: Van Nostrand Reinhold Craig JR, Vaughan DJ, and Skinner BJ (2001) Resources of the Earth: Origin, Use, and Environmental Impact, 3rd edn Prentice Hall, Upper Saddle River Foster RP (ed.) (1991) Gold Metallogeny and Exploration Glasgow: Blackie Gasparrini C (1993) Gold and Other Precious Metals: From Ore to Market New York: Springer Verlag Hagemann SG and Brown PE (eds.) (2000) Gold in 2000 Reviews in Economic Geology 13 Littleton: Society of Economic Geologists Kesler SE (1994) Mineral Resources, Economics and the Environment New York: MacMillan Kirkemo H, Newman WL, and Ashley RP (2000) Gold Factsheet US Geological Survey Yannopoulos JC (1991) The Extractive Metallurgy of Gold New York: Van Nostrand Reinhold
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