Saturday, June 26, 2010

Historical price of gold - from the Renaissance

We republish this article regarding gold's historical prices, with permission of the market timer and research  organization Elliott Wave Technician.

Here is an interesting long term historical chart showing gold prices from 1344 to 1998. The prices are in 1998 United States Dollars.

In 1482 the gold price peaked long term at USD 2400. The lowest price of gold was USD 19.90 in 1919. The average price of gold during this period was USD 627.

Source: The above chart courtesy of Sharelynx. Click on the chart for a larger image.

As you see, gold prices were relatively low during the French Revolution / Napolionic wars, WWI and WWII, fluctuating around USD 160 to USD 250. Could this be because individuals, nations and organizations sell their gold holdings at war time?

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Geir Solem
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