Gold Price History

There are 32,150.75 ounces in a tonne of gold.  Tonne is another term for Metric Ton that is another term for 1000 kilograms. One tonne of gold is worth $46 million.

Global gold production in 2019 is 4370 tonnes or 140,498,777.5 ounces.  The price per ounce of gold is $1430.  The amount of gold produced in 2019 worth $201.02 billion at $1430 per ounce.

https://www.reuters.com/article/us-gold-price-metals-focus/global-gold-demand-will-rise-to-four-year-high-in-2019-metals-focus-idUSKCN1RD1FI

Gold is a commodity and the price of gold fluctuates with supply and demand. 80% of gold is used in jewelry. The rest is used in small amounts in electronics including computers, lap tops, mobile phones, GPS devices and televisions, because it is a good conductor of electricity and transfers data quickly.

https://yourstory.com/mystory/9599111633-5-common-uses-of-gold

Gold Prices by decade shows the price per ounce of gold in 1969 at $35.21 moving to $524.00 in 1979. Gold was used as a hedge against inflation. Nixon ended the “gold standard” in 1971, leaving the US dollar detached from gold.

Gold Price Movement by Decade:

1970s $37.38 to $524.00 (big gain)

1980s $589.50 to $401 (loss)

1990s $391 to $285 (loss)

2000s $272.65 to $1104.00 (big gain)

2010s $1410.25 to $1430.55 (flat)

Gold Price Per Ounce Per Year

Year  Close

2019 $1430.55 (flat)

2018 $1281.65

2017 $1296.50

2016 $1151.70

2015 $1060.20

2014 $1199.25

2013 $1201.50

2012 $1664.00

2011 $1574.50

2010 $1410.25

2009 $1104.00 (gain)

2008 $865.00

2007 $836.50

2006 $635.70

2005 $513.00

2004 $438.00

2003 $417.25

2002 $342.75

2001 $276.50

2000 $272.65

1999 $290.85 (loss)

1998 $287.45

1997 $289.20

1996 $369.55

1995 $386.70

1994 $382.50

1993 $390.65

1992 $332.90

1991 $353.40

1990 $391.00

1989 $401.00 (loss)

1988 $410.15

1987 $486.50

1986 $390.90

1985 $327.00

1984 $309.00

1983 $381.50

1982 $448.00

1981 $400.00

1980 $589.50

1979 $524.00 (gain)

1978 $224.50

1977 $165.60

1976 $134.55

1975 $140.25

1974 $187.50

1973 $112.25

1972 $64.70

1971 $43.50

1970 $37.38

1969 $35.21

https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

The reason for all the TV adds recommending that we buy gold is to keep raising demand and therefore the price of gold. The best time to buy gold was 1969. The next best time was 2000. The TV ads started in 2010. I never bought gold. Gold prices rose from $635.70 in 2006 to $1410.25 when we knew we were set to crash the US economy.

Norb Leahy, Dunwoody GA Tea Party Leader