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Dec 31, 2010

Price

Gold price per troy ounce in USD since 1960, in nominal US$ (black) and in 2009 US$ (red) after inflation adjustment using the CPI-U price index.
Like other precious metals, gold is measured by troy weight and by grams. When it is alloyed with other metals the term carat or karat is used to indicate the amount of gold present, with 24 carats being pure gold and lower ratings proportionally less. The purity of a gold bar or coin can also be expressed as a decimal figure ranging from 0 to 1, known as the millesimal fineness, such as 0.995 being very pure.
The price of gold is determined through trading in the gold and derivatives markets, but a procedure known as the Gold Fixing in London, originating in September 1919, provides a daily benchmark price to the industry. The afternoon fixing was introduced in 1968 to provide a price when US markets are open.
Historically gold coinage was widely used as currency; when paper money was introduced, it typically was a receipt redeemable for gold coin or bullion. In a monetary system known as the gold standard, a certain weight of gold was given the name of a unit of currency. For a long period, the United States government set the value of the US dollar so that one troy ounce was equal to $20.67 ($664.56/kg), but in 1934 the dollar was devalued to $35.00 per troy ounce ($1125.27/kg). By 1961, it was becoming hard to maintain this price, and a pool of US and European banks agreed to manipulate the market to prevent further currency devaluation against increased gold demand.
Swiss-cast 1 kg gold bar
On March 17, 1968, economic circumstances caused the collapse of the gold pool, and a two-tiered pricing scheme was established whereby gold was still used to settle international accounts at the old $35.00 per troy ounce ($1.13/g) but the price of gold on the private market was allowed to fluctuate; this two-tiered pricing system was abandoned in 1975 when the price of gold was left to find its free-market level. Central banks still hold historical gold reserves as a store of value although the level has generally been declining. The largest gold depository in the world is that of the U.S. Federal Reserve Bank in New York, which holds about 3%[citation needed] of the gold ever mined, as does the similarly laden U.S. Bullion Depository at Fort Knox.
In 2005 the World Gold Council estimated total global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, giving a surplus of 105 tonnes.[71]
Since 1968 the price of gold has ranged widely, from a high of $850/oz ($27,300/kg) on January 21, 1980, to a low of $252.90/oz ($8,131/kg) on June 21, 1999 (London Gold Fixing).[72] The period from 1999 to 2001 marked the "Brown Bottom" after a 20-year bear market.[73] Prices increased rapidly from 1991, but the 1980 high was not exceeded until January 3, 2008 when a new maximum of $865.35 per troy ounce was set (a.m. London Gold Fixing).[74] Another record price was set on March 17, 2008 at $1023.50/oz ($32,900/kg)(am. London Gold Fixing).[74] In the fall of 2009, gold markets experienced renewed momentum upwards due to increased demand and a weakening US dollar. On December 2, 2009, Gold passed the important barrier of US$1200 per ounce to close at $1215.[75] Gold further rallied hitting new highs in May 2010 after the European Union debt crisis prompted further purchase of gold as a safe asset.[76][77]
Since April 2001 the gold price has more than tripled in value against the US dollar,[78] prompting speculation that this long secular bear market has ended and a bull market has returned.[79]

Symbolism

Gold bars at the Emperor Casino in Macau
Gold has been highly valued in many societies throughout the ages. In keeping with this it has often had a strongly positive symbolic meaning closely connected to the values held in the highest esteem in the society in question. Gold may symbolize power, strength, wealth, warmth, happiness, love, hope, optimism, intelligence, justice, balance, perfection, summer, harvest and the sun.
Great human achievements are frequently rewarded with gold, in the form of gold medals, golden trophies and other decorations. Winners of athletic events and other graded competitions are usually awarded a gold medal (e.g., the Olympic Games). Many awards such as the Nobel Prize are made from gold as well. Other award statues and prizes are depicted in gold or are gold plated (such as the Academy Awards, the Golden Globe Awards, the Emmy Awards, the Palme d'Or, and the British Academy Film Awards).
Aristotle in his ethics used gold symbolism when referring to what is now commonly known as the "golden mean". Similarly, gold is associated with perfect or divine principles, such as in the case of Phi, which is sometimes called the "golden ratio".
Gold represents great value. Respected people are treated with the most valued rule, the "golden rule". A company may give its most valued customers "gold cards" or make them "gold members". We value moments of peace and therefore we say: "silence is golden". In Greek mythology there was the "golden fleece".
Gold is further associated with the wisdom of aging and fruition. The fiftieth wedding anniversary is golden. Our precious latter years are sometimes considered "golden years". The height of a civilization is referred to as a "golden age".
In Christianity gold has sometimes been associated with the extremities of utmost evil and the greatest sanctity. In the Book of Exodus, the Golden Calf is a symbol of idolatry. In the Book of Genesis, Abraham was said to be rich in gold and silver, and Moses was instructed to cover the Mercy Seat of the Ark of the Covenant with pure gold. In Christian art the halos of Christ, Mary and the Christian saints are golden.
Medieval kings were inaugurated under the signs of sacred oil and a golden crown, the latter symbolizing the eternal shining light of heaven and thus a Christian king's divinely inspired authority. Wedding rings have long been made of gold. It is long lasting and unaffected by the passage of time and may aid in the ring symbolism of eternal vows before God and/or the sun and moon and the perfection the marriage signifies. In Orthodox Christianity, the wedded couple is adorned with a golden crown during the ceremony, an amalgamation of symbolic rites.
In popular culture gold holds many connotations but is most generally connected to terms such as good or great, such as in the phrases: "has a heart of gold", "that's golden!", "golden moment", "then you're golden!" and "golden boy". Gold also still holds its place as a symbol of wealth and through that, in many societies, success.

State emblem

In 1965, the California Legislature designated gold "the State Mineral and mineralogical emblem."[80]
In 1968, the Alaska Legislature named gold "the official state mineral."[81]

See also

References

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