CHART: Gold's glittering rise, 1971-2011
CBC News |
Last Updated: Aug. 17, 2011
Until 1971, the United States regulated the value of gold by tying it to the U.S. dollar at roughly $35 US per ounce. Soaring deficits, brought on by the high financial cost of the war in Vietnam, led former U.S. president Richard Nixon to end the system and move the country to one currency issued by its central bank.
In the years following the deregulation of gold, its price increased. Analysts attribute an increased interest in mining gold to the rising gold values of the 1970s. The chart below shows the average price of gold (in U.S. dollars) between its deregulation in 1971 and 2011. Hover over the points in the line graph to read more on the rising price of gold.