After being released from government control, gold reaches a new record price on January 14, 1980, exceeding $800 an ounce.
Gold is scattered sparsely throughout the earth’s crust and since ancient times has been treasured for both its scarcity and metallurgic properties. Before the 19th century, most nations maintained a bimetallic monetary system, which often included gold but consisted mainly of silver. Beginning in Great Britain in 1821, units of currency were redeemable for a fixed quantity of gold, a change that Britain hoped would stabilize its rapidly growing economy. As the Industrial Revolution spread, other countries followed suit, and by the late 19th century most industrialized nations were on the gold standard. In the new global economy, the common standard facilitated international monetary transactions and stabilized foreign exchange rates.
