1971:Nixon closes gold window (expectation that gold demand would drop since no longer tied to monetary system- demand expected to be limited to jewelry/trinkets)
December 10, 1974 cable from Ronald Ian “Ron” Spier, Charge d’affairs and Deputy Chief of Mission,
THE BELIEF THAT THE FUTURES MARKET WOULD BE OF SIGNIFI-
CANT PROPORTION AND PHYSICAL TRADING WOULD BE MINISCULE BY
COMPARISON. ALSO EXPRESSED WAS THE EXPECTATION THAT LARGE
VOLUME FUTURES DEALING WOULD CREATE A HIGHLY VOLATILE MAR-
KET. IN TURN, THE VOLATILE PRICE MOVEMENTS WOULD DIMINISH
THE INITIAL DEMAND FOR PHYSICAL HOLDING AND MOST LIKELY NEGATE LONG-TERM HOARDING BY U.S. CITIZENS.
1974: gold ownership made legal again in the U.S.
1986: U.S. Mint produces first gold bullion coins for US citizens since 1933 (theAmerican Gold Eagle).
Sales of one ounce American Gold Eagle coins in 2016 were the best since 2011.
2016: US. Mint sells 1,240,000 ounces of gold worth approximately $1.5 billion.
Total gold ever mined is estimated to be 170,000 tons or 6 billion ounces – worth about $7.2 trillion (at $1,200 an ounce).
Comex, LBMA gold futures trading estimated to be about $125 billion a day, or about $30 trillion annually.
First Majestic CEO to Join Silver Manipulation Class Action Law Suit
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