Two-tier system for valuing gold introduced in 1968: Precious metals basics

The system, outlined in March 1968, set up new guidelines governing the future of gold
By , Coin World
Published : 05/12/15
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The price of gold on the free-market tier began to rise. On May 17, 1968, it touched $40 an ounce on the London market. In July, however, the price fell again when the French government tried to bolster the franc and rumors spread that South Africa would be selling some of its newly mined gold on the free market. In October, the United States and other major nations in the IMF agreed to provide a mechanism for sales of newly mined gold to monetary authorities, but only when the free market price reached or fell below the official price of $35 an ounce.

The above is an excerpt from the eighth edition of the Coin World Almanac, published by Amos Media Company in 2011.

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