Gold standard

From the early 19th century until 1971, gold played a major role in shaping international monetary policy. Gold standard was a system in which nations' currencies were ultimately redeemable for a fixed amount of gold. The standard's purpose was to produce a currency of stable value. Historically, countries have used the gold standard to take on debt.

Nixon shock

In 1971, in a series of economic measures, then US President Richard Nixon unilaterally suspended the direct convertibility of the dollar to gold, ushering in the era of 'floating currencies'.

THE LONDON Gold fix

Is a procedure by which the price of gold is determined twice each business day on the London market. It is designed to fix a price for settling contracts between members of the London bullion market, but informally, it is used as a benchmark for pricing gold throughout the world's markets. The gold fix is conducted daily at 10.30 am and 3 pm, London time. The first fix was on September 12, 1919, at 11 am.

Theories behind Gold Crash 2013

Because something else could be taking its place as a speculative currencybitcoins. Bitcoins are virtual currency beyond the reach of government regulation. They are popular with the techno tribe, with everybody from Maltese hedge funds to the Winklevoss brothers piling in. Bitcoins can be used to make online purchases, some countries are accused of using Bitcoins to launder their money and many legal sites accept Bitcoin payments.

Last year, Societe Generale issued a report 'The End of the Gold Era' that said the recovery of the US economy and the rise of the dollar could create a "perfect storm" in the gold market.

China's growth slowing down. With China slowing to below 8 per cent in the first quarter of 2013, gold was one of the commodities that fell sharply

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