Gold has been legalized for 50 years since New Year’s Eve

After the Bretton Woods agreements were abandoned in the early 1970s, a law was soon passed in the USA that allowed Americans to hoard gold again. Since then, the precious metal, which preserves wealth and also acts as a safe haven, could also be traded as gold futures contracts. This allowed Americans to defend themselves against a devaluation of the dollar. In 1974, then US President Ford reversed a decision from the 1930s, allowing the possession of gold again. Previously, gold could only be owned to a maximum value of 100 US dollars. Violators faced fines of 10,000 US dollars and ten years in prison.

This breathed new life into the no longer intact gold trade. US citizens were once again able to buy, own, sell or otherwise trade gold abroad or in the USA. The legalization of gold was accompanied by concerns and resistance. On December 30, 1974, gold reached a record price of more than 195 US dollars. The legal price of gold at the time was 44.22 US dollars. The US Treasury Department and the International Monetary Fund sold gold in order to limit the price. The Americans had also agreed in secret bilateral talks with the German Bundesbank (and also the government, then in Bonn) that Germany would not buy gold on the open market. It was feared that strong public demand would drive up the price of gold and at the same time increase the country’s trade deficit if gold was imported into the USA from abroad. The period was characterized by inflation, the after-effects of the Arab oil embargo, persistent budget deficits and rising national debt.

The possibility of owning gold stimulated the retail and wholesale gold trade in the USA. Private mints opened, gold dealers built and rented out vaults so that they could store gold. Today in particular, gold once again serves as a hedge against currency devaluation and as a safe haven. The shares of gold companies such as Skeena Gold & Silver or Calibre Mining also offer attractive investment opportunities

Skeena Gold & Silver – https://www.commodity-tv.com/ondemand/companies/profil/skeena-gold-silver-ltd/ – is working on the reopening of the Snip projects and the Eskay Creek mine in British Columbia, Canada, two extremely promising projects.

Calibre Mining – https://www.commodity-tv.com/ondemand/companies/profil/calibre-mining-corp/ – produces gold, is a medium-sized company and focuses on North, Central and South America. Further development and exploration opportunities in Newfoundland and Labrador, Nevada and Washington as well as Nicaragua are in focus.

Current company information and press releases from Skeena Gold & Silver (- https://www.resource-capital.ch/en/companies/skeena-resources-ltd/ -) and Calibre Mining (- https://www.resource-capital.ch/en/companies/calibre-mining-corp/ -).

In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.

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