What is the historical price trend chart of gold?
Gold partners will not be unfamiliar to them, of course, they are also very concerned about its price, after all, the price determines its value, so let's take a look at the historical price trend chart of gold. First of all, I'd like to give you a brief introduction to gold. Gold is the elemental form of the chemical element gold (chemical element symbol AU). It is a soft, golden yellow and corrosion-resistant precious metal. Gold is one of the rare, precious and valued metals. In the world, gold is generally measured in ounces. In ancient China, the unit of gold was "Liang", which was a very important metal. Then let's look at the historical price of gold.
February 5, 1996: on Friday, the price of gold rose to $418.5. Technical experts believe that if this is broken, the price of gold will break $445. Central banks sell gold. In terms of gold sales, the highest sales volume was 600 tons in 1992, and it was estimated to be 3000 tons in 1995. Gold merchants have been looking down on the future price of gold. For gold mine owners, this is just to sell their gold at the current price after three or five years, which is equivalent to cashing in future profits first, while the central bank has "revitalized" assets. According to data released by the Bank of England in early December, London gold merchants alone have already leased 1500 tons of gold from the central bank. If not counting the central bank and selling money, the supply of others is already in short supply.
March 24, 1998: gold fell to its lowest level of $278.7 on January 9 and hovered at $294 yesterday. Gold is booming and declining. Now the market price of gold is below the average production cost of 315 US dollars per ounce. Half of the world's gold mines are losing money. It is inevitable that there will be stoppages in succession. As a result, the supply of newly unearthed gold in the past two years is in short supply. Only because the central bank's throwing gold and private gold started to sell under the prospect of gold price, the downward trend of gold price has not been reversed. In addition, the barek gold mine in Canada plans to cast the "Genesis gold coin" on a large scale. It plans to use 1000 tons to 2500 tons of gold for this coin. If the plan is carried out, it will be the gold coin with the largest consumption. In the past, the kruegeland gold coin in South Africa consumed 1400 tons of gold. In 1986, the amount of gold used in Japanese Yuren gold coin reached 182 tons, and in 1991, Mingren gold coin consumed 60 tons. For the gold market, this is a big positive. Last year, central banks sold about 825 tons of gold, and the "Genesis gold coin" will be fully digested.
July 6, 1999: the Bank of England sold 25 tons of gold at $261.2 an ounce on Tuesday, raising $298 million. This is the first auction of the Bank of England in nearly 20 years and the first of its five auctions. Since Britain announced plans to sell 415 tons of its own 715 tons of gold reserves over the next three to five years. After the announcement, gold prices immediately fell below the level of 260 US dollars to 256.4 US dollars, a 20-year low. The "eternal value" of gold, which will not be evaporated and worn down in the world, has left a disaster for the market. Because it is estimated that the gold that has survived for thousands of years is as high as 125000 tons, about one third of which is in the Treasury of central banks, and the rest is private gold and jewelry.
On the one hand, the central bank is selling a lot of gold (the Swiss central bank also plans to sell about 1300 tons of gold). On the other hand, the number of major gold mines is increasing. There are two reasons: first, the unit production cost of gold has dropped by 20% in 1998, and the average production cost per ounce is only 206 US dollars; second, mining companies have developed a production mode of "copper as the main production and gold as the by-product". It is estimated that the by-product gold will account for 9% of the total gold production in 1995 and will increase to 17% in 2005. The gold price fell to the bottom of the bull market in October and September in 2001.
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