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At a wholesale level, the London OTC (over-the-counter) market, working with the Bank of England, has historically been the centre of the gold trade for perhaps the past 350 years, today comprising approximately 70% of global notional trading volume.
New York futures trading handles perhaps 15% (or more), Shanghai 5% (or more), leaving currently less than 10% to be traded in Dubai, India, Japan, Singapore and Hong Kong.
| Gold Prices per Ounce - Historical Annual Data Gold Prices Based on www.macrotrends.net |
|---|
| Year ▲▼ | Average Closing Price |
Year Open | Year High | Year Low | Year Close | Annual % Change |
|---|---|---|---|---|---|---|
| 2023 | $1,943.00 | $1,824.16 | $2,115.10 | $1,811.27 | $2,062.92 | 13.08% |
| 2022 | $1,801.87 | $1,800.10 | $2,043.30 | $1,626.65 | $1,824.32 | -0.23% |
| 2021 | $1,798.89 | $1,946.60 | $1,954.40 | $1,678.00 | $1,828.60 | -3.51% |
| 2020 | $1,773.73 | $1,520.55 | $2,058.40 | $1,472.35 | $1,895.10 | 24.43% |
| 2019 | $1,393.34 | $1,287.20 | $1,542.60 | $1,270.05 | $1,523.00 | 18.83% |
| 2018 | $1,268.93 | $1,312.80 | $1,360.25 | $1,176.70 | $1,281.65 | -1.15% |
| 2017 | $1,260.39 | $1,162.00 | $1,351.20 | $1,162.00 | $1,296.50 | 12.57% |
| 2016 | $1,251.92 | $1,075.20 | $1,372.60 | $1,073.60 | $1,151.70 | 8.63% |
| 2015 | $1,158.86 | $1,184.25 | $1,298.00 | $1,049.60 | $1,060.20 | -11.59% |
| 2014 | $1,266.06 | $1,219.75 | $1,379.00 | $1,144.50 | $1,199.25 | -0.19% |
| 2013 | $1,409.51 | $1,681.50 | $1,692.50 | $1,192.75 | $1,201.50 | -27.79% |
| 2012 | $1,668.86 | $1,590.00 | $1,790.00 | $1,537.50 | $1,664.00 | 5.68% |
| 2011 | $1,573.16 | $1,405.50 | $1,896.50 | $1,316.00 | $1,574.50 | 11.65% |
| 2010 | $1,226.66 | $1,113.00 | $1,426.00 | $1,052.25 | $1,410.25 | 27.74% |
| 2009 | $973.66 | $869.75 | $1,218.25 | $813.00 | $1,104.00 | 27.63% |
| 2008 | $872.37 | $840.75 | $1,023.50 | $692.50 | $865.00 | 3.41% |
| 2007 | $696.43 | $640.75 | $841.75 | $608.30 | $836.50 | 31.59% |
| 2006 | $604.34 | $520.75 | $725.75 | $520.75 | $635.70 | 23.92% |
| 2005 | $444.99 | $426.80 | $537.50 | $411.50 | $513.00 | 17.12% |
| 2004 | $409.53 | $415.20 | $455.75 | $373.50 | $438.00 | 4.97% |
| 2003 | $363.83 | $342.20 | $417.25 | $319.75 | $417.25 | 21.74% |
| 2002 | $310.08 | $278.10 | $348.50 | $277.80 | $342.75 | 23.96% |
| 2001 | $271.19 | $272.80 | $292.85 | $256.70 | $276.50 | 1.41% |
| 2000 | $279.29 | $282.05 | $316.60 | $263.80 | $272.65 | -6.26% |
| 1999 | $278.86 | $288.25 | $326.25 | $252.90 | $290.85 | 1.18% |
| 1998 | $294.12 | $287.70 | $314.60 | $273.40 | $287.45 | -0.61% |
| 1997 | $331.00 | $367.80 | $367.80 | $283.05 | $289.20 | -21.74% |
| 1996 | $387.73 | $387.10 | $416.25 | $368.30 | $369.55 | -4.43% |
| 1995 | $384.07 | $381.40 | $396.95 | $372.45 | $386.70 | 1.10% |
| 1994 | $384.16 | $395.00 | $397.50 | $370.25 | $382.50 | -2.09% |
| 1993 | $360.05 | $329.40 | $406.70 | $326.50 | $390.65 | 17.35% |
| 1992 | $343.87 | $351.20 | $359.30 | $330.20 | $332.90 | -5.80% |
| 1991 | $362.34 | $392.50 | $403.70 | $343.50 | $353.40 | -9.62% |
| 1990 | $383.73 | $401.65 | $421.40 | $346.75 | $391.00 | -2.49% |
| 1989 | $381.27 | $413.60 | $417.15 | $358.10 | $401.00 | -2.23% |
| 1988 | $436.78 | $484.10 | $485.30 | $389.05 | $410.15 | -15.69% |
| 1987 | $446.84 | $402.40 | $502.75 | $392.60 | $486.50 | 24.46% |
| 1986 | $368.20 | $327.10 | $442.75 | $326.00 | $390.90 | 19.54% |
| 1985 | $317.42 | $306.25 | $339.30 | $285.00 | $327.00 | 5.83% |
| 1984 | $360.65 | $384.00 | $406.85 | $303.25 | $309.00 | -19.00% |
| 1983 | $423.71 | $452.75 | $511.50 | $374.75 | $381.50 | -14.84% |
| 1982 | $376.11 | $399.00 | $488.50 | $297.00 | $448.00 | 12.00% |
| 1981 | $459.16 | $592.00 | $599.25 | $391.75 | $400.00 | -32.15% |
| 1980 | $614.75 | $559.00 | $843.00 | $474.00 | $589.50 | 12.50% |
| 1979 | $307.01 | $227.15 | $524.00 | $216.55 | $524.00 | 133.41% |
| 1978 | $193.57 | $168.60 | $243.65 | $166.30 | $224.50 | 35.57% |
| 1977 | $147.84 | $136.10 | $168.15 | $129.40 | $165.60 | 23.08% |
| 1976 | $124.80 | $140.35 | $140.35 | $103.05 | $134.55 | -4.06% |
| 1975 | $160.87 | $185.00 | $186.25 | $128.75 | $140.25 | -25.20% |
| 1974 | $158.76 | $114.75 | $197.50 | $114.75 | $187.50 | 67.04% |
| 1973 | $97.12 | $64.99 | $127.00 | $64.10 | $112.25 | 73.49% |
| 1972 | $58.17 | $43.73 | $70.00 | $43.73 | $64.70 | 48.74% |
| 1971 | $40.80 | $37.33 | $43.90 | $37.33 | $43.50 | 16.37% |
| 1970 | $35.96 | $35.13 | $39.19 | $34.78 | $37.38 | 6.16% |
| 1969 | $41.10 | $41.80 | $43.75 | $35.20 | $35.21 | -16.07% |
| 1968 | $38.69 | $35.50 | $41.95 | $35.50 | $41.95 | 18.17% |
| 1967 | $34.95 | $35.40 | $35.50 | $34.95 | $35.50 | 0.28% |
| 1966 | $35.13 | $35.50 | $35.50 | $35.00 | $35.40 | -0.28% |
| 1965 | $35.12 | $35.35 | $35.50 | $35.00 | $35.50 | 0.42% |
See Daniel 11:43 re the last days
Extract from howstuffworks.com By 550 BC the Greeks had started mining the Mediterranean and Middle East for gold. The Romans continued the practice, introducing sophisticated techniques, such as hydraulic mining, or hushing, which involved using large volumes of water to dislodge rock and remove debris. They also minted coins on a scale never before seen, producing millions of gold aureus coins, each stamped with the emperor's head, between AD 200 and 400.
At about the same time, South American civilizations were making great headway with gold metalworking. People of the Middle Sicán era (AD 900 to 1100), living in present-day Peru, produced enormous quantities of precious metal artifacts. Their goldsmiths specialized in using sheet metal created by hammering gold ingots with stone hammers on stone anvils. The result was a startling array of gold ornaments, masks, headdresses and other objects.
The Middle Ages and the Mad Rushes Columbus' successful voyage to the Caribbean in 1492-93 touched off an unprecedented wave of exploration. Although spreading Christianity was a major objective of Spain, obtaining gold and silver were high priorities, too. In 1511, King Ferdinand, who financed Columbus on his fateful journey to the New World, spoke unequivocally when he said, "Get gold, humanely if you can, but at all hazards, get gold." Throughout the 16th century, the Spanish concentrated on conquering Central and South America, all the while searching for El Dorado, a city in which gold was supposed to be as common as sand.
Every time explorers discovered a major source of gold, they reported that they had found the mythical city and started a gold rush. One of the first rushes occurred in Brazil's Minas Gerais region in 1700. Gold mining in this area became the main economic activity, making Brazil the largest gold producer by 1720. Slaves, brought in from Africa, used primitive technologies, such as panning, to do the mining.
Panning became iconic of the California Gold Rush, as well, although the first US gold rush occurred 3,000 miles (4,828 kilometers) away and 45 years earlier -- in North Carolina. Until the 1830s, North Carolina supplied all of the domestic gold coined for currency by the US Mint in Philadelphia. Then, on Jan 24 1848, New Jersey-born contractor and builder John Marshall found flakes of gold while overseeing construction of a sawmill near Sacramento, California. By the end of the year, an estimated 5,000 people were mining in California. That number exploded to 40,000 by the end of 1849 [source: PBS].
Similar rushes gripped other nations in the 19th century. A gold rush in Australia began in 1850 when Edward Hammond Hargraves found gold in New South Wales. And in 1868, George Harrison uncovered gold in South Africa while digging up stones to build a house.
There's no doubt that ancient Egyptians had a voracious appetite for gold. Descriptions of the metal appeared in hieroglyphs as early as 2600 BC. By 1500 BC, gold had become the recognized medium of exchange for international trade. The source of this gold was Nubia in Cush (father of Nimrod-Babel), a sub-Saharan empire located on the Nile south of Egypt. Pharaohs sent expeditions to mine the quartz lodes for gold which goldsmiths transformed into vessels, furniture, funerary equipment and sophisticated jewelry...
Marco Polo, the Venetian explorer who traveled to China in 1271 and served on the court of Kublai Khan, did much to inspire Europe's notion that vast gold treasures could be found in distant lands. His book, "The Travels of Marco Polo," told of great palaces with walls covered in gold and silver. Christopher Columbus most certainly read Polo's book and hypothesized that one might reach the trade-rich Orient by sailing west across the Atlantic.
Isaac Newton, the famed English scientist who revolutionized
In Hebrew the word for "money" or "silver" is "Kesep" (pronounced ke-sef) click here, first used in scripture with the account of Abraham, 4000 years ago.
Kesep is derived from Kacaph click here, a word that means "pining" i.e. paleness (in colour) and translated as "long for", "desire", "greedy".
Following the US Civil War, when the price of silver bullion soared to $2.94 in 1864 and remained historically high for over a decade, in 1873 Congress chose to omit the silver dollar from its list of authorized coins.
Click here for a more detailed report of period 1792-1971.
Extract from www.silverinstitute.org
In 1966, the Treasury's program of eliminating silver from coinage was firmly in place. The Treasury continued to use some silver in coins from then until 1969, but the annual average during those four years 1966-1969 was 38.5 million ounces, way down from 178 million ounces per year on average during the previous four years. In Europe, Austria, France, and West Germany continued to use silver in some circulating coins until the late 1970s.
Investors however remained keenly interested in silver, absorbing in investment around 620.5 million ounces of silver from 1964 through 1970. Interestingly, the price of silver rose from $1.29 in 1966 to a peak of $2.57 in 1968, before falling back shortly after. The rise and fall in silver prices was coincidental with the volume of these investor purchases, then as investor demand decreased over the next three years, prices softened commensurately.
And precious metal coins were hoarded from 1967 as the Treasury ended its efforts to keep silver prices low.
Silver Thursday was an event that occurred in the United States silver commodity markets on Thursday, March 27, 1980, following the attempt by brothers Nelson Bunker Hunt, William Herbert Hunt and Lamar Hunt (also known as the Hunt Brothers) to corner the silver market. A subsequent steep fall in silver prices led to panic on commodity and futures exchanges, before settling down.
| Silver Prices per Ounce - Historical Annual Data
Silver Prices Based on www.macrotrends.net |
|---|
| Year ▲▼ | Average Closing Price |
Year Open | Year High | Year Low | Year Close | Annual % Change |
|---|---|---|---|---|---|---|
| 2023 | $23.40 | $23.96 | $26.06 | $20.01 | $23.79 | -0.72% |
| 2022 | $21.76 | $22.81 | $26.90 | $17.83 | $23.96 | 2.64% |
| 2021 | $25.14 | $27.36 | $29.42 | $21.49 | $23.35 | -11.55% |
| 2020 | $20.69 | $18.05 | $29.26 | $11.77 | $26.40 | 47.44% |
| 2019 | $16.22 | $15.65 | $19.55 | $14.32 | $17.90 | 15.36% |
| 2018 | $15.71 | $17.21 | $17.62 | $13.98 | $15.52 | -9.40% |
| 2017 | $17.07 | $16.41 | $18.51 | $15.43 | $17.13 | 7.12% |
| 2016 | $17.17 | $13.84 | $20.70 | $13.75 | $15.99 | 15.86% |
| 2015 | $15.66 | $15.71 | $18.23 | $13.70 | $13.80 | -13.59% |
| 2014 | $19.07 | $19.94 | $22.05 | $15.28 | $15.97 | -18.10% |
| 2013 | $23.79 | $30.87 | $32.23 | $18.61 | $19.50 | -34.89% |
| 2012 | $31.15 | $28.78 | $37.23 | $26.67 | $29.95 | 6.28% |
| 2011 | $35.12 | $30.67 | $48.70 | $26.16 | $28.18 | -8.00% |
| 2010 | $20.19 | $17.17 | $30.70 | $15.14 | $30.63 | 80.28% |
| 2009 | $14.67 | $11.08 | $19.18 | $10.51 | $16.99 | 57.46% |
| 2008 | $14.99 | $14.93 | $20.92 | $8.88 | $10.79 | -26.90% |
| 2007 | $13.38 | $13.01 | $15.82 | $11.67 | $14.76 | 14.42% |
| 2006 | $11.55 | $9.04 | $14.94 | $8.83 | $12.90 | 46.09% |
| 2005 | $7.31 | $6.39 | $9.23 | $6.39 | $8.83 | 29.47% |
| 2004 | $6.66 | $5.99 | $8.29 | $5.50 | $6.82 | 14.24% |
| 2003 | $4.88 | $4.74 | $5.97 | $4.37 | $5.97 | 27.84% |
| 2002 | $4.60 | $4.59 | $5.10 | $4.24 | $4.67 | 3.32% |
| 2001 | $4.37 | $4.59 | $4.82 | $4.07 | $4.52 | -1.31% |
| 2000 | $4.95 | $5.30 | $5.45 | $4.57 | $4.58 | -14.07% |
| 1999 | $5.22 | $5.00 | $5.75 | $4.88 | $5.33 | 6.39% |
| 1998 | $5.54 | $5.94 | $7.81 | $4.69 | $5.01 | -16.50% |
| 1997 | $4.90 | $4.77 | $6.27 | $4.22 | $6.00 | 25.00% |
| 1996 | $5.20 | $5.17 | $5.83 | $4.71 | $4.80 | -6.61% |
| 1995 | $5.20 | $4.84 | $6.04 | $4.42 | $5.14 | 5.98% |
| 1994 | $5.29 | $5.28 | $5.75 | $4.64 | $4.85 | -5.27% |
| 1993 | $4.31 | $3.66 | $5.42 | $3.56 | $5.12 | 39.51% |
| 1992 | $3.95 | $3.87 | $4.34 | $3.65 | $3.67 | -4.92% |
| 1991 | $4.06 | $4.16 | $4.57 | $3.55 | $3.86 | -7.88% |
| 1990 | $4.83 | $5.21 | $5.36 | $3.95 | $4.19 | -19.73% |
| 1989 | $5.50 | $6.07 | $6.21 | $5.05 | $5.22 | -13.72% |
| 1988 | $6.53 | $6.64 | $7.82 | $6.05 | $6.05 | -9.70% |
| 1987 | $7.02 | $5.36 | $10.93 | $5.36 | $6.70 | 26.89% |
| 1986 | $5.47 | $5.81 | $6.31 | $4.85 | $5.28 | -8.97% |
| 1985 | $6.13 | $6.25 | $6.75 | $5.45 | $5.80 | -7.79% |
| 1984 | $8.15 | $8.96 | $10.11 | $6.22 | $6.29 | -29.41% |
| 1983 | $11.42 | $11.07 | $14.67 | $7.54 | $8.91 | -18.03% |
| 1982 | $7.92 | $8.06 | $11.11 | $4.90 | $10.87 | 33.37% |
| 1981 | $10.49 | $15.80 | $16.30 | $8.03 | $8.15 | -47.42% |
| 1980 | $20.98 | $39.95 | $49.45 | $10.89 | $15.50 | -51.86% |
| 1979 | $11.07 | $6.08 | $32.20 | $5.94 | $32.20 | 434.88% |
| 1978 | $5.42 | $4.87 | $6.26 | $4.82 | $6.02 | 26.47% |
| 1977 | $4.64 | $4.43 | $4.98 | $4.31 | $4.76 | 9.17% |
| 1976 | $4.35 | $4.16 | $5.08 | $3.83 | $4.36 | 4.31% |
| 1975 | $4.43 | $4.44 | $5.21 | $3.93 | $4.18 | -6.49% |
| 1974 | $4.67 | $3.28 | $6.76 | $3.27 | $4.47 | 37.12% |
| 1973 | $2.55 | $2.04 | $3.26 | $1.96 | $3.26 | 60.59% |
| 1972 | $1.68 | $1.37 | $2.03 | $1.37 | $2.03 | 48.18% |
| 1971 | $1.54 | $1.65 | $1.75 | $1.27 | $1.37 | -15.95% |
| 1970 | $1.77 | $1.80 | $1.93 | $1.57 | $1.63 | -8.94% |
| 1969 | $1.80 | $1.96 | $2.04 | $1.56 | $1.79 | -8.21% |
| 1968 | $1.96 | $2.17 | $2.57 | $1.84 | $1.95 | -10.14% |
| 1967 | $2.06 | $1.31 | $2.17 | $1.29 | $2.17 | 63.16% |
| 1966 | $1.29 | $1.29 | $1.31 | $1.29 | $1.31 | 1.55% |
| 1965 | $1.29 | $1.29 | $1.29 | $1.29 | $1.29 | 0.00% |
| 1792 | $1.29 | $1.29 | $1.29 | $1.29 | $1.29 | 0.00% |
| 1601 | 62 English pennies |
| 1412 | 31 English pennies |
| 800 | 20 English pennies |
| 30 | 8 Roman denarii |
** End of List