I don't really understand this chart. You couldn't buy gold in active and properly priced us markets until 71. The market price was fixed. What is this based on? In the early days?
Discussion
the world is bigger than america. gold has been and continues to be bought and used around the world.
does that help you understand?
Not really, no.
The price of gold was fixed at one rate, and most gold was held by America(75% of the global supply) until 1971. A rate they was used by nearly ever developed country for exchange and trade. You couldn't really just go to your gold guy like you can now. 90% of all gold was custodial until the mid 60s.