🏆 LONG-TERM GOLD CYCLES
👉 Before 1970, the gold market was tightly controlled by the international monetary system. The foundation was the gold standard — first the classical one (19th to early 20th century), and later the Bretton Woods system (since 1944). 🔺 Gold had a fixed price: $35 per ounce. 🔺 The U.S. dollar was freely convertible into gold for foreign governments and central banks. 🔺 National currencies were pegged to the dollar, and the dollar — to gold. ☝️ Under such conditions, gold wasn’t considered a tradable market asset — its price didn’t rise, and there was no real trading. The main holders of gold were governments and central banks, and in many countries (including the U.S.), private individuals were banned from owning gold bullion. 👉 But the system didn’t hold. The U.S. was printing more money than it could back with gold. In 1971, Richard Nixon announced a “temporary” suspension of dollar convertibility into gold — this gave birth to the floating exchange rate system, and gold bec...