A Short History Lesson Of Gold: Gold Rate Between 1960 – 1971

a short history lesson of gold

Today I have just a short history lesson of gold for you. Back in the 60’s and early 70’s nothing much happened to either the price of gold, the strength of the pound or indeed the exchange rate between the GB Pound and the US Dollar.. The “cable” was pretty much fixed for years and the gold rate stayed constant. 

In fact in the early 60’s (around when my parents were born) there were $2.88 to every pound. This meant gold in Sterling was hovering around £12.50 an OUNCE..! Or around 40 pence a gram..!!

So the year 1964 when my dad was born a 10 gram bar of Legacy Gold would have cost around £4. Today it’s worth around £300…!!

A Short History Lesson Of Gold Between 1960 – 1971

Now £4 was a lot of money back then I can hear you say, yes it was. In fact back then £1 would have bought you 22 loafs of bread…! So you could have bought 88 loaves of bread instead of that 10 gram bar of gold.

But wait… Think a little further. Let’s take that same 10 gram bar today and cash it in… We can now buy around 300 loaves of bread with what once bought 88 loaves of bread… Over 53 years ago..!! Now this goes to prove the point that blows most people’s minds …….. Inflation is not a case of prices going up its very much a matter of our FIAT currency being worth less and less. suppliers simply need more of your currency than before because it’s simply become worth less.. Every year..!!!

Now, why were my parents not given gold as a child instead of a post office savings account?

So there you have it, I hope you got value, from this post on a short history lesson of gold. If so, I would greatly appreciate if you commented below with your thoughts and shared on social media. Also remember to subscribe to keep updated on my latest content.

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