Gold, Forex, Oil before year 1973
When somebody asks about the long term history data for listed above financial instrument, remember that World Economics as it exists now is very young. It was born in early 70s of the 20th century. The key events here were:
1) The end of GOLD STANDARD (Bretton Woods agreements were no longer workable after the year 1971);
2) FLOATING CURRENCIES (this change has been completed in the year 1976).
These important changes caused the following events:
a) A new financial instrument based on floating currencies has appeared (Forex);
b) Gold can be considered now as one of the commodities, i.e. we can trade gold now. Look at this table:
1800 | 21.75 |
1801 | 22 |
1802 | 21.25 |
1803 | 20.5 |
1804 | 20.5 |
1805 | 20.5 |
1806 | 20.5 |
1807 | 20.5 |
1808 | 20.5 |
1809 | 23.28 |
1810 | 23.5 |
1811 | 25.5 |
1812 | 27.5 |
1813 | 28.25 |
1814 | 27 |
1815 | 20.5 |
1816 | 20 |
1817 | 20 |
1818 | 20 |
1819 | 20 |
1820 | 20 |
1821 | 18.75 |
1822 | 18.75 |
1823 | 18.75 |
1824 | 18.75 |
1825 | 18.75 |
1826 | 18.75 |
1827 | 18.75 |
1828 | 18.75 |
1829 | 18.75 |
1830 | 18.75 |
1831 | 18.75 |
1832 | 18.75 |
1833 | 18.75 |
1834 | 19.5 |
1835 | 20 |
1836 | 20 |
1837 | 20 |
1838 | 20 |
1839 | 20 |
1840 | 20 |
1841 | 20 |
1842 | 20 |
1843 | 20 |
1844 | 20 |
1845 | 20 |
1846 | 20 |
1847 | 20 |
1848 | 20 |
1849 | 20 |
1850 | 20 |
1851 | 20 |
1852 | 20 |
1853 | 20 |
1854 | 20 |
1855 | 20 |
1856 | 20 |
1857 | 20 |
1858 | 20 |
1859 | 20 |
1860 | 20 |
1861 | 20 |
1862 | 22.5 |
1863 | 29.25 |
1864 | 40.5 |
1865 | 31.38 |
1866 | 28.25 |
1867 | 27.5 |
1868 | 28 |
1869 | 26.5 |
1870 | 22.95 |
1871 | 22.25 |
1872 | 22.25 |
1873 | 22.75 |
1874 | 22.25 |
1875 | 22.75 |
1876 | 22.25 |
1877 | 20.75 |
1878 | 20.25 |
1879 | 20 |
1880 | 20 |
1881 | 20 |
1882 | 20 |
1883 | 20 |
1884 | 20 |
1885 | 20 |
1886 | 20 |
1887 | 20 |
1888 | 20 |
1889 | 20 |
1890 | 20 |
1891 | 20 |
1892 | 20 |
1893 | 20 |
1894 | 20 |
1895 | 20 |
1896 | 20 |
1897 | 20 |
1898 | 20 |
1899 | 20 |
1900 | 20 |
1901 | 20 |
1902 | 20 |
1903 | 20 |
1904 | 20 |
1905 | 20 |
1906 | 20 |
1907 | 20 |
1908 | 20 |
1909 | 20 |
1910 | 20 |
1911 | 20 |
1912 | 20 |
1913 | 20 |
1914 | 20 |
1915 | 20 |
1916 | 20 |
1917 | 20 |
1918 | 20 |
1919 | 21.2 |
1920 | 26.5 |
1921 | 22 |
1922 | 21.25 |
1923 | 22 |
1924 | 20 |
1925 | 20 |
1926 | 20 |
1927 | 20 |
1928 | 20 |
1929 | 20 |
1930 | 20 |
1931 | 21.75 |
1932 | 27.75 |
1933 | 29.15 |
1934 | 32.25 |
1935 | 33.5 |
1936 | 33 |
1937 | 33.75 |
1938 | 33.75 |
1939 | 33.75 |
1940 | 33.75 |
1941 | 33.75 |
1942 | 33.75 |
1943 | 33.75 |
1944 | 33.75 |
1945 | 33.75 |
1946 | 33.75 |
1947 | 33.75 |
1948 | 33.75 |
1949 | 33.75 |
1950 | 33.75 |
1951 | 33.75 |
1952 | 33.75 |
1953 | 33.75 |
1954 | 33.75 |
1955 | 33.75 |
1956 | 33.75 |
1957 | 33.75 |
1958 | 33.75 |
1959 | 33.75 |
1960 | 33.75 |
1961 | 33.75 |
1962 | 33.75 |
1963 | 35.09 |
1964 | 35.09 |
1965 | 35.13 |
1966 | 35.17 |
1967 | 35.19 |
1968 | 39.26 |
1969 | 41.09 |
1970 | 35.94 |
1971 | 40.81 |
1972 | 58.16 |
1973 | 97.33 |
1974 | 159.25 |
1975 | 160.96 |
1976 | 124.82 |
1977 | 147.72 |
1978 | 193.24 |
1979 | 306.67 |
1980 | 607.87 |
You can see that till 1930 the gold price was practically the same - about $20 per ounce, and this situation existed for practically 150
years ("Good old times")!!!
c) "De facto" oil prices can be considered as a free market since 1973. As to my knowledge, before that the price of oil futures was practically dictated by seven oil companies ("Seven sisters").
So I recommend to analyze the financial instruments listed above starting from early 1970s, before that period it was another economy.