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.