Policy Changes Timeline
Explore policy changes that moved precious metal prices from 1971 to 2024.
Event Type
Nixon Ends the Gold Standard
President Richard Nixon announced the suspension of the U.S. dollar's convertibility to gold, effectively ending the Bretton Woods system. This "Nixon Shock" fundamentally changed global monetary policy and unleashed gold from its $35/oz fixed price, allowing it to trade freely on international markets. The decision was made to combat inflation and protect U.S. gold reserves as countries like France and Switzerland were converting large amounts of dollars to gold.
Sources: Federal Reserve Archives, World Gold Council
Fed "Taper Tantrum"
Federal Reserve Chairman Ben Bernanke announced plans to reduce ("taper") the Fed's bond-buying program (QE3), signaling the end of ultra-loose monetary policy. Markets panicked, bond yields spiked, and gold crashed from $1,475/oz in late May to below $1,200/oz by the end of the year as investors priced in higher real interest rates. This marked the end of gold's 12-year bull run and began a three-year bear market. The taper actually began in December 2013.
Price Movement
From $1,475/oz to $1,062/oz
6 months
From $23.80/oz to $15.20/oz
6 months
Sources: Federal Reserve FOMC Minutes, Bloomberg
Record Central Bank Gold Purchases
Central banks around the world, led by China, India, Turkey, and Poland, purchased a record 1,136 tonnes of gold in 2022 - the highest annual demand since 1950. The trend accelerated in 2023 with over 1,000 tonnes purchased again. The buying spree was driven by efforts to diversify away from the U.S. dollar following Russia sanctions, concerns about Western financial system weaponization, and de-dollarization strategies. This sustained institutional demand created a strong price floor for gold throughout 2023-2024.
Sources: World Gold Council, IMF, People's Bank of China
U.S. Debt Ceiling Crisis
The United States came perilously close to defaulting on its debt in May 2023 as Congress battled over raising the $31.4 trillion debt ceiling. Treasury Secretary Janet Yellen warned of "economic catastrophe" if the U.S. defaulted. The standoff was resolved just days before the deadline, but not before triggering market volatility. Gold benefited from safe-haven demand as investors worried about U.S. fiscal responsibility. The crisis highlighted growing concerns about America's debt trajectory and political dysfunction.
Sources: U.S. Treasury, Congressional Budget Office, Bloomberg
Federal Reserve Begins Rate Cut Cycle
After holding rates at 5.25-5.50% for over a year (the highest since 2001), the Federal Reserve cut rates by 50 basis points, signaling the end of the inflation-fighting cycle. The move came as inflation cooled to 2.5% and labor markets showed signs of weakening. Gold had already been rallying in anticipation, reaching new all-time highs above $2,600/oz. Lower rates reduce the opportunity cost of holding non-yielding gold and often weaken the dollar, both bullish for precious metals.
Price Movement
From $2,115/oz to $2,685/oz (new record)
12 months (Sep 2023-Sep 2024)
From $22.75/oz to $31.40/oz
12 months
Sources: Federal Reserve FOMC Statement, CME Group
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