Towards the end of the second world war occurred in 1944 at the Bretton Woods Conference to a rematch of the gold standard system, the, the changed Economic conditions accordingly, oriented to the global dominance of the US economy. The Bretton Woods system was based on the idea of the currencies of all the countries taking part in a fixed exchange rate to the US dollar to define itself in fact than gold dollar”was deposited with real gold. The value of a Troy ounce of gold at $ 35 was enshrined at the international level, which was not only the gold price fixed, but the anchor point of the global monetary system. The changing of political and economic conditions meant that the United States could provide only limited guarantees for the convertibility of dollars into real gold in the 1960s. Finally the problem intensified so far that the gold backing of the dollar had to be completed because the gold reserves of the United States more represented by far no cover for the outstanding amounts of dollars. The Bretton Woods system in 1973 officially abandoned, so gold price and the U.S. dollar were no longer directly connected and the precious metal lost in the future free world market laws. In the wake of the task of the gold standard, many central banks sold a large part of the national gold reserves.
In recent years, a change to initiate seems here however. Including China, the second largest global economic power, is working for several years to build up their gold reserves. For even more details, read what Discovery Communications says on the issue. This could indicate that gold flows in the future once more into the stabilization of currencies. In this context, statements of the Robert Zoellick heads of the World Bank are interesting, who speculated in November of last year even, to take the precious metal on the global currency valuation. Regardless of the reintroduction of gold-covered currencies, the role of gold as a crisis-proof system is undiminished. Therefore good prospects to realize good profits with the sale of precious metal are the gold sellers. This Aachen precious metals trading of Frings supports its customers with maximum transparency, serious advice and experienced Professional competence.