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London Gold Pool
The London Gold Pool was the pooling of gold reserves by a group of eight central banks in the United States and seven European countries that agreed on 1 November 1961 to cooperate in maintaining the Bretton Woods System of fixed-rate convertible currencies and defending a gold price of US$35 per troy ounce by interventions in the London gold market. The central banks coordinated concerted methods of gold sales to balance spikes in the market price of gold as determined by the London morning gold fixing while buying gold on price weaknesses. The United States provided 50% of the required gold supply for sale. The price controls were successful for six years until the system became unworkable. The pegged price of gold was too low, and after runs on gold, the British pound, and the US dollar occurred, France decided to withdraw from the pool. The London Gold Pool collapsed in March 1968. The London Gold Pool controls were followed with an effort to suppress the gold price with a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Reserves
A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of the national currency. The World Gold Council estimates that all the gold ever mined, and that is accounted for, totalled 190,040 metric tons in 2019How much gold has been mined? , World Gold Council but other independent estimates vary by as much as 20%. At a price of US, reached on 16 August 2017, one metric ton of gold has a value of approximately $40.2 million. The total value of all gold ever mined, and that is accounted for, would exceed $7.5 trillion at that valuation and using WGC 2017 estimates.< ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertibility
Convertibility is the quality that allows money or other financial instruments to be converted into other liquid stores of value. Convertibility is an important factor in international trade, where instruments valued in different currencies must be exchanged. Currency trading Freely convertible currencies have immediate value on the foreign exchange market, and few restrictions on the manner and amount that can be traded for another currency. Free convertibility is a major feature of a hard currency. Some countries pass laws restricting the legal exchange rates of their currencies or requiring permits to exchange more than a certain amount. Some currencies, such as the North Korean won, the Transnistrian ruble, and the Cuban national peso, are officially nonconvertible and can only be exchanged on the black market. If an official exchange rate is set, its value on the black market is often lower. Convertibility controls may be introduced as part of an overall monetary polic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congress Of The United States
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. Opponents argue that protectionist policies reduce trade and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against. Protectionism is advocated mainly by parties that hold economic nationalist or left-wing positions, while economically right-wing political parties generally support free trade. There is a consensus among economists that protectionism has a negative effect on economic growth and economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Devaluation
In macroeconomics and modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange-rate system, in which a monetary authority formally sets a lower exchange rate of the national currency in relation to a foreign reference currency or currency basket. The opposite of devaluation, a change in the exchange rate making the domestic currency more expensive, is called a '' revaluation''. A monetary authority (e.g., a central bank) maintains a fixed value of its currency by being ready to buy or sell foreign currency with the domestic currency at a stated rate; a devaluation is an indication that the monetary authority will buy and sell foreign currency at a lower rate. However, under a floating exchange rate system (in which exchange rates are determined by market forces acting on the foreign exchange market, and not by government or central bank policy actions), a decrease in a currency's value relative to other major cur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO 4217, ISO code: GBP) is the currency of the United Kingdom and nine of #Crown Dependencies and British Overseas Territories, its associated territories. The Pound (currency), pound (pound sign, sign: £) is the main unit of account, unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception. It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and Renminbi, it forms the basket of currencies which special drawing rights#Value definition, calculate the value of International Monetary Fund, IMF special drawing rights. As of mid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1960 United States Presidential Election
The 1960 United States presidential election was the 44th quadrennial presidential election. It was held on Tuesday, November 8, 1960. In a closely contested election, Democratic United States Senator John F. Kennedy defeated the incumbent Vice President Richard Nixon, the Republican Party nominee. This was the first election in which fifty states participated, and the last in which the District of Columbia did not, marking the first participation of Alaska and Hawaii. This made it the only presidential election where the threshold for victory was 269 electoral votes. It was also the first election in which an incumbent president was ineligible to run for a third term because of the term limits established by the 22nd Amendment. This is the most recent election in which three of the four major party nominees for President and Vice-President were eventually elected President of the United States. Kennedy won the election, but was assassinated in 1963 and succeeded by Johnso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francis J
Francis may refer to: People *Pope Francis, the head of the Catholic Church and sovereign of the Vatican City State and Bishop of Rome * Francis (given name), including a list of people and fictional characters * Francis (surname) Places *Rural Municipality of Francis No. 127, Saskatchewan, Canada *Francis, Saskatchewan, Canada ** Francis (electoral district) * Francis, Nebraska * Francis Township, Holt County, Nebraska *Francis, Oklahoma * Francis, Utah Other uses * ''Francis'' (film), the first of a series of comedies featuring Francis the Talking Mule, voiced by Chill Wills *''Francis'', a 1983 play by Julian Mitchell *FRANCIS, a bibliographic database * ''Francis'' (1793), a colonial schooner in Australia * Francis turbine, a type of water turbine * Francis (band), a Sweden-based folk band * Francis, a character played by YouTuber Boogie2988 See also *Saint Francis (other) St. Francis or Saint Francis may refer to: Roman Catholic saints *Francis of Assisi (1181� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Price
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives. The gold market is subject to speculation and volatility as are other markets. Compared to other precious metals used for investment, gold has been the most effective safe haven across a number of countries. Gold price Gold has been used throughout history as money and has been a relative standard for currency equivalents specific to economic regions or countries, until recent times. Many European countries implemented gold standards in the latter part of the 19th century until these were temporarily suspended in the financial crises involving World War I. After World War II, the Bretton Woods system pegged the United States dollar to gold at a rate of US$35 per troy ounce. The system existed until the 1971 Nixon Shock, when the US unilaterally suspended the direct convertibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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