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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 bullion market, 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 th ... [...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 the price of $40 per gram 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 esti ... [...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 different international markets, 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 ... [...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 and raise government revenue. 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 against which the protections are implemented. Protectionism has been advocated mainly by parties that hold economic nationalist positions, while economically liberal political parties generally support free trade. There is a consensus among economists that protectionism has a ... [...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 (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main 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 in continuous use since its inception. In 2022, it was 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 the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time (magazine)
''Time'' (stylized in all caps as ''TIME'') is an American news magazine based in New York City. It was published Weekly newspaper, weekly for nearly a century. Starting in March 2020, it transitioned to every other week. It was first published in New York City on March 3, 1923, and for many years it was run by its influential co-founder, Henry Luce. A European edition (''Time Europe'', formerly known as ''Time Atlantic'') is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition (''Time Asia'') is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. Since 2018, ''Time'' has been owned by Salesforce founder Marc Benioff, who acquired it from Meredith Corporation. Benioff currently publishes the magazine through the company Time USA, LLC. History 20th century ''Time'' has been based in New York City since its first issue published on March 3, 1923 ... [...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 Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, 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. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...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. 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. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." 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 responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1960 United States Presidential Election
Presidential elections were held in the United States on November 8, 1960. The Democratic ticket of Senator John F. Kennedy and his running mate, Senate Majority Leader Lyndon B. Johnson, narrowly defeated the Republican ticket of incumbent Vice President Richard Nixon and his running mate, U.N. Ambassador Henry Cabot Lodge Jr. This was the first election in which 50 states participated, marking the first participation of Alaska and Hawaii, and the last in which the District of Columbia did not. It was also the first election in which an incumbent president—in this case, Dwight D. Eisenhower—was ineligible to run for a third term because of the term limits established by the 22nd Amendment. Nixon faced little opposition in the Republican race to succeed popular incumbent Eisenhower. Kennedy, the junior senator from Massachusetts, established himself as the Democratic frontrunner with his strong performance in the 1960 Democratic primaries, including key victories in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francis J
Francis may refer to: People and characters *Pope Francis, head of the Catholic Church (2013–2025) *Francis (given name), including a list of people and fictional characters * Francis (surname) * Francis, a character played by YouTuber Boogie2988 Places * Rural Municipality of Francis No. 127, Saskatchewan, Canada * Francis, Saskatchewan, Canada ** Francis (electoral district) * Francis, Nebraska, USA * Francis Township, Holt County, Nebraska, USA * Francis, Oklahoma, USA * Francis, Utah, USA Arts, entertainment, media * ''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 (band), a Sweden-based folk band *Francis (TV series), a Indian Bengali-language animated television series Other uses *FRANCIS, a bibliographic database * ''Francis'' (1793), a colonial schooner in Australia *Francis turbine, a type of water turbine See also * Saint Francis (other) ... [...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 convert ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
