Hacker News Reader

What? Gold underwent a massive revaluation with the end of Bretton Woods in 1971. It was prior to then that government were actively involved in making the price of gold artificially low.

Fun fact: under 31 U.S. Code § 5117 a troy ounce of gold is still valued at 42 and 2/9ths dollars.

View on HN

Gold became much ‘cheaper’ in the period 1945-70 because there was a series of technical revolutions in South Africa mining (never mind the apartheid …) This is why Breton Woods lasted as long as it did.

The countries like France that conspired in resentment to break it as ‘privilege’ are now effectively in flames.

The right to a civil jury trial in the 7th Amend. to the US Constitution is only available where the value in controversy exceeds twenty dollars (a massive sum in 1791, and a trifle now).

Reply on news.ycombinator.com