Official US Government Gold Price????

Pherris

Can anyone tell me where I can find the US governments Official price of gold? I have searched goggle and I can find plenty of web sites that claim it to be $42.22 per ounce but I can not find any official information. I called the US treasury and got nothing but the run around and told to check with my local gold retailer. Anyway can anyone tell me where I may find this information? Thanks

nwcs

I think in 1977 (or thereabouts) they stopped formal pricing of gold. It's been market driven since.

longtimecollector

Years ago, when on the gold standard, we would raise the price of gold "officially" to offset govt. expenses and balance the books......... Now, we just print more currency!

Deadhorse

In the spring of 1973 the U.S. Dollar was removed from the gold standard, and gold prices were allowed to float free. By June of that year the market for gold in London reached more than $120 per ounce.

The official U.S. Government gold price was changed only four times from 1792 to 1973. Starting at $19.75 per troy ounce, raised to $20.67 in 1834, and $35 in 1934. In 1972, the price was raised to $38 and then to $42.22 in early 1973. Shortly thereafter, President Richard Nixon devalued the dollar and freed gold to seek it's natural value. He also changed the laws to allow American citizens to own the metal in bullion form and removed the laws requiring the reporting of ownership to the US Government by it's citizens.

Conder101

I'm pretty sure the laws allowing gold ownership by US citizens was signed by Ford not Nixon, and even though the dollar is no longer tied to gold I don't believe they ever changed thelast "offical" price of gold. I think it is still $42.22 Every now and then when you read a story abut the amount of gold n Ft Knox or some other government storage facility they will usually give two figures for the value stored. ne being the value at the "official price" and one at the free market price.