London Gold Pool

London Gold Pool

The deposit of gold reserves made by eight central banks in 1961 in order to preserve the price of $35 per ounce of gold. The London Gold Pool sold gold on the London bullion market periodically whenever the market price of gold began to rise above $35. The sales were intended to help preserve the Bretton Woods System, whereby most currencies were pegged to gold. The London Gold Pool gradually dissolved with the failure of the Bretton Woods System in the late 1960s and early 1970s.
Mentioned in ?
References in periodicals archive ?
In 1961, the US responded by creating the London Gold Pool, which obliged other countries to reimburse the US for half of its gold losses.
The result of the 1968 failure of the first London Gold Pool to suppress gold was an appreciation of the gold price from $35 to $850 per ounce.
Embry, who will speak at GATA's Gold Rush 21 conference in Dawson City, Yukon Territory, Canada, from August 7 to 9, likened the current intervention of central banks against the gold price to their coordinated selling of gold in the 1960s via what was called the London Gold Pool.

Full browser ?