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Quote of the Day
“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”
-Warren Buffett.
March 22nd – This Day in Stock Market History
March 22nd, 1954 – The gold market in London reopens for the first time since 1929. Gold prices were $35 an ounce.
Why did worldwide gold prices fall to $35 per ounce through the 50s?
With the London market closed, the United States Treasury was nearly the only place in the world to go for large orders of gold. At the time, the U.S. was still on a gold standard and would exchange dollars for gold at a fixed exchange rate of $35 per ounce. (That ended August 15th, 1971).
Best March 22nd in Dow Jones Industrial Average History
1982 – Up 1.72%, 13.89 points.
Worst March 22nd in Dow Jones Industrial Average History
1939 – Down 2.72%, 3.9 points.
Read of the Day
The chart of worldwide gold prices comes from the San Fransisco Federal Reserve’s 1962 annual report, and contains a big section on the history of gold production and supply from the 30s through the 60s.
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