MindMap Gallery Gold's historical record of ups and downs
This infographic outlines the 120 year history of gold price trends from 1900 to the present, structured into six key eras, with clear price data, core events, and trend charts. It starts with the 1900–1971 gold standard era, fixed at $20.67/oz then $35/oz under Bretton Woods. The 1971–1980 period saw the first super bull market, driven by oil crises and inflation, peaking at $850/oz. A 20-year bear market followed (1981–2000)
Edited at 2026-04-03 09:02:54This infographic systematically analyzes the key factors driving gold price volatility, breaking down 8 core drivers with their correlation characteristics, historical cases, and market impacts. It covers the US dollar index (negative correlation, primary core factor), real interest rates, inflation (positive correlation, bottom support), geopolitics/black swan events, global central bank gold reserves (medium-long term trend leaders), gold supply-demand, and speculative funds/sentiment
This infographic outlines the 120 year history of gold price trends from 1900 to the present, structured into six key eras, with clear price data, core events, and trend charts. It starts with the 1900–1971 gold standard era, fixed at $20.67/oz then $35/oz under Bretton Woods. The 1971–1980 period saw the first super bull market, driven by oil crises and inflation, peaking at $850/oz. A 20-year bear market followed (1981–2000)
This infographic titled Understanding the History of Gold with One Picture distills 6,000 years of gold’s role in human civilization into six clear chronological eras, tracing its journey from ancient treasure to modern financial asset. The first era (5000 BC – 1st century BC) covers humanity’s earliest gold use, from the 4700–4200 BC Varna tomb artifacts (the oldest known gold objects) to ancient Egypt’s reverence for gold as the “flesh of gods.”
This infographic systematically analyzes the key factors driving gold price volatility, breaking down 8 core drivers with their correlation characteristics, historical cases, and market impacts. It covers the US dollar index (negative correlation, primary core factor), real interest rates, inflation (positive correlation, bottom support), geopolitics/black swan events, global central bank gold reserves (medium-long term trend leaders), gold supply-demand, and speculative funds/sentiment
This infographic outlines the 120 year history of gold price trends from 1900 to the present, structured into six key eras, with clear price data, core events, and trend charts. It starts with the 1900–1971 gold standard era, fixed at $20.67/oz then $35/oz under Bretton Woods. The 1971–1980 period saw the first super bull market, driven by oil crises and inflation, peaking at $850/oz. A 20-year bear market followed (1981–2000)
This infographic titled Understanding the History of Gold with One Picture distills 6,000 years of gold’s role in human civilization into six clear chronological eras, tracing its journey from ancient treasure to modern financial asset. The first era (5000 BC – 1st century BC) covers humanity’s earliest gold use, from the 4700–4200 BC Varna tomb artifacts (the oldest known gold objects) to ancient Egypt’s reverence for gold as the “flesh of gods.”
Gold's historical record of ups and downs
1900-1971
Fixed Price Era: Currency Anchoring, Limited Increase
time
price
core event
Characteristics of price increase
1900-1933
20.67 USD/oz
The US Gold Standard Act establishes official pricing
Zero increase, stable global monetary system, strict linkage between gold and the US dollar
In 1933
20.67 → $35 per ounce
Roosevelt's New Deal, devaluation of the US dollar, nationalization of gold
+69.3% (one-time adjustment), monetary reform in response to the Great Depression
1934-1971
35 USD/oz
The Bretton Woods system was established, with the US dollar pegged to gold and other currencies pegged to the US dollar
Zero increase, global currency anchored to gold, central banks can exchange at official prices
1971-1980
The First Super Bull Market: System Collapse, Inflation Driven
Core increase: $35 → $850, Cumulative increase+2328.6% (23 times over 10 years)
key milestone
price
price limit
driving factors
August 1971
35 → 43.5 USD
+24.3%
Nixon closes the golden window, Bretton Woods system collapses
In 1972
43.5 → 64.9 USD
+49.2%
The depreciation of the US dollar and the rise of inflation
In 1973
64.9 → 120.0 USD
+84.9%
The first oil crisis, global inflation skyrocketed
1974-1976
120 → 100 USD
-16.7%
The Federal Reserve raises interest rates, leading to a brief economic recovery
1977-1980
100 → 850 USD
+750%
The Second Oil Crisis, Iranian Revolution, Soviet Invasion of Afghanistan, US Stagflation (Inflation Rate 13.5%), Geopolitical Panic
January 1980
Historical peak of $850
Hunter Brothers' Silver Manipulation Case Failed, Funds Inflow
Short term speculative foam of gold followed by long-term bear market
1981-2000
Long term bear market and adjustment period: deflationary cycle, price decline
Core change: $850 → $252, cumulative decline -70.4% (in the past 20 years)
key milestone
price
core features
driving factors
1981-1985
850 → 300 USD
quick fallback
The Federal Reserve aggressively raises interest rates (up to 20%) to curb inflation and promote economic recovery
1986-2000
300 → 252 USD
Shaking downward
Global deflation cycle, stronger dollar, stock market boom (Internet foam), Weakening demand for gold as a safe haven
From 2001 to 2011
The second super bull market: frequent crises and rising risk aversion
Core increase: $252 → $1921, cumulative increase+662.3% (6.6 times over 10 years)
key milestone
price
price limit
driving factors
In 2001
252 → 271 USD
+7.5%
The 9/11 incident has led to an increase in global geopolitical risks
From 2002 to 2007
271 → 836 USD
+208.5%
The Federal Reserve cut interest rates, the dollar depreciated, the real estate foam, and the anti inflation demand for gold increased
In 2008
836 → 889 USD
+6.3%
Global financial crisis, collapse of Lehman Brothers, surge in safe haven demand
From 2009 to 2011
889 → 1921 USD
+116.1%
Quantitative easing (QE) policy, zero interest rates, inflation concerns, European debt crisis, geopolitical conflicts
September 2011
Historical peak of 1921 US dollars
The combination of multiple crises highlights the ultimate safe haven attribute of gold
Subsequently entering the adjustment period
From 2012 to 2018
Adjustment period of volatility: recovery and contraction, price fluctuations
Core range: $1921 → $1160, maximum drawdown -40.0%
key milestone
price
price limit
driving factors
In 2012
1570 → 1710 USD
+8.9%
The ongoing European debt crisis is supported by safe haven demand
In 2013
1710 → 1490 USD
-12.9%
The Federal Reserve hints at reducing QE, leading to a wave of gold selling
In 2015
1200 → 1060 USD
-11.7%
The Federal Reserve raises interest rates for the first time, and the US dollar strengthens
2016-2018
1060 → 1160 USD
+9.4%
Shockwave builds bottom, market digests tightening policies
2019 present
The third super bull market: monetary easing, de dollarization
Core increase: $1160 → $5218 (peak in February 2026), Cumulative increase+349.8% (as of March 2026)
key milestone
price
price limit
driving factors
2019–2020
1160→2075
+78.8%
COVID-19, unlimited QE, zero interest rate, global risk aversion
2022-03 High Diving
2070→1614
-22%
After the Russia-Ukraine conflict soared, the Federal Reserve aggressively raised interest rates, the dollar index strengthened, and the market recognized it as one of the "six big dives"
At the end of 2022
Received 1820
-
Bottom out and stabilize, showing an "N" - shaped oscillation throughout the year
End of 2022- End of 2023
1820→1975
+8.5%
The Russia-Ukraine conflict continues, the global central bank purchases gold on a large scale, and the de dollarization accelerates
two thousand and twenty-four
1975→2389
+21.0%
Expectations of interest rate cuts, continued gold purchases by the central bank, and de dollarization
two thousand and twenty-five
2389→4380
+83.3%
The intensification of de dollarization, the increase in central bank holdings, and the escalation of geopolitical conflicts
2026-02
Peak value 5218
-
Speculation frenzy, multiple factors resonating
2026-03
Falling back to ≈ 4500
-
Short term correction
7、 Summary of Historical Core Laws of Gold Price Increase
Long term value-added attribute
Despite cyclical fluctuations, the compound annual yield of gold since 1971 has been around+8.5%, significantly outperforming inflation
Enhanced price elasticity
After 2020, the fluctuation range of gold prices has significantly expanded, with daily/weekly fluctuations exceeding 10% becoming the norm
Evolution of driving factors
Driven by a single inflation
Driven by crisis avoidance
Dual wheel drive of de dollarization and central bank gold purchases
Three major super cycles
1971-1980 (+2328.6%)
From 2001 to 2011 (+662.3%)
2019 present (+349.8%)
All are highly related to changes in the global monetary system, high inflation, or geopolitical instability
Risk Warning: There are risks in the market, so investment should be cautious!
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Focusing on key price points and growth cycles in US dollars per ounce