Drag to turn the globe

Events/Law or policy · 1961

London Gold Pool formed

Law or policy, 1961-11-01, United Kingdom.

What happened

Eight central banks formed the London Gold Pool on 1 November 1961 to hold the gold price at 35 dollars an ounce. After a run on gold, the pool collapsed in March 1968 and the seven remaining members moved to a two-tier system.1,2

Why it matters

Its collapse was a step on the way to the end of dollar convertibility.1,2

Story cards

Around the same time

  1. Gold Reserve Act signed

    It set the 35 dollar price that Bretton Woods later used as the dollar anchor.3,4

  2. Dalstroi gold output peaks at 80 tonnes

    Output fell to 75.7 t in 1941, 74.4 t in 1942, 70.1 t in 1943 and 70.5 t in 1944.5,6

  3. Bretton Woods conference

    Bretton Woods conference.7

  4. African mine workers' strike on the Witwatersrand

    The strike was crushed, but SAHO says it had lasting effects on African trade unionism and politics.8,9,10

  5. London Gold Pool formed

    Its collapse was a step on the way to the end of dollar convertibility.1,2

  6. Nixon ends dollar convertibility into gold

    Gold ceased to have a fixed dollar price.4,11

  7. Panguna mine: inception

    Panguna mine: inception.12

  8. Placer Dome founded

    Placer Dome founded.13

Open the full timeline

Where next

Events

Led toNixon ends dollar convertibility into goldThe pool collapsed in March 1968. On 15 August 1971 Nixon closed the gold window.11Came out ofBretton Woods conferenceEight central banks formed the London Gold Pool in 1961 to hold gold at 35 dollars.1

Sources

  1. Nixon Ends Convertibility of U.S. Dollars to Gold and Announces Wage/Price Controls (covers the London Gold Pool) Federal Reserve History
  2. London (item Q84), coordinate location P625 Wikidata
  3. Gold Reserve Act of 1934 Federal Reserve History
  4. Washington, D.C. (item Q61), coordinate location P625 Wikidata
  5. Three Days in Auschwitz without Gas Chambers: Henry A. Wallace Visit to Magadan in 1944 Wilson Center
  6. Wikidata item Q7968 (Magadan)
  7. Wikidata item Q188532 (Bretton Woods conference)
  8. 1946 African Mineworkers Strike South African History Online
  9. The African Mine Workers strike of 1946 South African History Online
  10. Witwatersrand (item Q587808), coordinate location P625 Wikidata
  11. Nixon and the End of the Bretton Woods System, 1971-1973 US Department of State, Office of the Historian
  12. Wikidata item Q17060798 (Panguna mine: inception)
  13. Wikidata item Q3390766 (Placer Dome founded)

From the Prospector Trails mining history dataset: each fact links to the source it was checked against. Figures are as the source gives them, in the money of their day. Not investment advice.

Keep exploring

Stories with these minerals

Lessons from historyPrice shocks and the supply response1893-2025History of miningThe first miners: ochre, flint, copper and silver25000 BC-AD 400History of miningThe cost underground: mining disasters and the laws they forced1887-2020Lessons from historySocial licence: when a mine loses trust1842-2020

All mining storiesThe world runs on rockAll mineralsMining by country

Pictures: Pangkalpinang. Mijn 3b. Een reeks koelies bezig met het transporteeren van grond, Europeana (Public Domain Mark 1.0); Timna in de Negevwoestijn; rotspartij "de zuilen van Salomo", Poll, Willem van de / Europeana (Public Domain Mark 1.0); Mijnramp Bois du Caizier, Marcinelle, België. Schacht, Rossem, Wim van / Anefo / Europeana (Public Domain Mark 1.0); NASA's ASTER Shows Brazilian City After Dam Disaster, NASA/METI/AIST/Japan Space Systems, and U.S./Japan ASTER Science Team (Public domain (NASA media, no copyright)).