50 years ago the Bretton Woods Agreement and the gold convertibility of the dollar came to an end.

How has gold's role in the global financial system and its applications evolved?

Here are 10 illuminating facts.

Gold: a strategic financial asset

1. Americans regain the right to own gold

In December 1974, US President Gerard Ford ended the ban on US citizens owning gold. This law had been declared by President Roosevelt in 1933. Gerald Ford's decision led to a dynamic recovery of the gold market in the US.

2. European central banks recognise the importance of gold reserves

In 1999, the price of gold remained low, prompting the ECB, together with the 18 institutions of the Eurozone, but also Sweden, Switzerland and the UK, to reach an agreement to sell their gold on a massive scale. Since then, the global gold market has quintupled and matured, making this agreement unnecessary. Central banks have completely changed their minds and are now strongly in favour of buying.

3. China strikes an iconic gold coin

In 1982, the Bank of China began issuing its Gold Panda coin for circulation as currency. The coin comes in several face values and weights; the design of the Panda coin changes every year. These features soon attracted investors and collectors from all over the world.

4. ECB increases its gold reserves

When the ECB was founded in 1998, it held only 15% gold in its reserves; it now holds 35%.

5. China leads in gold production

In 2007, China overtook South Africa to become the world's largest gold producer, with 11% of production coming from its gold mines. It is also the country with the highest demand for gold, just ahead of India.

6. Which country has the most gold per capita?

Switzerland holds the world record for the highest gold holdings per capita, estimated at almost 130 grams. Although China and India are the biggest consumers of the precious metal, their population numbers are so high compared to Switzerland that they do not rank.

Gold, the safe haven par excellence

7. Facing crises

In August 2011, the price of gold rose above USD 1,900 per ounce for the first time in several weeks. The global economy, the consequences of the subprime crisis, particularly in Europe, and geopolitical instability in North Africa and the Middle East worried investors: they bought gold massively to protect their assets and drove up the price.

8. During the pandemic

Gold reached an all-time high of $2067.15 per ounce on 7 August 2020, amidst anxiety about the pandemic; other factors, such as the US economy, added to the rise in the price once the restrictions began in March 2020.

New uses for gold

9. In the industrial sector

The demand for gold has increased considerably over the past 50 years. Apart from its use in jewellery, gold is now an essential material in many fields, including the technology and medical industries, as well as in aerospace.

10. In society

The economy in India has improved greatly due to the many reforms and five-year plans that the country has undertaken over the past 50 years. Gold is not only a safe haven in India, it is also a strong symbol of belonging to a high social category.

Bonus: 11. the most expensive gold coin in the world

In 2021, a gold Double Eagle coin, minted in 1933, sold at auction in New York for $18.9 million. It is the most expensive gold coin in the world.

In its 50-year history, gold has always fulfilled its role as a safe haven and protection in all economic crises and has new applications with the development of new technologies.