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San Francisco Mint and US Gold Reserves

In 1717, Sir Isaac Newton, Master of the British Mint, established a fixed price for gold that was equivalent to around US$20.00 per ounce. This price was for bullion gold, refined to a purity of twenty-two karats (.917 fine).

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What gives this illustration great importance is America may be facing the same kind of dilemmas that have brought Japan’s market such long-term grief.

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