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The History of Mining: The events, technology and people involved in the industry that forged the modern world by Michael Coulson

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9. Gold Comes To The Fore Again

Whilst the 1960s had seen a remarkable recovery in base metal demand driven by technological innovation, huge growth in Japan and the Vietnam War, precious metals and particularly gold had attracted little attention. As the 1970s unrolled gold began to push itself to the forefront with investors beginning to worry about inflation and rising political, financial and economic instability. Gold had remained unchanged in price since the American depression of the 1930s, and another commodity, oil, had also been stagnant in terms of price since the 1950s. Both were to undergo a massive lift in position and reputation.

Gold and inflation

The huge increase in gold supply in the wake of the Spanish conquests in South ...

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