The gold price jumped $48.90 today



Sahit Muja

Sahit Muja: The gold price jumped $48.90 today
Gold futures are up $48.90, or 3.16%, at $1,598.60 an ounce.
Gold prices rallied 3.16 percent on Friday as a deal to shore up banks and cut borrowing costs at a

European Union summit sparked a surge in assets seen as higher risk.
Euro zone leaders agreed to take emergency action to bring down Italy's and Spain's borrowing costs and to create a single supervisory body for euro zone banks by the end of this year, a first step towards a European banking union.

Gold prices has increase from $35 in 1934 to $1598.06 an once in February 04, 2012.
Gold is the most important monetary currency throughout the world's history.
Gold is measured in troy ounces and the price of gold prices are stated in terms of the cost of one ounce. One ounce is equivalent to 31.1 grams or .07 pounds.

Historically, the United States has fixed the price of gold.
The price of an ounce of gold was fixed at $20.67 for many decades until 1934 at which point the price was raised to $35.00.

In 1975 the price of gold was allowed to fluctuate.
The United States holds the largest gold reserve in the world with 9,301 tons, followed by Germany

3,412 tons , Italy 2,452 tons , France 2,437 tons, China, 1,200 tons, Switzerland 1,055 tons, Russia, 776 tons, Japan, 765 tons and Netherlands 675 tons.
Sahit Muja
President and CEO
Albanian Minerals
New York