Gold market (1971-2011): Alaska trends, an outline of significant statewide statistics, is provided by the University of Alaska Center for Economic Development.

• Author: Davidson, Paul
• Position: Alaska Trends

Gold is measured using the Troy ounce, which is equal to 1.09714 of the more commonly used (avoirdupois) ounce. The benchmark for gold prices is the goldfixing price determined by the five members of the London Gold Market Fixing LTD through balancing some buyers' and sellers' offers.

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In 1971, President Richard Nixon ended the policy of backing U.S. dollars with gold, allowing gold prices to fluctuate. Most gold mined in the past few thousand years is still present today; next to existing supply, demand and speculation, gold production fluctuation has little effect on gold prices.

The graph illustrates historical data of average yearly gold price...