Gold prices spike as inflation rages

During the 1970s, gold embarked on one of the most bullish runs in its history, reaching a historic $850 an ounce in January 1980 — equivalent to about $2,940 an ounce in today’s dollars. Investors at the time fled to gold amid concerns the world was in a state of geopolitical and economic chaos. By the end of the 1970s, inflation in most countries had risen to double digits, driven mainly by the high price of oil.

Find out more at Bullion Vault, The Guardian, and the Financial Times.