September 17, 1979
Page 24822
WORLD PRICE OF GOLD HITS $350 AN OUNCE
Mr. MUSKIE. Mr. President, I thought it ought to be noted in the RECORD that the world price of gold hit a new historic high today of more than $350 an ounce.
I can remember when it was set at $35 an ounce when I was a college freshman back in the early 1930's. It held at $35 until 1971 when we went off the gold standard.
It is now, I gather, the percentage of 1,000 percent higher than $35, which is a dramatic piece of evidence that we need the kind of fiscal policy the Senate is writing today, if we ever needed it.