“August 1971: US President Richard Nixon takes the dollar off the gold standard.
“August 1972: The United States devalues the dollar to USD 38 per ounce of gold.
“March 1973: Most major countries adopt floating exchange rate system.
“May 1973: US devalues dollar to USD 42.22 per ounce.
“January 1980: Gold hits record high at USD 850 per ounce. High inflation because of strong oil prices.