In search of gold at Bretton Woods

Lust for gold not paying off

BRETTON Woods, New Hampshire, the United States – That’s where it all began in July 1944, where 730 delegates from 44 nations gathered to conclude the final articles of agreement of the International Monetary Conference (IMC). It established the new international monetary system tying the value of countries’ currencies to US dollar, which was convertible into gold at a fixed price (US$35 per troy ounce). The United States then held 70% of world’s gold.