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The price of gold touched briefly back at $35/ounce (112.53 ¢/g) near the end of 1969 before beginning a steady price increase. This gold price increase turned steep after President Richard Nixon unilaterally ordered the cancellation of the direct convertibility of the United States dollar to gold in 1971, an act later known as the Nixon Shock .
The U.S. dollar was originally defined under a bimetallic standard of 371.25 grains (24.057 g) (0.7734375 troy ounces) fine silver or, from 1834, [2] 23.22 grains (1.505 g) fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equivalence to gold was revised to $35 per troy ounce.
Gold standard kept dollar at $35/oz. 1968: 121.96: Consumer price index (CPI) begins to break out. 1969: 121.74: Dollar hit 123.82 on 9/30. 1970: 120.64: Recession of 1969-1970 ends. 1971: 111.21: President Richard Nixon announces the closing of the gold window and the institution of wage-price controls. 1972: 110.14: Beginning of stagflation ...
In this Norwegian grocery store, the price for a bottle of ketchup is displayed in terms of the price paid per package (64.90 kr) and the price paid per kilogram (111.90 kr). this allows customers to know how much they will pay and to quickly compare products that have different sizes of packages.
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An ounce-force is 1 ⁄ 16 of a pound-force, or about 0.2780139 newtons. It is defined as the force exerted by a mass of one avoirdupois ounce under standard gravity (at the surface of the earth, its weight). The "ounce" in "ounce-force" is equivalent to an avoirdupois ounce; ounce-force is a measurement of force using avoirdupois ounces.
Those catch-up contributions allow you to invest another $7,500 with pre-tax dollars this year, and from ages 60 to 63, you can make catch-up contributions as high as $11,250.