During the seventies in England when the gold price skyrocketed, I
just googled1970 to 1980. In 1970 gold was about $50 an ounce, rose
to $200 in the mid 1970s then in 1979 rose to $800 before quickly
falling to $300.
During that period a lot of jewellers workshops closed and companies
were formed who would offer to replace the wooden floors of long
established workshops, possibly hundreds of years old, most of whom
had no proper floor covering.
The floors would be burnt and refined and areas below would be
vacuumed, some times there would be small neat piles of filings
directly under where workbenches had been.
The floors were replaced for free, the companies ‘cleaned up’! It is
said that the price rise was artificially manipulated by a
consortium, excluding the Saudis and other OPEC countries who were
buying gold with the money from the OPEC petrol price hike.
The consortium members all sold when the price reached $800.
Silver also rose going from about 50 cents an ounce in the late 70s
to $25 in 1980 when it dropped drastically, it is said Bunter Hunt
bought as much silver as he could before he bankrupted his company as
others sold vast amounts of silver.
I had a ‘smart’ friend who made GBP6000 in a day buying old silver
then lost GBP8000 a few days later when the price tumbled.
There were queues around Johnson Matthey Bullion Dealers like cinema
queues of people selling their old bits and pieces. A lot of
beautiful old silver was melted!