Until 1968, the price was fixed only once a day, when a second fixing was introduced at 3 p . m . to coincide with the opening of the US markets, as the price of gold was no longer under control of the Bank of England, a result of the collapse of the London Gold Pool.
22.
In support of the Bretton Woods system and to exert control over the exchange rate of gold, the United States initiated the London Gold Pool and the General Agreements to Borrow ( GAB ) in 1961 which sustained the system until 1967, when runs on gold and the devaluation of the pound sterling were followed by the demise of the system.
23.
The London Gold Pool controls were followed with an effort to suppress the gold price with a two-tier system of official exchange and open market transactions, but this " gold window " collapsed in 1971 with the Nixon Shock, and resulted in the onset of the gold bull market which saw the price of gold appreciate rapidly to US $ 850 in 1980.
