Cathay Securities · Macro Focus | The Gold Bull Market of the 1970s: How It Started, How It Ended - A Historical Comparative Study Three

This article analyzes the beginning and end of the gold bull market in the 1970s, pointing out that it was influenced by factors such as the restructuring of the monetary system, uncontrolled inflation expectations, and speculative sentiment. From 1970 to 1974, the depreciation of the dollar and intensified inflation drove up gold demand; from 1975 to 1976, improvements in macro fundamentals and supply pressures led to a decline in gold prices; from 1977 to 1980, rampant inflation and geopolitical conflicts once again pushed gold prices up, until the bull market ended in 1980 with the Federal Reserve's interest rate hikes