Expected to be published in September, the first three chapters PDF have already been released for free
Chapter 1: Introduction, overview of the great debt cycle, and how it works
Chapter 2: The final stage of the great debt cycle, where central governments and central banks go bankrupt
Chapter 3: How historical great‑cycle events have shaped our lives today
More chapters can be previewed in a concise version on LinkedIn
The current nominal interest rate and inflation data are unsustainable.
This also explains why gold and real rates have diverged for a “brief” few years.
The Final Nine Stages Before Death:
Stage eight usually
(1) Increase income tax, inheritance tax, property tax
QA Excerpts and Sharp Comments
(1) Background: Germany is the only major power with relatively low debt, but it has recently begun issuing new debt.
Matthias asks: The increase in debt, currency depreciation, and the shift of global power are huge challenges, but they also open doors for those who can navigate them. I want to know how Germany compares—relative to other countries, Germany may be in a low‑debt phase. However, low debt alone does not guarantee long‑term prosperity; it mainly depends on innovation, cutting red tape, and smart regulation.
Answer: The statement “low debt alone does not guarantee long‑term prosperity” is correct. If credit can foster innovation and productivity, generating income that exceeds debt service, then credit is beneficial. Germany is suffering from a lack of innovation and productivity, and without them Germany will not thrive.
(2)
Smit asks: If history repeatedly shows that debt crises are inevitable, why do governments and policymakers still rely on short‑term fixes like printing money instead of planning for long‑term stability? Are we caught in a cycle of ignoring these lessons?
Answer: People experience the great debt cycle repeatedly because the great debt cycle occurs only once in a lifetime; therefore, when they see the great debt cycle, it is their first encounter with it, and they know nothing about it. (In fact, you can’t even find any discussion of the great debt cycle and how it works in economics textbooks—so far as I know, my work is the only one attempting to explain it.) Moreover, people are usually short‑sighted and pursue immediate gratification.
(3) Background: Ongoing fiscal cuts and tariff policies in the United States
Richard’s question: I’m not sure whether cutting government spending will reduce revenue in the long run. Won’t people reinvest in the private sector? Isn’t the private sector better able to extract value from these resources? Is it because the private sector is creating the goods and services society needs, or simply because the private sector adheres to performance and accountability?
Answer: The first‑order effect of fiscal tightening, all else equal, is detrimental to growth, but the second‑order effect will be stimulative, keeping the transition balanced because monetary policy is more powerful than fiscal policy. If fiscal tightening is excessive, interest rates will fall and monetary policy will ease. When you read Chapter 16, you will see many references on this topic; the chapter will be released in a few weeks and includes my recommendations for solving government debt problems.
(4) Ray Dalio’s pessimism about the short‑term effects of technology
Gabriel asks: I understand that states naturally run deficits, as you explained, and they always find themselves dealing with a large debt cycle. However, now we face a new factor: technology. New technological tools will allow us to reduce the number of existing civil servants and increase the efficiency of public services. On the other hand, we will see a growing world population, and former civil servants will also compete in the labor market. Do you think technology is a solution that makes states more efficient and transparent, or are we facing the beginning of an apocalypse?
Answer: I believe that technological progress and effective cost reductions will make governments and societies more efficient and productive—and the higher the efficiency and productivity of government and society, the more real income is available for debt repayment. Thus, I think these technological and efficiency gains will help improve debt‑service capacity. However, I am deeply concerned that, relative to the productivity gains from technology and cost cuts, the amount of debt that must be repaid could be enormous. In my view, a sharp increase in debt‑service obligations combined with relatively high asset‑price valuations creates an unacceptable, massive risk: the technological transformation and other cost reductions in the U.S. government (and other governments) will not be sufficient to prevent a severe debt crisis.
(5) Background: U.S. left‑right value split, East Asian gender war (conflict displacement)
Miroslava asks: Could financial inequality be a major characteristic of the final stage of a great debt cycle?
Answer: Yes, financial inequality is a key feature of the later phase of a great debt cycle. In addition to the huge divergence of values, when conditions worsen and become worse than for most people, massive financial inequality is the main driver of intensified political conflict between the left and the right. That is always the case.
Please do us a favor and send How Nations Go Bankrupt to your friends and elected officials, because it is free and will give them a new perspective. Perhaps you can wait a few weeks for the full PDF version to be released.
(6) Background: During the reform and opening‑up period, Ray Dalio came to China and participated in related policy making, and has long been optimistic about China’s economic development (up until the current global crisis).
Question: How do you think African countries can escape the debt cycle and fully realize their potential? Given Africa’s unique economic landscape—rich in resources but often constrained by debt cycles—how should African nations leverage their potential to meet these challenges and build a sustainable future?
Answer: I encourage you to read my book The Changing World Order: Why Nations Succeed and Fail and visit my country‑strength index at economicprinciples.org, which provides a comprehensive explanation of why nations succeed or fail and a full review of their current status. The fundamental drivers of productivity (such as how children are educated and how people interact) are crucial. Over‑indebtedness is more a result of these issues than the cause itself.
Another document, regarding the strength assessment of the top 24 countries and development forecasts for the next 10 years
Global risk level reaches a critical threshold (the past years that crossed the line correspond to WWI and WWII)
Forecast for the United States
Forecast for China
Alright, I just finished reading Dalio’s old book last year. I wonder what profound insights it contains.
Who is the OP, which anonymous expert
Historical Review: A Century-Defining Great Change
How the order of the past century has shaped today’s life
This big cycle began in 1944. Private‑sector debt in the United States accumulated to a peak in 2008 and then collapsed, with debt shifting to the public sector.
You can see that starting in 2008 the growth slope of U.S. government debt sharply changed.
Currently the debt repayment amount as a percentage of revenue is 100%, and it is expected to rise to about 150% in 15 years. Time is running short for the United States.
From 1979 to 1987, during Paul Volcker’s tenure, interest rates could be forced up to burst excess capacity; now raising rates would first burst the Federal Reserve.
The 1980s saw the rise of the computer industry; the 2000s saw the rise of the Internet industry.
The environment of the past four decades was low inflation and high interest rates, with abundant room for rate cuts; Wall Street mainly watched the Fed for easing.
In the 2020s, nominal rates lagged behind inflation, real rates turned negative, and a long gold cycle began:
Gold was the only universally accepted currency.
World War II ended the previous world order and led to a transition to a new world order.
The biggest winners of the war – the United States, the United Kingdom and its allies, as well as the Soviet Union and its allies – set the rules of the new world order, including a new global monetary system.
The U.S. Treasury held about two‑thirds of the world’s gold (the basis of the dollar’s credit).
In 1944 the United States, the United Kingdom and their allies created a new monetary system, the Bretton Woods system (named after Bretton Woods, New Hampshire, USA). Paper money was hard‑pegged to real gold held by central banks.
The dollar became the world’s reserve currency. Other countries had their own currencies, so to obtain gold from the U.S. central bank they had to buy dollars and then use those dollars to buy gold. Only central banks were allowed to purchase gold; individuals were prohibited from buying gold with paper money.
Britain, weakened by war‑related financial and other power losses, became a subordinate great power in this new order.
The Soviet Union maintained its own monetary system and operated independently of the U.S.-dominated framework.
In the 1960s the U.S. economy grew rapidly, accumulating massive debt.
Household debt was low, corporate debt was high (industrial and manufacturing sectors), and government debt was high (Vietnam War and “Great Society” left‑leaning policies).
The Fed pursued tight monetary policy, causing a double‑whammy for stocks and bonds, while gold performed relatively well.
A recession occurred in 1969‑70, bringing high unemployment and social unrest (the late‑1960s hippie movement peaked).
The total money supply and debt remained huge; the dollar could no longer be exchanged 1:1 for gold. After Charles de Gaulle of France called for reform, other countries joined the demand for redemption, leading to massive runs.
On the evening of Sunday, August 15 1971, President Nixon announced on television that the United States would no longer allow dollar holders to convert dollars into gold.
The Bretton Woods system collapsed, the dollar plummeted, but gold remained firm.
In MP1, dollars could be exchanged for gold at a fixed rate, and other currencies could be exchanged for dollars at negotiated variable rates.
In MP2, a fiat monetary system is used:
a) In MP2‑type systems, the amount of money and credit that lenders provide to borrowers is primarily driven by the cost of money (i.e., interest rates).
b) There is no constraint of being pegged to a hard commodity such as gold.
The Fed increased the money supply by 100%; broader money aggregates that include some bank accounts and cash instruments (M2) rose by 180%.
Prices of goods and services (measured by CPI) rose about 140%.
Stock prices rose about 30%.
Gold prices rose roughly tenfold.
Real stock returns fell 45%.
Debtors benefited, creditors suffered losses.
During that decade, holders of 10‑year U.S. Treasury bonds lost about 40% after inflation adjustment.
In 1973 the Middle East experienced the first “oil shock”; oil prices jumped, triggering severe import‑driven inflation.
A second oil crisis followed later.
U.S. real interest rates fell to historic lows.
Debt/money/economy, domestic politics, and international geopolitics all reached extremes.
Ronald Reagan came to power (some compare him to Trump), opposing labor, cutting corporate taxes, and pursuing tougher geopolitical policies (see Reagan’s Great Cycle).
In 1979 Paul Volcker was appointed Fed Chair to combat inflation; he forced sharp rate hikes, severely tightening money and credit growth, pushing the money supply to its most restrictive level and raising rates to the highest level “since the birth of Christ” (as German Chancellor Helmut Schmidt put it).
Reagan’s and Volcker’s policies lowered inflation, raised real rates, improved profit margins, and reduced tax rates.
Developed economies experienced deflationary growth, with strong stock and bond price gains, while emerging markets saw debt bubbles burst, leading to classic inflationary depressions.
The monetary policy shift of 1979‑82 created an environment favorable to lenders‑creditors (e.g., Treasury buyers).
Real rates rose.
The 1985 Plaza Accord aimed to devalue the dollar because massive current‑account deficits and huge demand for dollars were unsustainable, so the dollar would inevitably weaken.
The 1980s in China marked reform and opening‑up.
Key inventions of the 1980s included laptops, lithium‑ion batteries, the Internet, search engines, digital thinking, applications, DNA analysis, GPS, video‑game consoles, microprocessors, and satellite TV.
Supported by capitalists, entrepreneurs’ technological drive propelled the Internet, leading to the 1991 launch of the World Wide Web, which later fueled the internet bubble of the 1990s and its burst in 2000 when the Fed tightened policy to curb rapid debt‑financed speculation in the “internet miracle.”
Early excitement turned into a bubble (1995‑99), causing overheating and rising inflation, prompting the Fed to tighten policy and pop the bubble in March 2000. This burst cleared many low‑quality speculative internet startups.
By the end of 2008, the interest‑rate‑driven policy (MP2) and quantitative easing (MP3) could no longer support the economy. The Fed and other central banks began to print money and buy government debt on a massive scale.
MP4 (see below) later replaced MP3 when rate policy and QE could not sufficiently improve conditions for the majority (their benefits accrued mainly to capital owners).
The transition from 1979‑82, when rates peaked, showed that each subsequent cyclical peak and trough was lower than the previous peak, until debt levels rose so high that rates approached zero. This led me to wonder what happens when rates hit 0%—as it did in 1933—when central banks printed money and bought debt.
2008‑2020 experienced two short cycles
In 2020 the world was hit by the COVID‑19 pandemic.
Although the conventional principle in the United States and many other countries is that monetary policy should be independent of fiscal policy and aim at price stability and growth—so that money supply and value are not politicized—reality shows that almost every “sacred” rule eventually faces real‑world tests and begins to break down in the later stages of a long cycle. I refer to the resulting shift as Monetary Policy 4 (MP4).
MP4 denotes coordinated actions between the central government and the central bank: the government runs huge deficits, and the bank monetizes them. When interest‑rate policy (MP2) and quantitative easing (MP3) can no longer improve conditions for most people (their gains accrue mainly to capital owners), and the free‑market capitalist system cannot fill the gap, this dynamic inevitably emerges.
It occurs in two rounds.
The scale of Fed money printing and government‑debt purchases grew dramatically from 2008 to the end of 2021.
To combat accelerating inflation, the Fed raised rates, which caused losses on all the bonds it had bought.
Even though rate hikes were large, they lagged behind inflation (see left chart). Real bond yields rose to about the long‑run average of 2% (see right chart and the lower‑right plot).
Labor‑income share has continued to fall to its lowest level since the 1950s, and the wealth‑income share of non‑college‑educated Americans has also declined, widening the gap between wealth and values.
During this period, polarization among the U.S. public and political parties deepened markedly, with a clear trend toward extremism. In 2020 U.S. political leadership shifted from the right‑wing Republican dominance under Trump to the left‑wing Democratic leadership under Biden.
The pandemic triggered massive fiscal and monetary stimulus coordination (MP4), raising inflation and reshuffling wealth, which in turn led to tightening policies, a rightward political swing, and a return to a Trump‑era stance.
More specifically:
(But inflation stayed too high; rate cuts have been minimal—Polymarket forecasts only 2‑3 cuts in the next 25 years.)
How to Read This Document
The following is a brief guide to help you read the document. The original text is in Chinese. The English translation is provided in a separate column. The translation is not a word‑for‑word literal translation, but a faithful rendering of the meaning.
Original:
日本的经济在过去的十年里经历了显著的变化。自 2008 年金融危机以来，日本的 GDP 增长率一直在 0.5% 左右徘徊，失业率在 3% 左右，通胀率在 0.5% 左右。日本的货币政策在过去的十年里一直保持宽松，利率在 0% 左右，通胀率在 0% 左右。
Translation:
Japan’s economy has undergone significant changes over the past decade. Since the 2008 financial crisis, Japan’s GDP growth has hovered around 0.5 , unemployment has been about 3 , and inflation has been roughly 0.5 . The country’s monetary policy has remained accommodative, with interest rates near 0 and inflation close to zero.
Original:
日本的债务在过去的十年里一直在上升。日本的政府债务占 GDP 的比率在 2000 年左右已经超过 100%，并在 2010 年左右达到了 150%。日本的债务在过去的十年里一直在上升，导致了日本的债务危机。
Translation:
Japan’s debt has been rising over the past decade. Government debt as a share of GDP exceeded 100 around 2000 and reached about 150 by 2010. This upward trend has contributed to a debt crisis.
Original:
下图 政府债务与 GDP 比率的形式显示了日本自 1870 年以来的大债务周期；这样你就可以看到两个大周期，但我们将重点关注第二个周期。
Translation:
The figure below shows the government debt‑to‑GDP ratio, illustrating Japan’s large debt cycle since 1870; you can see two major cycles, but we will focus on the second.
Original:
下图显示了中央政府债务偿还额占政府收入的百分比。从中你可以看到当债务偿还额超过 150% 时发生的债务危机，也可以看到近年来，这一比例如何上升至 150%（但仍低于）水平。
Translation:
The next figure shows the percentage of central‑government debt repayments relative to government revenue. It highlights debt crises when repayments exceed 150 % and shows how the ratio has risen toward that level in recent years (still below).
Original:
Translation:
Original:
公共部门赤字支出为私营部门注入大量现金，帮助私营部门去杠杆。
Translation:
T1: Public‑sector deficit spending injects large amounts of cash into the private sector, helping it deleverage.
Original:
央行将债务货币化，以保持长期利率处于低位，降低债务偿还率，并刺激需求。除央行持有外，政府债务负担占 GDP 的百分比开始下降。
Translation:
T2: The central bank monetizes debt to keep long‑term rates low, reduce debt‑service ratios, and stimulate demand. Apart from the central bank’s holdings, the share of government debt in GDP begins to fall.
Original:
由此产生的货币贬值相当于对持有未对冲国内债券的外国投资者和未在国外投资的国内投资者征收的一种税，同时它降低了政府债务负担，因为以外汇和黄金衡量，政府债务的价值会下降。
Translation:
T3: The resulting currency depreciation acts as a tax on foreign investors holding un‑hedged domestic bonds and on domestic investors who do not invest abroad, while also reducing the government’s debt burden because, when measured in foreign exchange or gold, the debt’s value declines.
Original:
如下图所示，日本央行的行动严重导致日元下跌。
Translation:
As shown below, the Bank of Japan’s actions have sharply weakened the yen.
Original:
这意味着持有日元计价资产的人会损失大量价值。
Translation:
This means holders of yen‑denominated assets lose a large amount of value.
Original:
这也导致日本政府债务以其他货币衡量呈去杠杆化趋势。以美元衡量，自 2001 年以来债务偿还率有所下降，而当时正是政府借贷迅速的时期。以黄金衡量，债务水平下降了约 80%。
Translation:
This also causes Japanese government debt, when measured in other currencies, to show a deleveraging trend. Measured in dollars, the debt‑service ratio has declined since 2001, a period of rapid government borrowing. Measured in gold, debt levels have fallen by roughly 80 %.
Original:
国内储蓄者也要缴纳类似的税，不过程度较轻，因为尽管他们在国外的购买力下降，但国内购买力的下降幅度并没有那么大。
Translation:
Domestic savers also bear a similar tax, but the effect is milder because the decline in domestic purchasing power is less pronounced than the loss of foreign‑currency purchasing power.
Original:
资产估值也反映了这一点。日本从一个估值过高的市场（至少以市盈率等不完善的统计数据来衡量）转向了相对于美国而言估值较低的市场。
Translation:
Asset valuations also reflect this shift. Japan moved from an over‑valued market (at least by imperfect metrics such as price‑to‑earnings ratios) to a market whose valuations are relatively low compared with the United States.
Note: All image links are retained from the original document. The translation aims to convey the original meaning accurately while preserving the structure and flow of the source material.
Credit rating
T0: Gold
T1: Legal tender (central banks) and bonds (treasuries) issued by sovereign nations
T2: Bonds and stocks issued by the private sector such as corporations, households, etc.
T0 derives T1, T1 derives T2
Central banks operate between T0 ~ T1, a country’s ordinary people operate between T1 ~ T2 within their nation, while free capital can flow anywhere.
In the expansion phase, leverage is added layer by layer; T0 → T1 → T2 become increasingly expansive, leading to massive economic growth.
T0’s lifecycle is effectively infinite.
T1’s lifecycle is about a century (a large cycle).
T2’s lifecycle is about a decade (a small cycle).
Expansion widens until T2 bursts once
Even a gold‑medal instructor can’t even get a meal, so he’s going to New York to drive a truck.
The newly appointed U.S. Treasury Secretary is Bensente (本森特), who had previously been the actual controller of the Soros Fund.
Soros’ “Financial Alchemy” Chapter 7: Reagan Great Cycle
The Reagan “big cycle” mainly discusses, under the international division of labor system, the consumer country (the United States) relying on a double deficit (fiscal and trade) positive‑feedback path. This path is obviously unsustainable, and the corresponding producer country’s (China) double surplus is also unsustainable.
The turning point is that the rate of return on capital falls (debt is too high to raise interest rates); when it cannot cope with the trade gap, capital will flow out of the United States and the dollar will continue to depreciate.
The logic of this book is similar, but it mainly discusses it from the perspective of the producer country’s (China) double surplus.
Found a short article by Mr. Yu Yongding
https://hfri.phbs.pku.edu.cn/info/1741/15361.htm
Excerpt of the core part:
Internationally common indicators for measuring a country’s balance of payments are two: the current account deficit to GDP ratio and the net international investment position (Net International Investment Position, NIIP) to GDP ratio. By definition, the current account deficit and NIIP are a flow and a stock relationship; the accumulated current account deficit equals net foreign liabilities.
Because of the dollar’s status as an international reserve currency and the strength of the U.S. economy, foreign investors’ purchase of U.S. financial assets is not solely for short‑term investment returns, and often not primarily for earning returns at all. Unless the United States maintains a long‑term current‑account deficit, thereby accumulating a high NIIP, foreign investors would generally not stop buying U.S. assets. For the United States, balancing the current‑account deficit through capital inflows, including short‑term capital inflows, should not be a problem. However, as NIIP continues to grow and the NIIP‑to‑GDP ratio rises, whether foreign capital will keep flowing in may ultimately become an issue.
The United States recorded a small current‑account deficit in Q1 1977 (US$8 billion), and began to maintain a persistent current‑account deficit from 1991 onward. In 2006, the U.S. current‑account deficit exceeded US$810 billion (Figure 1), and the current‑account‑deficit‑to‑GDP ratio reached 6%, both setting historic highs (Figure 2).
Since 1985, as the United States’ accumulated current‑account deficit has grown, its NIIP and NIIP‑to‑GDP ratio have also continued to rise (Figures 3 and 4).
It is puzzling that, although the United States is the world’s largest net debtor, its net investment income on the balance of payments has always been positive, and the U.S. has not encountered any difficulty in making overseas interest payments. Since 2006, as net foreign liabilities have risen, the U.S. net investment‑income surplus has not only failed to decline but has surged rapidly, only beginning to taper off around 2017. By the end of 2021, U.S. net foreign liabilities had reached US$18.1 trillion, with a net‑foreign‑liabilities‑to‑GDP ratio exceeding 70%, yet the United States still recorded an investment‑income surplus of roughly US$150 billion (Figure 5 and BEA data). What explains the situation where a heavily indebted United States not only does not have to pay interest to creditors but actually receives large interest payments from them?
Harvard professor Ricardo Hausmann introduced the concept of “dark matter,” arguing that a country’s investment income exceeds what would be generated by its accumulated current‑account deficit because the country possesses “dark‑matter” assets.
Hausmann’s explanation is that, assuming the United States’ external debt is 100%, the U.S. allocates 50% of it to overseas direct investment (FDI). Because U.S. overseas investments include technological know‑how, they earn a 7% return, whereas the interest rate on U.S. overseas liabilities is only 3%. It is not correct to attribute the U.S.’s investment‑income surplus solely or mainly to the high return on its overseas FDI, but Hausmann correctly decomposes net debt into total liabilities minus total assets and uses the difference in their rates of return to explain why the United States, as the world’s largest net debtor, can still maintain an investment‑income surplus.
The large disparity between the return on U.S. overseas FDI and the return on foreign FDI in the United States is widely regarded as the main reason why the United States, despite being a net debtor, can sustain an investment‑income surplus. Hausmann’s “dark matter” reflects this view.
In 2021, the United States’ direct investment assets amounted to US$11 trillion, liabilities to US$14.8 trillion, resulting in a net liability of US$3.8 trillion, yet the United States still recorded an investment‑income surplus of US$279.7 billion. This implies that in 2021 the return on U.S. overseas direct‑investment assets was 5.3%, while the return on foreign direct‑investment assets in the United States was 2%.
Continuation:
The reason it can maintain a surplus in investment income is not because of any “dark matter”. There are two reasons: first, foreign investors have purchased a large amount of low‑yield U.S. Treasury bonds; second, the return rate of U.S. overseas FDI is significantly higher than the return rate of foreign FDI in the United States.
Compared with Mexico and Thailand, the United States, as the world’s
Title:
The United States is a Debt‑Heavy Country
The United States is a debt‑heavy country. The U.S. government has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United States has accumulated a massive amount of debt, and the debt‑to‑GDP ratio has been rising for many years. This has led to a series of problems, including higher interest costs, reduced fiscal flexibility, and increased financial‑market risk. In addition, the large debt burden has made the United States more vulnerable to external shocks, such as economic recessions, geopolitical tensions, and changes in monetary policy.
A debt‑heavy country is a nation whose public debt level is high relative to its gross domestic product (GDP). This situation can lead to higher interest costs, reduced fiscal flexibility, and increased financial‑market risk.
The United
[assistant<|channel|>analysis<|message|>The user gave a very long prompt that repeats the same structure many times. The user wants a “short, concise answer” that includes the 5 most important points from the text. The text is a massive repeated content about “Debt‑Heavy Country” with the same question and answer repeated many times. The user wants a short answer with the 5 most important points.
We need to extract the key points from the text. The text repeats the same content: definition of debt‑heavy country and why US is debt‑heavy. So the important points are:
That’s five points. Provide a concise answer. Also mention that the repeated sections reinforce these points. Provide a short answer.
Thus final answer: bullet list of 5 points.Key take‑aways
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Gold Historical Prices (USD per ounce)
| Year | Average Price | Highest Price | Lowest Price | Year‑Range |
|---|---|---|---|---|
| 2025 (as of Feb) | $2,744.47 | $2,942.53 | $2,624.60 | 11.38 % |
| 2024 | $2,388.98 | $2,789.95 | $1,992.06 | 27.23 % |
| 2023 | $1,943.00 | $2,115.10 | $1,811.27 | 13.08 % |
| 2022 | $1,801.87 | $2,043.30 | $1,626.65 | –0.23 % |
| 2021 | $1,798.89 | $1,954.40 | $1,678.00 | –3.51 % |
| 2020 | $1,773.73 | $2,058.40 | $1,472.35 | 24.43 % |
| 2019 | $1,393.34 | $1,542.60 | $1,270.05 | 18.83 % |
| 2018 | $1,268.93 | $1,360.25 | $1,176.70 | –1.15 % |
| 2017 | $1,260.39 | $1,351.20 | $1,162.00 | 12.57 % |
| 2016 | $1,251.92 | $1,372.60 | $1,073.60 | 8.63 % |
| 2015 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2014 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2013 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2012 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2011 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2010 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2009 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2008 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2007 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2006 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2005 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2004 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2003 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2002 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2001 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 2000 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 1999 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 1998 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 1997 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 1996 | $1,244.07 | $1,396.95 | $1,172.45 | 1.10 % |
| 1995 | $384.07 | $396.95 | $372.45 | 1.10 % |
| 1994 | $384.16 | $397.50 | $370.25 | –2.09 % |
| 1993 | $360.05 | $406.70 | $326.50 | 17.35 % |
| 1992 | $343.87 | $359.30 | $330.20 | –5.80 % |
| 1991 | $362.34 | $403.70 | $343.50 | –9.62 % |
| 1990 | $383.73 | $421.40 | $346.75 | –2.49 % |
| 1989 | $381.27 | $417.15 | $358.10 | –2.23 % |
| 1988 | $436.78 | $485.30 | $389.05 | –15.69 % |
| 1987 | $446.84 | $502.75 | $392.60 | 24.46 % |
| 1986 | $368.20 | $442.75 | $326.00 | 19.54 % |
| 1985 | $317.42 | $339.30 | $285.00 | 5.83 % |
| 1984 | $360.65 | $406.85 | $303.25 | –19.00 % |
| 1983 | $423.71 | $511.50 | $374.75 | –14.84 % |
| 1982 | $376.11 | $488.50 | $297.00 | 12.00 % |
| 1981 | $459.16 | $599.25 | $391.75 | –32.15 % |
| 1980 | $614.75 | $843.00 | $474.00 | 12.50 % |
| 1979 | $307.01 | $524.00 | $216.55 | 133.41 % |
| 1978 | $193.57 | $243.65 | $166.30 | 35.57 % |
| 1977 | $147.84 | $168.15 | $129.40 | 23.08 % |
| 1976 | $124.80 | $140.35 | $103.05 | –4.06 % |
| 1975 | $160.87 | $186.25 | $128.75 | –25.20 % |
| 1974 | $158.76 | $197.50 | $114.75 | 67.04 % |
| 1973 | $97.12 | $127.00 | $64.10 | 73.49 % |
| 1972 | $58.17 | $70.00 | $43.73 | 48.74 % |
| 1971 | $40.80 | $43.90 | $37.33 | 16.37 % |
| 1970 | $35.96 | $39.19 | $34.78 | 6.16 % |
| 1969 | $41.10 | $43.75 | $35.00 | –16.07 % |
All figures are expressed in U.S. dollars per troy ounce.
