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From This Day in Market History:

On January 21, 1974, gold hit a record $161.31 and silver hit a record $3.97 an ounce in London. It was still illegal for Americans to own the metal, until it was legalized on the last day of 1974.

On Monday, January 21, 1980, gold hit $850 an ounce, a level it would not exceed for the next 28 years. Gold was over $800 for only one day back then, and it was over $700 for only three or four days. This daily spike to $850 was gold's one-day bull market peak, a typical "spike" peak.

Posted by edelfenbein at January 21, 2009 5:20 PM