The question of the imposition of the state administration on the property of IBM in Czechoslovakia in September 1952 is one of the still un-researched problems of the Czechoslovak – American relations in the period after the communists seized power in Prague. It was retaliation for the blocking of a Czechoslovak rolling mill in the USA and against the American suspension of most favoured national status for Czechoslovakia in the framework of GATT at the beginning of the 1950s. For decades, this retaliatory measure was part of a package of open economic and financial questions in Czechoslovak – American bilateral relations. In this package of open bilateral questions, the most important were: on the American side compensation for nationalized property in Czechoslovakia, and on the Czechoslovak side the return of 18.4 tons of monetary gold. Other questions, including state control of the property of IBM, were secondary and did not represent neuralgic points in relations between the Soviet satellite and Atlantic superpower. Talks continued for decades, although interrupted by periods of “silence”. The USA and Czechoslovakia reached a final agreement only on 29 January 1982.
Gold has been historically defined as the medium of exchange. Its role is significant even today, reflecting lack of confidence in fiat currencies and turbulences in the markets with the major reserve currencies and bonds denominated in them. Until 2009, there was an apparent trend of central banks to reduce the volume of gold reserves. However, after the full break out of the financial crisis in 2008, the trend reversed towards greater hoarding of gold. Investors are also turning to gold as an investment and increase the volume of precious metals in their portfolios. High gold price broke a record in nominal terms, however, in real terms, did not reach 60% of the price level from 1980. In submitted paper, the authors devote themselves to the analysis of gold prices and factors affecting it and present the estimates of the future price development.
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