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EN
The history of the Czechoslovak monetary gold began to be written at the end of the 1930s at the time of the mutilation and break-up of the Czechoslovak Republic. The gold was forcibly and illegally seized by Nazi Germany. At the end of the Second World War, the American army of occupation found it in salt mines at Merkers in Germany with gold from other countries. It was only in 1982 that an adequate part was returned to the vaults of the State Bank of Czechoslovakia in Prague. Soon after the Second World War, the USA, Great Britain and France established the Tripartite Commission for the Restitution of Monetary Gold on the basis of decisions by the Paris Reparations Conference. Its task was to secure the just and proportional return of recovered gold to all the affected countries including Czechoslovakia. During the following decades of the Cold War, gold was a regular subject of conflict, dispute and negotiations, especially between Washington and Prague. The agreements reached were cancelled by one side or the other, and they repeatedly went back to the beginning. This study is directed towards the period 1980–1981, when the United States Congress significantly intervened in the question of the return of the Czechoslovak gold.
EN
The history of the Czechoslovak monetary gold began to be written at the end of the 1930s at the time of the mutilation and breakup of the Czechoslovak Republic. The gold was forcibly and illegally seized by Nazi Germany. At the end of the, the American army of occupation found it in salt mines at Merkers in Germany with gold from other countries. It was only in 1982 that an adequate part was returned to the vaults of the State Bank of Czechoslovakia in Prague. Soon after the Second World War, the USA, Great Britain and France established the Tripartite Commission for the Restitution of Monetary Gold on the basis of decisions by the Paris Reparations Conference. Its task was to secure the just and proportional return of recovered gold to all the affected countries including Czechoslovakia. During the following decades of the Cold War, gold was a regular subject of conflict, dispute and negotiations, especially between Washington and Prague. The agreements reached were cancelled by one side or the other, and they repeatedly went back to the beginning. This study is directed towards the period 1980–1981, when the United States Congress significantly intervened in the question of the return of the Czechoslovak gold.
EN
The study considers questions related to the functioning of the Tripartite Commission for the Restitution of Gold Reserves created by France, the USA and Great Britain in 1946. Its role was to verify and distribute the gold reserves of 10 European countries stolen by Germany during the Second World War. One of the recipients was Czechoslovakia, which lost more than 45 tons of gold reserves in 1939–1940. The study is directed towards the marathon of talks between the commission and Czechoslovakia in the period 1947–1952, which finally led to recognition of the Czechoslovak claim to a share of the gold. However, this was blocked by pressure from the USA and it was eventually physically returned only in 1982.
EN
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.
EN
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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