465 
Table 12.-...Yearend stocks of gold in the United States 
 
(Thousand 
troy ounces) 
 
 
 
 
 
1981 
1982 
1983 
1984 
1985 
Industry                                  
635 
776 
r623 
T765 
639 
Futuresexchange                           
Department of the Treasury2  
Earmarkedgold3                            
2,449 
264,116 
350,640 
2,303 
264,046 
348,555 
2,530 
263,406 
341,402 
2,359 
262,814 
337,873 
12,110 
262,672 
377,399 
rEevised 
' Commodity Exchange Inc. only. 2lncludes gold in Exchange Stabilization
Fund. 
3Gold held for foreign and international official accounts at New York Federal
Reserve Bank. 
PRICES 
GOLD 
 
 
STOCKS 
 
 OfficiaL—Stocks of gold bullion, held by the Department of the
Treasury,
continued to decline slowly, reflecting, in part, material consumed to satisfy
minting requirements of the Department's gold medallion and commemorative
coin program. 
 Official gold reserves of the market economy countries, including stocks
held by the International Monetary Fund (IMF) and the Bank for International
Settlements, totaled 1.144 billion ounces at yearend, compared with 1.142
billion ounces at yearend 1984. IMF yearend stocks, 103.43 million ounces,
were unchanged from stocks reported since 
 The Engelhard Industries-London daily final price of refined unfabricated
gold began the year at about $306 per troy ounce and remained at about that
level for the following 8 weeks. On February 25, the price fell to $284,
its lowest point since August 6, 1979. Subsequent domestic and 
1980. 
 Commercial.—Stocks of refined gold held by industrial users at
yearend
were 16% lower than stocks on hand at the end of 1984. The sharpest decrease
in inventories occurred during the first quarter, as users apparently began
withdrawing material to meet anticipated demand later in the year. Yearend
stocks of gold certified for delivery by the Commodity Exchange Inc., New
York, the Nation's largest gold futures exchange, comprise nearly all U.S.
futures exchange stocks; they declined about 9% from the yearend 1984 level.

internatiOnal economic and political developments combined to drive the price
to the year's high of $341 in August and to sustain it through yearend at
around $320. The Engelhard Industries average for the year was $317.66 per
troy ounce, compared with $360.66 per troy ounce in 1984.