City of Gold Mines


Gold undoubtedly occupies a very special place in the global financial system. Because of this particular position, its course is unlike any other.

We can separate the study of the evolution of the price of gold into three distinct periods:


The beginning of the first period corresponds in fact to its gradual adoption (or the abandonment of bimetallism) by most countries: the United Kingdom in 1844, Germany in 1871, the rest of the European countries in the ten years which followed, the United States (de facto in 1873 and de jure in 1900), Russia in 1873, Japan in 1897, the British Indies in 1898, ... Indeed, shortly after the industrial revolution, the context of deflation and depression makes countries fear for their respective economies. Adopting the gold standard seemed the best thing to do to regain stability, and it did.

There is not only this single factor, because already at the time there was talk of globalization. However, in a world where trade is globalized; but where information still flows slowly; the exchange rate of all monetary currencies with gold also makes it possible to fix exchange rates for each currency between them. Before this period, the price of gold experienced some temporary variations, as during the American Civil War (1861-1865). This civil war will more than double the value of the metal ($ 47 in 1864 when it was $ 20.67 in 1860) before a gradual return to its pre-war value.

However, all of these changes are relatively minimal, and most importantly localized. Thus fluctuations in the price of gold are practically non-existent unless inflation is taken into account. Admittedly, the price of gold per ounce neither increased nor decreased between 1914 and 1921. But the purchasing power of the dollar improved significantly compared to European currencies, logically damaged by the Great War; one dollar in 1914 is worth half a dollar in 1921.

This period of rock-solid stability ended in January 1934 with the United States' "Gold Reserve Act", which devalued by a single blow 40% by fixing the price of an ounce at $ 35. This limit is of course not as simple, it depends on the abandonment of parity by each country. The United Kingdom abandoned it in 1931 (after having restored it in 1925), Sweden in 1929,… It is the consequence of the Great Depression, which makes parity untenable for many countries. The abandonment of the parity see the total abandonment of the gold standard is seen as a necessary step for the recovery.

2 ND PERIOD (1934 - 1971)

Thereafter, the price of gold will fluctuate; but under the strict control of the United States, then holder of the world's largest money supply. Let's go straight to the aftermath of the Second World War, the Bretton Woods agreements set the foundations of the monetary system for the years to come. They are intended to help maintain peace and prevent another period of depression.

In broad outline, they lead on the one hand to the creation of the IMF and the World Bank; on the other hand the United States will become the global centralizers of monetary currencies. The central banks of each country must no longer hold reserves of gold, but reserves of foreign currency in US dollars. The value of it being indexed on gold, most of the world's currencies will be de facto.

France, under the presidency of Charles de Gaulle, will take advantage of the gold-dollar convertibility to reduce its dependence on the American currency and thus on the country. This and the budgetary hole caused by the engagement of the American army in Vietnam led to the abandonment of the convertibility of the dollar to gold in August 1971, unofficially. Although the measure was temporary, the total and official abandonment will take place in 1973. This coincides with the first oil shock of 1973 (symbolic end of the glorious thirties), which is itself the effect of the abandonment of the agreements by Bretton Woods.


We are now entering the contemporary gold era. There is no need for an explanation to see that it moves much more. It is no longer possible to analyze each change, only the major trends matter.

We see that the oil crisis, which will continue until 1979, led to a sharp increase which was reversed at the beginning of the 1980s. There is no such sharp peak before that of 2007-2012, because there has to be a crisis of global scale to cause this.

Does this mean that we should only invest in gold when we anticipate a major global crisis? No. As you can see from the graph (which dates from 2008) above, a very large increase doubling (see tripling) the value of gold in less than five years only happens once every few decades; nothing excludes a lesser but sufficient increase than to be largely profitable. And especially that during a localized crisis, the devaluation of a currency can be extremely strong due to an inflation rate beyond reasonable. Gold, in such a situation, protects those who own it like no other financial asset.

In the short and medium term, there is not just a good time to invest in gold, there is a multitude. You just need to have a good idea of ​​them by knowing the economic situation. In the very long term, however, say beyond 40 years, it is still a safe and reliable investment. No one expected to see gold back to the level it was in 1980-81, and yet it happened.

Upcoming Events

July 2020

Gold Rush Days
July 20 - July 22
Pinnacle Park Plaza Victor, CO 80860

Victor Pride
July 28 @ 4:00 pm - July 29 @ 2:00 am
The Fortune Club, 300 Victor Avenue
Victor, CO 80860 United States

August 2020

Veteran’s Rally
August 17 - August 19
Pinnacle Park Plaza Victor, CO 80860

September 2020

Victor Celebrates The Arts
September 1 - September 3
Victor Elk’s Lodge, 367 N Third St
Victor, CO 80860 United States

Come to historic Victor, CO, as "plein air" artists from around the country gather to paint on location in our historic town. Victor Celebrates The Arts is a judged show and will be celebrating the 18th year. Judging is done by an established and respected professional artist. Professional and Non-Professional artists participate in painting various…

Taste The Gold
September 29 @ 11:00 am - 6:00 pm
Pinnacle Park Plaza Victor, CO 80860

Venture through the old historic streets of Victor, CO to experience a wide selection of wines from local wineries. Enjoy a crisp glass while viewing the changing colors of the aspen leaves. Wine tasting all day starting at 11:00am located in the Pinnacle Park Plaza.

October 2020

October 31 @ 4:00 pm - 9:00 pm
Pinnacle Park Plaza Victor, CO 80860

December 2020

Victor Holiday Celebration
December 7 @ 6:00 pm - 10:00 pm
Pinnacle Park Plaza Victor, CO 80860


Victor's Ag & Mining Musuem

Victor’s Gold Camp AG & Mining Museum began with Milford Ashworth’s vision to create a place where his collection of historic farm implements and other vintage equipment could be shared and enjoyed by the public. With the simultaneous purpose of re-purposing the old abandoned Fillabaum Ford Dealership garage in Victor, Colorado, the City of Victor, Mr. Ashworth and others came together to create a one-of-a-kind look into the industrial revolution that transformed the United States into a global superpower.

102 S 2nd St, Victor CO 80860 • 719-689-3461 • VictorsAgMineMuseum.com

The Victor Lowell Thomas Museum

The Victor Lowell Thomas Museum houses two floors of artifacts, books, exhibits and photographs depicting life in Victor from its beginnings to the heyday of gold mining. Pan for real gold outside the museum and take a tour of a real, working gold mine. The museum also displays memorabilia once owned by famous journalist, author and world traveler, Lowell Thomas. The gift shop offers local history books, postcards, prints, posters and gold ore rocks, as well as unique jewelry and souvenirs. The museum is housed in an 1899 brick structure that once was a hardware store, hotel and furniture store, a unique step back into the gold rush era.

POB 238, 3rd & Victor Ave. • 719-689-5509 • VictorMuseum.com

Trails & Hiking

Grassy Valley Mining Overlook

Take US-24 west. Turn south on US-67 in Divide. Drive for 13.5 miles then turn left on Highway 81. Drive for 4.2 miles turn right on Highway 82. After 1.5 miles parking lot will be on the right.
Be sure to take a drive around the east side of Newmont’s Cripple Creek & Victor Gold Mine on County Rd. 82. This spectacular drive will take you to an incredible view of the modern mine. Climb up in an actual mining haul-truck bed that has been converted into a scenic overlook from which you can see a 3,500 ft. wide, 4,500 ft. long and nearly 600 ft. deep pit where thousands of ounces of gold are mined.

Vindicator Trail

Take US-24 west. Turn south on US-67 in Divide. Drive for 13.5 miles then turn left on Highway 81. After 5.6 miles the trailhead parking will be on your right.

Gold Camp Road

Take US-24 west. Turn south on US-67 in Divide. Drive for 13.5 miles then turn left on Highway 81. Drive for 3.1 miles turn left onto Gold Camp Rd.
A remnant of the Pikes Peak gold mining days, Gold Camp Rd connects Colorado Springs and Cripple Creek, with many other dirt roads and trails connecting.

Where to stay

The Olympia

106 N. 4th St
Victor, CO 80860


The Fortune Club

300 Victor Ave
Victor, CO 80860


The Victor Hotel

Fourth St & Victor Ave
Victor, CO 80860

1-800 713-459

Antiques & Gifts

The Prospector's Pick

106 N. 4th St
Victor, CO 8080

Kat House Liquors & Splendid Pleasures

415 Victor Avenue
Victor, CO 80860


The Fragile Edge

318 Victor Ave, Victor, CO 80860
PO Box 571, Victor, CO 80860
Tel: 719-689-3444

Map & Directions


From Colorado Springs
Take HWY 24 West
Left On HWY S-67 Towards Victor/Cripple Creek
Left On CO 81 Towards Victor