For each of the years 1995 through 2010, the graphic shows the year-end price, in pounds sterling (£), of 1...

Owning The Dataset

Table 1: Text Analysis

Table 2: Chart Analysis

Key Insights

1. Between 1995 and 2004, gold prices in pounds were stable and sometimes declining, fluctuating between £175 and £250.
2. There was a sharp, sustained rise from 2005, reaching £900 by 2010—tripling in five years, signaling a major change in market conditions or demand.
3. To convert gold price from per troy ounce to per gram, divide by 31.1; for 100g, multiply the troy ounce price by 3.215.
4. The dataset allows for analysis of both macroeconomic trends (e.g., impact of financial crises) and micro trends (annual price changes) in the UK gold market.

Step-by-Step Solution

Question 1: Determining the Correct Year for Given Price of 100g Gold

Complete Statement:

In [BLANK 1] the year-end price of 100 grams of gold was approximately £[BLANK 2]

Breaking Down the Statement

• Statement Breakdown 1:
  • Key Phrase: In [BLANK 1]
  • Meaning: We must select one year from the provided options (2005, 2008, 2010) to insert into the sentence.
  • Relation to Chart: The chart provides gold prices per troy ounce by year, including these years.
  • Important Implications: The selected year will determine which price per troy ounce should be used in the next calculation.

• Statement Breakdown 2:
  • Key Phrase: year-end price
  • Meaning: The price at the end of the given year is required (not average or beginning of year).
  • Relation to Chart: Year-end price per troy ounce is shown for each year in the reference chart.
  • Important Implications: Accurate calculations depend on using the year-end rather than any other price.

• What is needed: We need to find the year for which the price of 100 grams of gold is approximately equal to one of the given price options (£300, £600, £1,200, £1,900, £2,500).

Solution:

• Condensed Solution Implementation:
  Calculate the price of 100 grams in each candidate year by multiplying the year-end troy ounce price by \(100/31.1 ≈ 3.215\), then see which matches one of the price options.
• Necessary Data points:
  2005: £300/oz; 2008: £605/oz; 2010: £900/oz; Conversion: \(100/31.1 ≈ 3.215\)
• Calculations Estimations:
  2005: \(£300 × 3.215 ≈ £965\); 2008: \(£605 × 3.215 ≈ £1,945\); 2010: \(£900 × 3.215 ≈ £2,894\)
• Comparison to Answer Choices:
  Of the results, £1,945 (2008) is the closest to the provided option £1,900.

FINAL ANSWER Blank 1: 2008

Question 2: Calculating the Price of 100g Gold in the Identified Year

Complete Statement:

In 2008 the year-end price of 100 grams of gold was approximately £[BLANK 2]

Breaking Down the Statement

• Statement Breakdown 1:
  • Key Phrase: year-end price
  • Meaning: We must use the closing price at the end of 2008.
  • Relation to Chart: Chart provides this as £605 per troy ounce for 2008.

• Statement Breakdown 2:
  • Key Phrase: 100 grams of gold was approximately £[BLANK 2]
  • Meaning: We have to convert the per troy ounce price to a per 100g price and match the closest £ option.
  • Relation to Chart: Conversion is necessary using the ratio of 100 grams to 31.1 grams (per troy ounce).

• What is needed: The price of 100 grams of gold at the end of 2008 rounded to the nearest given option.

Solution:

• Condensed Solution Implementation:
  Convert £605 per troy ounce to price per 100 grams by multiplying \(£605 × (100 ÷ 31.1)\).
• Necessary Data points:
  2008 price: £605/troy ounce; Conversion factor: \(100/31.1 ≈ 3.215\)
• Calculations Estimations:
  \(£605 × 3.215 ≈ £1,945\)
• Comparison to Answer Choices:
  £1,945 is closest to £1,900 out of the given options (£300, £600, £1,200, £1,900, £2,500).

FINAL ANSWER Blank 2: 1,900

Summary

By calculating the price for 100 grams of gold for each possible year, only 2008 yields a result approximately matching one of the listed price options (£1,900). The calculation uses the known conversion between troy ounces and grams. Therefore, 2008 and £1,900 are the correct and linked answers.

Question Independence Analysis

The two blanks are dependent: determining the correct year (Question 1) is essential for calculating the correct price (Question 2), as the gold price per troy ounce changes year by year.