On this day, 47 years ago, on April 1, 1978 (February 24, 1978, the International Monetary Fund's Jamaica Agreement officially came into effect. On April 1, 1978, the International Monetary Fund's Jamaica Agreement officially came into effect. The agreement was adopted by the Board of Governors of the International Monetary Fund in April 1976 and the legislative approval procedures were completed. The International Monetary Fund's "Jamaica Agreement" was an agreement reached by the newly established Interim Committee of the International Monetary Fund in Kingston, the capital of Jamaica, in January 1976 on a number of international monetary system issues. It was another major event in post-war international monetary relations after the "Bretton Woods Agreement". It laid the foundation for and enabled the current international monetary system to operate. Its main contents: (1) Emphasize the flexibility of the exchange rate system and legalize the floating exchange rate system. Fund member countries can choose their own exchange rate system, but their exchange rate policies should be managed and supervised by the International Monetary Fund. (2)Implement "non-monetization of gold". Gold is no longer used as the standard for the valuation of various countries 'currencies, and is no longer the basis for the exchange rates of various countries' currencies; Abolish the official price of gold, and member states can freely trade gold in the market; cancel gold payments between member states and the International Monetary Fund and between member states; the International Monetary Fund will dispose of part of its gold reserves through sale and return. (3)Expand the scope of use of "Special Drawing Rights" and use "Special Drawing Rights" as the main international reserve asset in the future, eventually replacing gold and reserve currencies. The Jamaica System International Monetary Fund (IMF) established a special committee in July 1972 to specifically study the reform of the international monetary system. In June 1974, the committee proposed an "Outline for the Reform of the International Monetary System", which put forward some principled suggestions on issues such as gold, exchange rates, reserve assets, and balance of payments adjustment, laying the foundation for future monetary reform. Until January 1976, the "Interim Committee on the International Monetary System" of the Board of Governors of the International Monetary Fund (IMF) held a meeting in Kingston, the capital of Jamaica, to discuss the terms of the International Monetary Fund Agreement. After fierce debate, the "Jamaica Agreement" was signed. In April of the same year, the IMF Board of Governors passed the Second Amendment to the IMF Agreement, thus forming a new international monetary system. Warren Buffett's view of gold. Take an example of Buffett's speech at Harvard University in 1998:"After gold is excavated from Africa or somewhere underground, we melt it, and then dig a hole to bury it, send a group of people to stand around and guard it. This thing is not practical. I'm afraid that aliens won't know what we're doing after reading it." On May 2, 2013, Buffett said at the University of Nebraska in Omaha,"Even if I fell to US$1000 an ounce, or even US$800, I would not buy it. I think gold is actually useless except for looking at it." It's useful." In the past investments, Coca-Cola and Wells Fargo were their main investment projects, but Buffett compared them to a "chicken that can lay eggs" that can continuously produce economic benefits, while gold is a "chicken that cannot lay eggs."