Gold originally gained importance to humans because of its appearance. In societies from India to Egypt, gold was used to make decorative objects and jewelry. Unlike silver and some other metals, gold doesn't lose its luster or tarnish when exposed to water or air. Some people argue that gold has no intrinsic value, that it is a barbaric relic that no longer possesses the monetary qualities of the past.
They argue that, in a modern economic environment, paper money is the preferred currency; that gold is only good as a material for making jewelry. Humanity has always thought of gold as an object of value, even before the invention of currency. People began forming tools with copper and iron tens of thousands of years ago, but gold is the oldest metal that didn't need fire, hammer, or mold to become anything. Iron, copper and most other metals are found in the form of mineral bodies, which require time and energy to melt.
Let's start with the fact that gold is rare. Thousands of years ago, gold was a little easier to extract. In fact, many ancient cultures could find gold nuggets on the ground or in streams. As that supply of gold was collected, mining was implemented to collect more gold.
The human effort made to obtain this gold made it valuable. Nowadays, it would be necessary to use geological studies and engage in serious mining to obtain a large amount of gold. From the ancient Egyptians to the modern United States,. Treasure, there are few metals that have played such an influential role in human history as gold.
Why is gold so important? What is the inherent value of gold? Will gold continue to be valuable in the future? Today I'm going to answer those questions and share with you the history of gold. Most archaeological evidence shows that humans who came into contact with gold were impressed by the metal. Since gold is found all over the world, it has been mentioned numerous times in ancient historical texts. The Egyptians also produced gold maps, some of which survive to this day.
These gold maps described where to find gold mines and several gold deposits in the Egyptian kingdom. As much as the Egyptians loved gold, they never used it as a bartering tool. Instead, most Egyptians used agricultural products such as barley as a form of de facto money. The first known civilization to use gold as currency was the Kingdom of Lydia, an ancient civilization centered in western Turkey.
Later in history, the ancient Greeks saw gold as a symbol of social status and as a form of glory among immortal gods and demigods. Mortal humans could use gold as a sign of wealth, and gold was also a form of currency. Contrary to what you might think, the Olympic tradition of handing out gold medals to winners did not begin until the modern Olympic Games and has little to do with Greek tradition. In 1792, the United States Congress made a decision that would change the modern history of gold.
Congress passed the Currency and Coins Act. This law established a fixed price of gold in terms of the U.S. UU. Gold and silver coins became legal tender in the United States, as did the Spanish real (a silver coin of the Spanish Empire).
That proportion would change after the Civil War. . He couldn't pay all his debts with gold or silver. In 1862, paper money was declared legal tender, marking the first time that fiat currency (not convertible on demand at a fixed rate) was used as official currency in the United States.
The United States would never use silver dollars again. At the end of the 19th century, the topic continued to be an important political issue. In 1900, the gold dollar was declared to be the standard unit of account in the United States and banknotes were issued to represent the country's gold reserves. Throughout the 19th century, several gold fevers occurred.
Since a single gold nugget could make someone a millionaire, prospectors rushed to distant corners of the planet in search of wealth. The two world wars wreaked havoc on the gold standard and on global financial markets. Of course, it didn't help that the Great Depression occurred between those two wars. After decades of war and conflict, world leaders united under the Bretton Woods Agreements.
This system created a gold exchange pattern in which the price of gold was fixed in the U.S. This was a radical experiment that had never been done before and that made the United States very powerful in world markets. The dollar was chosen for the Bretton Woods system because the United States was easily the strongest economy in the world after World War II. Unlike European nations that were formerly strong, the United States did not have to repair infrastructure or fix cities that had been bombed during the war.
The day the price of gold was linked to the United States. The dollar is one of the most important points in the United States. Between 1971 and 1976, several attempts were made to save the gold standard. However, the price of gold continued to rise beyond what any currency could sustain.
Of course, that doesn't mean that countries have sold all their gold or that their currencies aren't based on anything. Most countries in the world maintain large gold reserves to defend their currency against possible future emergencies. As with everything called “classified” in the United States, there are many conspiracy theorists who argue that Fort Knox is actually empty and that the gold is stored somewhere secret or doesn't exist at all. You'll have to figure that out on your own.
When looking at gold investment charts, it's important to recognize inflation. Some charts show the price of gold practically as a straight line from the lower left corner of the chart to the upper right corner. By carefully weighing all this information and current trends, you can build an accurate view of the current and future value of gold. Like any commodity, it is impossible to accurately predict the price of gold.
Many have tried and many have failed. Every day, thousands of investors around the world study all the metrics involved in the price of gold. Some of these experts will take all of this information and accurately predict the future price of gold, while other experts will see the same information and guess wrong. If you want to get rich with gold, then you need to find experts you trust.
Find an expert who has accurately predicted several peaks in the value of gold throughout history. Find someone who will take all the information available and use it to make an informed decision. Or try researching the information yourself and see if you can guess correctly. Ultimately, the price of gold has grown fairly steadily over the past few decades, and many experts predict that it will continue its gradual rise over the next few years.
This site uses Akismet to reduce spam. Find out how your comment data is processed. But let's go back to the origins of gold and discover why our ancestors found this precious metal so fascinating and how that fascination became a worldwide obsession that is still seen today. Since the earliest records of human civilization, gold has been with humans as a currency, status symbol, investment object or treasure to be preserved throughout life.
In the 17th century, many English citizens had homemade mints on which they marked their gold coins with the percentage of pure gold found in them. The United States Gold Office (USGB) is a private distributor of 26% platinum US gold and silver coins. In The Odyssey and the Iliad, Homer sees gold as the splendor of the gods and a sign of extravagance among ordinary people. Even though these countries moved away from the gold standard, this could have made gold and other precious metals obsolete.
People have invested in gold for thousands of years, but there was a boom in the 20th century that made it a popular commodity. With the Precious Metals Investment Guide from the United States Gold Office, you can find what's right for you and create a portfolio that will have lasting returns. Damodice was responsible for producing the first gold coins, but Lydian traders began to make it a popular practice. When the Spanish conquistadores arrived on their shores in the 16th century, they began accumulating large quantities between the Amazon River and the Andes mountain range, knowing that what the colonizers were looking for was gold.
But if society agrees to convert gold into coins in a system of exchange for goods, then that currency would assume an instant value. .