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Gold is on many people's minds, especially when the dollar is losing its foothold and the stock market seems unstable. With inflation on the rise, one of the best ways to hedge your investments is through gold. This is why a lot of people invest in gold vs stocks.
Gold has been around for thousands of years and has been used as money for just as long. For centuries, civilization has honored this ore because it does not tarnish and can be made into countless objects – including jewelry.
Gold is made into bullion or ingots, currency, and much more. Today, most people have gold on their minds because they want to invest in it and make money. With gold prices remaining stable despite changes in the dollar, this is a sound investment choice.
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Many people are surprised to learn gold deposits come from space. All of Earth's deposits came from star explosions and asteroid collisions. It is amazing to learn that gold ore, although found deep within the earth, comes from outer space
Right now, there is enough gold to keep up with demand but scientists agree Earth will one day run out of gold mining options, though they do not know exactly when. Gold production has been increasing at an alarming rate and there are very few untouched gold mine locations in the world.
Gold is one of the easiest metals to work because it comes in a pure state. Other metals are often found in ore bodies, which presents challenges – but gold extraction is simpler. Gold is the first metal to be widely known to mankind. Modern day mankind still relies on this precious metal, even though it no longer backs the US dollar.
Gold is found on every continent except Antarctica. This ore is mined in South America, the Middle East, and all over the world. When was gold first discovered? Keep reading and learn more interesting facts about gold.
The earliest civilizations in Asia Minor mined for gold, digging deep holes into the earth. Although gold was the most-prized precious metal, ancient people also searched for silver, copper, iron, coal, diamonds, and more.
As ancient people grew in knowledge, they would mix metals, introducing metallurgy to the world. Mixing metals sometimes made them stronger, which led ancient man to create pots, weapons, and other useful items.
Although archeologists cannot pinpoint the first person to discover gold or its location, each ancient civilization has a history of gold mining.
From Native Americans to ancient Egyptians, mankind has always been fascinated by this shiny metal. In fact, early civilizations often used gold to make idols for worship.
Even thousands of years ago, many cultures highly valued gold and silver. Today, this precious metal is even more valued. The following offers information on some of the ancient civilizations and their records of using this first metal.
In approximately 3000 BC, ancient Egypt viewed gold as a sign of wealth. This metal was also an integral part of everyday life. Archeologists have discovered gold was a focal point of Egyptian mythology.
From Egyptian jewelry to the capstones of the Great Pyramids, gold can be found in every facet of Egyptian life. Even King Tut's funeral mask and jewelry were made of pure gold, according to historic records. Egyptians were the first to smelt gold and use it to craft.
The Egyptian Dynasty was also the first to formulate the value of gold. They decided one piece of gold was worth two pieces of silver. Their formulation was the first to introduce the world to the price of gold. Although this metal was important to them, Egyptians never used it for bartering.
The Greeks also used gold as a sign of wealth and as currency. Greek culture associated gold with their gods and demigods. A mere mortal who possessed gold was believed to be of elevated social status.
Most Greeks used silver for their currency, but gold was sometimes used to create coins. When you view Greek gold coins, they often depict Greek mythology, plants, and animals. You have likely heard Greek mythology talk about the golden fleece. This fleece has been known for its natural beauty throughout human history.
The Lydians were the first to use gold as gold coins around 564 BC. The kingdom of Lydia was located in what is now Turkey. Lydians were the first civilization to use gold to create a bartering system.
The Romans are often mistakenly honored with being the first civilization to use gold as currency, but they were not. The Romans are credited with being the first to spread the use of gold coins and silver coins.
Unlike some other civilizations, the Romans did not hold gold as a status symbol. Theirs was a less ostentatious use of gold. The Romans were the first to develop hydraulic mining from gold mines for extracting gold. This extraction method allowed them to have access to great amounts of mined gold.
Read any civilization books and you will quickly discover that European explorers played a significant role in the development of silver and gold. They discovered Native Americans had vast amounts of gold ornaments and tokens. It was the goal of explorers to find discovered gold for themselves.
During the 14th century, King Fernadad of Spain sent men out to find as many gold flakes and other metal as possible. Unfortunately, both the Aztec and Inca civilizations were destroyed in the early days of this quest.
After the success of the Spanish, South America began sending men to find this precious metal. These people never saw as much as the Spanish because slate, flint, and other metals were often used and considered more beneficial to the people of the time.
Great Britain was the first country to create the gold standard. The gold standard formed a fixed value for gold based on its weight. After Great Britain, many other countries followed suit, including the United States.
In 1792, the United States passed the Mint and Coinage Act. This act shared a fixed price of gold. With this act, gold and silver became legal currencies for the US.
Until the Civil War, gold retained a high value, at almost 15 times more than silver. This also led to the Bretton Woods Agreement, which formulated an international monetary system that was based on the US dollar and gold.
Most people have at least heard of the Gold Rushes. Perhaps you learned about them in school. During the 1800s, large deposits were discovered, eventually leading to the California Gold Rush.
The discovered gold was popping up everywhere. People found gold nuggets in rivers using simple tools that were often handmade. Mining gold from streams is called placer mines.
This brief history, lasting between 1848 to 1855, captivated people who wanted to find their riches. Both California and parts of Canada received an influx of people coming from all over the world. Amazingly, the population of San Francisco increased from around 1,000 to 25,000 in two years alone.
During this time, gold production began to skyrocket. Gold was being used to make jewelry, coins, and much more. The history of Gold Rush teaches us that this influx of production led to the building of a new branch of the United States Mint in San Francisco. This mint is a significant part of the history of gold coins.
Even though not everyone found the money they were searching for, many discovered other minerals that were of value. Unfortunately, some miners thought they had found gold, only to learn they mined iron pyrite, which is often called “Fools Gold.” To the untrained eye, this ore can appear just like gold, but it brings in no money.
Throughout the world, wars have occurred. If you read about the history of gold mining, you will discover mining often ceased during a war, though production increased. Many wars were backed by gold.
On April 5, 1933, President Theodore Roosevelt ordered American citizens to turn in all coins and gold certificates. Denominations greater than $100 were turned in for money.
Wars have both destroyed and created a new world leading to changes in the way we discover and use gold, forever altering human history.
The Vietnam War brought about the end of the gold standard. During this time, America faced a financial crisis and Nixon nullified the Bretton Woods Agreement.
America worked to recover the standard, but prices for gold continued to skyrocket, making exchange rates difficult to standardize. Because of pricing issues, you will discover the first gold prices charts arose in the 1970s. These charts came about because gold coin prices were varying considerably.
When Bretton Woods was over, investing in gold became commonplace. Since 2011, the price of gold has fluctuated but hovered steadily between $1,200 to $1,400 per ounce. Many people today invest in gold coin because it allows them to diversify their investment portfolios.
While there is no single person who first discovered gold, the Egyptians mined gold in Nubia around 2450 AD. Zosimos, an Egyptian chemist, is the first documented person to discover pure gold.
Historically speaking, gold has been discovered all over the world. Scientists believe the world's supply descended from space. The Egyptians are credited with being one of the first civilizations to utilize gold.
Gold is not a manmade substance, so it was discovered and not invented.
Gold was never invented. It is a natural ore that scientists believe came from stars and asteroids. The gold rushes were a time when people found nuggets in abundance.
Gold continues to shine throughout the globe. If you are considering diversifying your investment portfolio, there is no more promising commodity. There is no better time than the present to learn more about gold and how it can benefit your financial future.
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