Physical gold has held a unique social status for many centuries…Humans have identified gold as a precious metal and its place in history as a valuable asset continues. From the ancient Egyptians to today’s global economy, there are few metals that have had such an influence on society than gold.
Why is gold very important? What value does it hold? Will gold continue to be a valuable metal in the future? This article will answer those key questions while sharing with you the history of gold.
Ancient Civilizations and Gold
Humans have been fascinated by gold and its allure throughout history. While it’s unknown who picked up the first piece of gold, we do know that gold was discovered in Paleolithic caves back in 4000 B.C. History has taught us that people who have come into contact with gold were impressed by the metal’s allure. And that appeal has not changed. An Egyptian Pharaoh thought it was just as beautiful and desirable as a bride does today.
Egyptians and Gold
The first evidence of human interaction with gold occurred around 4000 B.C in ancient Egypt. Gold was highly valued by Pharaohs and temple priests. Its value was so high that it was used to build capstones of the Pyramids of Giza.
Egyptians also used gold as a currency. The exchange ratio was said to be one piece of gold was equal to two and a half parts of silver. They valued gold more than silver. Egyptians also created maps describing where to find gold mines and deposits around the kingdom. Although Egyptians loved gold, they never used it as a bartering tool. They preferred bartering with agricultural products instead.
Ancient Greeks and Gold
Greeks viewed gold as a symbol of social status and a form of glory. They also used gold as a currency, as well as a means to glorify and worship their gods and demigods through offerings.
The United States and Gold
In 1792, the United States Congress adopted gold and silver. Congress passed the Mint and Coinage Act, which established a fixed price of gold in relation to U.S dollars. Gold and silver became legal tender in the United States. At the time, gold was worth fifteen times the price of silver.
Britain and Gold
Gold mining activities in Britain began back in the 15th Century. Most of the gold supplied went to King James I to form part of his treasure. Gold discovered throughout Britain was highly valued during the World Wars.
Modern Golden Days in the UK
Gold as an investment has become hugely popular in the world, and the price of gold has increased steadily over the years in the UK. Why is gold so valuable to the UK’s economy? First, gold is scarce – it is difficult to find and extract. Second, gold is very appealing. It is also malleable and ductile.
Many organisations have profited as a result of investing in the UK gold trade. British investors have relied on gold as a means of protection during recessions. They have invested in this precious metal and enjoy the rewards that have always gripped humans throughout History.