Gold has been important to people for a long time, and it has a long and still-going history as a valuable metal. Few things in history have been as important as gold, from the ancient Egyptians to the United States Treasury.
Ancient civilizations and their love of gold
Gold has piqued people’s interest since the dawn of time. We don’t know who was the first to pick up a gold nugget and say, “Hey, this is pretty cool.” On the other hand, gold flakes from 40,000 B.C. have been found in Paleolithic caves.
Egyptians and gold
Around 3,000 B.C., in ancient Egypt, there were the first clear signs that people worked with gold. In ancient Egypt, pharaohs and temple priests were very fond of gold, which was a very important part of Egyptian mythology. It was so important that the top stones of the Giza Pyramids were made of real gold.
Ancient Greeks and gold
In later times, the ancient Greeks saw gold as a sign of social status and grandeur among the gods and demigods who lived forever. Gold was a kind of currency that ordinary people could use as a sign of wealth. Despite what most people think, giving gold medals to Olympic winners didn’t start until the modern games and had nothing to do with Greek culture.
The Bible and gold
Genesis 2:10–12 says that one can find fine gold around Havilah, which is close to Eden. The Bible also says something about gold. Gold was used by the Incans, the Aztecs, and many other cultures throughout history in important buildings and religious ceremonies. All ancient societies had in common that they all used gold as a status symbol to tell people apart. People who owned gold were often in positions of power, like emperors, priests, elites, and people from the upper-middle class.
1792 – The United States adopts a gold and silver standard
In 1792, the American Congress made a choice that changed the course of modern gold history. Congress passed the Act on Mint and Coinage. This Act set the price of gold in U.S. dollars. Gold, silver, and Real Spanish coins were all accepted as money in the U.S. (a silver coin of the Spanish Empire).
1970s – Gold standard ends with the Vietnam War
In 1944, $35 per ounce was set as the price of gold for the near future. At the start of the 1970s, the gold exchange standard broke down because of a different war, the Vietnam War. In 1971, when the American economy was in bad shape, President Nixon made the shocking decision to end the Bretton Woods system. This was called the Nixon Shock.
2000s and 2010s – Gold in modern times
During the last twenty years, gold prices have changed significantly. When the price of gold dropped to $251.70 in August 1999, it was a turning point in the price of the metal. This happened because gold mining companies were sold on futures markets and thought central banks worldwide were getting rid of their gold bullion.
What does the future hold for gold?
Like all other goods, the price of gold is hard to predict. A lot of people have tried but failed. Thousands of investors worldwide look at all the factors that affect gold prices every day. Some of these experts will be able to accurately predict the price of gold by using all of this information, while others will misinterpret the same information.
If you want to get rich with gold, you need to find professionals you can trust. Find an expert who has correctly predicted the price of gold going up in the past. Find someone who uses all the facts to create decisions that are well planned.