What Is Gold – History. How To Invest In Gold
While it is highly incomprehensible why certain fictional creatures are so obsessed with golden treasures, very few can doubt its appeal to humans. Throughout history, it is seen as a sign of power and economic status. “Royals” and aristocrats of the ancient world dictated the market trends by using gold as a medium of currency for exchange and to store wealth. It is difficult to ascertain when exactly did humans start using it but evidences of mining can be traced as far back as 4700 B.C.
Although most people would associate it only with coinage and jewelry, its chemical, electrical and mechanical properties make it useful in many other applications as well, including electronics, electrical wiring, dentistry, and medicine, making it the most precious and sought-after element.
Gold is a valuable metallic element which has a bright yellow color in its purest form. Aside from its physical properties (e.g. ductility, malleability and tensile strength), it is very popular for its monetary and symbolic value.
Experts believe that it was produced and delivered into the earth’s crust via an astrological phenomenon billions of years ago. It is thought to have been present in dust from which the Solar System was formed and was brought to the planet by asteroids.
It has an atomic symbol “Au” which is derived from the old Latin word “aurium” which means “shining crown” or “glow of sunrise”. The word “gold” originated from Germanic words “gulp” and “ghel” which mean “yellow” or “green”.
A BRIEF HISTORY OF THE PRECIOUS METAL
Gold, in many ways, has been an integral part of the world’s development and economy throughout the course of history. As early as 1500 B.C., it was already recognized as a standard medium of exchange for international trade which made Egypt the wealthiest country at the time as large reserves drove its economy to dizzying heights.
China and Rome issued their respective coins that had particulates of the metal in 1091 B.C. and 50 B.C. as a form of money. However, the first coins that were made purely of the precious metal were struck in the Kingdom of Lydia in Asia Minor (now Turkey) by order of King Croesus.
To scrutinize and assess its quality, the world’s first hallmarking system was established at Goldsmiths’ Hall in London in 1300 A.D. Due to the growing demand and increasing market value, governments and private individuals alike began scouring the earth for the metal, a phenomenon aptly called the gold rush. Among the more notable discoveries were made in Brazil (1700), the United States (1848) and South Africa (1885).