The History and the Future of Gold
The first people to use gold were from an ancient civilization in Western Turkey. Since then, gold has played an essential role in achieving wealth domination and elevating religious practices.
Egyptians around 3000 BC have been using gold as a mode of payment. The earliest known currency was a piece of gold coin that was equivalent to two coins and a half silver coin.
The ancient Egyptians used gold for funerary practices and rituals as well, and as early as 600 BC, the kingdom of Lydia engendered the idea that the more gold a nation possesses, the more power it has. Even in the early days, the price of gold was already high.
Gold in Ancient Times
Many artisans prefer gold because of its exquisite and imperishable quality. It’s the first minted metal that led to the creation of extraordinary tombs and temples. It was also precious to blacksmiths in the Golden Age. They made weapons of extreme qualities, and men much favored their gilded appearances.
Gold also became a symbol of wealth and capability in terms of battle. As an essential element in religious ceremonies, possession of this malleable metal was known to solidify one's connection to God.
The graves of nobles in ancient citadels or pyramids, discovered in 1876, contained various golden ornaments. The exquisite craftsmanship poured into these golden trinkets, masks, figurines, and jewelry that were made more than 35,000 years ago still bewilders archeologists even today.
Evolution of Gold Use
The 17th century saw the beginning of how we incorporated the price of gold into banknotes and paper currency. It was in Europe where banks facilitated a system designed to ease the handling of this precious metal. They created a currency exchange system between paper money and grams of gold. People saw this to be rather convenient than carrying a bag of gold as a means to make transactions.
Banknotes were first issued way back in 1661 in Europe. After being acknowledged by the masses because of how light it is to carry, the Bank of England started circulating notes for the public and introduced the pound sterling as the first independent currency. It was the first time in England where people used paper money as a common currency. After World War I, the treasure notes were still used until 1928.
Market Trends of Gold Today
Today, gold is a unique asset because of how it can transform everything into something luxurious, and this metal is extremely scarce. As our economy becomes very perceptible to the financial crisis, possession of gold can be a hedge for a future economic downfall.
Time might devalue gold, but according to studies and forecasts, the price of gold can simultaneously increase overtime. However, holding and selling this precious material has a tax advantage, and investing in gold can aid your retirement plans and reduce the volatility of risk.
Gold has been interwoven into cultures over thousands of years and holds it close for various reasons. This metal is also where people turn to when other forms of currencies are on the brink of hyperinflations.