An introduction to the history of Gold

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The price of gold has been and still is one of the most stable investment ventures that there is in this world. Although the prices of the precious metal have been known to dip
from time to time according to economic trends, one thing that can be made certain of it is that the general trend of these prices have been heading upwards ever since the price of
gold was set by Sir Isaac Newton (United Kingdom’s Mint Master) in 1717 (the prices remained stable for 200 years after that).

The reason behind the prices of gold being stable is relatively simple – gold cannot be printed or made. Thus the amount of gold on the planet will always be the same with the
only difference being if gold is found in new places or not. Currently most of the world’s surface gold has already been mined and miners are relentlessly searching for new places
to mine.

The fact that gold is also one of the most remarkably stable elements is also another factor that makes this precious metal precious. Gold does not oxidize as easily as most
substances do and it does not tarnish over the years. The softness of this rare metal also makes it a substance that humans have managed to conquer and turn it into artful
adornments, and the gleam of gold has always had a magnetic affect on humans ever since the first human laid eyes on the shiny yellow metal.
All through history gold has been used to adorn kings, queens, temples and used as a mode of currency. As a matter of fact gold was actually used as money and in some ways
it is still one of the true forms of money. The fact that people have been attracted to gold both psychologically and instinctively across cultures and the desire to keep as much gold
as they can has been the driving force behind the precious metal. The use of gold as currency according to historians goes as far back as 550 BC during the times of King Lydia
who instructed his royal minters to mint gold coins that were 98 % pure.

Even as recently as the 70s, America was still using gold as money until President Nixon decided that the US dollar does not need to be back by gold and took the dollar off the
Bretton Woods system. It was not long after America’s move most other countries followedsuit and the results of what they had done then can be seen in the fall of value in paper
money which is expected by many economists to return to its intrinsic value – which is nothing more than the paper that the numerical values are printed on.

About this article: M.A.K Precious Metals is a gold buying company in Australia, with offices in both Melbourne and Brisbane. For more information on gold trading, gold buying
and gold selling, please visit their website at www.makpreciousmetals.net.au.

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Updated: May 20, 2014 — 4:20 pm

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