Gold Bullion Guide
Gold is a soft, dense and shiny metal. Its bright yellow color makes it a highly attractive metal. Besides copper, gold is the only other metal that isn't grey or silver.
For thousands of years, gold has attracted Man's attraction and has always been associated with power, glory and wealth.
Gold's association with the gods, power, glory, and with wealth itself are common to many cultures throughout the world. In the course of every person's lifetime, gold has always been seen in association with something or someone divine or powerful.
Throughout history and across cultures, gold has adorned countless temples and cathedrals. The crowns of kings were made of gold. Top athletes compete in the Olympics for gold medals. In the past, even the money used to buy the things the heart desire was made of gold.
Man's attraction to gold is psychological (perhaps even instinctive) and cannot be explained away. Humans will continue to be awed by gold and instinctly want to hoard as much gold as possible.
History of Gold
Discovered in streams as shiny yellow nuggets all over the world, gold is no doubt the first metal known to mankind. Its beauty, brilliance and luster, combined with its highly malleable and ductile nature made it easy to work with and inevitably, gold became a material of choice to make beautiful ornaments since thousands of years ago. To top all that, works of art made of gold are resistant to tarnish and last forever.
The 3000 year old death mask of King Tut, perfectly preserved in solid gold.
In 1922, when British archeologist Howard Carter discovered the tomb of King Tutankhamen, the Egyptian boy-king who reigned from 1361 B.C. to 1352 B.C., a solid gold coffin 3 millimetres thick that weighed 242 pounds was found among a huge collection of perfectly preserved golden treasures.
Being the ultimate commodity valued by all, gold was also a natural choice for use as money. The first known use of gold as money was in 550 B.C. when Croesus, King of Lydia (presently western Turkey), ordered the minting of 98% pure gold coins.
In America, gold was used as money until 1971 when President Nixon took America off the Bretton Woods system and henceforth the US dollar was no longer backed by gold.
For millennia, people have been digging for gold. While gold is rare, it can be found in many places across the world in every continent. While man has been extracting gold from the Earth for more than 6000 years, only about 130,000 metric tonnes have actually been produced. If all that gold were put together in one place, it would only fill a volume the size of a cube 19 meters long on all sides.
Top 5 Gold Producing Countries
- South Africa
- United States