October 29th, 2018
Fun Fact of The Week:
Gold ETF’s, and physical coins and bars make up 33% of global demand
From the origins of Gold as a valuable asset to today’s use for jewelry and status, Gold is one of the most influential metals in the world. Today’s newsletter will take a trip back to the ancient uses of Gold.
Egyptian Pharaohs were the earliest civilizations to use gold in their practices and roles which dates back to 3,000 B.C. Gold was extremely important to the Pharaohs that they decided to build the pyramids of Giza out of solid gold.
Ancient Greece was also a civilization that connected the importance of Gold to their lives. The Greeks used Gold as a social symbol for wealth and believed the mythological connection of gold to Gods. Gold was then used as a form of currency.
The first civilization to give gold a monetary value was the Kingdom of Lydia, modern-day Western Turkey. The year 1792 is when the USA adopted the gold standard. Mint and Coinage act was established and given a fixed rate for the currency. The use of gold and silver coins became a legal tender for the exchange of goods. The Gold Standard ended in the 1970s with the Vietnam war. In the present day, no countries use a gold standard.
Also in the modern day, gold now is used as an investment. Like any other investments, the price of gold has fluctuated throughout its years. Gold has experienced two different spikes, one in 1980 and one in 2011.