Gold market history is made every day in London. Here the price is set and almost every day it is different, so making its little bit of history. However, history is made up of tiny threads of time and broad sweeping trends composed of those tiny threads. gold market history
Despite the current volatile and energetic markets that operate twenty-four hours a day the metal is one of the first known to man. There is no way of knowing when it was first traded but there are records in ancient literature that suggest it was in use thousands of years ago. Before the calendar that we now use was invented.
The element is widely dispersed across the planet. In earlier times it was probably plentiful in the form of glittering yellow nuggets that could be found in streams washed clear by running water. It has always been loved for good reasons. It has an agreeable color, is soft, malleable and smooth. Most importantly, it does not tarnish and so holds its value.
As human beings evolved and formed themselves into civilizations trading in the precious yellow metal began. In western civilization the Greeks and the Roman began to dig beneath the surface of the earth to find it. It was used to exchange for other goods. At first this was probably in the form of barter, but over time quantities of coins were minted in standard weights and gold was thus made into money.
What was known as the gold standard play an important part in stabilizing the international economy as it emerged during the twentieth century. Countries accepted that the metal was to be measured in troy ounces and that the governor of a reserve bank would pay on the demand the bearer of a bank note the denominated amount in metal. Reserves were stored in vaults for that purpose and served as the support for the wealth of a nation.
In 1971 the standard was abolished and for some years after that the price stagnated. Some countries even began to auction off their holdings at fire sale prices. The folly of such decisions is reflected in current gold market history, as investment demand soars and the value of the precious metal is greater than ever.
Despite the current volatile and energetic markets that operate twenty-four hours a day the metal is one of the first known to man. There is no way of knowing when it was first traded but there are records in ancient literature that suggest it was in use thousands of years ago. Before the calendar that we now use was invented.
The element is widely dispersed across the planet. In earlier times it was probably plentiful in the form of glittering yellow nuggets that could be found in streams washed clear by running water. It has always been loved for good reasons. It has an agreeable color, is soft, malleable and smooth. Most importantly, it does not tarnish and so holds its value.
As human beings evolved and formed themselves into civilizations trading in the precious yellow metal began. In western civilization the Greeks and the Roman began to dig beneath the surface of the earth to find it. It was used to exchange for other goods. At first this was probably in the form of barter, but over time quantities of coins were minted in standard weights and gold was thus made into money.
What was known as the gold standard play an important part in stabilizing the international economy as it emerged during the twentieth century. Countries accepted that the metal was to be measured in troy ounces and that the governor of a reserve bank would pay on the demand the bearer of a bank note the denominated amount in metal. Reserves were stored in vaults for that purpose and served as the support for the wealth of a nation.
In 1971 the standard was abolished and for some years after that the price stagnated. Some countries even began to auction off their holdings at fire sale prices. The folly of such decisions is reflected in current gold market history, as investment demand soars and the value of the precious metal is greater than ever.
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