The history of gold goes much further back in time than the invention of pottery or writing. In fact, myths and legends about it began to emerge in various cultures as early as the 5th century BC.
One legend says that gold was created by the child of Zeus in spirit form. Because gold was immune to rust, moths, and other natural elements, it was able to silently devour the thoughts of mankind. While these tales are not entirely true, they are fascinating and add to the knowledge of gold’s history.
Ancient civilizations
Early civilizations saw Gold as an enviable commodity. They used it in burials to show off their power in the present and the afterlife. Au may have also reflected social stratification. Au was commonly used in ancient societies as an important status symbol and to separate the classes.
Au has been used in the earliest known records as far back as Genesis. The use of Au as an adornment in the past is well-documented, from the Ancient Egyptians to the Mesopotamians.
The first known use of Au was for the pharaonic Egyptians. Au was prized and was part of Egyptian mythology. The Great Pyramids were capstoned with solid Au. The Egyptians also developed the first currency exchange ratio and were the first civilizations to record the lower value of silver.
In the eighth century BCE, Heinrich Schliemann discovered the graves of Egyptian nobles, some of whom possessed a Au mace and other items. It appears that these ancient civilizations sourced Au from deposits in the Middle East. Much of the Egyptian pharaohs’ Au was sourced from the mines of the Upper Nile. Click here for more information about Egyptian Pharaohs. In addition to Egypt, southern Africa and Yemen may have also been sources for Au.
While most ancient civilizations evolved from nomadic lifestyles, they eventually began to settle along the banks of large rivers. These large rivers enabled agriculture and animal husbandry, and subsequently, the discovery of virginal alluvial deposits of minerals.
Au and other precious stones were among the first minerals to be discovered. These civilizations grew into large urban centers. It was a hub for learning and development. They had large numbers of people and divisions of labor.
Early uses of gold
The origins of Au are largely shrouded in myth and legend. Au was once associated with the sun and became a significant part of early civilizations. Various ancient sources reveal interesting legends, including the idea that Au has healing and cleansing properties.
The discovery of Au fueled the exploration of the Americas by Europeans. It was used as currency in the Mesoamerican and Inca empires. Click the link: https://www.worldhistory.org/Inca_Civilization/ to learn more about the fascinating, advanced culture of the Incas.
It became the first global standard for economic exchange and was minted with the image of the king. Later, it was controlled by governments and became the primary privy of state societies. As time passed, the value of Au was increased.
Humans have always been drawn to the value of Au. Prospecting for it dates back thousands of years before Au coins were used in trade. In early times, prisoners of war, slaves, and criminals were sent to work in the mines.
Earlier Au discoveries came in streams and rivers. Ancient cultures in Eastern Europe used Au as jewelry and idols. This ancient metal soon gained a strong association with wealth and power.
Soon after, Au coins became a currency. Its use became widespread and even dominated the world’s economy. In fact, Au was the first metal to be fashioned into coins.
Metallic Au has long been used for medicinal purposes. Dioscorides, an ancient Greek physician, described Au as a useful treatment for a variety of ailments.
Medieval people believed that Au was healthy and healing, and even modern esotericists attribute its healing powers. The history of Au is fascinating, and the possibilities are endless.
Early uses of gold as an investment
There are many uses for the metal today. As an investment, the long history of gold makes it a popular choice. Its intrinsic value is not tied to global consumption, and it provides investors with no cash flow or rights to future earnings.
Unlike stocks and bonds, however, gold is easily exchanged for cash. The tangible nature of Au makes it an appealing choice for diversifying one’s portfolio. Regardless of its past uses as an investment, Au has the potential to be a profitable choice.
Historically, investors have used Au as a safe haven from varying economic conditions. Despite the fact that Au doesn’t earn interest, it has remained a reliable medium of exchange for much of its history. Despite its stability, many investors have turned to Au to help weather the rough times.
Aside from its use as a storage medium, Au can be easily converted into cash. The process is faster than selling stock in a brokerage account, and settlement typically takes about three business days.
While selling collectibles may take longer, the money in the Au is immediately convertible to cash. Unlike stocks, Au is accepted anywhere in the world. And the benefits of owning a physical Au investment are many. Au is a tax-free investment, and it is easy to move from one country to another.
Historically, Au has always been used as a form of barter, but its role as an investment has only grown in recent decades. In the first half of the last century, the US adopted a Au standard, allowing citizens to own Au coins. It was only with the economic crisis in the 1930s that Au became a commodity for trade.
During the 1970s, the U.S. dollar was no longer tied to Au. This allowed Au to trade freely on world markets, and the price of Au increased tremendously. After Nixon removed the Au peg, US investors again began buying Au and the price went up by a whopping 2000 percent. Even though Au didn’t move much before the peg was removed, it still saw tremendous growth and an explosion of new uses in the 1980s.
