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.
People love the precious metal for good reasons. It is beautiful to behold and can easily be worked into objects. It is malleable but durable since it cannot be touched by rust or corrosion, this holding its value. When the earth was more like Eden than it is today the element was probably widely dispersed, to be found in streams or gullies, glittering brightly.
The element is found widely across the planet and has a universal utility. It may first have been used in forms of barter but as civilizations emerged and became more complex, so coins or bars were minted and made according to standard weights. So money emerged as a means through which economies could grow and develop.
The gold standard played a pivotal role in the development of thee international economy as it is known to-day. Central banks issued notes promising to pay on demand the amount denominated on the note. This provided a standard measure of value which, for some years during the twentieth century was agreed internationally as a troy ounce of the metal. Countries bought and stored it as a way of backing up their fiat currencies with solid, tangible reserves.
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.
People love the precious metal for good reasons. It is beautiful to behold and can easily be worked into objects. It is malleable but durable since it cannot be touched by rust or corrosion, this holding its value. When the earth was more like Eden than it is today the element was probably widely dispersed, to be found in streams or gullies, glittering brightly.
The element is found widely across the planet and has a universal utility. It may first have been used in forms of barter but as civilizations emerged and became more complex, so coins or bars were minted and made according to standard weights. So money emerged as a means through which economies could grow and develop.
The gold standard played a pivotal role in the development of thee international economy as it is known to-day. Central banks issued notes promising to pay on demand the amount denominated on the note. This provided a standard measure of value which, for some years during the twentieth century was agreed internationally as a troy ounce of the metal. Countries bought and stored it as a way of backing up their fiat currencies with solid, tangible reserves.
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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