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All throughout history, gold has been recognised as a valuable asset. The very nature of what makes gold precious is the rarity and scarcity of the metal. The shiny yellow metal has continued to fascinate people from its discovery to this day.
But just how rare is gold? Heres food for thought.... Gold is so rare that the world produces more steel in an hour than it has poured gold since the beginning of recorded history!
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Since gold coins were first struck in around 550 BC, they have become an important foundation to all thr worlds monetary systems . Whilst gold was used as coinage just some 3000 years ago, treasures containing gold have been discovered which date back from as early as 4000 BC. This means that for some 6000yrs of human civilisation, this asset has been linked to power and wealth for a considerable time.
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Even when countries moved away from gold coins and into the convenience of paper money, the ‘gold standard’ meant that this paper currency still retained an important link to gold. Paper was ALWAYS exchangeable for gold..... Paper money was simple gold, butn in a far more convenient method of storage and exchange!!! Simply put, gold is heavy, paper is not, to carry a substantial amount of gold around with you would not only be extremely difficult but very obvious- making you a prime target for theifs. Having paper versions, directly exchangeable for gold made it far safer and easier to use it in everyday transactions.
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Gold in itself also has many many uses. More than half of all gold used today is used for manufacturing jewellery, with approximately 25% used for coins and bars. It also plays an important role in industry due to the properties gold has ocer other metals. This means that technology is a big driver for gold demand, and alongside other precious metals, it’s used in everything from smartphones to electric cars. Advances in technology, more uses for super computers and andvance AI, plus with the demand for renewable energy components increasing year on year, the damand for gold (and other precious metals) will only increase.
40+yr old, trying to shift a few pounds and sharing his efforsts on the blockchain. Come find me on STRAVA or #actifit, and we can keep each other motivated .
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