How long has gold been traded

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Measure content performance. Develop and improve products. List of Partners vendors. It's shiny, metallic, and melts easily into bars, coins, or jewelry. It doesn't rust, corrode, or decay. Gold is But why is gold so valuable, both in our mind's eye and in reality in terms of a global store of value and medium of exchange? Why is silver relegated to a distant second place, and what about poor old copper, which shares many of the same physical attributes as gold?

Join us as we try to figure out the answers to these questions, and much more. Before jumping on the gold bandwagon, let us first put a damper on the enthusiasm around gold and at the outset examine some reasons why investing in gold has some fundamental issues.

The main problem with gold is that, unlike other commodities such as oil or wheat, it does not get used up or consumed. Once gold is mined, it stays in the world. A barrel of oil, on the other hand, is turned into gas and other products that are expended in your car's gas tank or an airplane's jet engines. Grains are consumed in the food we and our animals eat. Gold, on the other hand, is turned into jewelry, used in art, stored in ingots locked away in vaults, and put to a variety of other uses.

Regardless of gold's final destination, its chemical composition is such that the precious metal cannot be used up - it is permanent. In other words, the supply will only go up over time, even if demand for the metal dries up. Like no other commodity, gold has held the fascination of human societies since the beginning of recorded time. Empires and kingdoms were built and destroyed over gold and mercantilism. As societies developed, gold was universally accepted as a satisfactory form of payment.

In short, history has given gold a power surpassing that of any other commodity on the planet, and that power has never really disappeared. The U. It's hard to argue with that line of thinking after nearly three decades of a credit explosion in the U.

From a fundamental perspective, gold is generally viewed as a favorable hedge against inflation. Gold functions as a good store of value against a declining currency. The easiest way to gain exposure to gold is through the stock market, via which you can invest in actual gold bullion or the shares of gold-mining companies. The surviving Greek gold coinage and Scythian jewelry both show superb artistry.

The Roman Empire furthered the quest for gold. The Romans mined gold extensively throughout their empire, and advanced the science of gold-mining considerably. They were able to more efficiently exploit old mine-sites, and of course their chief laborers were prisoners of war, slaves, and convicts.

A monetary standard made the world economy possible. The concept of money, i. During the Classic period of Greek and Roman rule in the western world, gold and silver both flowed to India for spices, and to China for silk. At the height of the Empire A. Money had been invented. Its name was gold. Onlygold did business at the same location for more than sixteen years. In addition to having really strong bids on gold, silver, platinum, and palladium in coin and bullion form, we also purchase a wide range of numismatic coins.

We have especially strong bids for old US gold coins. All rights reserved. Canadian Maple Leafs Bars. Never Bought Gold Before? Buy Gold Bullion or Gold Coins?

Golden Gifts. Gold As A Gift? About Us. We Buy Gold. Contact Us. Call Now. Reuters - Leading economies should consider readopting a modified global gold standard to guide currency movements, said World Bank president Robert Zoellick.

The World Gold Council is established to sustain and develop demand from endusers of gold. By act of Congress, the U. Member governments are free to buy and sell gold in private markets. Japan lifts prohibition on imports of gold. Dollar became the sole backing of currencies and a reserve currency for the member states. On Aug 15, U. The governors in the gold pool announce they will no longer buy and sell gold in the private market.

Mint terminates policy of buying gold from and selling gold to those licensed by the U. Treasury to hold gold.