By Mitzi Fitzgerald
In the pursuit of affluence there has always been an attraction to this prized commodity and gold market history has seen fortunes made and lost. The way gold has emerged through time to become a significant indicator of prosperity is a tale of some interest.
Historians have found evidence that gold has been used to decorate as far back as five thousand years ago. The Egyptians used it on graves, book covers, picture frames and statues. Strangely the monetary unit at this time was barley. The earliest record of it being used as a currency was in the seventh century B. C in an area called Lydia, which we could now describe as east Turkey.
The Lydian King Croesus made the first known coinage with a fixed golden content in 564 BC. This enabled confident cross border trade because their currency possessed an unchanging value. Gold has since occupied a high profile position on the economic stage. From a cultural standpoint it has often been the subject material of dramatic productions, books, cinema and many an old tale.
Historians have found evidence that gold has been used to decorate as far back as five thousand years ago. The Egyptians used it on graves, book covers, picture frames and statues. Strangely the monetary unit at this time was barley. The earliest record of it being used as a currency was in the seventh century B. C in an area called Lydia, which we could now describe as east Turkey.
The Lydian King Croesus made the first known coinage with a fixed golden content in 564 BC. This enabled confident cross border trade because their currency possessed an unchanging value. Gold has since occupied a high profile position on the economic stage. From a cultural standpoint it has often been the subject material of dramatic productions, books, cinema and many an old tale.
It is perhaps this aspect of consistency which has made this precious metal the most commonly sought after symbol of value. Widely used as means to conduct international trade it provided the nations of the world with a convertible means to settle accounts. For many years countries based the relative value of their own individual currencies on standard units of gold. Britain did this in in practice in 1717 and officially in 1816 with the United States following in 1900.
Prices are specified throughout the world in United States Dollars per fine ounce. Like with all markets pricing has gone up and down over the years according to trading conditions and external influence. Overall it has, managed to maintain its value in comparative terms. Economists use the expression safe haven which makes association wit a secure harbor sought by a sailor during rough sea conditions. In a metaphorical sense this could mean periods of warfare, civil strife, or recessions.
Gold as thus referenced refers to its use as a means to carry out trade or establish value. Gold as a defined commodity is traded extensively throughout the world on the financial markets. Spot market trading and longer term futures contract deals are the most common forms. Software programs installed on computers offer access to pretty much anyone wishing and able to invest in these markets.
For those who prefer the feel of something more permanent it is possible to invest in bullion. This could range from various weights of bars ranging from one ounce to a metric ton. The most common size and that held by most central banks is the 400 troy ounce bar. Trading with
Prices are specified throughout the world in United States Dollars per fine ounce. Like with all markets pricing has gone up and down over the years according to trading conditions and external influence. Overall it has, managed to maintain its value in comparative terms. Economists use the expression safe haven which makes association wit a secure harbor sought by a sailor during rough sea conditions. In a metaphorical sense this could mean periods of warfare, civil strife, or recessions.
Gold as thus referenced refers to its use as a means to carry out trade or establish value. Gold as a defined commodity is traded extensively throughout the world on the financial markets. Spot market trading and longer term futures contract deals are the most common forms. Software programs installed on computers offer access to pretty much anyone wishing and able to invest in these markets.
For those who prefer the feel of something more permanent it is possible to invest in bullion. This could range from various weights of bars ranging from one ounce to a metric ton. The most common size and that held by most central banks is the 400 troy ounce bar. Trading with
Prices are specified throughout the world in United States Dollars per fine ounce. Like with all markets pricing has gone up and down over the years according to trading conditions and external influence. Overall it has, managed to maintain its value in comparative terms. Economists use the expression safe haven which makes association wit a secure harbor sought by a sailor during rough sea conditions. In a metaphorical sense this could mean periods of warfare, civil strife, or recessions.
Gold as thus referenced refers to its use as a means to carry out trade or establish value. Gold as a defined commodity is traded extensively throughout the world on the financial markets. Spot market trading and longer term futures contract deals are the most common forms. Software programs installed on computers offer access to pretty much anyone wishing and able to invest in these markets.
For those who prefer the feel of something more permanent it is possible to invest in bullion. This could range from various weights of bars ranging from one ounce to a metric ton. The most common size and that held by most central banks is the 400 troy ounce bar. Trading with bullion presents major practical problems regarding transport, storage and security so still the most common means to hold physical bullion is in the form of coinage. Whilst there are many minted offerings the South African Kruger Rand is the best and most widely traded example.
Delving into gold market history there are countless stories of fortunes made or lost and plenty of intrigue and controversy. Perhaps most interesting is that the market is as alive and well today as it was 5000 years ago. There are few not many commodities that can boast this.
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Gold as thus referenced refers to its use as a means to carry out trade or establish value. Gold as a defined commodity is traded extensively throughout the world on the financial markets. Spot market trading and longer term futures contract deals are the most common forms. Software programs installed on computers offer access to pretty much anyone wishing and able to invest in these markets.
For those who prefer the feel of something more permanent it is possible to invest in bullion. This could range from various weights of bars ranging from one ounce to a metric ton. The most common size and that held by most central banks is the 400 troy ounce bar. Trading with bullion presents major practical problems regarding transport, storage and security so still the most common means to hold physical bullion is in the form of coinage. Whilst there are many minted offerings the South African Kruger Rand is the best and most widely traded example.
Delving into gold market history there are countless stories of fortunes made or lost and plenty of intrigue and controversy. Perhaps most interesting is that the market is as alive and well today as it was 5000 years ago. There are few not many commodities that can boast this.
About the Author:
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