History of buying gold and its importance through the ages, convert IRA to precious metals.
Gold is one of the most beautiful and important chemical elements with symbol “Au” and atomic number 79 in periodic table. It is a good conductor of electricity and heat. It is shiny, soft and dense. It is malleable which means it can be beaten into thin sheets and shapes. Large amounts of gold are still used in the manufacture of coins, medals, jewelry, and art. Gold also has a number of uses in industry, medicine, and other applications. People have been trying to create alternate sources of gold for thousands of years. There is even a mythical term – “Alchemists” for the persons able to turn any metal into gold. This just underlines the importance of gold in our society.
Gold is located widely across the globe, Japan, India, USA, China, and many other worldwide countries. Early civilizations put gold on the same level with their gods, and their rulers, and as gold was put into their personal name and dedicated to their own personal glorification. Then humans where almost intuitively to place a high value on the precious metal gold, and equating it with great mighty power, great beauty, also the cultural elite. The precious metal gold had been used in shrines to make idols.
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When was physical gold 1st discovered, and is it worth investing into a gold ira rollover
In the era of 3600 BC, Egyptians were the first to discover gold. Discovery of gold allowed them to use it lavishly to decorate tombs and temples and designed funeral masks of kings. They also learned to alloy gold with other metals for hardness and colour variation. Then, in 564 B.C., Lydian (kingdom of Ancient minor) minted the first ever coin which was used for trade. On the other hand, Chinese also minted a square shaped gold coin. During 300-400 BC, Alexander the great, crossed the Hellespont with an army of 40,000 men and looted the Persian Empire, which had to forfeit vast quantities of gold. In 58 BC, Julius Caesar brought gold in abundance from Gaul and gave away 200 coins to each of its soldiers and repaid all of Rome’s debts. So, the Romans started using gold as a currency system. They also invented ways to extract gold through hydraulic mining. After the fall of Roman Empire, Byzantine Empire resumed gold mining in Central Europe and France. In 1066 A.D., Great Britain established metallic currency standard with the introduction of a system of pounds, shillings and pence. Later, it also issued first major Gold coin known as the Florin. In 1377 A.D., Great Britain shifted to a monetary system based on gold and silver.
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In 1700 A.D., Gold was discovered in Brazil making it the largest producer of gold by 1720. Ephraim Brasher (a goldsmith) struck first gold coin of U.S. in 1787 A.D. Later, a 17 pound gold nugget was found in North Callorina. Later, more gold flakes were discovered in Sacramento, California. The weight of gold in the U.S. dollar was lessened to 23.22 grains making the value of one fine troy ounce of gold at $20.67. In between, Great Britain tied the pound to a specific quantity of gold at which its currency can be made convertible. Gold was discovered in South Africa in 1868 which contributed 40% of gold ever mined.
The physical gold standard in the United States
In 1900, Gold Standard Act of the U.S. was passed and signed by President William McKinley. It allowed U.S to maintain a fixed exchange rate in relation to other countries on the gold standard officially. During World War I, U.S, Great Britain and Canada dropped the Gold standard. The formation of Gold Reserve Act of 1934 made government the permanent title to all monetary gold and it stopped the minting of gold coins. Gold certificates were held only by Federal Reserve Banks.
In 1944, the formulation of Bretton Woods System established a gold exchange standard and provided rules for commercial and financial relations among U.S., Canada, Western Europe, Australia and Japan. This system also led to the formation of two new international organizations, the IMF and the World Bank. Each member country was obliged to convert foreign official holdings of their currencies into gold at these par values.
In 1961, central banks of the U.S., U.K., West Germany, Switzerland, Netherlands, Italy, France and Belgium formed the London Gold Pool and agreed to buy and sell at $35.0875 per ounce. In 1971, U.S. devalued the dollar by raising the price of gold to $38 per fine troy ounce under the Smithsonian Agreement signed in Washington. U.S. devalued the dollar price to 42.22$ per fine troy ounce. All currencies were allowed to float freely. In 1975, U.S. Treasury held a series of auctions and sold around 1,252,500 troy ounces. Trading of gold commenced at New York’s Commodity Exchange and on Chicago’s International Money Market and Board of trade. The trading of gold in dematerialized form independent from physical gold was a major step in making gold accessible and safe to invest in as an asset class.
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Gold Institute was formed in 1976 to promote buying gold industry by providing all necessary information to public. IMF also sold one-third of its gold holdings through the series of public auction for the development of its member countries. To strengthen the trade balance, U.S. treasury sold 15.8 million troy ounces of gold. In 1978, IMF amended articles and eliminated gold as an instrument for trading among member countries. U.S also abolished official price of gold. All member countries were free to buy and sell gold in private markets. New gold deposits were discovered in North America and Australia. China introduced the Panda bullion coin and Canada introduced 1 ounce Maple Leaf and later introduced it in the sizes of ¼ ounce and 1/10 ounce. Goldcorp Australia introduced the Nugget gold bullion coin and gold compacted discs. In 1987, World Gold Council was established for the development of gold industry. It also introduced Gold Mark as an international identification mark for gold jewellery. In 1990, U.S. became world’s second largest gold producing nation.
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Physical gold is a great hedge against inflation and other financial downturns
Gold is one of the few elements that can affect politics and economics. Wars have been fought over to access gold. Cities and towns have sprung up and died out as gold was discovered and then mined out. Many nations still count their wealth according to the amount of gold they keep in storage. Gold has been evolved as the most crucial element and its applications are so unique just like human itself. Gold has given meaning to money itself and our modern currency system has developed as an offspring from gold. The barter system of the past has led to a modern financial system because man could hold trust in one and only one commodity through all times-GOLD. Thus it is critical in a world ravaged by terrorism and refugee crisis that every household invests its portfolio in Gold to ensure that they have a defense when and if our political system forces us to lose our faith in currencies.
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