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The History of Gold Bullion

The History of Gold Bullion

Gold has been considered as a precious metal since prehistoric times. Many ancient civilizations believed that gold was in one way or the other affiliated to their gods, for example, ancient civilization believed that gold was flesh or skin of their gods. The atomic symbol of gold Au has its origin from Latin word Aurum meaning “shining dawn”. Besides this, it is affiliated to Aurora also who is the roman goddess of dawn. Since early times gold was treated as a standard for monetary exchange.

In 4000 BC, in what we call Eastern Europe today, began the use of gold to fashion decorative items. By 3000BC, gold had taken form of stylish jewellery. In 1500 BC, in Egypt and other areas, gold was recognised as a standard medium of exchange for gold and international trade.

A gold coin called Shekel became the standard unit of measure in the Middle East. Its weight was equivalent to 11.3 grams. Gold bullion is actually bulk of gold. It is usually in two forms, either bars or coins. This was the initiation of coins. China legalised small squares of gold as a form of money back in 1091 BC. However, the gold coins made up until then were not in their purest form.

They were mixed with other metals like copper and silver. The coins used in Egypt were actually two third gold and one third silver. In 560 BC, purely gold minted coins were made in Lydia, which is a kingdom of Asia Minor. The Roman Empire began issuing gold coins in 50 BC. These gold coins were called Aureus. In 1066 AD, the metallic currency standards were re-established in Great Britain. This era mark the initiation of pounds, shillings, and pence. The first major gold coin introduced by the Great Britain was called the Florin, in 1284 AD. This later was changed into Guinea.

By 1377 AD, Great Britain shifted significantly to a monetary system based on gold and silver. The first United States gold coin struck in 1787 AD. There was a time when United States went on an unofficial gold standard. Silver was eliminated for this purpose. In 1919 AD, during World War 1 many countries stepped down from strict gold standards, these countries include United States and Great Britain.

Americans were also forbidden to own gold in 1961 AD. Owning gold in all aspects was not permitted by the United States later until 1974 AD, after good 13 years. South Africa produced Krugerrand, which was a one-ounce bullion coin. It soon gained popularity amongst several investors worldwide. The famous Canadian Maple Leaf was introduced back in 1979 AD.

A few other countries kept on issuing gold bullion coins, which are still being used as an investment by investors. Even public is recommended by some people to invest as much as possible in gold as its value usually keeps on increasing and the outcomes are certainly beneficial for the investors.

As the history clearly states that gold bullions have been of immense significance since early times, and even with its bumpy ride of various rises and falls, it has still been capable to maintain its desire and worth amongst people.

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