Gold has always been one of the most popular commodities throughout history. It has influenced civilizations all over the world in almost every era and spanned across Ancient Egypt, China, the Azteks, and Rome. Gold is what our global economy continues to stand on today.
The First Gold Coin
Gold was first used as currency in 5OO BC. The ruler of the Persian Empire, Darius the Great, minted the first gold coin called the Persian Daric.
The Mint, also known as the Coinage Act in 1792, was passed by the United States Congress. It allowed a fixed gold price to be set with parity for the United States Dollar. This helped gold coins to be considered legal tender. In 1862, paper currency was introduced.
In the 1800s, there were many gold rushes all over the United States. People would race to find gold with dreams of becoming rich. Many areas became populated as a result of booming gold rushes popping up all over the place.
Wars and Change
After two world wars destroyed the international financial markets, global leaders joined together to come up with a gold exchange standard. The Bretton Woods Agreement set the United States Dollar to be the gold exchange standard for the entire world. This made the United States a global force. Wartime continued to form the landscape of change, and America became the final country to cease using a gold standard in 1973. This happened because of the need for extra funds in order to pay for the Vietnam war.
In 1934, the Gold Reserve Act made it illegal to trade in gold, however, in the 1970s, the United States made it legal to trade and own physical gold once again. This popular investment was great for investors who wanted to diversify their portfolios and see great yields. Even today, in today’s times, gold is a smart investment. In times of trouble, many people go with tangible assets in case the market crashes. Because of this, it has often risen even in times of economic crisis. There are many types of gold investment from gold bullion coins or bars to collector’s coins. Gold ETF’s and mining stocks are good choices too.