The death of trustworthy archaeological support makes it very tough to separate when precisely man come across this precious and hefty yellow metal. The excavation and unearthing of natural gold nuggets from Spanish caverns of the Paleolithic age puts man's first possible period of encounter with gold to about 40,000 BC.
However, the argument about guy's first exposure to gold continues to be highly questionable, with some experts claiming it was 6,000 BC and others saying that the Egyptians used it around 3,000 BC for making precious jewelry. Interestingly some historians declare that it was not until 700 to 550 BC that people used gold as money in the erstwhile Western Turkish Kingdom of Lydia.
The famous Roman poet of the Augustan duration, Publius Vergilius Maro or Virgil (70 BC to 19 BC), author of the famous Latin works like "Eclogues," "Georgics" and "Aeneid," explained gold as, "Auri Sacra Fames" (The cursed thirst for gold!). More just recently, John Maynard Keynes sarcastically referred to gold as a "barbarous relic".
Gold Measurement
The imperial dimension of gold is the troy ounce (Oz t) which is comparable to 31.103 grams. Additionally, you could possibly state that 32.15 troy oz made 1 Kg. of gold. This rare-earth element, with a certain gravity of 19.3 is among the heaviest understood metals. Can you picture that one cubic foot of gold weighs over half a lot or precisely 1206 pounds?
Globe gold manufacturing, scarcity/price
The globe gold manufacturing is very low and stands at around 2000 heaps annually, which is abysmal when you compare it to the American production of steel, which stands at around 10,500 tons per hour.
The specialists approximated in 1995, that the overall gold stock worldwide is around 120,000 lots valued at around US$ 1.4 trillion.
Deficiency is the major aspect that controls the gold price escalation from the 18th century. In 1792 the US Congress dealt with the price of gold at $ 19.3 per troy ounce (or for 31.103 grams), then changed to $ 20.67 in 1834, and 100 years later on, in 1934, gold stood at $ 35 per troy ounce.
After 1973, the US allowed gold to drift easily against the various currencies, and in the same year, gold touched a cost of $ 120 per ounce. In the year 1993, gold touched $ 397 per ounce and the existing worth in January 2013 is around $ 1639 per troy ounce.
However, the argument about guy's first exposure to gold continues to be highly questionable, with some experts claiming it was 6,000 BC and others saying that the Egyptians used it around 3,000 BC for making precious jewelry. Interestingly some historians declare that it was not until 700 to 550 BC that people used gold as money in the erstwhile Western Turkish Kingdom of Lydia.
The famous Roman poet of the Augustan duration, Publius Vergilius Maro or Virgil (70 BC to 19 BC), author of the famous Latin works like "Eclogues," "Georgics" and "Aeneid," explained gold as, "Auri Sacra Fames" (The cursed thirst for gold!). More just recently, John Maynard Keynes sarcastically referred to gold as a "barbarous relic".
Gold Measurement
The imperial dimension of gold is the troy ounce (Oz t) which is comparable to 31.103 grams. Additionally, you could possibly state that 32.15 troy oz made 1 Kg. of gold. This rare-earth element, with a certain gravity of 19.3 is among the heaviest understood metals. Can you picture that one cubic foot of gold weighs over half a lot or precisely 1206 pounds?
Globe gold manufacturing, scarcity/price
The globe gold manufacturing is very low and stands at around 2000 heaps annually, which is abysmal when you compare it to the American production of steel, which stands at around 10,500 tons per hour.
The specialists approximated in 1995, that the overall gold stock worldwide is around 120,000 lots valued at around US$ 1.4 trillion.
Deficiency is the major aspect that controls the gold price escalation from the 18th century. In 1792 the US Congress dealt with the price of gold at $ 19.3 per troy ounce (or for 31.103 grams), then changed to $ 20.67 in 1834, and 100 years later on, in 1934, gold stood at $ 35 per troy ounce.
After 1973, the US allowed gold to drift easily against the various currencies, and in the same year, gold touched a cost of $ 120 per ounce. In the year 1993, gold touched $ 397 per ounce and the existing worth in January 2013 is around $ 1639 per troy ounce.
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