The death of dependable archaeological support makes it exceptionally tough to separate when exactly 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 guy's initial feasible period of encounter with gold to about 40,000 BC.
However, the argument about man's first exposure to gold stays highly controversial, with some experts claiming it was 6,000 BC and others saying that the Egyptians utilized it around 3,000 BC for making precious jewelry. Interestingly some historians claim that it was not until 700 to 550 BC that individuals utilized gold as cash in the erstwhile Western Turkish Kingdom of Lydia.
The well-known Roman poet of the Augustan period, Publius Vergilius Maro or Virgil (70 BC to 19 BC), author of the well-known Latin works like "Eclogues," "Georgics" and "Aeneid," explained gold as, "Auri Sacra Fames" (The cursed thirst for gold!). More lately, John Maynard Keynes sarcastically referred to gold as a "barbarous relic".
Gold Measurement
The royal measurement of gold is the troy ounce (Oz t) which is comparable to 31.103 grams. Alternatively, you could say that 32.15 troy oz made 1 Kg. of gold. This precious metal, with a specific gravity of 19.3 is among the heaviest understood metals. Can you think of that one cubic foot of gold weighs over half a heap or precisely 1206 pounds?
Globe gold production, scarcity/price
The globe gold manufacturing is really reduced and stands at around 2000 heaps per year, which is abysmal when you compare it to the American manufacturing of steel, which stands at around 10,500 lots per hour.
The specialists estimated in 1995, that the overall gold stock in the world is around 120,000 lots valued at around US$ 1.4 trillion.
Scarcity is the major factor that manages the gold price escalation from the 18th century. In 1792 the United States Congress repaired the rate of gold at $ 19.3 per troy ounce (or for 31.103 grams), and then modified to $ 20.67 in 1834, and 100 years later, in 1934, gold stood at $ 35 per troy ounce.
After 1973, the US enabled gold to drift easily against the different 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 value in January 2013 is around $ 1639 per troy ounce.
However, the argument about man's first exposure to gold stays highly controversial, with some experts claiming it was 6,000 BC and others saying that the Egyptians utilized it around 3,000 BC for making precious jewelry. Interestingly some historians claim that it was not until 700 to 550 BC that individuals utilized gold as cash in the erstwhile Western Turkish Kingdom of Lydia.
The well-known Roman poet of the Augustan period, Publius Vergilius Maro or Virgil (70 BC to 19 BC), author of the well-known Latin works like "Eclogues," "Georgics" and "Aeneid," explained gold as, "Auri Sacra Fames" (The cursed thirst for gold!). More lately, John Maynard Keynes sarcastically referred to gold as a "barbarous relic".
Gold Measurement
The royal measurement of gold is the troy ounce (Oz t) which is comparable to 31.103 grams. Alternatively, you could say that 32.15 troy oz made 1 Kg. of gold. This precious metal, with a specific gravity of 19.3 is among the heaviest understood metals. Can you think of that one cubic foot of gold weighs over half a heap or precisely 1206 pounds?
Globe gold production, scarcity/price
The globe gold manufacturing is really reduced and stands at around 2000 heaps per year, which is abysmal when you compare it to the American manufacturing of steel, which stands at around 10,500 lots per hour.
The specialists estimated in 1995, that the overall gold stock in the world is around 120,000 lots valued at around US$ 1.4 trillion.
Scarcity is the major factor that manages the gold price escalation from the 18th century. In 1792 the United States Congress repaired the rate of gold at $ 19.3 per troy ounce (or for 31.103 grams), and then modified to $ 20.67 in 1834, and 100 years later, in 1934, gold stood at $ 35 per troy ounce.
After 1973, the US enabled gold to drift easily against the different 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 value in January 2013 is around $ 1639 per troy ounce.
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