Well, If earth was created before arrival of animals and mankind according the two world's most popular religions (Islam and Christianity). We can say that gold has been existing in raw form long before human. What this article will deal with is when gold got human attention. Dates add flavors to history, we will not deprive this writeup of important dates.
In 3600BC, First gold was smelted in ancient Egypt. Africans made the first gold technology. Fast forward to 2600BC, Egyptian hieroglyphs remarked that gold is more dirts. Damn! I can't laugh enough. During this period, plan of gold mine was made, and first jewelry was created from gold.
Around 1223 BC, in Egypt, Gold Tutankhamun funeral mask was manufactured. The world saw her first gold coin in 600BC.
This is several years after people have been using gold jewelry.
The Lydians learn science of gold refinement in 560BC. The first gold coins were called Croesids, because of the consistent gold content in the coins, the people of Croesids began to used it as a form of currency and traded it confidently.
In 546BC and 500BC, the Persians and Chinese started using gold as currency.
1320-1420 was the period of The Great Bullion Famine. Because gold was mine in Europe to the extent that mines almost emptied
Gold standard was set in the year 1717 in UK, by implication, currency is linked to gold at a fixed rate. this is incredible!
- During industrial revolution, machines made Monet making process to become so seamless and efficient. Gold were processed more efficiently.
Gold rush started in California when it was found at Sutter's Mill in Coloma. James W Marshall was the fortunate guy.
Between 1870 to 1970, every country adopts gold standard except China. Funny huh?
In 1944, after WWII, normally convertible currencies replaced gold. Bretton Woods Agreement was still potent.
Initially, gold served as base reverse currency, US dollar slowly becomes reserve currency linked to gold price.
1971-73, President Richard Nixon saw no reason to honor Bretton Woods Agreement, USD was no longer linked to gold and US can now mint money at will!
Now, here are the problem....
In 1999, as a result of expert analysis, Europe established Central Bank Gold Agreement, it was agreed that gold will be a significant part of European monetary reserves and it caped at 400 tonnes per annum.
In 2010, the President of world bank showed support the return of gold standard, according to him, it will help reduce floating exchange rates.
On June, 2015, Royal Mint Bullion launched signature gold. It means that investors now have the chance to buy gold for as little as $30, then store it in vault belonging to Royal Mint.
Honestly, this is the concept on which Gold Money and Menē 24K Gold were built. Power has been given to anyone to own gold, the world has never witness this kind of scalability before!
I am living in best gold era
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