How Old is Gold? | History of Gold

Gold represents only a tiny fraction of all elements known to man, but it is one of the most important. The incredible power needed to create it accounts for its extreme scarcity. It has played a crucial role throughout human history, especially in the early days, when it was loved more for its appearance than its value in trade. During this period, only the elite and powerful had it in abundance.

Where does Gold come from?

There are various myths and legends about the origin of gold. They are beautiful but entirely far from science. One theory is that Gold was formed after the Sun had circled the Earth millions of times and had gradually woven golden threads around it. According to Egyptian mythology, a golden shower once rained on Earth, leaving behind precious remains as nuggets. For the Scandinavians, Gold was the tears of Freya, the goddess of love, who longed for her spouse.

Another theory proposed that gold formed on Earth during the planet’s creation, during a time of intense volcanic activity and extreme heat and pressure.

As we know, Gold is found just about anywhere but seen in mineable abundance in certain places. Gold fragments have also been found in meteorites, and scientists believe that meteorite impacts created alluvial gold and other deposits on Earth billions of years ago.

Who discovered Gold?

Gold was the first metal widely known to our species. Its history precedes writing and pottery, making it hard to pinpoint the individual responsible for its discovery. Various cultures and religions began to form myths about the origin of gold as early as the 5th century BC.

Gold’s early applications were likely decorative, and its luster and durability made it a symbol of gods and kings in historic cultures. People used to possess gold in the form of large, golden nuggets before the invention of smelting and metalworking. Even though it couldn’t be put to practical use as jewelry, weapons, or cash, its dazzling beauty captivated everyone who laid eyes on it.

What year was Gold found?

More than five thousand years ago, when gold was first discovered, even in small amounts, it caught the attention of early man practically everywhere. Gold could be found in nature is already refined, making it a unique metal.

The question of where gold first appeared in archaeological sites has been hotly contested for quite some time. It is not known which ancient civilization is responsible for its high status in modern culture, but most historians agree that early humans first found gold in shallow streams.

How did Gold become valuable?

There are several reasons why gold became so valuable since its discovery and will continue to hold its value in the future. They include:

Chemical Properties

Gold’s physical characteristics make it well-suited for use as currency, which is the primary reason for its high value. In ancient times barter was the most common form of trade. But as huts became houses and villages grew into cities, there was a need for a standardized form of money.

So, what exactly are the chemical properties of gold that make it so desirable? These are the reasons why humanity chose it and not other metals: Gold is indestructible, water (does not rust and does not turn black), timeless (coins remain recognizable even after thousands of years), gold is resistant to normal fire fire (melting point – at least 1064 degrees Celsius).

Attractiveness

Of all the chemical elements on the periodic table, gold is perhaps the most attractive to the human eye. Most “noble” elements, as the name implies, are silver in hue.

Gold’s attractiveness is likely one of the reasons it has endured as a medium of exchange for so long. And this attraction has remained strong. 

The Egyptian pharaoh and many other kings in history were so obsessed with Gold; we see it in everything they owned.

History 

The price of gold has been steadily rising since the end of the gold standard in 1933 and the loss of complete convertibility in 1971. When free market conditions were established, the price of gold climbed.

A typical Roman citizen at the peak of the Roman empire could get a toga (suit), a belt made of leather, and a pair of sandals for just an ounce of gold. These days, you can get a good suit, a leather belt, and a pair of shoes for the same price as an ounce of gold.

Because of this, gold’s value has not only been steady but has climbed. The purpose of gold is to serve as a long-term store of value, as well as to play the role of an insurance tool against a crisis or inflation. Our study of the past demonstrates that this is really the case.

Is Gold a good investment?

Gold will as the name implies, continue to be a desirable precious metal with intrinsic value without any exceptions. Humans have recognized gold’s worth for over 3 000 years.

Regardless of the world’s social, political, or financial circumstances, gold will never lose its value and fail to dubious investors.

Just how many stocks have managed to last for millennia? For these reasons, gold is an excellent asset to build wealth and diversify holdings. The sad truth about Gold is that the coins you buy today will outlive you!

Many individuals nowadays are wary of the long-term viability of national currencies, and instead, choose to save and invest in precious metals that their children and grandchildren can benefit from.

How much Gold is left in the world?

Gold’s worth has remained consistent over the ages because it is almost impossible to deplete. This indicates that, in some form or another, nearly all of the world’s mined gold is still around. The valuable metal has been used in jewelry production and kept in ingot form for safekeeping. How much gold have we extracted thus far, and how much yet lies undiscovered?

There are still around 53,000 tons of gold in undiscovered subterranean deposits, according to the World Gold Council, out of a total of 201,296 tons extracted. All the gold in the world’s above-ground deposits couldn’t fill a cube 22 meters on a side, proving once again the metal’s extreme scarcity.

But where is all this metal?

There is a strong correlation between the price of gold and the demand for jewelry, which accounts for over half of all gold ever produced. Over half of the world’s demand for gold jewelry was met by these two countries in 2020: India and China. Also, among the world’s top gold producers are Australia, Russia, the United States, and Peru.

A lot of people believe Gold is finite and we’ve mined most of it, that’s far from the truth. While the metal is finite, in 2020, mining firms extracted little more than 3,000 tons; at such a pace, underground deposits would last until 2032 without new discoveries. However, it is important to note that reserves can change and grow as researchers find new deposits in different parts of the world.

The Witwatersrand basin in South Africa was the world’s most prolific gold producer. Around 30 percent of all gold ever mined comes from the Witwatersrand. Similarly, there are some known gold deposits in Antarctica that will never be economically viable to mine due to the continent’s extreme weather conditions.

Gold is also known to be scattered across the ocean floor, but its extraction is also considered unprofitable. However, gold has one factor: unlike other non-renewable resources such as oil, it can be recycled. As a result, there will always be enough gold to go around, even if gold mining were to cease tomorrow.

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