Gold: An Old Commodity Still at The Heart of Our Modern World

With its history dating back to 700 B.C when Lydian merchants created the first gold coins, Gold has historically been placed in high regard as a sign of wealth, beauty and power. Till this day, wealthy individuals are referred to as “rich as Croesus”, the king of Lydia (which is now part of Turkey) who accumulated large reserves of gold.

The predominance of gold was also notable between the 1870s and 1914, the age of the Gold Standard. The Gold Standard was a widespread system according to which all countries, except for China, fixed the value of their currency in terms of gold. Convertibility of currencies into gold was possible at all times and no limits were imposed on the imports and exports of gold. Although the gold standard came to an end through the 1944 Bretton Woods conference, during its time it allowed price stability and established confidence in the monetary system…

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Gold- An Old Commodity Still at the Heart of Our Modern World

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