The History of Gold Price and Why It Will Keep Rising

Gold has always been a valuable possession. From the Romans to the middle ages, having possession of gold has always been a safeguard from poverty. Today, gold still holds significant value. There are several reasons that gold will continue to be incredibly valuable. Let’s relive the history of gold and examine the continued value of this metal.

Gold was first considered a money source around 600 BC. People liked gold because if they found it, they could convert it to coins. By 30 BC, gold coins had become a prevalent trading mechanism. Starting with the Romans, emperors made a pound of gold more valuable to the number of coins. Therefore, gold became more valuable over time. At 400 BC, a pound of gold could buy about 300 loaves of bread. Today that is still true. Costs have raised over time, but so has the value of gold. Other empires throughout history were conducting similar inflation schemes.

The British Empire also raised the value of a pound of gold over time. This occurred from the 14th century through the 18th century. As former British colonies, the United States gold bugs adopted British standards. They set money to the standard of gold. In the Great Depression, people started to cash in money for gold. In order to not run out, the value of gold was raised. For many years, it was illegal to own gold privately. Later, Nixon stopped comparing gold to the dollar. Still, many other currencies are still held to a gold standard. Even though the US dollar or British Pound was the choice of many for a global currency, gold continued to rise. In subsequent recessions, gold rose as people faced uncertain currency values.

Why should you buy gold? Gold is a safe choice. Throughout history, it is one item that has stayed in fashion. Unlike electronics, jewelry, clothes, property, cars, or other valuables, gold does not become outdated. It also requires little maintenance to retain value. Even with the rise of stocks and cryptocurrency, gold maintains a certainty that no other item can claim. It also can’t be inflated or manipulated, like currencies can. It still holds a lot of utility as a metal. This means that many people will still buy gold as a natural resource. Gold can conduct electricity. It is difficult to destroy by heat, water, or time. It is malleable, ductile, and rare. All of these reasons significantly increase its value over other metals. It also does not require any insurance, a contract, or the backing of a financial institution. Therefore, gold is accessible to anyone that can find or purchase it.

To conclude, gold is going to be a valuable commodity for a long time. As a metal with a lot of different uses, it will still hold value for years to come. Many people are still wary of artificial money and stock markets. If the system crashes, there is a line of thought that gold will be the source that people will resort to.