The History of Gold

Though the gold market is subject to as much volatility as other investments, it remains one of the most popular world-wide. Even casual collectors who are looking to sell their unwanted gold in Chicago can walk away profitable. But where did our fascination with this mineral come from? The history of gold spans across thousands of years and civilizations.

Ancient Civilization

Human fascination with gold dates back as far as 3,000 B.C. Ancient Egyptian priests and Pharaohs held gold in high esteem due to its role in their mythology. They created the first recorded measurement of gold’s value in relation to silver at a ratio of 2.5:1.
Ancient Greeks later used gold to mark social status. Greek citizens used gold as currency. Incans, Aztecs, and other civilizations used gold in their religious ceremonies, and a way to separate the social classes. Gold is even mentioned several times in the Bible.

Gold in the United States

The U.S. congress passed the Mint and Coinage act in 1792, establishing a fixed price of gold in relation to American dollars. Gold became legal currency, with a rate of value against silver that measured 15:1.

In the 1800s, several gold rushes happened across the U.S. People travelled from all over in hopes of striking gold and becoming rich. Over the years the standard value of gold rose and fell. Gold is no longer used to back currency.

Gold Investment Today

Today gold is seen as a smart investment. Many people collect gold as a means of securing their financial future against the rise and fall of the American dollar. Gold investment in modern times became increasingly popular in 2003 as a result of the U.S. invasion of Iraq.

Despite a fall in value in recent years, gold is still seen as a sound investment.

If you are looking to sell unwanted gold in Chicago, contact Chicago Gold Gallery at http://www.chicagogoldgallery.com.

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