WHAT IS GOLD

WHAT IS GOLD 

GOLD IS ONE OF THE RAREST METALS ON EARTH.

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        Gold is a dense, lustrous-yellow precious metal found in nature. Its periodic symbol, Au, comes from the Latin word aurum—meaning “shining dawn.” Simply put, the history of gold is unrivaled.
          Its attributes have made it the foundation of economic life and an enduring symbol of wealth for thousands of years.
             As the only global currency that has stood the test of time, gold has outlasted every form of paper currency ever issued, arguably making it the most influential asset in human history.

Let’s take a closer look at gold and its impressive history.

GOLD BASICS

1. There are an estimated 190,040 tonnes of gold above ground, worth more than $8 trillion. 
2. Thousands of pounds of ore are needed to produce a single ounce of gold.
3. Fewer than 4 Olympic swimming pools could hold the world’s entire gold supply.
4. All of the gold ever produced on Earth would fit into a cube less than 69 feet on each side. 
    That’s half the size of just the base of the Statue of Liberty.

GOLD’S VITAL ROLE IN HISTORY & KEY CURRENCY MOMENTS

• 3600 BC: Egyptians are the first to smelt gold (extract metal from ore)
• 550 BC: First gold coins are minted in Lydia (now western Turkey)
• 1792: The U.S. government establishes a national currency backed by gold and silver, the gold price at $19.39/oz.     
• 1848: California Gold Rush begins
• 1913: The Federal Reserve is established
• 1929: The Great Depression begins
• 1933: FDR recalls gold coins, bullion, and certificates; Americans receive $20.67/o in exchange for their gold
• 1934: FDR raises the price of gold to $35.00/oz., effectively declaring an immediate government profit of $14.33 for each ounce of gold collected
• 1971: President Nixon officially takes the U.S. off the gold standard
• 1984: Ronald Reagan authorizes the first U.S. gold coin in 51 years
• 2007: The Great Recession begins
• 2010: Central banks become net buyers of gold for the first time since 1988
• 2011: Gold hits an all-time record high ($1,923/oz.) on fears of European debt crisis contagion
• 2018: Central bank gold buying hits the highest level in half a century

5. Gold is virtually indestructible, meaning theoretically all the gold ever mined since the beginning of humankind still exists in one form or another.
6. The average lead time for a new gold mine to become operational is 10–20 years.
7. It’s harder to find a 1-ounce nugget of gold than a 5-carat diamond.
8. You would get about 1/100th of an ounce of gold if all the gold ever mined was divided and equally distributed to every person in the world.

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