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The gold live chart provides real-time gold prices updated every second without having to refresh the page. In our gold chart, various tools can be used to understand the full picture of the bullion market.
A brief history of gold
While the history of gold began in 3000 BC, when the ancient Egyptians began to form jewelry, it was not until 560 BC. That gold began to act as a currency. At the time, traders wanted to create a readily convertible standard model that would facilitate trade. It seems that the creation of a gold coin stamped with the seal is the solution. Because gold jewelry has already been widely accepted and recognized in different parts of the earth.
After the emergence of gold as a source of money, its importance continued to grow throughout Europe and the United Kingdom, with the appearance of the monuments of the Greek and Roman empires prominently in museums around the world and Great Britain to develop its own coin currency in 1066. Sterling silver), the shilling and the pound are all based on the amount of gold (or silver) they represent. In the end, gold symbolized wealth throughout Europe, Asia, Africa and the Americas.
The US government continued this golden tradition by setting up a bimetallic standard in 1792. The standard of mineralization simply stated that every monetary unit in the United States must be supported either by gold or silver. For example, one US dollar was equivalent to 24.75 grams of gold. In other words, coins used as mere money represented gold (or silver) deposited in the bank.
But this golden standard did not last forever. During the 1900s, there were many major events that eventually led to the transition of gold from the monetary system. In 1913, the Fed was created and began issuing promissory notes (the current day version of our paper money) that can be replaced with gold on demand. The 1934 Gold Reserve Act gave the US government the right to all gold coins traded and put an end to the new gold coins. In short, this work began to establish the idea that gold or gold coins were no longer necessary in the service of money. The United States abandoned the gold standard in 1971 when it stopped its currency backed by gold.
The importance of gold in the modern economy
Given the fact that gold no longer supports the US dollar, why is it still important today? The simple answer is that although gold is no longer at the forefront of daily transactions. It remains important for the global economy. To verify this point, there is no need to look beyond the balance sheets of central banks and other financial organizations, such as the International Monetary Fund. At present, these organizations are responsible for holding nearly one-fifth of the world’s gold supply above ground. In addition, several central banks have added to their existing reserves of gold. Reflecting concerns about the global economy in the long term.