What is Gold?

For centuries now gold is the most-sought after of all the precious metals and has been the foundation of mankind’s monetary system. It has always been an influenced and has massive significance in the lives of people. A symbol of power, wealth and prosperity, it has been used for good and bad causes in the course of the world’s history. It has also fascinated a lot of cultures that the desire for this precious metal has led to the progressive development of many cultures. The exact period of gold’s discovery has been a subject of dispute, though it became hugely popular when it was discovered in California in 1849 that led to the gold rush.

Events in history showed that gold has been used in ancient times by the Chinese, Romans, South Americans and Egyptians, mostly in the form of jewelry. Nowadays, it can now be used as equivalent of money, so investing on it can be wise decision, especially in times of financial crisis. Even if the economy went downhill, the value of gold will never be affected and in most cases; its value appreciates rather than depreciates. It is also of great significant to many due to its many uses.

Gold is a very important commodity ¬and many important uses for it has emerged being used as common decorative and symbolic jewelry. With the onset of technology, people from all the over the world now have the chance to leverage it to secure one’s finances. One of its most common applications is in the field of electronics, which is largest industry today. Most of the gadgets and equipment that are being manufactured today to make a person’s life a lot more comfortable involve the use gold. It is mostly found in semiconductors, terminals, printed circuit boards, and plating contacts. It is also used as heat insulation for automobiles and is formed into a thread for traditional and modern embroidery.

Besides being a good investment vehicle, gold is also use for a variety of things, which may include as a form of award for top performers in honors and competitions. It is malleable and ductile and can be drawn into thin wires or beaten down into very thin sheets. It also holds significance in a number of religious ceremonies such as the gold chalices and cups used by many Christians, since they consider it as a pure metal. It can also be used in dentistry for tooth restorations such as permanent bridges and crowns; as toners in photography and as a reflective layer in high-end compact discs.

Trading in the derivatives and gold markets through a procedure called London Gold Fix is the benchmark used to determine its price daily. The procedure is done twice in a day on the London market, in the morning and in the afternoon, which was introduced 49 years after the procedure itself was introduced as a method for providing a price when the US markets are opened. The procedure is done by members of the Gold Market Fixing Ltd such as HSBC, The Bank of Nova Scotia, Soceite Generale Corporate & Investment Banking, Deutsche Bank AG London, and Barclays Capital. Gold has many uses as a precious metal, but it is also considered as a good investment tool due to its ability to maintain a steady investment making it hugely popular in the world of e-commerce and investing.

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