Let’s step back for a moment to about 640 BC. In our travels, we visit the land of Lydia (present day Turkey) which was a thriving area of trade and commerce in ages past. About this time and place, the first gold coins were shaped and used by the Lydians for trade exchange. Gold has always been a valuable item throughout all of recorded history, as you can imagine. The Bible and many of the other oldest documents of the world make great mention of the desirability and value of gold and its use in trading/commerce.
Gold, throughout history, has been one of the most sought-after commodities. Armies have conquered lands in order to get stores of gold. In modern times, it is hard to count the thousands or tens of thousands of movies where gold theft, in one form or another, is one of the major themes of the movie. Old Western movies from the United States are riddled with gold thieves robbing banks, trains and merchants. And let’s not forget about Robin Hood from the tales out of England–he would rob from the rich to give to the poor and surely gold was among his favorite finds. Why would pirates sail the high seas in search of treasure? For the gold of course!
In the modern age, the currencies of different countries are no longer limited to the amount of gold that they have in reserve. The standard of the world currencies has shifted away from the ‘gold standard’ to a more digital economy where services, manufacturing and products traded have more to do with a country’s ‘net worth’ than does their gold supply.
For us as currency traders, gold is one of the currencies/commodities that we can often trade. Gold is paired against the value of the US Dollar traditionally, under the symbol XAUUSD. You might be interested in some more of the fun facts about GOLD and so here is an illustration of some of these gems of knowledge I thought you would really appreciate.
P.S. Don’t forget to tweet 10 Gold Facts infographic.
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