History of Gold

History of Gold

Look at the current rise in the price of Gold from about (~1900) to somewhere around 0 (early 1980's). Today in 2007 we see Gold returning to about 0 Us. So remember when the reference for Gold is given for a creek in California in 1900 Us Dollars the typical price back toward 1900 was . This means today's price is about 40 times higher. Before you start jumping up and down with joy, think about what has legitimately happened; The Us Dollar has experienced a 40 fold inflation in the last century. The value of a appropriate reference commodity called Gold costs you 40 times as much. That's a bad thing, there's nothing like losing 4000% in value.

Gold has been a costly metal for as long as humans can remember. The reckon it is costly is that it is universally appropriate as a monetary transfer medium, its useful, beautiful and hard to find. It is said by some that most of the world's gold furnish has been removed from the ground and melted into bars and coins, but in reality only 1% to 20% has been taken, depending on who you talk to. That leaves 99% to 80% of all the gold in the world still in the ground! population have all the time wanted gold and because of that there have been many gold rushes around the world. A gold rush is a period of time when population race to the fields where the gold has been discovered to try and grab their share of the riches.

Not many miners got rich in the 1800's. Often prospectors would go home with less than when they started out on the journey, if they made it back at all. Some mining claim owners did assault it rich, although most didn't. besides the lucky few with fortunes in gold, the ones that made it big were the marketing entrepreneur's. population who had these entreprenurial skills and initiative to institute a firm and take the risk did very well. For example, Levi Strauss the originator of Levis blue jeans was one of these in the California 1849 gold rush.

One more way an entrepreneur accomplished this feat was by taking goods from market in town out to the remote mines and placers. Goods that included costly Food that the miners didn't have, like kegs of butter or berries for example. They would take the goods up to the gold fields and sell it for many times the price they bought it for. an additional one thing was to buy up all the mining equipMent they could. They bought tools like picks, shovels, and gold pans and sold the equipMent somewhere up in the mining claims for many times the price as well. furnish and quiz, in action.

Back in the past gold had a fixed price called the gold standard, which was around 12 to 35 Dollars an ounce at that time. When the United States took the Dollar off the gold appropriate in 1971, in 1979 the price of gold speedily rose to 0 an ounce. By 2007 this would be valued around ,600 an ounce when corrected for 4% inflation. Shortly after this rise, it fell to 0 to 0 an ounce. The current spot or store price as of 2006 was around 5 to 5 per ounce, but if you find a nugget it's store value is much higher. Go to www.doradovista.com for more facts on gold, or go directly to History of Gold for the full article.