What is the story of gold

Gold story

The earliest documentation of gold use known today is the myth of the Golden Fleece, which the Greek Argonauts brought from the city of Colchis. This legend was held from the 8th century BC. Orally and from the 3rd century BC Chr. Handed down in writing. The Torah - written around 450-250 BC BC - mentions the golden calf, the New Testament names gold as a gift of homage to Jesus after his birth. From this point on - the year zero according to the Christian calendar - the processes surrounding gold are relatively well documented. Its processing reached a high boom in South America as early as the first Christian millennium, which was recorded in chronicles from around 1500 after the conquest of the South American continent by the Europeans.


The Peruvian Mochica, for example, were able to alloy gold very skillfully around 2000 years ago and process many kilograms of gold into cult objects, which at that time nobody in Europe was able to do. Gold as a means of payment in the form of coins was used by Croesus of Lydia (590 - 541 BC) as the first ruler, about two millennia later - around 1500 - the value of gold was so well recorded that modern interpolations made it possible to draw a gold chart back in time. Here, gold prices, which are calculated from the gold content of coins commonly used at the time and their value as a means of payment, are compared with other documented prices (mainly of land). It can be seen from this that gold was only as expensive in Europe in the years 1470 to 1500 as it was in autumn 2011 (over $ 1,920 / oz). After Columbus discovered America, the Aztec and Inca gold flooded the European continent, causing prices to drop.

Modern gold story

During the entire Christian period, gold was the most important means of payment alongside silver in almost all states and was used as a state reserve. Several wars were fought over it, and spectacular gold discoveries triggered a gold rush in different epochs (for example California 1849 and Klondike, Alaska 1897). From the 19th century, governments began to peg their currencies to the price of gold, such as the US dollar, the Swiss franc and the British pound, but also many other currencies. This gold price link was repeatedly abandoned and taken up again, the last time it was recommended to the states by the International Monetary Fund in 1976. So there is currently no currency in the world that is permanently linked to gold. Nevertheless, gold reserves exist in all developed countries.