The History Of Gold

The history of gold can be traced back to 4000 B.C. where a nation residing in the east of Europe started it using for decorative purposes. At that time, it is thought that gold reservoirs were mined in Transylvanian Alps, or area near Mount Pangaion of Thrace.

1500 B.C. The immense gold-bearing regions of Nubia made Egypt a wealthy nation, as gold became a recognised standard medium of exchange for international trade. 1091 B.C. little squares of gold were legalised in China as a form of money.

Gold was even mentioned by the great traveller Marco Polo when he wrote about the unlimited gold wealth in the Far East in 1299 A.D. The gold Ducat as gold coin was introduced in Venice in 1284 A.D. and was popular for more than five centuries. Florin, first major gold coin of Great Britain was released in 1284 A.D. Its sequels were Nobel, Angel, Crown, and Guinea.

The year 1377 A.D. is marked as the day when gold and silver became the monetary system of Great Britain. Gold was discovered in Brazil in the year 1700 A.D. and in the next twenty years resulting in the two-third of the gold production. Sir Isaac Newton fixed the gold price to 84 shillings, 11.5 pence per troy ounce in Great Britain. Newton, John Locke, and Lord Somers formed the Royal commission, called for the replacement of old currency with the new one having a ratio of gold to silver as sixteen to one, this gold price lasted in United Kingdom for more than 200 year.

1299 A.D. Marco Polo wrote of his travels to the Far East, where the “gold wealth was almost unlimited”. 1284 A.D. Venice introduced the gold Ducat, which soon became the most popular coin in the world and remained so for more than five centuries.

1284 A.D. Great Britain issued its first major gold coin, the Florin. This was followed shortly by the Noble, Angel, Crown, and Guinea.

This doubled the output of gold within twenty years. Great Britain went back to the gold bullion standard in 1952 A.D., for exchangeable 400-ounce gold bullion bars, but the circulation of gold coins was discontinued.

Great Britain left the gold bullion market in 1931 A.D. The London gold market resumed its operations in 1954 A.D. In 1961 A.D., Americans were asked by their government not to own gold either within America or abroad. At that time, the central banks of United Kingdom, United States, West Germany, Switzerland, Italy, France, and Belgium formed the London Gold Pool alliance to trade the gold at a rate of $35.0875/ounce.

The British Royal Mint in 1987 A.D. introduced Britannia Gold Bullion Coin and the LMBA, London Bullion Market Association came into being. In 2005 A.D. in the annual meeting of LMBA, Precious Metals Conference became the official world bullion market forum.

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