For many years gold has been highly regarded for its beauty and value! In the early days many cultures correlated gold with the sun! Later on countries used gold to back their currency known as the “gold standard”. Now a days in modern culture we use gold as a medium for beautiful jewelry, technology and medical supplies in small quantities. Aside from watching the discovery channel many people don’t understand how in depth or how costly it is to mine for gold! Since the gold rush in California about 90% of the worlds gold has already been mined!
“The history of gold is long connected with money, but gold relinquished this role in developed economies after the outbreak of the Second World War. At the end of the war, the Bretton Woods monetary system, a regime of fixed exchange rates, was created. This system broke down in 1971 when the US unilaterally ended its gold standard, which set the convertibility of gold and the dollar to US$35 per ounce.”
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