Why is gold considered a precious metal? Detailed answer

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Why is gold considered a precious metal? Detailed answer

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Why is gold considered a precious metal?

Throughout human history, gold has been considered a precious metal. Perhaps it was the first metal that man met.

One of the reasons why primitive man paid attention to gold could be that gold is found in nature without impurities, that is, it can be found in the form of small nuggets, without the addition of other metals and minerals. Gold has a yellowish tint, so even in ancient times, people sought to get it for making jewelry.

The importance of gold increased when man realized that gold is very easy to work with. It is very easy to turn a gold nugget into a thin plate that can be bent without breaking. That is, already in antiquity, people could give the metal any desired shape. For example, at one time, hoops were made from it, which held the hair. From here went crowns and diadems made of gold.

In the ground, gold reserves are extremely limited. And people who did not have their own gold began to offer their goods in exchange for gold. So gold became a measure of exchange. Other items were short-lived, and gold lasts a very long time. Gold also became a measure of the value of a commodity.

After many hundreds of years, money began to be made from gold, which determined the significance and value of this metal.

Later, bankers began to store gold in safes, and on demand to present the gold, they issued written documents-collateral. Given this practice, governments began to issue currency, or money, which is just a document - an obligation to pay a certain amount of gold on demand. By the way, about half of all the gold mined in the world belongs to the US Department of the Treasury!

Author: Likum A.

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