Gold History

Gold is the oldest and the most efficient measure of capital and wealth assessment. Other precious metals have also been used for the same purposes. As generations changed gold was a common equivalent as both a means of payment and a commodity at the same time. The "gold standard" system exerted a great influence on the world economic development in the 19th and 20th centuries. National borders receded in the face of gold and it served as the main world currency until the 1970s. Prior to the demonetarization of Gold operations with precious metals were under strict control with transactions being conducted at the state level of monetary authorities and the international financial organizations.

As a result of contradictions within the system, qualitative changes took place and currency rates switched rates to floating rates. Consequently gold's role changed and on the legal basis it became excluded from world currency turnover. Liberalization of gold deals facilitated the era of private individuals’ rights to physical possession of metals - which then expanded globally. Not only did the market structure of precious metals market alter but also its membership and the line of operations changed. Today gold no longer is a payment facility. However it has not left the system of economic relations. The world gold market is a complex of domestic and international markets - almost independent from the government control. Now there is a guarantee of 24-hour global trading both in precious metals and in their derivative instruments. (click chart for video lesson)

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