Gold: The Precious Metal Running the World

The origin of gold is not specified. It was found as the likelihood of other metals like silver and bronze. Scientists, however, had tried to grapple when gold came into existence. Such motives have led to various theories believed to be true. One such theory states that gold was produced in the supernova nucleo-synthesis. Another theory states that gold came about through collision of neutron stars. It is said gold was present in the dust that formed the solar system. What supports this statement is, all the gold that was present in the earth’s crust sank to the core. Making the current gold that is now found in the earth’s crust to come later. Such gold is believed to have been created by asteroid impacts during the Late Heavy Bombardment that happened over 4 billion years ago. Cfdpremium

In the supernova nucleo-synthesis theory, gold is thought to have come up through the rapid neutron capture process. Scientists have continued to claim that current astrophysical models illustrate that a single neutron merger produced between 3 and 13 earth masses of gold. In South Africa, the asteroid that hit Vredefort crater over 2,020 billion years is responsible for the gold mine in the Witwatersrand basin. Nonetheless, it is believed that the gold-bearing rocks were positioned between 700 and 950 million years before the impact. What happened is, after the impact, the rocks bearing the gold came near the surface. The crater is supposedly 300km in diameter and is located in Johannesburg. In 1886, the discovery of the gold deposit sprang the Witwatersrand Gold Rush. Since its discovery, almost 22% of the gold residues have been mined from the crater. Investmib

The earliest human interaction with gold was at the Balkans form the fourth millennium BC. The earliest gold mines were from the nineteenth dynasty of Ancient Egypt (1320-1200BC), while the first handwritten evidence came about in the twelfth dynasty around 1900BC. It was claimed that gold was in plenty during the reign of King Tushratta of Mitanni. Also, there is evidence to support the claim as there were primitive mining tools, especially around the Red Sea. The gold fleece was used to trap gold dust in the deposit areas. In the Bible, there are instances of gold has been mentioned from Genesis to Revelation. From the golden temples to the golden calf and the promise of the New Jerusalem all covered in gold.

Gold’s monetary value is known throughout the globe. During the Olympics, It is awarded to the winner of the particular slot of the game. It is viewed as a prestigious metal above other metals in the periodic table. Gold has been used presently, and before as money for barter trade. Gold as a souvenir is hoarded by the affluent in the society. Gold meant for exchange purposes is standardized into gold bullion coins, and bars usually of fixed weight and purity. In 600BC, the first gold coin was struck, and it weighed between 8.42 and 8.75 grams. Before silver was the material in the making of coins, this changed during the thirteenth and fourteenth centuries. During the World War 1, nations reverted to gold, inflating their currency to cater for the war.

Bills and gold certificates started to circulate in the nineteenth-century industrial economies. Such forms were exclusively made for bilateral trade and payment of war expenses. However, after World War two gold was replaced by common currency brought about by the fixed exchange. Such changes came about due to the Bretton Woods System. The world governments have abandoned gold as a direct exchange for currencies led by the United States government in 1971. Gold’s measure is in karats having its standard at 24 karats.

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