Why is Gold So Important To Us?

March 5, 2014

For great cultures of the past, gold has always been considered a precious metal. That notion still holds true even today, as a great number of countries base the current value of their currencies off the amount of gold they have on reserve. For centuries gold has also been the sole medium of exchange that has been universally accepted.

As Oakley R. Bramble once said:

“Gold bears the confidence of the world’s millions, who value it far above the promises of politicians, far above the unbacked paper issued by governments as money substitutes. It has been that way through all recorded history. There is no reason to believe it will lose the confidence of people in the future.”

But why is gold so valuable? Well first off it’s incredibly rare. The majority of the world’s gold has already been mined. There will never ever be a significant increase in the amount of gold available. With a growing world population and a resource that will never increase, its intrinsic value will naturally increase as time goes on.

Pure gold is soft and malleable, making it excellent for crafting into shapes and decorations. It can be pounded into thin sheets without much effort, allowing just an ounce to cover almost 160 square feet of space. In the past domes for important churches and lavish palaces were easily covered in gold without using too much material.

Gold is one of the best conductors of electricity, making it a valuable commodity in the electronics industry. It can be stretched into a wire shape more than thirty-seven miles without breaking.

Gold is naturally nigh insoluble. This means that very few chemicals can affect its natural form. Neither water nor oxygen can rust or corrode gold allowing it to withstand the elements much better than other materials. In fact, only a special mixture of nitric and hydrochloric acids can actually dissolve gold. All these factors make gold one of the most stable elements known to man.

With all these factors contributing to the value of gold, it’s important to remember how much your gold is worth. Know that Tucson jewelry store Fast Fix will buy your gold or silver, whether it’s new, used, or even broken. Gold has a history of rarity of value, and it’s never too late to cash in on yours.

 

 

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