The history of gold can be long and complex but some consumers can have little or no knowledge how gold has became such a high commodity. To the first known civilizations, gold was a symbol of wealth and guaranteed power. Gold wasn’t only used for lavish jewelry but it was also used to expand into household items and furniture in the homes of the higher classes back in the day. It is suggested that the use of gold began in the Middle East. Then it was suggested that it expanded to the Persian empire, Rome and then during the frontier days of the United States. The uprising of gold was meant to stabilize the global economy. This standard was adopted by Great Britain in 1821 and then the rest of Europe in the 1870’s. But this didn’t last for long due to the arrival of the great depression and marking the end of the U.S. export of gold in the 1930s. By the mid 20th century, the US dollar had replaced gold in international trade.
The US dollar might have replaced gold but it didn’t dispose of it. Gold, along with silver and platinum, have become very high commodities for exchanging for dollar values now a days. Recently, we have seen precious metals decreasing a rapid pace. In the beginning of the year gold was at $1,661 an ounce for spot price. Throughout the last couple of months it has been taking huge losses and decreasing more frequently than expected. Back in April, gold tumbled dropping 9.3%, the biggest drop since Jan. 22, 1980. Being that we are in the middle of the year, the prices of precious metals have been struggling to increase and there is speculation that it will take some great time before you start to see the prices of these precious metals go back up. This why many consumers are trying to liquidate their fine metals for the doubt that gold will drop even more in the months to come.