History of Gold
Like all other precious metals, gold has been an indicator of power, sovereignty, and wealth throughout history. It has adorned the thrones and crowns of kings and sultans and has survived to the present day by preserving its value.
Objects and jewelry made of gold, which are thought to have first been found on the earth’s surface, were first found in Southern Iraq around 3000 BC. Around 2000 BC, the first gold jewelry, ornaments and ornaments were found around Peru.
For the first time in history, Egyptians used gold as money, which was valued by Aztec and Inca civilizations and used by Greeks, Asusians and Sumerians in vases and bowls as well as jewelry making. In addition to using gold as an alloy, the Egyptians, who knew how to make jewelry, cut gold into strips, and used it as money for the first time. B.C. In 550 BC, King of Lydia, Crezos, minted gold as money (coin) and thus trade increased. Cities have prospered and the world has entered a new era of prosperity.
Gold, which is also an important value for the Turks, has often been the symbol of the state and sovereignty in Turkish civilizations. The gold production of the Turks, who made spears as well as jewelry such as necklaces, rings, and earrings, decreased after they accepted Islam.
Gold, which was used to pay the state debts in the Roman period, caused great gold rush movements in the 1800s, and later started to be used in the industry, has reached today without losing its importance after centuries of adventure.
Gold formed the basis of the monetary system between 1870 and 1930, was used as a means of payment in international commercial activities, and national currencies were represented by a certain gold weight. The implementation of this system continued until the First World War. Due to World War I and financial difficulties in the 1920s, countries had to print money uncontrollably, so the value of different countries’ currencies against each other and gold was released within a wide band. I and II. During the World Wars, the gold money standard could not be applied, and the relative price balance between countries deteriorated.
In 1944, a fixed exchange rate was adopted for the currencies of the countries, and it was accepted that the value of the currency of each country participating in the agreement should be determined on the basis of dollars. The dollar was the only national currency that remained convertible to gold. According to the agreement, 1 ounce of gold is set at $35.
Since the early 1970s, the convertibility of the dollar to gold was terminated, which caused it to lose its quality as a medium of exchange and to be used as a part of individual savings and central banks reserves.