For thousands of years, gold has served as the standard for measuring and storing wealth. Along the way, using gold to enhance beauty and improve technology increased its preciousness. Here’s a quick primer on how gold buyers and sellers made the metal so valuable in the first place.
It’s Both Rare & Beautiful
Among the most common ways people assign value is by beauty and rarity. Gold has both. As one of the rarest elements on the planet, the process of obtaining it is extremely hazardous, costly, and time-consuming.
Meanwhile, gold has been coveted throughout history for its beauty. Its stunning color is matched by its softness, making it ideal for jewelry-making. Today, 78% of mined gold is destined for use in jewelry. Discoveries of gold baubles dating back 6,500 years have cemented its ancient status as a symbol of wealth and beauty.
It’s the Original Money
Using gold coins for trade was civilization’s biggest step in elevating the value of this rare element. Its small size and high value made it perfect for barter. In approximately 550 B.C., King Croesus of Lydia is believed to have minted the first gold coins. His idea spread fast. For thousands of years until today, monetary gold has been the foundation of commerce.
Gold’s value increased again during the global Great Depression. Buyers ran to the banks to exchange paper money for the security of gold coins. Their scarcity forced governments to remove remaining coins from circulation and hoard them. The world's central banks began buying and holding onto massive amounts of gold.
Ever since, the value of paper money has depreciated. At the same, gold has always remained in-demand and extremely easy to buy or sell. That makes gold buyers nearly immune from extreme value changes based on inflation, government policies, or economic disasters.
It’s Used for Many Purposes
Gold’s role as a raw material in industry and technology further amplifies its value. It’s used in glass for coloration and insulation. Gold nano-particles improve the efficiency of solar panels and hydrogen fuel cells. Gold plating vastly increases the durability of machine parts.
Meanwhile, gold electrical connectors never corrode or tarnish, making them ideal for integrated circuits and space flight. In medicine, gold delivers powerful anti-microbial and cancer-fighting properties that make it a life-saving part of many treatments.
If you have gold to buy or sell, consult the trusted experts at A Happy Pawn in Honolulu, HI. Based in Chinatown since 1988, they offer competitive rates and quick cash for gold jewelry, coins, and bars. To find out more about what the gold buyers accept, call (808) 383-5253 or visit their website.