Monday, March 17, 2014
Gold has been widely used throughout the world as money, for efficient indirect exchange (versus barter), and to store wealth in hoards. For exchange purposes, mints produce standardized gold bullion coins, bars and other units of fixed weight and purity.
The first coins containing gold were struck in Lydia, Asia Minor, around 600 BC. The talent coin of gold in use during the periods of Grecian history both before and during the time of the life of Homer weighed between 8.42 and 8.75 grams. From an earlier preference in using silver, European economies re-established the minting of gold as coinage during the thirteenth and fourteenth centuries.
Bills (that mature into gold coin) and gold certificates (convertible into gold coin at the issuing bank) added to the circulating stock of gold standard money in most 19th century industrial economies. In preparation for World War I the warring nations moved to fractional gold standards, inflating their currencies to finance the war effort. Post-war, the victorious countries, most notably Britain, gradually restored gold-convertibility, but international flows of gold via bills of exchange remained embargoed international shipments were made exclusively for bilateral trades or to pay war reparations.
After World War II gold was replaced by a system of nominally convertible currencies related by fixed exchange rates following the Bretton Woods system. Gold standards and the direct convertibility of currencies to gold have been abandoned by world governments, led in 1971 by the United States refusal to redeem its dollars in gold. Fiat currency now fills most monetary roles. Switzerland was the last country to tie its currency to gold it backed 40 of its value until the Swiss joined the International Monetary Fund in 1999.
Central banks continue to keep a portion of their liquid reserves as gold in some form, and metals exchanges such as the London Bullion Market Association still clear transactions denominated in gold, including future delivery contracts. Today, gold mining output is declining. With the sharp growth of economies in the 20th century, and increasing foreign exchange, the worlds gold reserves and their trading market have become a small fraction of all markets and fixed exchange rates of currencies to gold have been replaced by floating prices for gold and gold future contract. Though the gold stock grows by only 1 or 2 per year, very little metal is irretrievably consumed. Inventory above ground would satisfy many decades of industrial and even artisan uses at current prices.
Dubai Shopping Festival offers 32kg gold and a diamond ring
One-of-a-kind Expo 2020 gold coin will be offered at Dubai Shopping Festival
Gold and diamond lovers who purchase gold worth Dh500 at any participating outlet in the city will be entitled to one raffle coupon for a chance to win the one kilogramme gold (worth around Dh146,000) and a diamond solitaire ring.
The Middle East is the place to buy gold jewelry in particular. The local souks and modern shopping centers in the United Arab Emirates (UAE) are full of jewels, gold watches and retailers. Different ct chains can be purchased by the meter, the same way you might with a string of Chandler ships. The fascination that this case is yellow gold, which is more pure, while Western tastes lean toward the white versions. Whatever your preference, its all here, and you do not find what you want the center can be picked up at the airport, where gold sales have skyrocketed. Last year, Dubai Duty Free (DDF), the exclusive retailer in Dubai International airport recorded more than 120 million on sales of precious metalSUBSCRIBE for more GOLD / SILVER / BITCOIN / LITECOIN / FREEDOM / NEW WORLD ORDER / GLOBAL CURRENCY RESET
GOLD BULLION at DUTY FREE Shopping in DUBAI AIRPORT - See Prices from 2009
Gold has been widely used throughout the world as money, for efficient indirect exchange (versus barter), and to store wealth in hoards. For exchange purposes, mints produce standardized gold bullion coins, bars and other units of fixed