From 30 B.C. to 2019 A.D: Historical Prices of Gold
Blessed be the person who discovered gold and introduced this finite rarity to the rest of the world.
An investment in gold unlocks financial security, post-retirement comfort, and a cushion that safeguards you from inflation. And this has been true for eons; there was never a point in history when gold was considered worthless.
Even when people had no notion of wealth or money (you know, back when we were living in caves) knew that this glittery rock was precious.
If you’re lucky enough to find a rare Roman gold coin from the reign of Augustus Caesar, you’ll realize that it’s one of the priciest things that you can own. And it was always expensive.
Augustus Caesar, the then emperor of Rome, had fixed a price on his gold coins: one gold coin equaled 45 regular coins. Marcus Aurelius boosted this even further: 50 regular coins for a gold coin.
As the emperors kept coming, the price of gold kept going further up—they’d lower their own currency’s value with respect to gold.
The Great Britain
A couple of millennia later, in the 1200s, Great Britain was following the same model that they had inherited from their Roman ancestors: they devalued their currency and would increase the price of gold by one pound each year.
Like most other things that were exported from this colonial power (such as the lingua franca, the system of governments, etc.) to its colonies, this trend also found its way to other countries. This became known as the gold standard.
Eventually, the gold standard was cemented in the United States. The Gold Standard Act of 1900 is a testament to this.
Today, gold is the sole metal that paper money/currency can be valued against. It was this Gold Standard Act, in fact, that propelled our dollar to great heights. In 1944, the Bretton-Woods Agreement was passed.
According to this agreement, developed countries now value their own currencies against the dollar (which itself is valued against gold). Since the United States has one-third of all the gold in the world, this agreement wasn’t disputed.
Take-Aways for Individuals Who Seek to Invest
If you’ve been on the lookout for some viable source to invest in, then gold is your best bet. The history of its prices shows that its prices are always sky-high and will continue to be so. If you’re interested in a secure future, there’s nothing better to buy than gold, because you’ll know for s fact that it will continue to shine—just like it has done for so many years.