GOLD, as a rare metallic element and precious metal, has been held in high esteem and valued since ancient times and is still one of the most highly prized metals that have been used throughout the ages to symbolize power and wealth and immortality.
Gold has an atomic number of 79 and the symbol Au in the Periodic Table of Elements; it is found in Group 11 along with roentgenium and copper, and in the Period 66 between mercury and platinum.
It is also called the “transition metal” being the most ductile and malleable. While the name gold originates from an Old English word meaning yellow, the symbol is derived from the Latin word “aurum”, which means “shining dawn.”
Gold is the metal of choice by artisans and jewelers because of its durability and flexibility and it is not easily affected by normal heat, air, moisture or day to day wear and tear.
Because it is a very good conductor of heat and electricity, it is generally used for manufacturing applications, industrial processes and premium electronics.
Gold is resistant to corrosion and tarnish, allowing the metal to easily transmit these weak currents. Gold is also used in computer equipment, photographic imaging, biological and medical research, and sensitive aerospace gadgetry.
Gold Prices, Buying and Selling
Gold prices can vary in the financial market. A troy ounce is based on the belief that one troy pound is equivalent to a dozen troy ounces. Gold buying and selling is fundamentally based on the troy ounce. It is 31.1034768 grams. Gold prices per ounce have seen positive gains recently.
For example, September 2009 opened with gold prices per ounce of $950. Gold prices increased by 6% to $1,010 per ounce within eight days. The month had an overall high of $1,020, up 7% from its opening price per ounce.
October of the same year opened at gold prices per ounce of $1,005 and hiked up 5.5% to $1,060 per ounce in two weeks until it pulled back 2.8% to $1,030 per ounce.
Annual gold prices for the past five years show that in 2005 gold prices had the largest dollar increase per annum, with over $80 in hike. A chart of gold prices over the last three decade looks like the early stages of a roller coaster.
Yearly average gold prices have been somewhere between $300 and $450 an ounce since the early part of 1982 while potential record upside value is pegged solidly by traders with 2007 gold average value to break the $614 record in 1981.
Nobody knows for sure what gold prices per ounce will be tomorrow, next week or even next month. From August to December of 2010 the price had increased by 20%. During these times you have an opportunity to buy low and sell high. Nevertheless, the potential trader should think about current economic signs and expert advice about conditions in gold prices in the coming months and years.
History of Gold Prices
There is no exact trace as to who really discovered gold. Being a basic and fundamental natural gem, gold eventually ended up portraying a critical part in a nation’s financial structure. It was already very valuable even before the precious metal was used during the ancient period.
The use of actual gold coins as a form of currency continued into the 17th century. Eventually, the formation of bank notes, the kind of paper we consider money in our modern world today, occurred.
As can be gleaned from this brief peek of the past, gold and gold prices have always held a lofty place both in the hearts of people and in the eyes of the world. Gold prices have seen many various and critical changes, from being embraced because it was precious to being allowed to shape its own value. The history of gold prices is one that is as complex as the history of civilization itself.
Gold has an intrinsic and use value. It is considered to be more stable than stocks and many other commodities and gold prices monitoring are one of the most important factors in the world currency market.
Gold prices have been appreciating throughout the years and have continuously been surpassing all time high records. Hence when the US dollar weakens, gold prices often spike as people from other countries have their currency appreciate against the US dollar – the barometer at which gold prices are based — and can hence buy gold more cheaply resulting in demand increases for this precious metal.
Gold is and will always be here to stay. It influences and shapes cultures, economic, political and personal characters. Gold, like any precious natural resource, makes the world go round. It is something that man can’t live without.