gold

Gold is widely used around the world as

a vehicle for monetary exchange, or issuance and recognition of gold coins or other bare metal quantities , or through gold convertible paper instruments by establishing gold standards in which the total value of issued money is represented in a store of gold reserves .

The first golden age of Greek coins were minted in Lydia around 700 BC [28]. Talent of gold coins to use in periods of Greek history , both before and during the life of Homer weighed 8.42 and 8.75 grams. [29 ] With still prefer using silver European economy recovered minting gold coins as in the thirteenth and fourteenth centuries. [ 30]

However, production has not grown in relation to the economy in the world. Today, gold mining output is reduced. [31 ] With the dramatic growth of the economy in the 20th century , and increasing foreign exchange, the world's gold reserves and their trading market steel small fraction of all markets and fixed exchange rates of currencies to gold were no longer supported .

At the beginning of World War I the warring nations moved to a fractional gold standard, inflating their currencies to finance the war. After World War II gold was replaced by a system of convertible currency following the Bretton - Woods system. Gold standards and the direct conversion of currencies to gold have been submitted by world governments , being replaced by unsecured currency in loco parentis . Switzerland was the last country that has tied its currency to gold, it backed 40 % of its value until the Swiss joined the International Monetary Fund in 

1999 . [32]

The content of gold alloys is measured in carats (k ). Pure gold is designated as 24k. English gold coins intended for circulation from 1526 to 1930 were used to a standard 22k alloy called crown gold , [ 33] for hardness (American gold coins in circulation after 1837 contained the slightly lower amount of 0.900 fine gold, or 21.6 thousand tons). [34 ]

Although the price of some platinum group metals can be much higher , gold has long been considered the most desirable of precious metals, and its value has been used as the standard for many currencies. Gold is used as a symbol of purity , value, royalty , and particularly roles that combine these properties. Gold as a sign of wealth and prestige was ridiculed by Thomas More in his treatise Utopia . In this imaginary island ,

 gold is so abundant that it is used to make chains for slaves , tableware and lavatory . When ambassadors from other countries arrive , dressed in ostentatious gold and jewels , badges, utopian mistaken them for menial servants , paying homage instead to the most modestly dressed of their party .