Forex Trading Daily Forecast EUR/USD

Soon will be activated
UP - 0%
 
DOWN - 100%
 

GOLD

gold

General information about gold 

Chemical element gold is yellow, shiny, thick and expensive metal. Gold has properties that make it extremely valuable. It is attractive in colour and luster (brilliance), has durability over time and is susceptible to treatment .Gold is usually found in nature in relatively pure form. It is a metal that is a good conductor of electricity and heat. Due to its high electrical conductivity, gold is in great demand in the electrical and electronics industry.

Alloys of gold with other metals are used for making gold coins and gold products. It is also used in jewellery for jewellery making. The content of impurities and alloys of gold is shown in 24 quarters, called carat, 12-karat gold alloy is 50% gold, 24 carat gold is pure. In the form of coins or bullions, gold plays a significant role as a currency with higher value and certainty of price.

History of Gold

In the 19th century and from1870 to The World War I gold has served as a guarantor of the paper currency systems. Gold standard was the basis for the world currencies till the World War I. Although the formal role of gold in the international monetary system is suspended during the 70's, gold continues to be used as reserve assets. Gold is considered by all parties in international payments. After America’s discovery by Columbus, more than 225,000 kilograms (8,000,000 ounces) of gold, or 35% of world production during 1492 - 1600, came from South America. During the 17th and 18th centuries, mines of the New World bore 70% of world production of gold. In the 18th century were harvested 1, 350, 000 kg (48, 000, 000 ounces). In 1823, Russia is the world's leading producer of gold. During 1850-75, more gold was produced in the world than in all years from 1492 till then, mainly due to the found gold in California and Australia. The discoveries in Alaska, Yukon Territory and South Africa in 1890-1915 lead to the third market increase.

A significant factor in the increase of the world stock of gold was the introduced in 1890 a cyanide process. This process was for gold recovery from low-quality ores and ores with little content of gold. The production of gold continued to rise in 20th century, partly due to the improvement of methods for extracting gold and partly due to the continuous growth and expansion of mines in South Africa. In the late 20th century, four countries - South Africa, Russia, USA and Australia are responsible for two-thirds of the gold produced worldwide. Only Witwatersrand mines in South Africa have produced nearly one third of gold in the world. However, deposits of gold are finite. Companies for gold mining complain that the gold deposits are becoming less and the annual yield decreases. In Canada these companies have already passed the peak production of gold. South Africa ended in 2007 with the lowest levels of mining since 1932.

Forex Trading Daily Forecast EUR/USD

Soon will be activated
UP - 0%
 
DOWN - 100%