Be it in form of bullion, old coins, jewelry, or watches, gold can fetch instant value to bring you the money that you require. The gold coins that may have been with your family for years are no longer in circulation and the heavy jewelry in that old box may not feel very trendy to flash now. But these unused things do have plenty of value and can get you loads of cash that can be put to better use – paying off mortgages on your new home, clearing the piled up credit card bills, funding your child’s education or simply for a well deserved holiday that you’ve been planning for quite some time.
Indeed, gold does bring in quick cash. But what really spiraled the interests of generations in the yellow metal? Three factors associated with popularity of gold that can be summarized as follows:
The general allure: Historically, gold has always fascinated scholars and people at large, because of its use as coined money for thousands of years. It was used in jewelry and in making other artifacts thanks to the high value to weight ratio. This high ratio became the price of gold and it triggered its utility more than other commodities or metals. The celebrated appearance or ‘glitter’ of gold has also played a role in making it valuable.
Mention in literature, arts and entertainment: The precious metal was mentioned in the Holy Bible: “there is gold and the gold of that land is good” (Genesis 2:12). Brian Kettell also observed this reference in his book ‘Gold’ adding that it was the first metal cited about in this way. In Merchant of Venice (Act 2, Scene 7), Shakespeare quotes in the scroll that is read out by Prince of Morocco – “all that glisters (glitters in new renditions) is not gold”.
Looking through more recent times, there have been movies such as Mackenna’s Gold, Fool’s Gold: The Story of the Brink’s-Mat Robbery, and the James Bond series Goldfinger that revolve around this metal. It is again the high value and weight ratio of gold that makes it so captivating to human creativity and inspiration.
Financial unit – While gold coins are no longer in direct monetary circulation, the currencies for different countries are still valued in terms of gold. Monetary units (currencies) worldwide are expressed as the number of units of gold per unit of a currency. Conversely, the price of gold is the number of units of currency per unit of gold. Therefore, the yellow metal continues to have its worth.