Gold IRA

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IRA Gold Investments

In 1511, King Ferdinand of Spain declared, “Get gold, humanely if possible—but at all hazards, get gold.” The importance of gold have been noted upon its discovery upon every continent on Earth, yet it is so rare that the world pours more steel in an hour than it has poured gold since the beginning of recorded history!

Gold History

The books of the Bible contain over 400 references to gold. The ancient Greeks thought that gold was a dense combination of water and sunlight.

The gold coin was introduced in 560 B.C. by the Lydians. It was actually made of ‘electrum’, a naturally occurring amalgam of silver and gold. The Lydians were also the first society known to have opened permanent retail shops, and the use of gold coins began to spread when the Lydians were captured by the Persians in 546 B.C.

The chemical symbol for gold is AU. This comes from the Latin word aurum, which means “shining dawn” — as well as from Aurora, the Roman “goddess of the dawn.” The Romans started issuing coins made of gold called the “Aureus” in 50 B.C.

A pound of gold was worth 100,000 denariis in 307 A.D. and rose to 300,000 denarii by 324 A.D. It tripled in just 17 years. The value of a pound of gold by the middle of the fourth century was over 2.1 million denarii. This is a classic example of “hyperinflation” and is partly to blame for the collapse of the Roman Empire.

The Bretton Woods System, created by the United States after World War II, tied the value of a U.S. dollar to the price of 1/35th of a troy ounce (888.671 mg) of gold. This system had to be abandoned in 1971, however, when more paper currency came into circulation than there was gold able to cover it.

Most of the gold discovered throughout civilization is still in circulation. 75% of all gold in circulation was extracted after 1910, and 80% of the world’s gold is still in the ground, undiscovered!

A “pyx” is a Greek boxwood chest in which coins would be placed and presented to a jury for testing. The public test continues to this day, where coins are tested for chemical composition, weight, and diameter. The Trial of the Pyx was a public test of the quality of gold which began in England in 1282.

The Bretton Woods System, created by the United States after World War II, tied the value of a U.S. dollar to the price of 1/35th of a troy ounce (888.671 mg) of gold. This system had to be abandoned in 1971, however, when more paper currency came into circulation than there was gold able to cover it.

Most of the gold discovered throughout civilization is still in circulation. 75% of all gold in circulation was extracted after 1910, and 80% of the world’s gold is still in the ground, undiscovered!

Olympic Gold

The Olympic gold medals awarded in 1912 were made entirely out of gold. This was the last time Olympic gold medals were made entirely of gold. Olympic gold medals today are covered with just 6 grams of gold.

Gold Rush

The first reported gold found in the United States was a nugget that weighed 17 pounds discovered in North Carolina. More gold was discovered in Little Meadow Creek, North Carolina, in 1803, and it sparked the beginning of the first U.S. gold rush.

In 1848, for John Sutter near Sacramento, California, John Marshal discovered flakes of gold. This discovery sparked the California Gold Rush and hastened the settlement of the American West.

Gold Prohibition

Franklin Roosevelt signed Executive Order 6102 in 1933, outlawing the hoarding of gold! Gold could only be owned privately for professional reasons by people like jewelers, dentists, electricians, and other other industry workers.

The punishment for gold hoarding was up to ten years in prison and up to a $10,000 cash fine. The ban lasted for forty-one years. It was finally officially lifted on December 31, 1974.

Gold Stockpile

Inside the Federal Reserve Bank of New York, there is a vault five stories underground which holds 540,000 gold bars, 25% of the world’s gold.

The largest gold mine in the U.S. is the Homestake Mining Company in Lead, South Dakota. Google and gold had about equal value on the stock market in 2005. By the end of 2008, Google closed at $307.65 a share, while gold closed the year at $866 an ounce.

Though market corrections are bound to occur with any commodity, gold has shown that its value will continue to grow as time goes on. It is a versatile substance; one that’s beneficial in both finance and technology where its applications are strategic and varied! If you’re planning to retire some day, consider the value of a  gold IRA for your future. Visit http://www.ordergold.com/ to learn more!

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