2006-07-22 19:13:10 · 4 answers · asked by f20ash 2 in Business & Finance ➔ Other - Business & Finance
Gold has been a form of wealth since before writing (some of the first writing was about places gold could be found). It was chosen because of its rarity (all the known gold in the world would fit in a 20m^3 cube) and its resistance to all forms of corrosion.
The earliest gold benchmarking or "fixing" (rating an Oz. of gold versus various currencies) was in London in 1919.
2006-07-22 19:27:49 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Gold has not always been the source of all currency. For example, the Romans used salt as currency and the Native Americans used beads
2006-07-23 07:39:24 · answer #2 · answered by ps2754 5 · 0⤊ 0⤋
Prior to the Nixon administration, the US dollar was backed in theory by gold supplies. Nixon took the US off the "Gold Standard"... interestingly enough, foreign central banks have been actively buying gold in substantial amounts in the past 2 years.... the average central bank carries about 20% of its money in gold.
2006-07-22 19:18:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
becuz its rare and easy to indentify but i think women like shiny metal
2006-07-22 19:17:30 · answer #4 · answered by Jack H 3 · 0⤊ 0⤋