How Did Gold Beat Out Every Other Precious Metal To Become Humanity’s Dominant Currency For the Last 2,600 Years?

How Did Gold Beat Out Every Other Precious Metal To Become Humanity’s Dominant Currency For the Last 2,600 Years?

Why has gold reigned as the world’s go-to precious metal for over 2,600 years? It’s not as rare as platinum, durable as diamonds, or malleable as copper. What is it about this metal that made it the standard unit of coinage, from China to Mesoamerica? It’s a very long story, but gold’s scarcity, durability, malleability, and universal appeal made it ideal for trade and wealth preservation, starting with the Lydians of 550 BC. Unlike tin, copper, or bronze, gold’s intrinsic properties allowed it to serve as a stable and universally recognized unit of exchange, laying the foundation for its historical role in economies.

In today’s episode, we explore gold’s history, the evolution of monetary systems (from China’s early use of paper money in the Middle Ages to Great Britain’s establishment of the gold standard in the late 17th century), and how the gold standard of the last century facilitated international trade and stability but was ultimately abandoned due to its deflationary pressures and limitations. The pivotal moment came in 1971 when President Nixon ended dollar-gold convertibility, ushering in the fiat currency era.

To discuss these topics is today’s guest, Collin Plume, author of “Silver Is the New Oil: Strategies for Profiting From the Next Industrial Revolution” and CEO of Noble Gold Investments. He offers insights into modern trends, including nations increasing gold reserves, gold-backed cryptocurrencies, and the future role of gold in global finance.

Links:

Silver Is the New Oil

Noble Gold Investments

See omnystudio.com/listener for privacy information.

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(1103)

Johnny Appleseed's Trees Were for Booze, Not Pies, and He Dressed Like a Hobo for Marketing Purposes

Johnny Appleseed's Trees Were for Booze, Not Pies, and He Dressed Like a Hobo for Marketing Purposes

The Disney version of Johnny Appleseed has a cheerful barefoot man in a tin pot hat scattering apple seeds for grateful pioneers to bake into pies. The real John Chapman collected his seeds for free f...

16 Jul 53min

All the World’s Empires Became Nations in Less Than 100 Years, and What That Means for the Next 100

All the World’s Empires Became Nations in Less Than 100 Years, and What That Means for the Next 100

For the last 5,000 years, empires ruled the world — Rome administered hundreds of languages across three continents, and the Ottomans governed Christians, Jews, and Muslims under a single legal canopy...

14 Jul 49min

Five Cambridge Graduates Became Soviet Spies and Built Stalin’s Empire

Five Cambridge Graduates Became Soviet Spies and Built Stalin’s Empire

The Cambridge Five did more damage to the Western Bloc than any other intelligence outfit of the Cold War. They were five Cambridge graduates who drank gin at the right clubs, moved through the right ...

9 Jul 58min

Washington’s Power Went Beyond President or General – He Was a Full-Fledged Patriarch

Washington’s Power Went Beyond President or General – He Was a Full-Fledged Patriarch

Washington was the perfect man for an impossible moment — aristocratic enough to command the respect of erudite founders like Hamilton and Jefferson, yet only a mid-level Virginia planter who understo...

7 Jul 54min

Abigail Adams Beat Warren Buffet’s Rate of Return and Ben Franklin Loved Debt: Personal Finance Lessons From Colonial America

Abigail Adams Beat Warren Buffet’s Rate of Return and Ben Franklin Loved Debt: Personal Finance Lessons From Colonial America

Many so-called timeless beliefs about money pitched by financial advisors today (compound interest, real estate, index funds, retiring early) are not timeless pieces of wisdom, but a set of ideas inve...

2 Jul 54min

The Highs and Lows of Roman Slavery: From the Emperor's Advisor to Suffocating in Sulfur Mines

The Highs and Lows of Roman Slavery: From the Emperor's Advisor to Suffocating in Sulfur Mines

When Julius Caesar conquered Gaul he boasted that he killed a million Gauls and enslaved a million more. This is the truth about the Roman empire: Rome could not function without slavery as it underpi...

30 Jun 56min

A Day at the Gladiatorial Games: Beast Hunts, Mass Slaughter, and Flooding the Colosseum to Reenact Roman Naval Battles

A Day at the Gladiatorial Games: Beast Hunts, Mass Slaughter, and Flooding the Colosseum to Reenact Roman Naval Battles

A gladiator named Diodorus defeated his opponent Demetrius in the arena, accepted his submission, discarded his own helmet and shield, and reached for the palm branch that marked his victory. Then the...

25 Jun 52min

The Black Death’s Global Ripple Effects, and How They Were Felt Outside Europe

The Black Death’s Global Ripple Effects, and How They Were Felt Outside Europe

Of the millions of victims of the Black Death, one was a teenager named Joseph ben Meir Abulafia, who died of the plague in Toledo in 1349 alongside his new wife. His tombstone was inscribed as a conv...

23 Jun 52min

Populært innen Samfunn

rss-spartsklubben
giver-og-gjengen-vg
konspirasjonspodden
aftenpodden-usa
aftenpodden
rss-nesten-hele-uka-med-lepperod
alt-fortalt
popradet
rss-henlagt-andy-larsgaard
wolfgang-wee-uncut
grenselos
fladseth
rss-dette-ma-aldri-skje-igjen
sophie-leser
lydartikler-fra-aftenposten
hele-historien
bokmerket-2
rss-siktet
198-land-med-einar-trnquist
vitnemal