Gold is often praised as a safe haven investment, protecting wealth during recessions and serving as a reliable financial asset. But there’s more to gold than just its serious monetary value. Here are some fascinating facts that might make you see gold in a new light before you sell bullion:
- Gold is One of the Rarest Elements
Gold is extremely rare, comprising just 0.003 parts per million of the Earth’s crust. This precious metal can be found on all seven continents. Interestingly, it’s estimated that there’s around $10 billion worth of gold in the oceans, equating to approximately 25 tons of gold dispersed in the world’s waters.
Gold is a large atom, making it incredibly difficult to produce. It requires immense heat and pressure, such as that generated by giant stars when they go supernova. Among the 92 elements in the Earth’s crust, gold ranks 58th in rarity. Beyond Earth, scientists believe gold might also be present on other planets, particularly Venus, Mercury, and Mars.
- Gold Coins Date Back to 700 BC
The first gold coins were produced in Lydia, a region in modern-day Turkey, between 700 and 650 BC. These early coins weren’t made of pure gold but rather an alloy called electrum, composed of gold and silver. The gold was sourced from rivers in that region. It wasn’t until the reign of King Croesus of Lydia that the first pure gold coins were minted.
Today, thousands of gold coins are minted daily. While your inherited or self-acquired gold coins might not be ancient, gold remains a solid investment. Gold coins, particularly old or rare ones, can fetch higher prices if sold, especially in times of financial need.
- 187,200 Tons of Gold Has Been Mined Globally
According to the World Gold Council, approximately 187,200 tons of gold have been mined throughout history, with two-thirds of that amount extracted in the last seven decades. If all the gold ever mined were gathered together, it would form a cube measuring 21 meters on each side.
There are still about 57,000 tons of unmined gold in the world. While that may seem like a substantial amount, some of this gold is buried so deep that extracting it would require new and expensive technologies. Thankfully, gold is recyclable, which is why the gold industry encourages people to sell their old or scrap gold to help meet the demand for gold products.
When you want to sell bullion, it’s important to note that it is generally of the highest purity and often certified, meaning its value depends not only on the gold content but also on factors like the condition of the bullion and the refinery where it was produced.