• Monday, September 15, 2014

FYI

Know your gold

By Abida Rahman Chowdhury
Gold

Gold has been a part of our lives ever since its discovery by the Arabs around 6000 BC. With its Latin name Aurum meaning "shining dawn", it is of little surprise that this element has been used in artwork and jewellery, what with its physical properties donning malleability and durability, for as long as one can think back. Gold is in fact considered quite so valuable that it has long been used for the purpose of monetary exchanges.
The aesthetic value of gold is well-known too with every royal there ever existed owning their fair shares of gold and using it as part of everyday wear, to the present day where wearing gold ornaments to parties, outings and even to work is the height of sophisticated fashion.
With so much going on around gold, it is best to know the world statistics that relate to it. Gold has seen an overall trend where its prices are on the rise, from approximately 150 dollars in 1975 to approximately 1350 dollars at present. Current occurrences -- the political confusion among Ukraine, Crimea, Russia and US's sanctions, have led to speculations about gold prices. This in turn led to an excessive demand and purchase of gold which, in fact, caused a hike in gold-price trends. In a retrospective view, recessions have caused these prices to fall as in the credit crunch of 2009, so even though prices are rising, it is an indication that the global economy is a strong one with low chances of a collapse, at least in the relative short run.
The very precious element that we all want a share of is possibly made even more expensive owing to its high cost of extraction via mining. As labour costs rise, the situation has become more difficult to put reins on. Countries such as South Africa, US, or Australia, which have been the top producers of Gold in the world, are now facing competition from growing economies such as China which took away South Africa's spot of the world's largest producer, an occurrence the likes of which has not been seen in over a century.
Gold is so extravagant that comparisons to it are found increasingly in literary writing, and used as a compliment for something might just make ones day! For King Midas, gold snatched away his happiness, but in the right amounts and with a degree of control, it is likely your day will be made perfectly beautiful, just like a warm golden sunset.

 

Published: 12:00 am Tuesday, April 08, 2014

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