The 5,000 year History of Gold and Silver
Throughout 2022 Goldcore has been reminding readers that physical gold and silver investment is the best way to avoid the damaged systems run by governments. We have reminded readers that precious metals have no counterparty needed to vouch for or to approve their value, a fact which keeps them outside of the ‘system’. Next week we shall return to the ‘system’ as a topic. This week to honour the Christmas period we examine some of the reasons silver and gold have their five-thousand-year histories.
People today are less religious than in past centuries for reasons well beyond the scope of our weekly writings. Yet even today religions and wealth, and silver and gold are entwined within the minds of many. Additionally, below is a historical review covering some of the reasons why.
Gold is a central feature in most religions around the world. As one of humanity’s first discovered precious metals, it has historically held great value. Its value has been in its beauty and its scarcity. As something that held great value and beauty, it’s only natural that it would be included in the most significant aspects of human life.
Gold in the Bible
Within the three Abrahamic religions of Judaism, Christianity and Islam, gold historically and presently plays a prominent role in services and ceremonies. The Bible speaks extensively about ancient Israelite ceremony and liturgy, and gold was heavily featured. In terms of Israelite worship, God commanded Moses to collect gold from the people for the construction of the sanctuary—the centre of worship.
“This is the contribution which you are to take from them: gold, silver, and bronze…Have them construct a sanctuary for Me, so that I may dwell among them.” (Exodus 25:3, 8-9 NASB).
All of the furniture items in the tabernacle, including the ark of the covenant, the table of shewbread, the menorah, and the altar of incense were overlaid with pure gold.
Clearly, gold played a central role in the practice of worship, in ancient times. Their gold was more than merely decorative. Firstly, the gold signified God’s magnificence and holiness. As the most valuable and precious metal in the ancient world, gold was chosen to adorn the Tabernacle and the items within it as a testament of God’s majesty and glory.
The gods of other nations were also made from gold and other precious metals because everybody at that time knew what these metals represented – wealth since control over metals meant control over lands and technology.
Gold in Judaism
As in ancient Jewish worship where the scroll of the Torah would be beautifully adorned with gold and other precious things, the Christians would adorn the book of the Gospel with gold and other valuable jewels and metals.
The use of gold in Christian worship continued with the items in the churches such as the chalices which would hold the Holy Emblems, the seven-headed candlesticks, the dishes for oblations, and the ornate golden vestments worn by the priests and bishops. All of this is a continuation of the instructions given to Moses for worship in the Hebrew Scriptures.
Gold’s role in Islam
The last of the three major Abrahamic religions, Islam, also utilizes gold, albeit in different ways. Islam’s primary use of gold was in Qur’anic manuscripts and in the decoration of mosques. Moreover, some 9th-century Qur’anic manuscripts began to appear with golden calligraphy.
However, there was great debate within Islamic sources as to whether such ornamentation was appropriate. Some mosques around the world are decorated with gold and contain majestic ornamentation to signify the majesty of Allah. Anything made with gold or with great beauty within Islam is meant to portray the greatness of God and inculcate a sense of awe and wonder in the worshiper.
The Eternal Strength of Gold
As can be seen, gold has played a central role in the world’s three monotheistic religions. In each case, it has been used to communicate God’s greatness and majesty and to generate a sense of holiness and wonder in the believer. Human beings have always made a connection between gold and the divine, likely because of its splendour, brightness, and value.
Perhaps the greatest human connection to gold and silver comes from the permanence of eternity. Since the metals are very stable chemically, they never rust, never lose their shine, and don’t chemically change into something else.
Those features of course are direct variants to the birth, ageing, decline and death of humans. We see in these metals a permanence we cannot possess but understand the value of permanence for safety and wealth.
In the centuries before this one silver and gold were ever-present as permanent and eternal objects. They served society as reminders of human generations both gone and to come. Perhaps nothing has really changed?
Silver and gold still silently remind us that the schemes and money printing of our generation cannot sustain future generations and was rejected by prior generations.
This is why here at GoldCore we have been proud to help nearly 15,000 customers to buy gold and silver bullion so that they can insure their portfolios against systemic risks. Moreover, we are not offering anything new, just gold and silver. The two assets that have been trusted for over 5,000 years, around the globe.
Wishing you a very Merry Christmas and a happy 2023, from the GoldCore Team.
If Christmas movies, mince pies and presents get to be too much, why not settle down in front of GoldCore TV, our YouTube channel here to help you make sense of the precious metals markets, so you can make better investment decisions. We’ve got some great interviews and analysis. Including Central Bank gold buying in 2022 and this analysis of gold ratios in 2023.
From The Trading Desk
The gold price is still holding above the 200-day moving average and has pushed towards the $1,824 level.
The next bullish move up would be towards $1,850 with resistance coming in at $1,840.
Near term support level that needs to hold comes in at $1,805 with the 200-day moving average at $1,771.
Silver too has put in a strong performance over the last couple of weeks and hit an eight month high at USD 24.21 yesterday.
Trading volumes continued consistently through December with a buy sell through rate of 90%.
There has also been a considerable pick up in pension account openings and enquires too.
Demand for Silver coins remains as strong as ever, we currently have an offer (see below) on Gold and Silver Britannia’s with the lowest premium in the market.
Trading volumes will be light for the remainder of the week and with the shorter trading week next week.
Silver Brittania’s – We have an additional allocation of Silver Britania’s from the Royal Mint for December, with the lowest premium in the market at spot plus 32% for EU storage and delivery and spot plus 39% for UK storage and delivery. Please call our trading desk to avail of this offer. Stock is limited at this reduced premium.
Gold Brittania’s are available again for UK and Irish Investors. Gold Britannia’s start at 5% over Spot and Gold 1oz Bars start at 4.2% over Spot.
GoldCore have excellent stock and availability on all gold coins and bars. Please contact our trading desk with any questions you may have.
GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)
21-12-2022 1813.50 1817.55 1493.24 1502.39 1707.23 1713.77
20-12-2022 1806.35 1813.90 1486.63 1492.11 1698.51 1705.79
19-12-2022 1796.50 1790.80 1470.97 1470.60 1690.51 1688.37
16-12-2022 1780.15 1792.55 1464.17 1467.38 1676.01 1684.46
15-12-2022 1775.95 1783.55 1439.76 1449.67 1672.06 1666.37
14-12-2022 1808.20 1808.05 1458.31 1459.82 1695.73 1698.48
13-12-2022 1785.15 1823.55 1453.29 1469.23 1694.64 1713.04
12-12-2022 1790.60 1786.60 1458.80 1455.90 1696.41 1692.09
09-12-2022 1793.00 1796.15 1464.34 1463.32 1698.51 1704.55
08-12-2022 1782.45 1790.15 1464.82 1464.16 1698.32 1699.03
07-12-2022 1771.85 1782.20 1458.06 1460.33 1689.28 1694.16
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