Gold is one of the most valuable metals on earth and its prices are continuously skyrocketing. We all know that Earth’s mineable gold came from billions of tons of meteorites that hit Earth more than 200 million years after our planet’s formation. But have you ever wondered when gold was first dug? And how did its price keep increasing? Interesting information about this has been shared in a post on social media platform X. The world’s richest man Elon Musk also liked this post. He also liked it.
According to estimates, the amount of gold that has been mined so far and the amount that is yet to be mined, if taken together, would be equal to three Olympic-sized swimming pools. Approximately 244,000 metric tons. Some estimates say that there is so much gold in the earth that if everything is put together, the entire earth’s surface can be filled up to 12 feet. In comparison, 1.74 million metric tons of silver has been mined so far. But still the demand for gold is high.
$5k in gold vs $5k in silver
In case you missed it, gold is much rarer than silver, and this imbalance in supply and demand between the two metals makes up the majority of the difference in their prices.
It’s estimated that all the gold that has been mined throughout history… pic.twitter.com/c3tjHsQty4
— Massimo (@Rainmaker1973) November 26, 2023
The price of gold and silver was once equal
According to this report shared by @Rainmaker1973 account on X, at one time the price of gold and silver used to be 5 thousand dollars. But gold is much rarer than silver. Due to this imbalance in supply and demand, gold prices skyrocketed. But do you know when gold was dug for the first time? Some people say it is 4000 years old, while in many reports it is said to be 7000 years old. But according to this report, gold was first mined in Lydia in 550 BC during the days of King Croesus. Since then it is present in front of us in currency, jewellery, gold medals and many other forms.
That’s why it is used in jewellery.
Gold is a soft and malleable metal to touch, hence it is used in jewelery that people can wear. It is chemically inert. That means no other chemical reacts directly with it. It can be stretched for a long time without breaking. Even just one gram of gold can be converted into a one meter wide sheet by hitting it with a hammer. By pulling it, a 165 meter long wire can be made. It is often mixed with harder metals like silver or copper to increase its strength. 24 carat is equal to 100% pure gold. Whereas 18 carat gold is an alloy with silver. This means that every 1000 grams contains 750 grams of gold, the rest being other metals.
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Tags: amazing news, Gold, gold price, OMG News
FIRST PUBLISHED: November 26, 2023, 15:18
