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Topic: Exploring the Global Market for Gold Bullion |
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t7idi8s8
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The history of gold bullion
The history of gold bullion dates back thousands of years. Gold has been used as currency and a symbol of wealth since ancient times, with evidence from Gold Bullion civilizations such as the Egyptians, Greeks, and Romans. The word "bullion" actually comes from the French term "bouillon," meaning boiling or melting.
During the 19th century, gold rushes in California and Australia led to an increase in the production of gold bullion coins. These coins were primarily used for international trade between countries.
In 1933, President Franklin D. Roosevelt signed Executive Order 6102 which required all US citizens to turn in their privately held gold bullion to the Federal Reserve in exchange for paper money. This move was made to combat deflation during the Great Depression.
After World War II, many countries adopted a system where their currencies were tied to a fixed amount of gold known as the Bretton Woods Agreement. However, this system ended in 1971 when President Richard Nixon removed the convertibility of US dollars into gold.
Today, investors buy and sell physical gold bullion bars or coins as a hedge against inflation or economic instability. The value of gold is also influenced by supply and demand factors such as mining output and jewelry fabrication demand around the world.
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