With their centuries-old history, gold and silver are the oldest forms of currency. For over 5,000 years, Precious metals have never failed us. We can look to the Bible for evidence of that. The Book of Genesis, for example, says in Genesis 2:12 that “The gold of the land is good.”
God, for people of faith in the Bible and its teachings, wanted humankind to have gold so that we could use it as money. In total, the Bible mentions gold 417 times and silver 320 times. “Money” is mentioned 140 times—each time in reference to one of these two precious metals. Throughout the Bible, gold and silver represent real wealth. In fact, according to the holy book, they are the only God-ordained monetary assets that will preserve their purchasing power.
Gold is also compared to faith, wisdom, and knowledge. God’s laws and commandments, according to the Book of Psalms, is more valuable than gold, but beyond righteousness, faith, and knowledge, gold is considered the most valuable possession of humankind.
However, the best-known mention of gold in the Bible is probably in the story of the Magi and the gifts they presented to baby Jesus—gifts of gold, frankincense, and myrrh. Gold represented Kingship on Earth.
Other Biblical references to the precious metal can be found in Revelations 21:21, which says that “the greatest street in the city was pure gold,” and in the so-called Golden Rule, Jesus’ greatest command (“Do unto others as you would have them do unto you.”).
In terms of gold’s purchasing power, the earliest mention is in Daniel 2, which tells us that, around 600 BC, one ounce of gold could buy 350 loaves of bread. With today’s price of around $3.50 for a loaf of bread, one ounce of gold would roughly buy the same amount of bread today—2,600 years later! Gold was meant to preserve purchasing power. And it has done so through 5,000 years.
The amount of new gold mined averages 1.5% annually, which is the same as the historical growth of the human population, on average. A coincidence, atheists may say, but for people of faith it can seem like God created the perfect form of money for us to use, accounting for humankind’s future growth so that the increase in money supply would always match the increase in our population.
About Kevin Troy
Kevin has spent over 16 years in the financial industry, focused primarily on precious metals as investment assets. He has published many articles on buying and selling precious metals along with the best entry and exit strategies for various financial assets. He has helped thousands of clients protect, preserve, and safeguard their investments with precious metals and has been with Gold Alliance for more than two years as a leading Sr. Portfolio Manager, overseeing a large portion of our clients’ portfolios.