ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Gold: The Most Universal Wealth Storage System

Updated on December 26, 2009

Since gold mining is essentially an industry of foundation which in many cases is responsible for the triggering of development for transportation by road and rail as well as water aqueducts and electricity supplies, it is interesting to note that one of the primary characteristics of the gold mining industry is of special interest and relevance in many African countries. It is there that the most significant hindrances to the development of the economies of these entire countries and their long-suffering citizens has been the insufficient existing infrastructure and the inability of these governments of these nations to attract sufficient outside investment in order to make these critical and badly needed infrastructure developments and improvements.

Throughout human history, gold has usually been considered as a synonym to rich individuals and the trappings of aristocracy. However it is important to realize that a great many number of poverty stricken people throughout the world can have relevance to the utilization of gold bars, gold coins and jewellery which is essentially highly refined gold. These products are very widely used as a means of defence against the oscillations of their country's economic situation and as mode of basic savings.

Indeed, in many parts of the world, currency is not considered a reasonable subject of investment for long term savings and the citizens of these nations rely exclusively on gold. There are many people throughout the world who are technically living under the poverty level, however they do possess some measure of gold. It may only be a few grams but nonetheless they do treasure and value that gold as not only their family heirloom but also as a leading vector for savings. Although it is not the conventional way to think about this, consider that many of the world's truly poor families do possess gold in some form or another: It may be in some form of tiny family treasure handed down over generations or it may represent a wedding or other vow, but the gold and therefore value content is indisputable.

Gold is generally considered as one of the finest possible ways to protect an individual or family against both economic and political upheavals in a significant number of developing countries including a large portion of the Indian sub-continent as well as a greater part of Asia and the Middle East. For people throughout these developing countries gold remains one of the most significant important forms of value exchange as it is completely liquid and it is accepted virtually by everyone in the business realm of those countries.

Approximately 70% of all the jewellery which is bought in Asia and in the Middle East is generally salted away as a form of savings, so it is not only used as a jewellery and adornment for garments, but also as a way to safely store wealth. Utilization of the gold and jewellery as a form of savings is especially important in the more backwards and rural regions of these developing countries where there is no access to any appropriate or dependable system of banking: Banks are usually located in the centers of the cities which may be hundreds if not thousands of miles away and thus effectively unreachable by the average rural citizen.

Continued In Gold: Historical Hedge Against Crises & Inflation

Back To Start

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)