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Gold

Updated on February 11, 2020
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The History of Gold

Gold is a cultural, financial and emotional precious metal. The biblical patriarch Abraham was rich in gold. Gold was gifted to Jesus, the son of God, on his birth.
The importance of gold in the Indian culture stems back to their Hindu mythology.
In the nineteenth century a number of gold prospectors made a fortune during the gold rush period.

The Innovated uses of Gold

Gold has unique properties and used across numerous commercial sectors. In medicines it, helps attain early diagnosis: for pregnancy tests, aids and malaria. Millions of tests are done annually. Companies are now developing medicines for cancer treatment.

Every cellular phone and laptop computer contains gold, to keep the phone operating smoothly. It makes sure data and photos are stored securely. And gold wires are the foundation of the Internet.
The National Aeronautics and Space Administration (NASA) have found that gold in astronauts suits protects against radiation and heat.

Gold is also a good source of electrical conductivity.
Gold is key in the creation of many products across many commercial industries.

Insure Your Jewellery

It is crucial to insure your jewellery, burglars target jewellery during a theft, especially gold.

In the case of fire, flood or theft - insurance is the first step to recover any losses. In the case of contents insurance your jewellery can be listed separately. Any future claims will give evidence of your items and value of your property.

Some insurance policies have limits around $1000 to $3000 for each piece of jewellery and can go as low as $500. There is usually a limit for each claim of $3000 and $20,000 regardless of the amount of unlisted pieces in an insurance claim.

An independent jeweler can valuate your jewellery pieces. The valuer should hold some degree or qualification in gemology. A Market Valuer will know what is a fair price. Valuation is crucial to validate any future insurance claim.

If the item and claim are lost. The Insurance Company will need proof of ownership and documents of valuation. When your claim is approved, the Insurance Company will recalculate your valuation - you are usually issued with a voucher to buy a new piece. The Insurance Company does not pay the valued amount, they are insuring the piece not the valuation. The description and valuation are still important.

To check what cover you have for your jewellery - study the small print in your insurance policy or contact your insurance agent to discuss it. Some insurance companies do not cover items such as: cameras, sports gear and jewellery. Insurance Companies do offer a full replacement policy if you want to upgrade your policy. The jewellery policy should be an 'all-risk cover', including fire, burglary and floods.

An Insurance Claim

A woman had been battling with an insurance company for over 8 months. Her stolen jewellery was insured for ten thousand pounds, she claimed they were worth more than that amount. The insurance company offered a cash settlement of seven thousand pounds, or she could take a credit card which was slightly more in value.

The insurer claimed that they accessed privileged rates for the jewellery, and they calculated payments according to that valuation. She was then offered eight thousand pounds or the value of ten thousand pounds on a credit card and one thousand pounds in cash.

Again after much debate the insurer increased the offer to nine thousand pounds on a credit card and one thousand pounds in cash. This is an example of insuring the piece and not the valuation.

Conflict Gold

Gold is primarily treated as an investment. The Democratic Republic of Congo in Africa, is literally a goldmine. Disturbingly, the Congo is the least developed country on earth. This country is exploited for their gold and civilians suffer hugely due to the greed of war lords and armed groups, they kill and rape to control the trade. Gold is extracted manually under terrible conditions and a large number of children are forced to mine. Out of all Congo’s minerals, gold can be easily smuggled out of the country. By eliminating conflict gold trading we the consumers can demand ‘conflict free gold’ to retailers and suppliers. And create a tangible change around the world - especially in the Congo.

Fine gold is recognized when it is tested.

Leonardo da Vinci

Type
Chemical Element of Gold
Melting point
1,064 °C
Electron configuration
[Xe] 4f14 5d10 6s1
Symbol
Au
Atomic number
79
Boiling point
2,970 °C
Atomic mass
196.96657 ± 0.000004 u

Be Wealthy

Money is a good buffer against starvation, homeless and illnesses. However, personal wealth does not exceed your personal development. If someone gifted you a million dollars, then you would become an instant millionaire. Real happiness is not what you get, but what type of person you become.

If all the money in the world was distributed equally among everybody it would soon be back in the same pockets (Jim Rohn, 2016). Instead of going after wealth, change yourself. Do not be a stink thinker, be kind but not timid, be strong but not overpowering. Watch and learn how others succeeded. Wealth is something you attract, not something you you persue.
Wealth does not entirely equate to how much money, properties or investment you have. Wealth is also contentment, good health and genuine relationships.

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