Gold Mining History
All throughout history, gold has always been an element with extremely high values attached to it. No matter wherein the world people came from, they all considered gold a most valuable commodity and used it as a form of currency, in important rituals, to show high status and as an aesthetic element.
Gold mining first took place extensively when gold rushes took place. A gold rush was when many people migrated in a rush to any areas in which there was a significant discovery of gold. In the 19th century, several gold rushes took place in Brazil, South Africa, Australia, Canada and the United States.
These were the only documented gold rushes. There were many gold rushes throughout history, and gold mining history goes back a long way as well. The Romans made use of hydraulic mining methods on a very large scale and mined gold from many alluvial deposits, such as the ones at Las Medulas. Gold mining in the past used to be under the rules of the state but many mines were leased to civilian contractors a few years later. The gold that was extracted helped greatly in improving the Roman Empire's growth. Currently there is only one Roman gold mine in west Wales that is known of.
Gold mining is the most viable type of mining because it has been the most desirable of all the precious metals for a long time now, even though some precious metals, such as platinum, have a much higher price.
The world's biggest gold depository is in the United States. The U.S Bullion Depository at Fort Knox is the most famous gold depository. It holds approximately three percent of all the gold that is every mined. The U.S Federal Reserve Bank, located in New York, also houses a similar percentage.
Gold mining throughout history has been profitable because gold is a popular way in which to store currency when the economy is uncertain. Many banks hold gold reserves as legal tender or a store of value. Throughout history, it has been the western banks that eventually began selling their depositories.
China and India have risen in terms of gold mining in the past as well. Gold is a much more valuable store of wealth in Asian countries, and the demand for this precious metal has continually risen over the years.
Over the years, the gold that is easy to be extracted was mined quite quickly. This means that as compared to years ago, the price of gold is now much higher because the mining of gold is more difficult and arduous than it was years and years ago.
Australian Oil Gas Corporation
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