Gold…though of little use compared with air or water, will exchange for a great quantity of other goods. -David Ricardo
Gold didn’t have value as money until 643 BCE. Much later, Roman Emperor Augustus (30 BC-AD14) set the price of gold; 45 coins equal one pound. Marcus Aurelius Antonius (AD 211-217) changed the equation and 50 coins equaled one pound of gold. This devalued the coins and made the price of gold higher. Still, investing in gold began to catch on in “civilized” countries.
Investing in Gold in the United States
In the United States, the Gold Standard Act (1900) made gold the only metal that could be used as money or paper currency. At that time, it was $20.67/ounce. By 1931, the Treasury Department feared the U.S. might run out of gold, so the Fed raised the value of the dollar and made it more valuable than gold. Continued instability led to people hoarding gold, so in 1933 President Franklin Roosevelt outlawed private ownership of gold. U.S. citizens were supposed to sell their gold to the Fed. The Gold Reserve Act led to healthier inflation in America.
You Can’t Wear Bullions…Or Can You? Invest in Gold Jewelry
Let’s say you bought an ounce of gold in 1970 and paid $38.90. In 2018, your ounce of gold could have sold for $1,360.25. Any way you look at it, investing,selling, and buying gold and gold jewelry can be profitable. Would you rather invest in a good investment or something that disappears into a vault or safe for much of your lifetime? Investing in gold jewelry and wearable art is not only a smart decision money-wise. It’s an investment that can capture history or make memories as well.
Investing in Gold Jewelry as Art
When investing in gold jewelry, you are purchasing something that has more than monetary value and is wearable art. Its value increases with the passing of time, and its story can live forever. The latest trend is customization. Your grandfather’s ring could become a wearable art piece your grandchildren will someday cherish. What about investing in a gold custom design using your initials? What is your passion? A skilled and creative jewelry designer can capture your personality in a unique piece you will wear with pride. Engagement rings and wedding bands are traditional gold jewelry for once-in-a-lifetime occasions. Birthdays, anniversaries, baptisms and bar/bat mitzvahs are joyous occasions and the perfect time to invest in gold jewelry for yourself or others.
Contact Les Olson Jewelers for Gold Jewelry
Les Olson Jewelers as a jewelry store in Palm Harbor. We’ve worked with newlyweds, designed anniversary pendants, and even delivered their kids’ graduation rings for over 25 years. We look forward to serving their grandchildren, too. Call 727.785.9624 or contact us if you have any questions about investing in gold jewelry. Your family’s heirlooms can begin with you! Contact us for jewelry repair today!