Why gold is valuable and currency Flashcards
Why is gold valuable?
- It shine brilliantly when polish
- Beautiful to look at
- Use in everyday life
- Is hard to find
- Does not rust
- Indestructible
- Conduct electricity
- Reflect heat rays
- Mixes easily with other minerals
What is the meaning of scarce
Rare, hard to find
What is currency?
The form of money used in a country
Explain the “Gold Standard”
Gold was used to backed the currencies of the different countries. If south Africa wanted to print money, they had to buy gold for the same value to back the printing and strore it save
Gold pricing?
Gold price is fixed in the world as one price. If america want to print money - they had to buy gold from other countries and keep it save to back the printed money
What happend when gold was discovered
-Europe and the USA were very powerful and their was a great demand for it
When did the boer government pass the gold law
-in transvaal in 1886
What did the law say
- the claim holders had to be white
- that all black people were only allowed onto the gold fields as employees of white people
What happend when the gold was to close to the surface
-later expensive machines were used to sink shafts
