Gold Trading (MP3): Money
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Learn about Gold Trading with iMinds Money's insightful fast knowledge series.
Gold trading is the investment in and trading of gold as a commodity. It is similar to trading in other commodities such as oil or wood, though there are factors that differentiate it. Gold has represented money and wealth for millennia in different forms. In the present day, we are able to freely own and trade gold in various forms, from gold bars to shares in gold mining companies. Previous economic systems, however, relied directly on gold as a measure of their currency. These systems affect certain aspects of trading in this commodity even now.
The notes and coins in your wallet now are termed "fiat money". This means that the government declares them to have worth. The adoption of this form of money is relatively recent in history. Previously, representative money was commonly used. Paper money represented an amount of gold and could be exchanged at a bank for this specie. This was the gold standard (or gold exchange standard) system
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