Factories at Crossroads: Egypt's industrial sector between optimism, crisis    Al-Sisi, Türkiye's FM discuss boosting ties, regional issues    Russia warns of efforts to disrupt Trump-Putin summit on Ukraine    Rift between Netanyahu and military deepens over Gaza strategy    MIDBANK extends EGP 1bn credit facilities to Raya Information Technology    United Bank contributes EGP 600m to syndicated loan worth EGP 6.2bn for Mountain View project    Suez Canal Bank net profits surge 71% to EGP 3.1bn in H1 2025    Egypt's gold prices grow on Aug. 7th    Madbouly says Egypt, Sudan 'one body,' vows continued support    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt signs vaccine production agreement with UAE's Al Qalaa, China's Red Flag    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt to open Grand Egyptian Museum on Nov. 1: PM    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt, Philippines explore deeper pharmaceutical cooperation    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Egypt's Foreign Minister discusses Nile water security with Ugandan president    Egypt, Cuba explore expanded cooperation in pharmaceuticals, vaccine technology    Egyptians vote in two-day Senate election with key list unopposed    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Make mine gold
Published in Al-Ahram Weekly on 27 - 03 - 2008


By Lubna Abdel-Aziz
It is round our necks, on our chest, our fingers, our wrists, anklets, ear-lobes, teeth, and now on our minds and lips on a daily basis. It is the most precious of all metals, bright yellow, flaming red, gleaming, glistening, gold. It is the gold rush of the new millennium, with its rising prices going through the roof, leaving us all in a conundrum. Some want to sell, some want to buy, while some others wear a Cheshire cat smile as they watch their wise investments grow in value by the minute. As economies swing from inflation to recession, "as good as gold" acquires a new significance, with the fluctuations of world markets and paper currencies.
Can we help it if we cherish this intense love for gold! It does not fluctuate or alternate -- it remains steady and steadfast since pre-historic times enchanting us with its burning glow. In fact we love it so much we can eat it up, and we do. Gold leaf or gold flake is found in some gourmet foods, sweets and drinks. And why not? How can something so rare, so beautiful, be anything but beneficial for one's health, so thought the nobility and others in Medieval Europe. Why, even today some modern esoterics and advocates of alternate medicine assign metallic gold as a healing power. If you have tasted the German liquor "Goldwasser," then you too have imbibed some gold leaf. But not to worry, metallic gold adds no taste, has no nutritional value and leaves the body unaltered.
A mark of wealth for thousands of years, it is not known when gold was first discovered. About the same time that gold cups and jewellery were uncovered in Mesopotamia (now Iraq, 3500 BC), sumptuous gold jewellery was found in Egyptian tombs. So intricate and advanced was the workmanship, it left little doubt that Egyptian artisans were well familiar with this special metal. The craft of working with gold must have been developed hundreds of years before. Its charms, its light and lustre were never lost to the human race. The gold of the pharaohs suggests that it was in such abundance, their very houses were made of gold. Yet those vast quantities amounted to a limited production of no more than one ton. Surely that could not have supplied the solid gold coffin of Tutankhamen, the gold masks, and the buried treasures found in his tomb. All that gold that stunned the Howard Carter expedition and dazzled the rest of the world came from gifts, or was imported or captured in warfare. Were they made of silver, copper bronze or stone, would they have created the same hysteric frenzy?
Gold and Egypt seem inseparable, whether mined locally or imported. Egyptian hieroglyphs describe gold as "more plentiful than dirt" (2600 BC) and Egypt has remained a major gold producer ever since the days of the pharaohs. Across the Red Sea Saudi Arabia has large gold mines, while Jerusalem is described in the Book of Revelations as having streets made of pure gold. The Southeast corner of the Black Sea, home of the legendary King Midas, gold mines prospered - hence the saying "The Midas Touch," It was during his reign that the establishment of the world's earliest coinage occurred in Lydia, between 640 and 630 BC.
In his Encyclopedia Historica (190 AD), Pliny the Elder described the hydraulic mining methods of ancient Romans extracting gold on a large scale from their vast empire, like Spain, Romania and Wales.
Was the European exploration of the Americas triggered by their curiosity, their magnanimity, their sense of adventure, or was it in fact the lure of gold? Reports of gold ornaments displayed by native Americans was temptation enough, not to mention the wealth amassed by Hernando Cortez and his Spanish Conquistadores from Montezuma's Aztec Empire. Tales of Aztec gold were the source of the growing legend of El Dorado, a land so rich in gold leading many explorers to seek its shores, and the search continues. The rich gold discoveries in California, Australasia, Alaska, and South Africa were all believed to be "El Dorado" at first. Each discovery began a gold rush, the most famous being in California. People from all over the world converged in the area to fill their coffers with gold. Thus was created the State of California.
A year ago South Africa, which had been the world's largest gold producer since 1880 was, for the first time, overtaken by another country - China. Is there anything China does not excel at? Whether it's the sensational discovery of the tomb of King Tutankhamen or the Conquistadores' search for El Dorado which resulted in the Spanish occupation of South and Central America for 300 years, or the 2nd Boer War of 1899 -- 1908 between Britain and South Africa, the acquisition of gold was the driving force.
The high value of gold is due to its rare amount and limited output. Only 3 parts of every billion of the earth's crust is gold. It is the preferred adjective to describe the very best in every venue. When they found oil, they called it 'black gold.' When they wish to bestow awards of honour, like the Olympics or Nobel, gold is the metal of choice. When you own a gold credit card you are considered among the elite. And if you speak with a "mouth of gold" you are closely listened to.
The price of gold is determined daily on the open market, and has fluctuated widely since 1968. It reached a high in 1980 to $850/oz, and dropped to a low of $250/ oz in 1999. The 1980 high was overtaken in January 2008 reaching $835.35/ounce, and by March 13th it had reached $1000, the highest price ever. Is that as high as it will get? Only time will tell.
They say the oceans have large amounts of gold but as yet they have not discovered a commercially viable method of extracting it, and will unlikely do so in the near future. Meanwhile hang on dearly to all your gold possessions; not only are they infinitely more valuable, but they are forever stylish.
In this fickle paper world, ruled by paper currency, surrounded by paper friends, what stands out as the steady, stable, solid, and steadfast supporter? Glittering, glowing, gleaming gold.
What female heart can gold despise?
What cat's averse to fish?
Thomas Gray (1716-1771)


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