Gold in the Bible | The Gold Standard 2247

https://www.midasgoldgroup.com/

The Gold Standard continues its tradition of honoring Christmas by sharing stories taken from the Bible. In this episode, we talk about gold in the Bible and its use during biblical times. But first, we discuss our modern economy.

The overall US economy is slowing. The Global GDP will increase by 1.7 percent, the slowest pace of growth in 40 years. Although the Fed closed out the year with its seventh consecutive rate hike, it will likely slow interest rate increases next year. Various pressures might force them to stop hiking rates altogether.

The recent collapse of FTX, a crypto exchange valued at $32 billion, reminds the world that cryptocurrencies have no shape or substance. Cryptocurrency is akin to fairy dust that has no regulation over it. You can bet there is plenty of government scrutiny now.

Like many aspects of today’s economic landscape, cryptocurrency is a house of cards, and it’s beginning to fall. Investors and government officials are still scratching their heads trying to figure out how a new company with a peak valuation of $32 billion in July of 2021 could file for bankruptcy by November of the following year. Six other crypto companies declared bankruptcy soon after. The crypto space is highly speculative, and loss of confidence will impact the industry for years. Many retail investors have seen their hard-earned money evaporate and disappear in a short amount of time.

As Ken points out, “there must be some foundational principles when it comes to saving and investing, especially during such a reckless banking system.”

Upon the birth of the Jesus of Nazareth, the magi offered three gifts. They were gold, frankincense, and myrrh. Gold was the most eminent of precious metals, frankincense as an incense, and myrrh as anointing oil. These three items were considered valuable and ceremoniously presented as gifts to honor a king or deity.

The Bible frequently mentions how kings and queens are offered gold and silver. Gold and silver represented wealth in the Old and New Testaments. Gold also suggests acquiring non-tangible forms of wealth such as knowledge, wisdom, and faith. Since the dawning of civilization, gold has been seen as the protector of wealth. Delivered to us by gold, gold has withstood the test of time. Bible stories cover an expanse of thousands of years, and there are many biblical examples of gold’s resiliency. Perhaps gold’s resiliency gives it such a strong association with the enduring power of faith.

The King James Version (KJV) mentions gold 417 times. From the first mention of gold in Genesis (2:12 KJV) to the tabernacle in Exodus 25:8.11, gold represents wealth, power, and prestige; but, far more valuable than that, gold becomes a metaphor for many things: abundance, the acquisition of knowledge, wisdom, and faith. On the other hand, humanity’s paper currency represents a lack of virtue. It promotes a careless life of excess and hedonism. Paper currency is corruptible. Since it is created at the whims of those who rule with no discipline. We see many examples of the corruptible nature of paper currency and the policies behind it at every corner of modern life.

The basic monetary unit of ancient Rome was the nummu aureus. The aureus was equal to 25 silver denarii. The manufacturer of coins in Rome dates back to the 4th Century BC. Roman minting practices greatly influenced coin minting in Europe. A persistent aspect of Roman coinage was inflationary debasement. Replacement of coins made from material of lesser value became a common practice over the centuries, ultimately contributing to Rome’s demise.

The featured bullion product for this special Christmas episode comes from Turkey. The Istanbul Gold Refinery offers one of the market’s most prized one-ounce bullion bars.

Ken spotlights the most popular choice for investors, the one-ounce gold bar. As the official gold refinery of Turkey, IGR is one of the world’s best sources of gold ingots and cast bars. The Istanbul Gold Refinery has become a world leader in producing 1-ounce 99.99 percent fine bullion bars. Unusual to the bullion bar category, IGR bullion bars are backed by the Turkish government.

The origins go back to 1995 when Halac Jewelry started a gold refinery near the Grand Bazaar in Istanbul. The Istanbul Gold Refinery was relatively small until 2004, when it opened its large refinery in the goldsmiths’ city, including over two thousand workshops, factories, wholesalers, and retail shops. IGR became famous for being the first refinery in Turkey to produce gold products with a high purity of .9999, 24-karat gold.

Because of the bar’s purity level, IGR bullion is IRA-eligible.

______________________________________________________________________________

Listen to The Gold Standard: https://www.midasgoldgroup.com/gold-standard-radio-show/
Gold IRA: https://www.midasgoldgroup.com/gold-ira/
Invest in Gold: https://www.midasgoldgroup.com/buy-gold/
Guide to Owning Bullion & Coins: https://www.midasgoldgroup.com/bullion-guide/
Read the latest precious metals news: https://www.midasgoldgroup.com/news/