El Dorado- The city of gold
June 4th, 2010

El Dorado (Spanish for “the golden one”) is the name of a Muisca tribal chief who covered himself with gold dust and, as an initiation rite, dived into the lake Guatavita. Later on, it became the name of the legendary “Lost City of Gold” that has fascinated and has eluded explorers since the days of the Spanish Conquistadors.

Imagined as a place, El Dorado became a kingdom, an empire, the city of this legendary golden king. Deluded by the legend, explorers like Francisco Orellana and Gonzalo Pizarro have failed to find this city which continues to be only a legend. El Dorado is applied to a legendary story in which precious stones were found in fabulous abundance along with gold coins. The concept of El Dorado underwent several transformations, and eventually accounts of the previous myth were also combined with those of the legendary city. The resulting El Dorado enticed European explorers for two centuries, and was eventually found to be in Colombia.
Numerous legends and stories have been written about it , Hollywood too seems to be in love with this “Golden City”. The recent Indiana Jones movie was based on the legend surrounding this golden city.

The city of gold continues to fascinate and elude people up to this day. The legend of El Dorado endures because “you want it to be true,” says Jose Oliver, a lecturer at the Institute of Archaeology at University College London. “I don’t think we’ve ever stopped seeking El Dorado.”

So where is this lost city of gold? In his 1849 poem “El Dorado,” writer Edgar Allan Poe offers an eerie and eloquent suggestion: “Over the Mountains of the Moon, down the Valley of the Shadow, ride, boldly ride…if you seek for El Dorado.”

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Gold-Cash Blog

Gold Price rises in India
June 3rd, 2010

India has the largest gold market in the world, but the domestic production of gold has been negligible all these years. The country produces about two tonnes of gold annually.Till 1991, practically all gold import to India was through smuggling!

Even though millions of Indian people live in poverty, India is the world’s largest consumer of gold. Not just a luxury for the rich, every family acquires and gives gold on special occasions. From a bride’s wedding ornaments to a baby girl’s first gold earrings or the gold grain placed in the mouth of a deceased loved one, gold is the touchstone of status and security in Indian culture.

The perpetual demand for gold, which India does not produce on a large scale is a major drain on the economy. Higher incomes, thanks to economic reform, have boosted the demand, but a drop in gold production around the world has forced prices up and high duty on imported gold has Indians turning to smugglers to satisfy their obsession.

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Unallocated and allocated gold
June 2nd, 2010

Gold has always been compared to cash. It has been used as money before the invention of paper money and also in trade though it is mostly considered a currency.

Regardless of how we categorize, gold is often considered as a currency. Here are some of the misperceptions about gold relative to cash.

Defining Gold Deposits

When gold is compared to cash, most people don’t realize that there are two main different ways of holding gold bullion in a bank account: (1) allocated gold and (2) unallocated gold.

Allocated gold is gold owned outright by an investor and is stored, under a safekeeping or custody arrangement, in a professional bullion vault. It is the property of the investor.
Allocated gold differs profoundly from unallocated gold which is the property of the bank.
Because allocated gold is not the bank’s property its owner is considered safe from the bank’s insolvency.

Unallocated gold is the most widely traded form of gold in the world. It hides a way of advantaging the provider – usually a bank – by subjecting buyers to a risk they will frequently remain unaware of until it is too late. The widely quoted ‘spot price’ refers to this unallocated gold, and they may sound cheap but in truth are very risky and expensive in the long run

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Gold-Cash Blog

Rise in Gold prices
June 1st, 2010

Due to the fear about the hurricane season which influences the cost not just of oil, but of commodities such as natural gas, gold prices have started to climb up. The US government said that the hurricane season, which begins on June 1, could be “one of the most active seasons on record”.
At the time of this writing, gold prices have almost reached record prices. The price of gold, at $1215 per ounce, is up 10.7% thus far in 2010, and is set to rise for a remarkable tenth consecutive year. While the gold price rose 3.0% this past month, the Dow Jones Industrial Average posted its largest decline since 1940, falling 7.9%.
Silver prices though have not done so well as it’s prices fell by 2%. Even platinum prices fell down by 10%.

So happy gold selling !!!! ...readmore
Gold-Cash Blog

The value of 24 carat gold
May 28th, 2010

To put it simply, carats in gold jewellery refers to the amount of gold that is present in the jewellery pieces. In Europe, it means the fineness of the gold content in jewellery items in parts per thousand. Therefore, 24 carat gold is the finest of all, as it has 99.9 percent gold in it and is also known as fine gold. The laws of the country depict the percentage of the gold from 99.0% to 99.9% in 24 carat gold. In China, the 24 carat gold has a minimum gold content of 99.0%.

The Egyptian queen, Cleopatra used gold to maintain her beautiful skin and used to sleep wearing a gold mask every night. In Rome, gold was used as a medicine to treat skin problems.

Most of the gold jewellery worn on a daily basis is 18 carats or less, due to its durability and cost. However, there is 24 carat gold jewellery, created as special designer pieces, which are worn only on special occasions are really expensive items. They are also a source of sound investment as the value of gold increases overtime as compared to the value of money, and it is best to have as much pure gold as possible for great profitability.

It helps to reduce wrinkles and gives a brighten appearance. It also eliminates toxins that destroy the skin. Gold provides a tightening skin effect. It is used in skin lifts and firmness, and also helps in decreasing the fine lines by using a highly effective hydrating formula that makes the skin healthy. It also helps in protecting the skin from sun rays and aging spots. Arthritis can also be treated by using gold formulae.

24 carat gold has one drawback and that is that it gets scratched easily and is not very durable. Therefore, 22carat fold is preferred so that it has some resistance and durability.

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Selling gold
May 27th, 2010

Because of the recent recession, people are struggling to find new ways to save and make money. With the price of gold reaching record highs of well over $1,000, ads have prompted millions to look through their valuables for rings, chains, and coins they are willing to part with.

However, Washington state Attorney General Rob Mckenna has cautioned people from little known companies that promise fast cash. This has created an industry tailor-made for a recession and a hotbed of opportunity for consumer scams. The recession itself is responsible for creating this trend among scammers.

McKenna offered these tips for selling gold:

Understand what you have

Have the item(s) appraised. While not required by law, reputable U.S. jewelry makers stamp pieces to designate karat level and include the name or trademark of the company endorsing the mark. However, misleading or fraudulent jewelry markings are not unheard of.

Going to a jeweler for an appraisal will yield the most accurate results. Scrap values don’t reflect the craftsmanship or antique value. You can find credentialed appraisers at the websites of the National Association of Jewelry Appraisers and the American Society of Appraisers .

Shop around

There have been many instances where people who could have got decent money have been fooled because they did not take the time to look around.

Since the price of gold fluctuates, call businesses on the same day to ask what they pay for gold. As nice as it would be, you will not be compensated $1,000 for every ounce of gold you have but at least you can make some decent money out of this. That figure applies to quantities of pure gold only.

Beware of superlative ads

Many ads claim that they pay the highest prices, do not believe these ads. Many reputable companies stay away from these claims and will quote their prices upfront.

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Gold-Cash Blog

Alchemy
May 26th, 2010

What if someone could make gold from anything? Impossible right. Imagine what the world could have been like had someone found a way to do this. Centuries ago, great thinkers like Leonardo Da Vinci had tried and failed at it.

Alchemy was a science that tried to turn normal metals like lead and iron into gold, it was the beginning of what we call today chemistry. Birds were thought to be the symbols of alchemy. Phoenix, Raven, White Swan, Peacock, and Pelican corresponded to an inner experience and inner dimension of spiritual being. The alchemist or the poet who observed the birds saw an image of the human soul going through a development that freed it from the earthly things, because the birds took flight between the physical and spiritual worlds and, if they landed, they landed on the Tree of Life or the Stone of wisdom.

Gold was of great value in the olden days when a kingdoms fate depended on the amount of gold present in the treasury. Great wars were fought and lives were lost because of this metal.

What would have happened if some scientist had been successful at alchemy? Gold would have become just an everyday metal just like iron or aluminium, wars would not have been fought for it, countries and continents would not have been conquered and thousands of lives would not have been lost for it.

We should thank alchemy because it had given birth to chemistry which has made life easier for us. We are able to use a plastic bucket, receive vaccines for diseases and do many more things.

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Gold-Cash Blog

Diamond Secrets
April 8th, 2010

In a great article posted by National Geographic the secret history of diamonds is revealed and the facts are fascinating.  Here are some of the Gold Standard‘s favorite facts about diamonds from the article: 

-Each year diamonds fuel an industry of $14 billion.

-Botswana is the largest producer of diamonds, while the United States is the largest buyer rated at 35% of total world consumption of diamonds in 2008.

-During volcanic eruptions, diamonds surface into channels ripped into Earth’s crust known as kimberlites.

-Diamonds are known as the icy stone because they control heat, making them cold to the touch.

- Diamonds have historically been believed to give power, cure diseases, and boost sexual energy.

- It is widely believed in the Republic of Central Africa that every diamond has a connection to a sprit of an ancestor.

- The largest diamond ever discovered is The Cullinan Diamond Carat. This diamond was 3,106 carats. 

-In February 2002, thieves left with $100 million worth of diamonds stolen from the Antwerp Diamond Center. Leonardo Notarbartolo and his team took the diamonds after bypassing ten layers of security and breaking into 180 individual safes contained within a three-ton steel vault.

-Diamonds are often used as a source for funding wars.  In the 1990s, rebel armies in Angola, DRC, Liberia, Sierra Leone, and Guinea used diamonds to pay for weapons.

In 2003, during an effort to prevent trading of diamonds that funded conflict, the Kimberly Process Certificate Scheme was created, requiring members of the Kimberly Process to declare the origin of their countries’ diamonds.

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Gold-Cash Blog

Japan Turns Trash Into Treasure
March 7th, 2010

According to the Economy, Trade and Industry Ministry 22 kilograms of gold, worth about $785,000, was recovered from discarded cell phones collected in a campaign by the Japanese government.  The 22 kilograms of gold came from approximately 567,000 cell phones in an effort to recycle precious and rare metals in electronics.  In addition to the 22 kilograms of gold, 79 kilograms of silver, 5,670 kilograms of copper, and 2 kilograms of palladium were recovered from the cell phones.  The efforts of Japan’s government is a prime example of a movement called “urban mining” which refers to acquiring precious metals from recycled electronic devices including computers, televisions, and calculators.  It is estimated that Americans have millions of old cell phones sitting in their homes, a potential gold mine.  If you’re looking to sell your gold, silver, and platinum items contact The Gold Standard and turn your gold into cash.

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Gold-Cash Blog

Shocking Cash for Gold Investigations
March 6th, 2010

Out of Bakersfield, CA an eyewitness news team did an investigative report on the cash for gold market and some of the findings are shocking.  The team took a gold ring and had it weighed, tested, and appraised by a trusted jeweler.  The team then took the ring to several cash for gold businesses.  The investigative team ran into dishonest cash for gold business practices including weighing the ring out of sight from the customer, refusing to tell the customer what they had weighed the ring at, telling the customer that the ring weighed less than it actually did, and being offered low-ball prices.  The bottom line from the investigative report to consumers was to shop around when selling their gold jewelry and to use common sense.

The Gold Standard wants you to know that we are proud members of the Jeweler’s Vigilance Committee, use only State of New York certified and calibrated scales, and all of your gold jewelry is weighed and tested right in front of you.  We also have a 110% Price Guarantee meaning we will pay the highest prices for your gold than any other company in New York.  If you find a higher payout we will match that price and pay you an additional 10% of the difference!  Contact us today to turn your gold into cash.

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