Mariana Reports Increased High Grade Gold Copper Resource and Maiden Zinc Resource at the Hot Maden Project NE Turkey
When gold was found at Sutter’s Ranch in 1848, it inspired the Gold Rush to California. That helped unify western America. In 1861, Treasury Secretary Salmon Chase printed the first U.S. paper currency. The Gold Standard Act established gold as the only metal for redeeming paper currency. It set the value of gold at $20.67 an ounce.
By the mid-1800s, most countries wanted to standardize transactions in the booming world trade market. They adopted the gold standard. It guaranteed that the government would redeem any amount of paper money for its value in gold. That meant transactions no longer had to be done with heavy gold bullion or coins. It also increased the trust needed for successful global trade. Paper currency now had guaranteed value tied to something real. Unfortunately, gold prices and currency values dropped every time miners found large new gold deposits.
In 1913, Congress created the Federal Reserve to stabilize gold and currency values. Before it could get up and running, World War I broke out. European countries suspended the gold standard so they could print enough money to pay for their military involvement. Unfortunately, printing money created hyperinflation. After the war, countries realized the value of tying their currency to a guaranteed value in gold. For that reason, most countries returned to a modified gold standard. Below you can see a timeline of key events from the beginning to the end of the gold standard in the United States.
