Mankind’s fascination with gold is as old as the civilization itself. The ancient Egyptians esteemed gold, which had religious significance to them and King Tutankhamun, was buried in a solid gold coffin 3,500 years ago. The wandering Israelites worshipped a golden calf and the legendary king Midas asked that everything he touched be turned into gold. Not only is gold beautiful, but it is virtually indestructible. Gold is extremely easy to work with; one ounce, which is about the size of a cube of sugar, can be beaten into a sheet nearly 100 square feet in size and becomes so thin that light passes through it. An ounce of gold can also be stretched into a wire 50 miles long. Gold conducts electricity better than any other substance except copper and silverPeople have always longed to possess gold. Unfortunately, this longing has also brought out the worst in the human character. The Spanish conquistadores robbed palaces, temples and graves and killed thousands of Indians in their ruthless search for gold. Even today, the economic running of South Africa’s gold mines depends largely on the employment of black labourers who are paid about £ 40 a month, plus a room and boarding and who work in conditions that can only be described as cruel. About 400 miners are killed in mine accidents in South Africa each year, or one for every two tons of gold produced. Much of the gold’s value lies in its scarcity. Great Britain was the first country to adopt the gold standard, when the Master of the Mint, Sir Issac Newton, established a fixed price for gold in 1717. But until the big discoveries of gold in the last half of the nineteenth century-starting in California in 1848 and later in Australia and South Africa-there simply wasn’t enough gold around for all the trading nations to-ink their currencies to the precious metal. An out-of-work prospector named George Harrison launched South Africa into the golden age in 1886 when he discovered the metal on a farm near what is now Johannesburg. Harrison was given a 12 pound reward by the farmer. He then disappeared and reportedly was eaten by a lion. Despite the current rush to buy gold, 75 percent of the metal goes into jewellery. Italy is the biggest user of gold for this purpose and money. Italian jewellers even tear up their wooden floors and burn them to recover the tiny flecks of gold. a. Which country was the first to adopt the gold standard? i. Great Britain ii. Australia iii. South Africa
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The Spanish conquistadores robbed palaces, temples and graves and killed thousands of Indians in their ruthless search for gold. Even today, the economic running of South Africa’s gold mines depends largely on the employment of black labourers who are paid about £ 40 a month, plus a room and boarding and who work in conditions that can only be described as cruel. About 400 miners are killed in mine accidents in South Africa each year, or one for every two tons of gold produced. Much of the gold’s value lies in its scarcity. Great Britain was the first country to adopt the gold standard, when the Master of the Mint, Sir Issac Newton, established a fixed price for gold in 1717.