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    Home»Business»Myths About Gold That May or May Not Be True
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    Myths About Gold That May or May Not Be True

    Austin FieldsBy Austin FieldsNovember 3, 2020No Comments4 Mins Read
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    Human beings are a curious species, we love stories and the more fantastical they are the more drawn we are to them. People love a good myth but a myth is supposed to be a made-up story that defies logic – until it doesn’t. There have been a couple of myths about gold over the years from King Midas who turned everything he touched to gold to Aliens mining the planet for gold. There are a couple of myths that have mesmerized the world over the years. Since gold was discovered over 6000 years ago, there have been myths and stories surrounding it. Here are some mythical stories about gold that have turned out to have some grain of truth to them: 

    Let’s start with Aliens. What’s a conspiracy theory without Aliens anyway?

    Aliens created humans to mine the earth’s mineral resources

    There are people who actually believe human beings were created as a slave race to mine the earth of its gold. Apparently, these aliens are simply waiting for humans to mine all the gold from the ground and when that happens, the aliens will come to get all the gold and the world will end. Another variation of this myth is that the Ancient Sumerians were the first people to be co-opted into this great scheme. Nothing beats a Sumerian and Martian combo.

    How true is this? We may never know, or maybe we are closer to that end with gold pundits talking of mines reaching peak gold, the end might ne nigh. 

    El Dorado, the City Made entirely of gold

    Everyone who has had a small in interest in gold for whatever reason will have heard of the fabled city of El Dorado – A city made entirely of gold. The story is that a certain chief of some ancient tribe would cover himself in gold to wade into the Colombian Lake with his chief priest and all the villager’s golden treasures to worship the water goddess. He would dive into the lake with all the treasure. El Dorado has influenced many expeditions to the area. The place exists, but there is no gold lining the streets or lying at the bottom of the lake. However, this story has inspired many other legends and expeditions. 

    The gold price is rigged

    This story has been around for years. A lot of people didn’t think it could be true. The idea of some cabal sitting around and manipulating the gold market sounded like too much of a stretch until in 2016, Deutsche Bank admitted in a law suit that they have been manipulating the price of gold since 2007. This is one conspiracy theory that turned out to be true.  If you are new to the gold industry, you might wonder how this is possible. You have to remember that the price that gold dealers will give you when you are selling your gold is set by a select group of banks:  Deutsche Bank, Barclays, Sociét é Générale, Scotiabank and HSBC. So, it is unfair and illegal for any of these banks to be involved in some kind of price rigging. 

    The Nazi Gold train

    There is a story that during World War II, the Nazis filled a train with gold and hid the train in a tunnel. Many treasure hunters have gone in search of this treasure but no one has actually found it yet. 

    Now that we’ve talked about conspiracy theories let’s talk about something real. Right now gold dealers around the world have been experienced a shortage of gold because the Corona pandemic set off panic buying amongst investors looking to hedge their money against the impending global economic fallout.  For people with gold to sell, this has been a great time to sell gold as the price of gold rallied in response to the pandemic. Right now, you stand to make a good profit if you sell your gold to a reputable gold dealer in your area. 

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    Austin Fields

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