Gold was discovered around 3000 BC to 1200 BC. Gold probably was found on the ground and used by prehistoric man as a tool. Highly sophisticated gold art objects and jewelry discovered by archaeologists in the Royal Tombs at Ur, in what is now Southern Iraq, date back to around 3000 BC. Similarly, goldsmiths of the Chavin civilization in Peru were making ornaments by hammering and embossing gold by 1200 BC. Where and abundance in nature: Since gold is both durable and carefully guarded, most of the gold that has been taken from the Earth still exists. Much of it has been buried again in underground vaults, where it is held in government monetary reserves. In 1990 the bullion reserves of the free world were estimated to total some 43,000 tons. Of this, the United States held 11 percent. Gold reserves of South Africa were estimated at some 20,000 tons. Despite the prevalence of antihoarding laws, another 50,000 tons were believed to be privately held. People are willing to take enormous risks and short-term financial losses to hoard gold against the possibility of fiscal inflation . Th......

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