Recently, the London auction house Christie's offered for sale what it described as a ‘stunning piece of jewelry’. Christie's advertised a solid gold bracelet that's about 3,000 years old. It dates to the Iron Age, and was unearthed — yes, dug out of the ground — in Portugal, or old pre-Roman Lusitania.
Per the Christie's fact sheet, the bracelet contains 599 grams (over 21 ounces) of gold. Also, according to Christie's write-up, this item ‘clearly demonstrates the technological advancements of the Iron Age,’ including the use of high-temperature furnaces and intricate tools specialized for metalworking
What is the bracelet worth? Just the gold alone would fetch about $32,000 at current prices. Then there's the value of piece as both art and a historical artifact. Thus, the bracelet sold in London, at Christie's, for nearly $805,000.
What's the lesson? If archaeologists are correct — let alone the Christie's auctioneers — then gold and precious metals have been a haven for wealth protection for millennia. Still, why discuss this ancient Lusitanian bracelet?
Because there's an important lesson here. This 3,000-year-old relic is more than just a museum curio. It speaks volumes about why we should respect one of mankind's oldest forms of money, and not walk away from gold in the face of its recent price decline.
Indeed, the mainstream media is all but reading last rites over gold. Yet I foresee new opportunities, and I don't mean mere ‘walking dead’ investment analogies. No, I believe that, like that bracelet from Lusitania, gold will continue to come out of the ground and offer great wealth and security to those who are brave enough to stick