Gold, the very sign of power and money, holds the imagination of people’s minds for thousands of years. Its appeal is not just a physical one but also a psychological one. So why do people are so obsessed with this rare metal? This article will attempt to break down the many layers of what is underneath peoples” love for gold.
Historical Significance
The Egyptians saw it as a godly substance and had the explanation to call their skin, flesh of a god” . Mayans had a game for the sportsman dying, each participant had the gold leaf attached in a different part of his body. Hence, the winner would gather the most gold leaves and become the new sun.
Cultural Impact
Gold has been a symbol of status and wealth in practically all cultures. People of the Indian subcontinent buy not only for investment purposes but also for various cultural ceremonies. According to Chinese culture, the consumption of gold brings good luck and prosperity. The cultural value psychologically affects and makes gold necessary as property at special moments in life.
Economic Influence
The economic importance of gold is impossible to underestimate. Gold has served as a form of money, a means of saving money, and a protection against inflation’s damages. The economic balance gold has makes it attractive in the eyes of consumers. Gold has a value that does not depreciate over time, as opposed to currency notes that may fluctuate due to inflation factors.
Aesthetic Appeal
One cannot deny gold’s aesthetic appeal. Its ability to shine and be shaped into many different patterns has made the metal very popular in jewelry and other forms of art. More so, wearing gold jewelry or owning gold for its status value enables the wearer to have a high self-esteem due to the social benefits it confers to its owner.
Psychological Factors
Psychologically, gold is a symbol of success and victory. Holding gold is inherently linked to a sense of achievement and confidence and is more likely to feel be proud. Gold signifies happy events, such as rites and celebrations, and it is related with glory and fortune.
Scarcity and Value
Even though scarcity is a physical requirement that contributes to this connection with value, its allure is primarily due to the scarcity concept that the human brain puts a lot of importance on rare and hard-to-get things.
Social influence
The valuation of gold is rooted in social influence. Social influence is similar to a domino effect concerning the valuation of gold. When a significant number of people value gold, social proof becomes credible. The snowball effect holds and gold becomes a shared belief system.
Investment and Security
Gold is an investment that is perceived to be a safe one. Gold prices tend to rise when the value of paper investments like stocks and bonds declines. As a result, gold represents physical assurance in a buying market.
Conclusion
Psychologically, gold is not just a valuable metal; it is a complex issue composed of historical, cultural, economic, and social elements. Its value is not only based on the physical properties of the chemical element but also on all the rest of the abovementioned factors. With the existence of all these factors, gold will still remain one of the most valuable things in society. Hence, gold’s value is based on both psychological and physical aspects. The psychology of gold is that there are above five elements that combine to give gold its value.
These are its cultural meaning;, its rarity which also relates to its economic aspect; its property meaning; its aesthetic one, which is combined with a psychological feature, and its capability of being an investment. Hence, the psychology of gold is that all these combine to make it’s of utmost value, leading to it being a real measure of wealth in society.