Gold’s Value in Biblical Times

Biblical records indicate that gold and silver were the first and oldest form of money. The first mention of gold in the Bible is in Genesis (2:12 KJV), “And the gold of that land is good; bdellium and onyx stone are there.”

In the KJV Bible, gold is mentioned 417 times, silver 320 times and the word “money” 140 times. Not once does the Bible mention paper currency. All through the Bible, gold and silver are asserted as real wealth.

Gold’s rarity, even in biblical times, gave it a monetary value which has made it useful in commercial transactions, as well as a measure of wealth and prominence. The color and luster of gold and its resistance to oxidation or tarnishing, makes it valuable for jewelry and ornamentation. The Bible often mentions kings and queens paid in gold and silver. Not only are gold and silver indicators of wealth, but in both the Old and New Testaments, owning gold is also compared to acquiring knowledge, wisdom and faith, which is far more valuable.

Stott, the author of the website Bible Investments, states that in early biblical times, gold was obtained in its native purity from gravel deposits and riverbeds and was easily separated because of its weight. The book of Job (28:1,2,6) mentions a gold and silver mine and refining operations for iron and copper.   

Gold used in Construction of the Tabernacle and Solomon’s Temple

The Tabernacle: In Exodus 25:8,11, God commanded Moses to have the Israelites build a tabernacle, a portable structure, also called sanctuary, for Him. It is estimated that the tabernacle contained 2204.85 pounds of gold, 7584.38 pounds of silver and 5338.00 pounds of copper (Easton Bible Dictionary).

Solomon’s Temple: Historians estimate that Solomon’s Temple was made of over 3000 tonnes of gold. This amount of gold was recorded in talents in which one talent is equal to 75 pounds. Ancient Israel must have discovered that an alloy had to be mixed with gold to harden it and use the metal for both construction and weaponry (1 kings10:16).

King David set aside 100,000 talents (7,500,000 pounds) of gold and 1,000,000 talents (75,000,000 pounds) of silver for Solomon’s Temple (1 Chronicles 22:14). The Temple’s lamp-stands, utensils, forks, bowls, pitchers, basins, cups, etc. were all made of gold and silver, with a very few made of copper (2 Kings 14:14). The cherubs in the Most Holy, the alter of incense, and even the entire inside of the house were overlaid with gold. At today’s gold price ($1203/oz.), the gold in Solomon’s Temple would be valued at $144 billion.

Gold’s Value Throughout Human History

Tangible wealth has always been based upon the possession of gold and silver. Throughout recorded history, gold and silver have been actual wealth, as opposed to currencies made of various destructible objects such as tobacco, whales teeth, cattle, sea shells, etc., but mostly paper. For all civilizations, gold and silver have been associated with wealth, stability and power. In biblical times, gold’s primary purpose was (and still should be) storage for wealth and value, and silver’s purpose was (and still should be) used for daily trade.

Gold is Still Valuable Today

“The great street of the city was of pure gold, like transparent glass” (Revelation 21:21).

In today’s economic system, physical gold and silver are mostly irrelevant. Not one currency uses a gold standard to restrain its government’s fiscal irresponsibility or monetary stability. As a protection from the possible collapse of fiat (paper) money, as a potential hedge against inflation and as part of a portfolio diversification, one should consider the two primary reasons for buying real gold or silver or other precious metals:

1.   Coins or bars of these metals have a durable, tangible and intrinsic value as a financial instrument. Although they do not bear any interest, the asset value of each coin does not correspond to an obligation of another party which may be defaulted.

2.   Precious metal coins are private and anonymous. Note: In the U.S., if purchased with cash, money orders, cashier’s checks or travelers’ check and a purchase of at least $10,000 is made, the coin dealer must report the transaction to the government.

Italy’s financial crisis is an example of what happens when governments expand without restraint or fiscal prudence. A definite, financial destructive trend has developed in which fiat economies continue to rob the wealth of those not protected with a solid treasure of gold or silver.

Written by Arthur R. Leger – V.P. Exploration, Atoka Gold 

and edited by Lauren L. Breslin – Director of Communications, Atoka Gold     

“And the gold of the land is good.” (Genesis 2:12)