Christopher Columbus Quote of the Day: “Gold is a wonderful thing. Whoever possesses it is master of all he desires.”

Christopher Columbus (1451–1506) was an Italian explorer and navigator whose Spanish-sponsored voyages paved the way for European exploration of the Americas. His expeditions reshaped global trade, wealth flows and power dynamics between continents.

One of Columbus’ famous quotes is: “Gold is a wonderful thing. He who possesses it is master of all he desires.”

The quote reflects the immense power of gold in the Columbus era, when wealth determined influence, survival and ambition. Gold wasn’t just currency—it was control, opportunity, and authority. The line also reveals how the pursuit of wealth led to exploration, conquest and the reshaping of world history.

In fact, gold is still immensely valuable given its recent surge in value.

Gold broke above $5,300 an ounce for the first time on Wednesday, boosted by waning confidence in the U.S. dollar and a growing degree of independence from the Federal Reserve, lifting demand for the safe-haven asset.

Spot gold was up 1.5% at $5,266.22 an ounce by 1225 GMT after touching an all-time high of $5,311.31 earlier in the session. Prices had already risen by more than 3% on the previous trading day.

U.S. gold futures for February delivery jumped 3.5% to $5,260.40 an ounce. “Gold’s rally is not just driven by market jitters. It also reflects a broader shift in confidence towards a more defensive global monetary and fiscal outlook,” said Linh Tran, senior market analyst at XS.com.

The U.S. dollar hovered near a four-year low after President Donald Trump dismissed concerns about its recent weakness, making dollar bullion more attractive to foreign investors.

Trump also said he would soon announce his nominee for chairman of the Federal Reserve System, adding that interest rates were likely to fall once new leadership was in place.

“Any proposed nominee is likely to be less resistant to pressure from Trump than Jerome Powell, a dynamic that clearly benefits gold,” said Nitesh Shah, commodities strategist at WisdomTree.

Gold, which offers no interest income, typically gains traction in a low-rate environment. Markets generally expect the Fed to leave rates unchanged at its January meeting, which is currently underway.

The precious metal is up more than 20% so far this year, extending last year’s record rally. Analysts at Deutsche Bank predict prices will climb to $6,000 an ounce in 2025, thanks to sustained investment demand.