Commodity market in Sumer between 4500 BC and 4000 BC. Sumerians first used clay tokens sealed in a clay vessel, then clay writing tablets to represent the amount—for example, the number of goats, to be delivered. These promises of time and date of delivery resemble futures contract. Early civilizations variously used pigs, rare seashells, or other items as commodity money. Since that time traders have sought ways to simplify and standardize trade contracts. Gold and silver markets evolved in classical civilizations. At first the precious metals were valued for their beauty and intrinsic worth and were associated with royalty. In time, they
Commodity value currencies can devalue, often catastrophically, currencies with considerable commodity value are known to better maintain their value; a government can print as many fiat bills as it wants with relative ease, the same is not true of mining precious metals. This leads some investors to purchase goods and debts with high commodity value, which are inherently safer than those with low, or no commodity value, minimizing risk by sacrificing potential return. Commodity value In the field of economics, the commodity value of a good is its free market intrinsic value under optimal use conditions. In a free market, the commodity