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
Aurum, Nevada locally as "Doughburg." On February 11, 1884, an avalanche occurred in Silver Canyon, above the boarding house of the Sadie L Mine. Three people were killed. Two of the victims, H. W. Mickel, and Wallace McCrimmon, were buried at Aurum. The other victim, John Fox, was taken into Cherry Creek for burial. Over the following decades, the community experienced multiple periods of boom and bust. During booms, the community's population rapidly swelled to hundreds of people. However, during busts, miners left, businesses closed, and the population rapidly dwindled. During one of these "busts", the population dropped to only one inhabitant