Applications
Medium of monetary exchange. In various countries, gold is used as a standard for monetary exchange, in coinage and in jewelry. Pure gold is too soft for ordinary use and is typically hardened by alloying with copper or other base metals. The gold content of gold alloys is measured in carats(k), pure gold being designated as 24k.
Gold coins intended for circulation from 1526 into the 1930s were typically a standard 22k alloy called crown gold, for hardness. Modern collector/investment bullion coins (which do not require good mechanical wear properties) are typically 24k, although the American Gold Eagle and British gold sovereign continue to be made at 22k, on historical tradition. Until recently, the Canadian Gold Maple Leaf coin contained the highest purity gold of any popular bullion coin, at 99.99% (.9999 fine). However, several other 99.99% pure gold coins are currently available, including Australia’s Gold Kangaroos (first appearing in 1986 as the Australian Gold Nugget, with the kangaroo theme appearing in 1989), the several coins of the Australian Lunar Calendar series, and the Austrian Philharmonic. In 2006, the U.S. Mint began production of the American Buffalo gold bullion coin also at 99.99% purity.
Today, gold has fallen out of use in coins made for general circulation.
Jewellery. Because of the softness of pure (24k) gold, it is usually alloyed with base metals for use in jewellery, altering its hardness and ductility, melting point, colour and other properties. Alloys with lower “k”, typically 22k, 18k, 14k or 10k, contain higher percentages of copper, silver or other base metals in the alloy. Copper is the most commonly used base metal, yielding a redder metal. Eighteen carat gold containing 25% copper is found in antique and Russian jewelry and has a distinct, though not dominant, copper cast, creating an attractively warm color (rose gold). Fourteen carat gold-copper alloy is nearly identical in color to certain bronze alloys, and both may be used to produce police and other badges. Blue gold can be made by alloying with ironand purple gold can be made by alloying with aluminum, although rarely done except in specialized jewelry. Fourteen and eighteen carat gold alloys with silver alone appear greenish-yellow and are referred to as green gold. White gold alloys can be made with palladium or nickel. White 18 carat gold containing 17.3% nickel, 5.5% zinc and 2.2% copper is silver in appearance. Nickel is toxic, however, and its release from nickel white gold is controlled by legislation in Europe. Alternative white gold alloys are available based on palladium, silver and other white metals (World Gold Council), but the palladium alloys are more expensive than those using nickel. High-carat white gold alloys are far more resistant to corrosion than are either pure silver or sterling silver.
Price
Like other precious metals, gold is measured by troy weight and by grams. When it is alloyed with other metals the term carat or karat is used to indicate the amount of gold present, with 24 karats being pure gold and lower ratings proportionally less. The purity of a gold bar can also be expressed as a decimal figure ranging from 0 to 1, known as the millesimal fineness, such as 0.995 being very pure.
The price of gold is determined on the open market, but a procedure known as the Gold Fixing in London, originating in September 1919, provides a daily benchmark figure to the industry. The afternoon fixing appeared in 1968 to fix a price when US markets are open.
The high price of gold is due to its rare amount. Only three parts out of every billion (0.000000003) in the Earth’s crust is gold.
Symbolism
Gold has been associated with the extremities of utmost evil and great sanctity throughout history. In the Book of Exodus, the Golden Calf is a symbol of idolatry and rebellion against God. In Communistpropaganda, the golden pocket watch and its fastening golden chain were the characteristic accessories of the class enemy, the bourgeois and the industrial tycoons. Credit card companies associate their product with wealth by naming and colouring their top-of-the-range cards ¡°gold;¡± although, in an attempt to out-do each other, platinum (and the even-more-elite black card) has now overtaken gold.
On the other hand in the Book of Genesis, Abraham was said to be rich in gold and silver, and Moses was instructed to cover the Mercy Seat of the Ark of the Covenant with pure gold. Eminent orators such as John Chrysostom were said to have a ¡°mouth of gold with a silver tongue.¡± Gold is associated with notable anniversaries, particularly in a 50-year cycle, such as a golden wedding anniversary, golden jubilee, etc.
Great human achievements are frequently rewarded with gold, in the form of medals and decorations. Winners of races and prizes are usually awarded the gold medal (such as the Olympic Games and the Nobel Prize), while many award statues are depicted in gold (such as the Academy Awards, the Golden Globe Awards the Emmy Awards, the Palme d’Or, and the British Academy Film Awards).
Medieval kings were inaugurated under the signs of sacred oil and a golden crown, the latter symbolizing the eternal shining light of heaven and thus a Christian king’s divinely inspired authority. Wedding rings are traditionally made of gold; since it is long-lasting and unaffected by the passage of time, it is considered a suitable material for everyday wear as well as a metaphor for the relationship. In Orthodox Christianity, the wedded couple is adorned with a golden crown during the ceremony, an amalgamation of symbolic rites.
The symbolic value of gold varies greatly around the world, even within geographic regions. For example, gold is quite common in Turkey but considered a most valuable gift in Sicily.
From most ancient times, gold has been connected to religion and spirituality, especially associated with the Sun. It was also seen as the best material to decorate religious imagery, all over history.
History
Gold has been known and highly valued since prehistoric times. It may have been the first metal used by humans and was valued for ornamentation and rituals. Egyptian hieroglyphsfrom as early as 2600 BCdescribe gold, which king Tushrattaof the Mitanni claimed was “more plentiful than dirt” in Egypt.[4] Egypt and Nubiahad the resources to make them major gold-producing areas for much of history. Gold is also mentioned several times in the Old Testament, and is included with the gifts of the magi in the first chapters of Matthew New Testament The south-east corner of the Black Sea was famed for its gold. Exploitation is said to date from the time of Midas, and this gold was important in the establishment of what is probably the world’s earliest coinage in Lydia between 643 and 630 BC.
The Mali Empire in Africa was famed throughout the old world for its large amounts of gold. Mansa Musa, ruler of the empire (1312 - 1337) became famous throughout the old world for his great hajj to Mecca in 1324. On the way to Mecca, when he passed through Cairo in July of 1324, he was reportedly accompanied by a caravan that included thousands of people and nearly a hundred camels, giving away so much gold that it took over a decade for the economy across North Africa to recover, due to the rapid inflation that it initiated.
The European exploration of the Americas was fueled in no small part by reports of the gold ornaments displayed in great profusion by Native American peoples, especially in Central America, Peru, and Colombia.
Although the price of some platinum group metals can be much higher, gold has long been considered the most desirable of precious metals, and its value has been used as the standard for many currencies (known as the gold standard) in history. Gold has been used as a symbol for purity, value, royalty, and particularly roles that combine these properties. Gold as a sign of wealth and prestige was made fun of by Thomas More in his treatise Utopia. On that imaginary island, gold is so abundant that it is used to make chains for slaves, tableware and lavatory-seats. When ambassadors from other countries arrive, dressed in ostentatious gold jewels and badges, the Utopians mistake them for menial servants, paying homage instead to the most modestly-dressed of their party.
There is an age-old tradition of biting gold in order to test its authenticity. Although this is certainly not a professional way of examining gold, the bite test should score the gold because gold is considered a soft metal according to the Mohs’ scale of mineral hardness. The purer the gold the easier it should be to mark it. Painted lead can cheat this test because lead is softer than gold (and may invite a small risk of lead poisoning if sufficient lead is absorbed by the biting).
This 156 ounce nugget was found by an individual prospector in the Southern California Desert using a metal detector.
Gold in antiquity was relatively easy to obtain geologically; however, 75% of all gold ever produced has been extracted since 1910. It has been estimated that all the gold in the world that has ever been refined would form a single cube 20 m (66 ft) on a side (equivalent to 8000 m3).
The primary goal of the alchemists was to produce gold from other substances, such as lead presumably by the interaction with a mythical substance called the philosopher’s stone. Although they never succeeded in this attempt, the alchemists promoted an interest in what can be done with substances, and this laid a foundation for today’s chemistry. Their symbol for gold was the circle with a point at its center, which was also the astrological symbol, the Egyptianhieroglyph and the ancient Chinese character for the Sun(now ÈÕ). For modern attempts to produce artificial gold, see gold synthesis.
During the 19th century, gold rushes occurred whenever large gold deposits were discovered. The first major gold strike in the United States occurred in a small north Georgia town called Dahlonega. Further gold rushes occurred in California, Colorado, Otago, Australia, Witwatersrand, Black Hills, and Klondike.
Because of its historically high value, much of the gold mined throughout history is still in circulation in one form or another.
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