Eighteen-carat
white gold consists of 75% gold mixed with 25% white metals. New white gold
rings are usually coated with a hard protective finish of rhodium, a
silver-white metal like platinum. To keep a white gold ring looking its
best, Gillett's recommends an annual replating of rhodium, since the coating
wears off over time.
Platinum, an entirely different element than gold, is a white metal that
is denser, heavier, and longer-wearing than gold. It's usually used in
almost pure form and does not require a protective coating. Platinum is
quite expensive, a platinum ring is perhaps twice the price of a similar
ring made in white gold. Fool's
Gold can be one of three minerals; the most common mineral mistaken for gold
is pyrite, chalcopyrite may also appear gold-like, and weathered biotite
mica can mimic flake gold.
The phrase
“gold standard” is defined as the use of gold as the standard value for the
money of a country. If a country will redeem any of its money in gold it is
said to be using the gold standard. The U.S. and many other Western
countries adhered to the gold standard during the early 1900’s. Today,
however, gold’s role in the worldwide monetary system is negligible. Britain
abandoned the gold standard 1931; the USA abandoned it 1971. Holdings of
gold are still retained because it is an internationally recognized
commodity, which cannot be legislated upon or manipulated by interested
countries. On August 15, 1971, the world entered the first era in its
history in which no circulating paper anywhere was redeemable in gold, by
anyone. At one point in time it was illegal for a U.S. citizen to own gold.
President Richard Nixon of U.S. closed the “gold window.” This action broke
the last tie between gold and circulating currency, resulting in our modern
financial system which is called a “floating currency” system.
Since 1976
gold the U.S. government no longer sets the gold value of a dollar. The
price of gold rises and falls in relation to the demand for the metal. Gold
coins have not been minted as legal currency since 1933. In 1986 the U.S.
Mint did begin to issue gold coins for collectors four denominations: $50,
$20, $10, and $5. And there really is a Fort Knox! Since 1937 most of the
nation’s gold has been stored there, underground.
Gold is widely
distributed throughout the world. Tiny quantities occur in most rocks and
soils. Its abundance in the Earth's crust is estimated at about 0.005 parts
per million. Usually, however, the amount of gold is so minute that the cost
of extracting it would exceed its value.
The purity of gold
is expressed in karats (kt), on a scale of 24, or in fineness, on a scale of
1,000. Pure gold is 24 karat, or 1,000 fine. An alloy containing 75 percent
gold would be described as 18-karat gold, or 750 fine.
Gold is the most
malleable and ductile of metals. It may be beaten into gold leaf as thin as
4 millionths of an inch --an ounce can be beaten out to 187 square feet. An
ounce of gold can also be drawn into a wire more than 40 miles long. Gold is
a good conductor of electricity, though not as good as silver or copper.
Australia unearthed a 267-ounce nugget dubbed the "Golden Aussie" in August
of 1980. He sold his "monster" for $250,000. In 1983 at a large placer
mining operation in Sierra Pelada, Brazil, a prospector unearthed a
137-pound nugget that fetched one million dollars on the open market. Latest
U.S. finds: Carl Brunner, a 35-ounce "rock" found in the Wrangell mountains
of Alaska. It assayed out at 75% gold in 1989. Also in 1989 at a mining
operation in Montana a 27-ounce nugget, .900 fine in purity, was discovered
by Arthur Fulmer... Yes, they are still out there! And let's not forget the
recent huge nugget find in California. A gigantic 60-pound chunk of gold was
discovered near Jamestown by workers at the Sonora Mining Corp. The 60
pounder was nearly three feet in length and six inches thick. This big
nugget has touched off a new rush to the area, just 200 miles from Sutter's
Mill, the site of the strike that started the 1849 California gold rush. |
