Monday, July 6, 2009

Old Gold Jewelry!


It is estimated that all the gold in the world, so far refined, could be placed in a single cube 60 ft. on a side. Of all the elements, gold in its pure state is undoubtedly the most beautiful. It is metallic, having a yellow color when in a mass, but when finely divided it may be black, ruby, or purple. The Purple of Cassius is a delicate test for auric gold. It is the most malleable and ductile metal; 1 oz. of gold can be beaten out to 300 ft2. It is a soft metal and is usually alloyed to give it more strength. It is a good conductor of heat and electricity, and is unaffected by air and most reagents.


It is used in coinage and is a standard for monetary systems in many countries. It is also extensively used for jewelry, decoration, dental work, and for plating. It is used for coating certain space satellites, as it is a good reflector of infrared and is inert.


Gold, like other precious metals, is measured in troy weight; when alloyed with other metals, the term carat is used to express the amount of gold present, 24 carats being pure gold. For many years the value of gold was set by the U.S. at $20.67/troy ounce; in 1934 this value was fixed by law at $35.00/troy ounce, 9/10th fine. On March 17, 1968, because of a gold crisis, a two-tiered pricing system was established whereby gold was still used to settle international accounts at the old $35.00/troy ounce price while the price of gold on the private market would be allowed to fluctuate. Since this time, the price of gold on the free market has fluctuated widely. The price of gold on the free market reached a price of $620/troy oz. in January 1980. As of January 1990, gold was priced at about $410/troy oz.

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