![]() ![]() As of January 1990, gold was priced at about $410/troy oz. The price of gold on the free market reached a price of $620/troy oz. Since this time, the price of gold on the free market has fluctuated widely. 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. at $20.67/troy ounce in 1934 this value was fixed by law at $35.00/troy ounce, 9/10th fine. ![]() ![]() For many years the value of gold was set by the U.S. 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. It is used for coating certain space satellites, as it is a good reflector of infrared and is inert. It is also extensively used for jewelry, decoration, dental work, and for plating. It is used in coinage and is a standard for monetary systems in many countries. It is a good conductor of heat and electricity, and is unaffected by air and most reagents. It is a soft metal and is usually alloyed to give it more strength. It is the most malleable and ductile metal 1 oz. The Purple of Cassius is a delicate test for auric gold. It is metallic, having a yellow color when in a mass, but when finely divided it may be black, ruby, or purple. Of all the elements, gold in its pure state is undoubtedly the most beautiful. It is estimated that all the gold in the world, so far refined, could be placed in a single cube 60 ft. As yet, no method has been found for recovering gold from sea water profitably. Gold occurs in sea water to the extent of 0.1 to 2 mg/ton, depending on the location where the sample is taken. Refining is also frequently done by electrolysis. The metal is recovered from its ores by cyaniding, amalgamating, and smelting processes. production comes from South Dakota and Nevada. About two thirds of the world's gold output comes from South Africa, and about two thirds of the total U.S. It occurs in veins and alluvial deposits, and is often separated from rocks and other minerals by mining and panning operations. aurum, gold) Known and highly valued from earliest times, gold is found in nature as the free metal and in tellurides it is very widely distributed and is almost always associated with quartz or pyrite. ![]()
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