Monday, June 1, 2009

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 hieroglyphs from as early as 2600 BC describe gold, which king Tushratta of the Mitanni claimed was "more plentiful than dirt" in Egypt.[14] Egypt and especially Nubia had the resources to make them major gold-producing areas for much of history. The earliest known map is known as the Turin Papyrus and shows the plan of a gold mine in Nubia together with indications of the local geology. The primitive working methods are described by Strabo and included fire-setting. Large mines also occurred across the Red Sea in what is now Saudi Arabia.

The symbol for the Sun has been used since ancient times to represent gold

Funerary mask of Tutankhamun

Gold mask of Sanxingdui, 12th to 11th century BC

Moche gold necklace depicting feline heads. Larco Museum Collection. Lima-Peru
The legend of the golden fleece may refer to the use of fleeces to trap gold dust from placer deposits in the ancient world. Gold is mentioned frequently in the Old Testament, starting with Genesis 2:11 (at Havilah) and is included with the gifts of the magi in the first chapters of Matthew New Testament. The Book of Revelation 21:21 describes the city of New Jerusalem as having streets "made of pure gold, clear as crystal". 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.
From 6th or 5th century BC, Chu (state) circulated Ying Yuan, one kind of square gold coin.

Applications



As the metal
Special issue Canadian Gold Maple Leaf coin with the highest purity of any gold coin at a guaranteed 99.999%
Medium of monetary exchange
Main article: Gold standard
In various countries, gold was used as a standard for monetary exchange, but this practice has been abandoned with the rise of fiat currency. The last country to back their money with gold was Switzerland, which backed 40% of its value until it joined the International Monetary Fund in 1999.[5] 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.

The 220 kg gold brick displayed in Chinkuashi Gold Museum, Taiwan, Republic of China
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, the British gold sovereign and the South African Krugerrand continue to be made at 22k, on historical tradition. The special issue Canadian Gold Maple Leaf coin contains the highest purity gold of any bullion coin, at 99.999% (.99999 fine). The popular issue Canadian Gold Maple Leaf coin has a purity of 99.99%. 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.
Gold was used as a medium of monetary exchange throughout history together with or instead of other minerals, like silver, salt, and copper. At the beginning of World War I the warring nations went onto a fractional gold standard, inflating their currencies to finance the war effort. After World War II gold was replaced by a system of convertible currency following the Bretton Woods system. Many holders of gold in storage (as bullion coin or bullion) hold it as a hedge against inflation or other economic disruptions. The ISO currency code of gold bullion is XAU.
Jewelry
Because of the softness of pure (24k) gold, it is usually alloyed with base metals for use in jewelry, altering its hardness and ductility, melting point, color and other properties. Alloys with lower caratage, typically 22k, 18k, 14k or 10k, contain higher percentages of copper, or other base metals or silver or palladium in the alloy. Copper is the most commonly used base metal, yielding a redder color. Eighteen carat gold containing 25% copper is found in antique and Russian jewellery and has a distinct, though not dominant, copper cast, creating rose gold. Fourteen carat gold-copper alloy is nearly identical in color to certain bronze alloys, and both may be used to produce police, as well as other, badges. Blue gold can be made by alloying with iron and purple gold can be made by alloying with aluminium, although rarely done except in specialized jewelry. Blue gold is more brittle and therefore more difficult to work with when making 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. The Japanese craft of Mokume-gane exploits the color contrasts between laminated colored gold alloys to produce decorative wood-grain effects.

Color of gold




The color of pure gold is metallic yellow. Gold, caesium and copper are the only metallic elements with a natural color other than gray or white. The usual gray color of metals depends on their "electron sea" that is capable of absorbing and re-emitting photons over a wide range of frequencies. Gold reacts differently, depending on subtle relativistic effects that affect the orbitals around gold atoms.[2][3]
Common colored gold alloys such as rose gold can be created by the addition of various amounts of copper and silver, as indicated in the diagram below. Alloys containing palladium or nickel are also important in commercial jewelry as these produce white gold alloys. Less commonly, addition of manganese, aluminium, iron, indium and other elements can produce more unusual colors of gold for various applications.[4]

Gold (pronounced /ˈɡoʊld/) is a chemical element with the symbol Au (Latin: aurum) and an atomic number of 79. It is a highly sought-after precious metal in jewelry, in sculpture, and for ornamentation since the beginning of recorded history. The metal occurs as nuggets or grains in rocks, in veins and in alluvial deposits. Gold is dense, soft, shiny and the most malleable and ductile pure metal known. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without rusting in air or water. It is one of the coinage metals and formed the basis for the gold standard used before the collapse of the Bretton Woods system in 1971.
At the end of 2006, it was estimated that all the gold ever mined totaled 158,000 tonnes.[1] This can be represented by a cube with an edge length of just 20.2 meters. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion. Chemically, gold is a transition metal and can form trivalent and univalent cations upon solvation. At STP it is attacked by aqua regia (a mixture of acids), forming chloroauric acid and by alkaline solutions of cyanide but not by single acids such as hydrochloric, nitric or sulfuric acids. Gold dissolves in mercury, forming amalgam alloys, but does not react with it. Since gold is insoluble in nitric acid which will dissolve silver and base metals, this is exploited as the basis of the gold refining technique known as "inquartation and parting". Nitric acid has long been used to confirm the presence of gold in items, and this is the origin of the colloquial term "acid test", referring to a gold standard test for genuine value.

Current Singapore UOB Gold Price


Are these prices too high? Or are they fair? Just wondering.. (left # is selling price, right is buying. SGD first then USD second)Singapore doesn't offer a lot of places selling bars/bullion other than UOB.. but have a lot of gold jewelers that sell gold necklaces etc.. what is the best choice?

Rates as at 25 October 2008 03:00:17 PM

Description Unit Bank Sells* Bank BuysSingapore Physical Gold Prices

• Kilobar S$/kg 37680.05 35095.00

• Tentola Bar S$/bar N.A.

• Gold Bullion Coins

1/20 OZ (GNC,SLC &GML) S$/coin N.A.

1/10 OZ S$/coin 141.24 110.00

1/4 OZ S$/coin 331.70 275.

001/2 OZ S$/coin 633.44 548.00

1 OZ S$/coin 1221.94 1094.00

• PAMP GOLD(Rose/Goddess of Fortune) -With Hook

1 GM S$/piece 87.74 39.005

GM S$/piece 249.31 181.0010

GM S$/piece 440.84 357.00

-Without Hook

1 GM S$/piece 84.53 35.00

5 GM S$/piece 239.68 176.00

10 GM S$/piece 428.00 351.00

100 GM S$/piece 3849.86 3511.00

Converted to USD

Rates as at 25 October 2008 03:00:17 PM

Description Unit Bank Sells* Bank Buys

Singapore Physical Gold Prices

• Kilobar USD$/kg 24,990.42 23,267.05

• Tentola Bar S$/bar N.A.

• Gold Bullion Coins

1/20 OZ (GNC,SLC &GML) S$/coin N.A.

1/10 OZ USD$/coin 93.6384 72.9271

1/4 OZ USD$/coin 219.908 182.304

1/2 OZ USD$/coin 419.922 363.282

1 OZ USD$/coin 810.052 725.227

• PAMP GOLD(Rose/Goddess of Fortune)

-With Hook

1 GM USD$/piece 58.1640 25.8536

5 GM USD$/piece 165.271 119.987

10 GM USD$/piece 292.238 236.659

-Without Hook

1 GM USD$/piece 56.0358 23.2019

5 GM USD$/piece 158.886 116.672

10 GM USD$/piece 283.726 232.681

100 GM USD$/piece 2,552.11 2,327.48

Indian brides replace traditional gold jewellery as prices rise


Ashima Lahiri will say her wedding vows in December wearing fake earrings, necklaces and bangles that cost a tenth of the price of gold, breaking a millennia-old Indian tradition that brides wear the precious metal "Gold is too hot now," says the 25-year-old fashion designer from Kolkata, eastern India, who'll spend $305 on her bridal set instead of $3263 for a real one."You can't touch it." Lahiri's not alone. Indian families, the world's biggest buyers of gold, are cancelling purchases before the peak wedding season because prices have touched a record high in India, putting traditional bridal sets out of reach.That's spurred sales of gold-plated, silver and brass gem-encrusted jewellery, designed to match the bride's wedding saris.

current gold price

GOLDPRICE.ORG provides you with fast loading charts of the current gold price per ounce, gram and kilogram in 27 major currencies. We provide you with timely and accurate silver and gold price commentary, gold price history charts for the past 30 days, 60 days, 1, 5, 10 and 30 years and gold futures quotes and charts. You can also find out where to buy gold coins from gold dealers at the best gold prices or compare eBay gold prices and eBay silver prices.

Currency Code Price/gram
Argentine Peso ARS 99.8961
Australian Dollar AUD 39.0384
Brazilian Real BRL 62.2439
Canadian Dollar CAD 34.2641
Swiss Franc CHF 33.7185
Yuan Renminbi CNY 216.2534
Colombian Peso COP 69218.3088
Euro EUR 22.2823
Pound Sterling GBP 19.3352
Hong Kong Dollar HKD 245.5847
Indonesian Rupiah IDR 326034.5881
Indian Rupee INR 1489.5601
Yen JPY 3000.6918
Kuwaiti Dinar KWD 8.6382
Mexican Peso MXN 413.2573
Malaysian Ringgit MYR 110.8470
New Zealand Dollar NZD 49.5896
Philippine Peso PHP 1504.0829
Russian Rouble RUR 970.9660
Swedish Krona SEK 241.3686
Singapore Dollar SGD 45.8272
Turkish Lira TRL 42572456.0798
United States Dollar USD 31.7231
Vanuatu Vatu VUV 3492.7178
Rand ZAR 251.5645