Its chemicalsymbol Au is derived from the Latin word "aurum." In pure formgold has a metallic luster and is sun yellow, but mixtures ofother metals, such as silver, copper, nickel, platinum,palladium, tellurium, and iron, with gold create various colorhues ranging from silver-white to green and orange-red. Gold is called a "noble" metal (an alchemistic term) becauseit does not oxidize under ordinary conditions. The sharp declines inconsumption in 19 resulted from reduced demands forjewelry (the major use of fabricated gold) and investmentproducts, which in turn reflected rapid price increases in thoseyears. As a result of theirefforts, many new mines opened in the 1980's, accounting for muchof the expansion of gold output. The rapidly rising prices of the 1970'sencouraged both experienced explorationists and amateurprospectors to renew their search for gold. Since 1980, the price has remained in the range of $320 to $460per troy ounce. After theUnited States deregulated gold in 1971, the price increasedmarkedly, briefly reaching more than $800 per troy ounce in 1980. The changes in demand for gold and supply from domesticmines in the past two decades reflect price changes. Gold in the Depository consists of bars about the size ofordinary building bricks (7 x 3 5/8 x 1 3/4 inches) that weighabout 27.5 pounds each (about 400 troy ounces 1 troy ounceequals about 1.1 avoirdupois ounces.) They are stored withoutwrappings in the vault compartments.Īside from monetary uses, gold is used in jewelry and alliedwares, electrical-electronic applications, dentistry, theaircraft-aerospace industry, the arts, and medical and chemicalfields. The Depository, located about 30 miles southwest ofLouisville, Kentucky, is under the supervision of the Director ofthe Mint. A large part of the gold stocks of theUnited States is stored in the vault of the Fort Knox BullionDepository. Nations of the world today use gold as a medium of exchangein monetary transactions. The Conquistadores plunderedthe treasuries of these civilizations during their explorationsof the New World, and many gold and silver objects were meltedand cast into coins and bars, destroying the priceless artifactsof the Indian culture. The gold in the Aztec and Inca treasuries of Mexico and Perubelieved to have come from Colombia, although some undoubtedlywas obtained from other sources. Recent studies of the Mahdadh Dhahab (meaning "Cradle of Gold") mine in the present Kingdomof Saudi Arabia reveal that gold, silver, and copper wererecovered from this region during the reign of King Solomon(961-922 B.C.). When these mines could no longer meet their demands,deposits elsewhere, possibly in Yemen and southern Africa, wereexploited.Īrtisans in Mesopotamia and Palestine probably obtainedtheir supplies from Egypt and Arabia. Minesin the region of the Upper Nile near the Red Sea and in theNubian Desert area supplied much of the gold used by the Egyptianpharaohs. The ancient civilizations appear to have obtained theirsupplies of gold from various deposits in the Middle East. Theseelegant works of art were created by skilled craftsmen more than3,500 years ago. The graves of nobles at the ancient Citadel of Mycenae nearNauplion, Greece, discovered by Heinrich Schliemann in 1876,yielded a great variety of gold figurines, masks, cups, diadems,and jewelry, plus hundreds of decorated beads and buttons. An exhibit of some of these items, called "Treasures ofTutankhamun," attracted more than 6 million visitors in sixcities during a tour of the United States in 1977-79. This young pharaoh ruled Egypt in the 14th centuryB.C. Particularly noteworthy are the gold items discoveredby Howard Carter and Lord Carnarvon in 1922 in the tomb ofTutankhamun. Artisans of ancientcivilizations used gold lavishly in decorating tombs and temples,and gold objects made more than 5,000 years ago have been foundin Egypt. Gold was among the first metals to be mined because it commonlyoccurs in its native form, that is, not combined with otherelements, because it is beautiful and imperishable, and becauseexquisite objects can be made from it. Through the ages men and women have cherished gold, and many have had a compelling desire to amass great quantities of it-so compelling a desire, in fact, that the frantic need to seek and hoard gold has been aptly named "gold fever."
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |