Most Precious Metals Gold (Expensive Precious Metals)
Most Precious Metals Gold (Expensive Precious Metals) Of all the different precious metals we can think of, gold is certainly the one most greatly desired. Since the beginning of recorded Gold Price history, gold has been in use in many different works of art, coinage, and, of course, jewelry.
Occurring as grains in rocks and in alluvial deposits, gold is shiny, soft, and dense. It is known to be the most ductile and malleable pure metal.
Most Precious Metals Gold
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What makes pure gold especially attractive is its bright yellow color and luster. These characteristics are maintained as gold is chemically unaffected by air or moisture. Here are some of the properties of gold:
- Chemical Symbol: Au
- Atomic Number: 79
- Category (as an element): Transition Metal
- Group/ Period/ Block (in the Periodic Table): 11/ 6/ d
- Atomic Weight: 196.966569(4) g.mol-1
- Electron Configuration: [Xe] 4f14 5d10 6s1
- Density (near room temperature): 19.30 g.cm-3
- Liquid Density (at melting point): 17.31 g.cm-3
- Melting Point: 1064.18°C, 1947.52°F, 1337.33°K
- Boiling Point: 2856°C, 5173°F, 3129°K
- The heat of Fusion: 12.55 kJ.mol-1
- The heat of Vaporization: 324 kJ.mol-1
- Oxidation States: -1, 1, 2, 3, 4, 5
- Electronegativity: 2.54 (Pauling scale)
- Atomic Radius: 144 picometres
- Covalent Radius: 136±6 picometre
- Van der Waals Radius: 166 picometre
- Ionization Energies: 890.1 kJ.mol-1 (first), 1980 kJ.mol-1 (second)
The term “gold” was derived from “geolu”, an Old English Anglo-Saxon word which means “yellow”. Its symbol “Au”, on the other hand, originated from “aurum”, the Latin word for “gold”.
History of Gold
The exact period when gold was first discovered could be a subject of dispute. While some accounts point to the year 1848 when gold was discovered in California, history tells us that this precious metal was already being used in Gold bullion, Gold Bars, extensively by the ancient Egyptians, Romans, Greeks, Chinese, and South Americans.
Throughout history, gold has served as a measure of value and a symbol of wealth. It is one of the coinage metals (along with silver and copper).
It is used, customarily and legally, as a means of payment or a medium of exchange. Gram and Troy weights are the units of measurement used for gold that one of Gold’s most expensive metals To indicate the amount of gold present in, say, a piece of jewelry, the term “carat” is used. A necklace, for instance, that is 24 carats means that it is made of pure gold.
While the Gold spot price is determined through trading in the derivatives and gold markets, its daily benchmark price is provided in a procedure called the London Gold Fix. In this procedure, the price of the precious metal is determined each business day on the London market.
The fixing is done twice – once in the morning and another in the afternoon. The latter actually was introduced about 49 years after the procedure itself was introduced, as a means of providing a Gold price when US markets are open.
This Gold price fixing procedure is done by the five members of the London Gold Market Fixing Ltd., namely The Bank of Nova Scotia, Barclays Capital, Deutsche Bank AG London, HSBC, and Societe Generale Corporate & Investment Banking.
Gold Fix Chart Timeline
|01||1933||President Roosevelt bans US gold and forbids Americans to hold gold|
|02||1935||Fort Knox manufactured to store gold flowing into the US attracted by a US $35 price|
|03||1944||Bretton Woods agreement confirms US dollar exchange: standard creates IMF|
|04||1961||International gold pool rolled to ‘hold’ gold at US$35 an ounce.|
|05||1968||The collapse of the gold pool. On 15th March 1968, the experts dosed the London gold market for two weeks following an unprecedented three-day speculative surge of buying. On 1st April 1968, the primary fixing changed from choice to dollars and took property twice a day.|
|06||1972||Federal Reserve closes gold ‘window’ ending gold replacement standard.|
|07||1974||Gold hits a high, of US$197. 50 in anticipation of Americans being allowed to buy gold.|
|08||1975||US Treasury starts gold auctions.|
|09||1976||IMF begins a four-year gold sales Plan.|
|10||1980||on 21st January gold hits record US$850. A succession of the political crisis in the Middle East, high oil prices, and inflation produce strong physical and conceptive buying.|
|11||1985||Gold hits a low of US$284.25|
|12||1986||Japan buys 323 tonnes of Hirohito coins.|
|13||1987||Black Monday stock market crash.|
|14||1990||Large Soviet ‘distress’ sale in May. Iraq invades Kuwait in August.|
|15||1991||Desert Storm starts, but gold sport price collapses.|
|16||1992||The highest level of central bank gold sales since 1968.|
|17||1993||Sows and Goldsmith gold deal sparks fund buying.|
|18||1996||US Federal Reserve Chairman Greenspan warns of ‘irrational exuberance’ in US stock markets.|
– IMG proposes to sell a proportion of its gold reserves to fund debt relief.
|19||1997||Reserve Bank of Australia announces the sale of 167 tonnes.|
– Group of Swiss experts suggested the sale of 1,400 tonnes of Swiss National Bank Gold.
|20||1998||Belgian National Bank announces the sale of 299 tonnes of gold to other central banks.|
|21||1999||UK Treasury announces the sale of 415 tonnes of gold. – On 20th July the gold spot price fixed (PM) at a 21-year low of US$252.80.|
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Top Most Expensive Precious Metals
Here Are the Top 10 most expensive metals in the world
- Silver. Price per gram: $0.48. …
- Rhenium. One troy ounce: $1,290. …
- Osmium. One troy ounce: $400. …
- Iridium. Price per ounce: $520. …
- Ruthenium. Price per ounce: $260. …
- Gold. Price per gram: $51. …
- Palladium. Price per gram: $46. …
- Rhodium. Price per gram: $270. In the number one spot is rhodium.
- Silver Price Per Gram:$24.70
- Indium Price Per Gram:250 U.S. dollars per kilogram.
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