GOLD

“Not all that glitters is gold” goes the old saying. How true it is, since there are several specific characteristics of gold that cannot be imitated. This week, Tidbits digs deep for the facts about this pricey precious metal.
• The element symbol for gold, the only metal that is yellow, is Au, which comes from the Latin word “aurum,” which translates “shining dawn” or “glow of sunrise.” The old Germanic word “gulb” means “yellow.”

• If a material can be hammered into thin sheets, it is said to be malleable. Gold is the most malleable of all elements, able to be pressed into a sheet thin enough to be transparent, thinner than a sheet of paper. Just one ounce of gold can be hammered into a 300-square-foot sheet.
• Gold is also extremely ductile, meaning it can be drawn into thin wires. One ounce of gold can be stretched into a wire 50 miles hair. In its pure form, it’s so soft it can be scratched with a fingernail and molded by hand.
• King Croesus of Lydia (modern-day Turkey) is credited as the first to issue gold coins. In 550 B.C., Croesus developed a bimetallic monetary system, with both gold and silver coins of various sizes minted to represent different values.
  • The discovery of gold at California’s Sutter’s Mill in 1848 changed the course of the growth of the United States, as 300,000 people joined the Gold Rush to what became known as the “Golden State.” John Sutter and his partner James Marshall had opened a lumber mill in 1847 to sell timber to settlers in the area, which had a population of about 1,000. In January, 1848, Marshall saw flakes of gold in a pool of water, followed by the discovery of small nuggets. Word spread quickly and by the end of 1849, 50,000 “49-ers” had migrated to the area. By 1854, there were 300,000.
  • In October, 1925, King Tut’s burial mask was seen for the first time in more than 3,200 years. The mask, discovered in Egypt’s Valley of the Kings, contained 22.6 lbs. of solid gold inlaid with precious stones including lapis lazuli, carnelian, and obsidian.
• Estimates differ on how much gold has ever been mined and how much remains to be mined. The World Gold Council says that about 238,400 tons (216,000 metric tons) have been extracted throughout history, while the U.S. Geological Survey’s numbers are smaller – 206,000 tons (187,000 metric tons) mined and 70,550 tons (64,000 metric tons) remaining. To visualize, all the gold mined can fit in three Olympic-size swimming pools, or into a 7-foot cube. About 66% of that has been mined since 1950. The countries with the most untapped reserves are Russia, Australia, South Africa, and China.
• Jewelry accounts for 45% of all gold mined, 22% as bars, coins, and Exchange-Traded-Funds, and another 15% is found in industrial, medical, dental, and decorative items.
  • Geologists claim that 99% of the world’s remaining gold is locked away in Earth’s core, an amount that would coat our planet in a 1.6-foot layer. It’s estimated that the Psyche 16 asteroid, located 344,588,208 miles from Earth, holds 20 billion tons of gold. Its surface area is about 64,000 square miles, about the size of Wisconsin.
• If you’re looking for a spot that contains about 20 million pounds of gold, check the world’s oceans. Gold ore is abundant in the depths of the sea, but the problem is trying to get to it! The gold deposits are embedded in layers and layers of rock, with no practical method of mining it.
• What’s the difference between the various karats of gold? Pure gold is 24 karats, while 18-karat gold is 75% pure. A 14-karat gold item is 58.5% pure, and 10-karat gold measures 41.7% pure gold. What comprises the rest of a “gold” item? It’s often silver, but can also be platinum, copper, zinc, nickel, or iron.
• Are Olympic gold medals really gold? Gold medals were first awarded during modern Olympics at the 1904 St. Louis Games, when the gold medals were indeed solid gold. The 1908 and 1912 Games also bestowed solid gold medals. World War I prevented the 1916 Games, and by the 1920 Games in Antwerp, Belgium, solid gold medals were too expensive. The International Olympic Committee established a standard of gold medals comprised of a silver core and six grams of gold plating. This makes a “gold medal” 92.5% silver. The gold medals handed out at the 2024 Paris Summer Olympics cost about $950 each, compared to the price of a bronze medal of $13.
• Because gold is a “noble” metal, meaning it is immune to corrosion, oxidation, and rust, it is the perfect choice for electrical wiring, medical instruments, dentistry, and electronics. A typical smartphone contains about 0.034 grams of pure gold. One ton of old phones has up to 80 times more gold than a ton of ore excavated from a gold mine. With each iPhone containing about $2.00 in gold, depending on the price of gold, the amount salvaged is significant. Apple has recovered about $40 million worth of gold from broken iPhones and iPads.
• For 20 years, the Tokyo Mint in Japan was home to the world’s largest gold bar, weighing about 551 pounds and 99.99% pure gold. It was manufactured by the Mitsubishi Materials Corporation as a demonstration of gold refining techniques. In 2024, that bar was edged out by Dubai’s Emirates Minting Factory, when they created a bar that is 20 times the weight of the average gold bar, weighing 661.65 lbs., worth $25 million at the time of its creation.
• The largest gold nugget ever found was discovered in Australia in 1869. Two prospectors weren’t digging deep – they found the nugget just 1.2 inches below the surface at the base of a tree on a slope. Known as the “Welcome Stranger” nugget, it yielded about 156 lbs. of pure gold.
• The price of gold reached $4,000 per ounce for the first time in 2025, and today, it hovers around $4,400. Compare this to ten years ago, when that price was $1,250. In 1850, in the midst of the California Gold Rush, the average price of gold was $20.67 per ounce.