Gold is described and known as a precious metal and probably the oldest precious metal known to man. The combination of gold’s relative scarcity and its obvious beauty has made it a very valuable commodity.

The physical and chemical properties of gold make it ideal for a number of applications. It does not corrode or rust and conducts electricity very well. Gold can also be hammered into shapes and can be drawn into long, thin wires: a wire thread approximately 50 miles long can be drawn from a single troy ounce of gold (31.1 grams). It is also one of the densest metals: a cubic foot of gold weighs over 1,200 pounds.

It is estimated that the total amount of gold yet to be retrieved from the Earth is 100,000 tons. South Africa is the world’s largest producer of gold and is estimated to have half of these gold resources. The United States and Brazil each have significant amounts of the world’s gold resources. Approximately one-fifth of the total resources of gold in the world is by-product from copper and silver ores.