Gold is the 79th element in the periodic table, and is represented by the symbol Au. Formations of the element are a precious metal highly prized for its shiny yellow color. Its weight and malleability make it a common component in jewelry. It also has numerous technological and scientific applications.
Value of Gold
In the USA the gold standard was abolished by Nixon in 1971.http://www.allbusiness.com/glossaries/gold-standard/4942791-1.html Since then the value of US Dollars is no longer backed by real commodity and has become a so called fiat currency. After the 2008/2009 world wide financial crisis gold is again gaining importance in the world of economics, investors are taking money out of their failed financial investments and are again investing in the value of gold. Gold is especially attractive because even if US Dollars were to become worthless due to (hyper)inflation gold will still remain valuable as a method of payment, unless the US government decides to confiscate all privately owned gold as it did in 1933 under Franklin Roosevelt.http://www.cmi-gold-silver.com/gold-confiscation-1933.html
Practical Applications of Gold
Because of its rarity and preciousness, gold has historically been used as a monetary standard for both private citizens and national economies. As well, gold exhibits a high level of electrical conductivity and strong resistance to corrosion, which makes it a popular component in electrical systems both as wires and contacts.
References
Fast Facts
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Fact:
79th element in the periodic table
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Represented by the symbol Au
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Pure gold is bright yellow
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Color will never tarnish
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Is one of the world's most precious metals
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Because of gold's softness it is rarely used in pure form
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Cannot be created out of lead
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In 1980 gold reached an all time high price of $847 (adjusted to inflation)
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The largest gold nugget found was in California in 1854
