Ticker Symbol: GYST 

Gold AU Prices POP to 30 day high

September 24, 2015 by  
Filed under About Gold, Gold Mining, Industry News

Gold prices popped to a four-week high of $1,156.40 in December Comex futures Thursday. The yellow metal saw a combination of strong short covering in the futures market, bargain hunting in the cash market, and some fresh safe-haven demand amid sharp losses in the U.S. stock market. Buy stop orders were triggered when December gold pushed above what were solid chart resistance levels at last week’s high of $1,141.50 and then at the September high of $1,147.30. The next upside objective for the energized gold market bulls is the August high of $1,169.80. December Comex gold was last up $22.00 at $1,153.50 an ounce. December Comex silver was last up $0.0341 at $15.13 an ounce.

While the U.S. stock indexes were solidly lower Thursday, due in part to some downbeat U.S. economic data released in the morning, world stock markets were mixed on the day. Japan’s Nikkei stock index down nearly 3% as Japan markets reopened from a long holiday. China’s Shanghai index was up just over 1%. Traders and investors worldwide and taking their cues from either China or the U.S. In China, the world’s second-largest economy is wavering and that has many markets edgy. And in the U.S., the focus is still on Fed policy—so “Fed speak” will continue to be extra important.

Speaking of which, Fed Chair Yellen’s lecture to a Philip Gamble Memorial group in the afternoon will find traders hoping she will shed some fresh light on just when the U.S. central bank might raise its interest rate for the first time in several years.

The London P.M. gold fix today was $1,154.50 versus the previous London A.M. fixing of $1,134.45.

Provided by the Graystone Company GYST and AU2020.com

Exploring the Symbolism of Gold

March 2, 2012 by  
Filed under About Gold

For as long as time has been recorded, gold has been associated with the highest values of influential societies and cultures, symbolizing important traits and objects such as wealth, power, treasure, justice, balance, and the sun. In ancient stories and folk tales throughout history worldwide, gold has always been an important part of the hierarchical, artistic, and monetary aspects of powerful societies.

Gold has been coveted in many societies throughout history, but not all. The Native Americans of North America found gold useless and therefore priceless, while its affluence in Central and South America was largely responsible for sending European explorers to the New World. The nobility of Medieval Europe used gold flakes in their food and beverages as a decoration and a way for the host to express wealth. Their kings were inducted under a crown of gold to show that the eternal light of heaven shown upon their heads.

Gold has been known to man since the Copper Age, or Chalcolithic Period, which dates back 7,000 years. Artifacts containing gold dated from 4000 B.C. and 2000 B.C. have been recovered from the Balkans and Europe, respectively. Ancient Egypt is another place that gold was used starting around 2600 B.C., and was a society in which gold was extremely prevalent. It also became very abundant in Africa’s Mali Empire around A.D. 1300, and the empire’s ruler gave away so much gold that it destroyed its value in Egypt.

Gold symbolism appears in ancient Greek mythology in legends such as that of Jason and the golden fleece, which was highly coveted, and King Midas and his golden touch, which was at first both a blessing and curse, but ultimately his demise. Gold has rich symbolism in Christianity, being associated with both the sacred and the corrupt. Gold is referenced throughout the Bible and is often used to distinguish between the sinister rich and suffering poor, one of many forms of symbolism commonly applied to gold.

Common Symbols of Gold

Wealth: Gold is most commonly associated with money, wealth, riches, affluence, and high society. Throughout history, the rulers and royalty of civilizations have traditionally used gold as a symbol of their power in ways that permeated every aspect of their lives. Today, gold is owned by both the rich and poor, but it is commonly associated with the rich as a luxury and with the poor as something that’s inherited as an heirloom or pawned in times of need.

Even though there was so much gold in the old world that ancient Egyptian and African societies buried their Kings in gold suits and gave gold away to peasants, it’s estimated that 75% of the world’s gold has been extracted in the last century. Gold has always been considered the most coveted of the precious metals, even though platinum is valued much higher.

Money: Gold’s value is used as the standard for many currencies and has been the material used to make many currencies in the past. Gold bars and coins are still used in investment and held as a protective measure against inflation.

The Sun: A chief mission of alchemists was to make gold out of other, less valued substances. Alchemy’s symbol for gold is a circle with a dot in the center, which was the alchemists’ astrological symbol for the sun and the Chinese symbol for the sun.

In Ancient Egypt, Central America, and South America, gold was often directly associated with the sun, as they were similar in both color and importance. Temples, shrines, and graves in these cultures were always made of and filled with gold and gold was offered up to the sun gods above all others.

Treasure: From pirates at sea to leprechauns in Ireland, someone has always been searching for that elusive hidden treasure of gold.

Balance: The weight of gold has been considered an accurate and universal measurement that has transgressed time and cultures. A bar of gold on a scale is still commonly used today in the United States to depict fairness, balance, and justice.

Achievement: Gold medals, trophies, and other rewards are both ancient and modern symbols of and awards for achievement.

Perfection: The golden mean, golden ratio, and golden rule all refer to valued elements existing in perfection.

Age: Gold is associated with the positive aspects of age, such as in the golden fiftieth wedding anniversary, the golden years, and the golden age of a civilization.

Gold’s Uses Throughout History

January 5, 2012 by  
Filed under About Gold

Gold was the first metal widely known to man. This naturally occurring metal can be found as nuggets or nested in rocks. Its brilliance and malleability makes it fun to work with and easy to mold into shapes.

Since being discovered, gold has been used in jewelry, science, and currency and it remains a highly-coveted commodity. The history of gold is broad and fascinating, dating back to very early days when it was first discovered in 4000 B.C. by an Eastern European culture. Since then the river of gold has twisted and turned through the progression of currency, the development of science, the exploration of space, and the creation of technology.

Currency and Jewelry

From 3000 B.C. until 1284 A.D. gold had been used to create jewelry and build a currency that extended from Iraq and Egypt to China and Britain.

  • In 3000 B.C. the Sumer civilization of southern Iraq began creating jewelry out of this brilliantly magical element.
  • In 2500 B.C. gold was buried in the king’s tomb of the first Egyptian Dynasty.
  • In 1500 B.C. Nubia’s gold created wealth for Egypt and it became recognized as a standard exchange for international trade. The Shekel then followed as the standard unit of measure in the Middle East, containing a naturally occurring alloy of two-thirds gold.
  • In 1200 B.C. the Egyptians began to beat their gold into a thin sheet, or leaf, to extend its use. They also began experimenting by alloying it with other metals. Still in use today, they began casting gold into fashionable jewelry.
  • The use of gold in currency continued, extending to China in 1091 B.C., when China legalized small squares of gold as currency. Then in 1284 A.D. Venice introduced the gold ducat, which quickly became the most popular coin in the world. In this time, Great Britain also created its first major gold coin, the Florin. The Florin then eventually became the Guinea, which was replaced by the British pound that we know today.

Space, Computers, and Communications

As the U.S. gold rush ramped up, gold was found to be useful for more than simply beautiful jewelry and coins. The European Rheumatism Council, AT&T Bell, and NASA all found uses for this brilliant metal.

  • In 1803 the first U.S. gold rush was born as this hot commodity was discovered on U.S. soil in North Carolina.
  • Later on in 1935 gold came into play as Western Electric Alloy #1 was used in the universal switching contact for AT&T telecommunications equipment.
  • In 1960 AT&T Bell Laboratories invented a laser that used gold-coated mirrors to maximize infrared reflection into the lasing crystal. The European Rheumatism Council also used gold intravenously to treat rheumatoid arthritis.
  • In 1965 the first space walk was made using a gold-coated visor that is still in use as a safety feature for astronauts to this day.
  • In 1968 gold began its introduction into computer technology when Intel created a computer microchip that was interconnected with gold circuits.
  • In 1970 the charge-coupled device was invented at Bell Telephone Laboratories. This device is used to collect electrons generated by faint light from the stars. This technology is still used in hundreds of items today, such as the video camera.
  • In 1971 the colloidal gold marker system was created and spheres of gold were used in health research laboratories to tag proteins, revealing their function in the body.
  • In 1980 the first space shuttle used gold-coated impellers in its liquid hydrogen fuel pump.
  • In 1986 the first new gold jewelry alloy was introduced in this century that was easier to work into designs and more durable when fired.
  • In 1996 the Mars Global Surveyor incorporated an onboard gold-coated parabolic telescope-mirror that generated a detailed map of the entire Martian surface.

Ever since its first discovery, gold has been a central theme in currency, crucial in the development of communications, and a contributor to the advancement of science. Beautiful and easy to work with, this brilliant metal has always been in high demand and coveted across nations for its value and beauty.

As one of the most valuable currencies worldwide, gold symbolizes wealth across the world and is used in just about every facet of modern civilization.

The Lifespan of Gold: From Formation in the Earth to Processing and Use

January 2, 2012 by  
Filed under About Gold

From the time that it is first carried throughout the rocks and soil until the time at which it appears in a circuit board or as a ring on a finger, gold is formed, processed, and used—gold is in a constant state of repurposing.

Gold is moved from deep underground and then mined after it is deposited nearer to the earth’s surface. Gold is then processed and formed into a great many things in today’s world. It is used by technology, science, and the fashion industry in many ways. A single atomic substance naturally found in the earth, humans have built empires from its brilliance and made lasting commitments by its glow.

The Formation of Gold

There are many theories surrounding how gold is redistributed within the earth. Some believe that gold was once in a molten state, and solidified to create deposits. But it is understood that gold is actually re-deposited by circulating hot water that cools as it reaches the earth’s outer surface, and ends up in specific areas that exhibit the correct conditions.

Intensely hot water deep within the earth brings elements such as gold into a solution form, which is then moved from one place to another by convection. As gold is moved and the water cools, gold nuggets and veins form as this metal solidifies.

Often veins form through natural fissures in the rock, or between two different substances where liquid is better circulated. Creating gold crystals requires a very specific set of circumstances, and therefore gold is most often found in oddly shaped lumps and mounds, instead of in crystalline shapes.

Mining and Processing Gold

Mining begins with ore samples that are taken from the area to help the miners determine the correct extraction process. The gold found in nuggets is easier to detect when mining for gold, and it offers more bang for one’s mining buck as well. But more often than not, gold is spread out throughout an area, making it more difficult to collect. Low-grade gold can be dissolved out using cyanide, whereas high grade gold is often first extracted from the ground, and then dissolved and separated.

Once gold and other rocks are removed from the ground, they are crushed into powder and mixed into a mud. This mud is then filtered to separate the gold from the other elements and liquid. Other methods include leaching the gold by roasting it and then extracting the gold by dissolving it in a liquid and then allowing it to deposit onto activated carbon.

Refining Gold

After being mined, gold is then refined by stripping out its impurities. These impurities are eliminated by melting down the gold and then treating it with chloride. This chloride treatment causes any excess metals to drift off so that a purer gold remains. To complete the refining process, an electrical current is passed through the gold to strip out any remaining impurities.

Gold’s Uses in Modern Life

Although most popularly recognized in the form of jewelry and coins, gold is also used throughout everyday lifein a great many ways, such as:

  • Aerospace – Gold’s reflective properties help protect astronauts and spacecraft from the sun’s heat and radiation. Rocket engines have gold tubing to safely carry liquid hydrogen, and weather satellites deflect heat.
  • Medicine – In medicine, gold is used to focus lasers, create more accurate thermometers, develop life-saving drugs, and study DNA.
  • Transportation – In cars, gold is used to create reliable contacts and sensors for airbags. Commercial airplanes use gold-bonded compressor vanes to cool down turbines, and infrared equipment is used to monitor air-pollutants to ensure safe working environments. Miners themselves benefit from gold by relying on gold-activated monitors that help warn them of low oxygen levels.
  • Technology – Gold is used throughout technology in circuitry, telecommunications, and many sophisticated electronics.

Gold is found across the globe in some form or another, from its original location deep within the earth, to its use in modern-day living and currency.