In this presention we discuss why gold is so unique by explaining how it is mined and processed and discuss how its unique physical properties make it one of the most useful metals. Finally, we end the post with a section on gold's importance to the global economy, the factors that set it apart from all other commodities, and how it can be classed as both a commodity and a monetary asset. Read the original blog post here: http://goo.gl/p2dFUs
A handy guide showing some of the markings associated with UK hallmarks. From the Assay Office symbols, through to the Sponsor's Mark and optional Date Mark, a handy and user friendly guide which takes you through some of the typical hallmarking symbols in use in the UK.
A handy guide showing some of the markings associated with UK hallmarks. From the Assay Office symbols, through to the Sponsor's Mark and optional Date Mark, a handy and user friendly guide which takes you through some of the typical hallmarking symbols in use in the UK.
This is an ancient process which involves the alloying of the gold particles with metallic mercury to form amalgam and then the separation of the gold from the mercury by heating in Pressure oxidation: Utilizes oxygen and heat under pressure in a liquid medium, to effect
oxidation of sulfur by way of a controlled chemical reaction. High pressure autoclaves are used for the reactors. Reactor operation is under alkaline or acidic conditions, depending upon the specific process.
The oxygen overpressure required is primarily determined by the mass transfer requirements of the process and higher overpressures tend to shorten the
reaction rate and thus the residence time
retorts until the mercury is distilled off. The method is used for the treatment of coarser gold (30 microns in diameter or greater) .
This process is strongly out of favor with the major mining companies, due to the extremely toxic nature of mercury and the processes inferior performance when compared to the available alternatives. The process is still used extensively by artesian mines in third world countries and at small mines, due to its simplicity
Bioleach bacteria are characterised by their optimal
operating temperatures. Mesophiles (top) operate best
between 30 and 42 °C, and are rod-shaped bacteria with
dimensions of about 0.5 ´ 2.0 μm. Moderate
thermophiles (middle) have a similar morphology to the
mesophiles, and operate at 45 to 55 °C. The extreme
thermophiles (bottom), which are often spherical and
have a diameter of 1 to 2 μm, operate at elevated
temperatures of be
Industrial Chemistry Lecture 2 Part I.pptxluduevans
At the end of this course the student should be able to:
i. classify the chemical industry in terms of products, raw materials, scale and types of transformations.
ii. describe the operation principles of selected unit operations and unit processes.
iii. describe metal extraction in general and the extractive metallurgy of iron, aluminium and copper in particular.
iv. discuss with the help of relevant flow diagrams, equations, operating conditions and equipment principles, the manufacture of chlorine, sodium hydroxide, ammonia, sulphuric acid, fertilizer and cement.
v. explain using flow diagrams and equations, how crude oil is refined, and how some petrochemicals and polymers are synthesized.
vi. discuss fermentation theory and its application in ethanol manufacture, the production of some pharmaceuticals, soaps and detergents
Geology and Mineral Investment Opportunities in South SudanMining On Top
Geology and Mineral Investment Opportunities in South Sudan
Hosted by Dr Andu Ezbon Adde, Under Secretary Mining,
South Sudan
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
The Middle East & North Africa economic outlook isn't looking great for 2017, but could the region's fortunes turn around in 2018? Read our latest regional summary for MENA to find out more: http://bit.ly/2ytvybf
Latin America is set to return to growth this year, however, political risks to the outlook are high. What could this mean for growth in 2018? Read our latest Latam economic outlook here to find out more:
http://bit.ly/2ysyDpc
More Related Content
Similar to Gold: The Most Precious of Metals - FocusEconomics
This is an ancient process which involves the alloying of the gold particles with metallic mercury to form amalgam and then the separation of the gold from the mercury by heating in Pressure oxidation: Utilizes oxygen and heat under pressure in a liquid medium, to effect
oxidation of sulfur by way of a controlled chemical reaction. High pressure autoclaves are used for the reactors. Reactor operation is under alkaline or acidic conditions, depending upon the specific process.
The oxygen overpressure required is primarily determined by the mass transfer requirements of the process and higher overpressures tend to shorten the
reaction rate and thus the residence time
retorts until the mercury is distilled off. The method is used for the treatment of coarser gold (30 microns in diameter or greater) .
This process is strongly out of favor with the major mining companies, due to the extremely toxic nature of mercury and the processes inferior performance when compared to the available alternatives. The process is still used extensively by artesian mines in third world countries and at small mines, due to its simplicity
Bioleach bacteria are characterised by their optimal
operating temperatures. Mesophiles (top) operate best
between 30 and 42 °C, and are rod-shaped bacteria with
dimensions of about 0.5 ´ 2.0 μm. Moderate
thermophiles (middle) have a similar morphology to the
mesophiles, and operate at 45 to 55 °C. The extreme
thermophiles (bottom), which are often spherical and
have a diameter of 1 to 2 μm, operate at elevated
temperatures of be
Industrial Chemistry Lecture 2 Part I.pptxluduevans
At the end of this course the student should be able to:
i. classify the chemical industry in terms of products, raw materials, scale and types of transformations.
ii. describe the operation principles of selected unit operations and unit processes.
iii. describe metal extraction in general and the extractive metallurgy of iron, aluminium and copper in particular.
iv. discuss with the help of relevant flow diagrams, equations, operating conditions and equipment principles, the manufacture of chlorine, sodium hydroxide, ammonia, sulphuric acid, fertilizer and cement.
v. explain using flow diagrams and equations, how crude oil is refined, and how some petrochemicals and polymers are synthesized.
vi. discuss fermentation theory and its application in ethanol manufacture, the production of some pharmaceuticals, soaps and detergents
Geology and Mineral Investment Opportunities in South SudanMining On Top
Geology and Mineral Investment Opportunities in South Sudan
Hosted by Dr Andu Ezbon Adde, Under Secretary Mining,
South Sudan
Mining On Top: Africa - London Summit
25-26 Jun 2013 | London
The Middle East & North Africa economic outlook isn't looking great for 2017, but could the region's fortunes turn around in 2018? Read our latest regional summary for MENA to find out more: http://bit.ly/2ytvybf
Latin America is set to return to growth this year, however, political risks to the outlook are high. What could this mean for growth in 2018? Read our latest Latam economic outlook here to find out more:
http://bit.ly/2ysyDpc
2017 Economic Outlook - Asia Pacific EconomiesArne Pohlman
For the lastest news and forecasts for the Asia-Pacific (ex-Japan) region, read our new regional summaries for ASEAN: http://bit.ly/1IkPE6R - and East and South Asia: http://bit.ly/1VusjU7
Recently released data show that the Eurozone economy defied expectations at the start of 2017 and expanded a robust 0.5% over the previous quarter in Q1. On top of the positive incoming data, the Eurozone is clearing political hurdles, however, all is not rosy. Find out why: http://bit.ly/1lSwxEu
French election: As the French presidential campaign enters its final day, we analyze the economy that either Macron or Le Pen will inherit come Sunday. Read more: http://bit.ly/2cV4KCa
Our economic outlooks for both ASEAN and East & South Asia are a bit more upbeat this month, however, we left our growth forecasts for 2017 unchanged. Find out why by reading an excerpt from our ASEAN report here: http://bit.ly/1IkPE6R - And an excerpt from our ESA report here: http://bit.ly/1VusjU7
Latin America in 2017: Region to Emerge From Recession But Growth will Disapp...Arne Pohlman
While social and economic ties between the U.S. and most Latin American economies will remain strong, the risk of tension and a deterioration in relations under the Trump government will remain high. Trump’s potential policies in areas such as trade and immigration will have an important bearing, particularly in Mexico. However, current developments suggest that he is likely to not follow through on some of his more radical campaign pledges and the renegotiation of NAFTA that he announced after being sworn in is likely to lead to adjustments rather than a total termination of the agreement. See our latest forecasts in the Latam Regional Snapshot: http://bit.ly/1zIo8ZP
Election season is in full swing and next up to the plate is France. Is uncertainty surrounding the French elections a threat to the economy's recovery? Find out how FocusEconomics sees it here: http://bit.ly/2cV4KCa
2017 & 2018 Economic Outlook for the Top Oil Producing CountriesArne Pohlman
A couple of months in to the OPEC deal to cap oil production, we thought it would be interesting to take a look at the latest news and forecasts on oil prices and how top oil producing countries’ economies are performing in light of it all.
Turkey Economic Outlook
February 7, 2017
The recent revision of Turkey’s national accounts led to a significant improvement in the country’s economic position relative to that of other emerging markets, and yet it is still plagued by economic weaknesses. The government’s attempt to stimulate the economy through massive spending has so far failed to suffice as growth continues to be undermined by heightened political turmoil, the deteriorating business environment and the plummeting currency. Last month, Fitch Ratings downgraded Turkey’s sovereign bond rating to sub-investment grade, stripping the country of its last remaining investment grade status. The agency cited the unstable political and security environment as the main reasons behind the revision. In the wake of the news, the lira tumbled and hit a new record low. Complicating matters further, President Recep Tayyip Erdogan has promised to hold a referendum on constitutional reform in April, which has been in the offing for some time. In the current difficult economic environment, he will have to come up with credible arguments and tangible results to convince the voters that the proposed changes will benefit the economy in the future.
Read more: http://www.focus-economics.com/countries/turkey
How much will the OPEC deal help MENA in 2017?Arne Pohlman
Although the OPEC deal is pushing up oil prices, the reduction in crude output required to comply with the agreement will plague growth in some oil-producing countries this year. Moreover, higher energy costs will likely weigh on growth among oil-importing nations. Geopolitical risks in the region remain high and Trump’s decision to take a tougher political stance against Iran has the potential to exacerbate the situation. Against this backdrop, our panel of analysts decided to cut MENA’s 2017 growth outlook this month by 0.1 percentage points to 2.5%. If this proves correct, it will represent the weakest expansion since the trough of the financial crisis in 2009. Next year, the panel sees growth picking up to 3.2%.
Read more: http://www.focus-economics.com/regions/middle-east-and-north-africa
Will 2017 be a turning point for Latin America?Arne Pohlman
2017 is expected to be a better year for Latin America, but important risks to the outlook loom on the horizon. The region is expected to return to growth this year before GDP rises steadily from 2018 to 2021. Following a 0.7% contraction in 2016, Latin America’s GDP is projected to increase 1.6% this year, which matches last month’s projection. With a 2.3 percentage-point upward swing from 2016 to 2017, the forecast suggests that the region is poised to experience the largest growth turnaround this year among the emerging markets. And yet, at 1.6% the region’s economic growth is far from its potential of 2.5%, which means that the recovery this year will be underwhelming. Moreover, it could be constrained further by new risks.
The outlook for energy prices remains positive. Prices are projected to increase 11.7% year-on-year in Q4 2017 on the back of higher prices for crude oil and its derivatives. Moreover, Henry Hub natural gas prices should continue extending last year’s gains this year, but at a more moderate rhythm. Meanwhile, forecasts for uranium suggest that the price of the radioactive element will recover this year from the losses in 2016.
Read more: http://www.focus-economics.com/commodities/energy
How will Emerging Market perform in 2017?Arne Pohlman
Emerging markets started 2016 on a weak note, with concerns over falling commodity prices and China’s slowing economy weighing on economic outlook. However, as the year progressed, various factors have led to emerging-market strength and economic performance was better than initially expected.
After expanding 4.0% in 2015, emerging economies grew by an estimated 3.9% last year, according to FocusEconomics’ Consensus Forecast. Economic growth was supported in 2016 by improving commodity prices and a broadly stable U.S. dollar. China’s economy proved more robust than initially feared and the recovery now looks to be back on track in Brazil and Russia.
But what’s in store for emerging markets this year? Will growth pick up in 2017?
http://www.focus-economics.com/blog/what-are-the-prospects-for-emerging-economies-in-2017
What to expect from Commodiites in 2017?Arne Pohlman
The outlook for commodity prices remains positive this year, supported by healthier global macroeconomic dynamics. After an expected 2.6% increase in 2016, global economic activity should experience a mild improvement this year and expand 2.9%. Against this backdrop, commodity prices are expected to increase 3.6% year-on-year in Q4 2017, though this will nevertheless mark a deceleration compared to the price growth in Q4 2016. This year’s rise in prices will be buttressed mainly by higher prices for energy, base metals and agricultural commodities. Prices for precious metals are expected to be the exception.
Read more: http://www.focus-economics.com/commodities
This year, developments in the external sector and global politics will continue to influence ASEAN’s growth story. The policy decisions of a more protectionist U.S. under President Donald Trump have the potential to reverberate throughout the region. Trump’s decision on 23 January to pull out from the 12-country Trans-Pacific Partnership (TPP) has created uncertainty over the future of the deal, which was seen as particularly beneficial for Vietnam’s economy. At this stage, it is unclear whether the agreement will move forward without the U.S. or if a new alliance could take its place. Brexit will also continue to play a role in ASEAN’s growth story as Singapore is particularly exposed to the potential fallout. Domestically, the timing of elections in Malaysia and Thailand will continue to be monitored, and early votes could take center stage.
Read more: http://www.focus-economics.com/blog/posts/what-to-expect-in-asia-for-2017
Korea's Economy at a Crossroads - FocusEconomicsArne Pohlman
The Korean economy has been plagued by faltering industries, highly indebted households and dwindling export volumes. Uncertainty after the impeachment of President Park Geun-hye is not helping matters, but is there a silver lining? Economist David Ampudia provides some insight: http://www.focus-economics.com/countries/korea/news/special/president-park-geun-hye-is-impeached-ensuing-political-uncertainty-has
What does Donald Trump mean for the U.S. economy?Arne Pohlman
Donald Trump will take power in January and will govern a U.S. economy that is in its seventh year of growing tepidly at around 2%. Our Consensus Forecast for the U.S. economy this month sees GDP growing 2.1% in 2017, but this will be subject to revision in the coming weeks and months as the economic priorities of President-elect Trump become clearer. Here we analyze the immediate and possible future implications of Trump’s victory. During his campaign, Trump outlined an extremely controversial policy agenda, including—but not limited to—building a wall on the U.S. southern border with Mexico, renegotiating NAFTA, cancelling or reforming the Affordable Care Act (Obamacare), imposing punitive trade tariffs on China and cutting taxes for the wealthy. The unexpected victory of Trump in November’s election and the resultant uncertainty over future U.S. policy will have serious ramifications for both the domestic and global economies.
http://www.focus-economics.com/blog/united-states-economy-trump-impact
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Gold: The Most Precious of Metals - FocusEconomics
1. 1
Gold: The Most Precious of
Metals
How gold’s unique physical properties make it a
commodity unlike any other
www.focus-economics.com
2. What’s so special about gold?
• Everything from the time it is identified in the ground, to the mining process, to the purifcation
process and how it is used as an end-product make gold the most precious metal.
• This slide show will go into those various categories to show how that is.
2
3. Contents
1. Gold mining process
2. Gold purification
3. Uses of gold
4. Gold & the modern economy
5. Conclusion
3
4. Gold mining process
• Gold is concentrated in the earth’s crust all over the world
• There is approximately 0.004 grams of gold per ton of the earth’s crust
• Geologists study rock formations and types of rock by taking samples of the earth
• Gold normally found mixed in with many other elements, metals and mineral in rock called
ore
• Based on samples, geologists are able to determine where the ore is as well as its composition
• Grade of the ore and size of the deposit dictate type of mining necessary to get to the ore and
whether or not it will be cost-effective to mine it
• The higher the grade of the ore, the more cost-effective it will be to mine it
4
5. Probable reserves vs. Proven reserves
• Through samples, geologists determine if there are probable or proven reserves
• Probable reserves mean that gold exists, however, the type of mining necessary to get to the
ore may not prove to be profitable.
• Proven reserves mean gold exists and engineers have decided that there is an economically
viable way to mine the gold.
• These terms appear on annual reports of gold mining corporations and provide the company’s
estimate as to the total gold that can be mined.
5
6. Open-pit mining process
• Open-pit gold mining is used when the ore is close to the surface of the earth.
• An open-pit mine is basically a massive hole in the ground with roads along the sides
• The extraction process involves the use of explosives and heavy machinery to haul the ore out
of the huge mines with huge dump trucks.
• About 25% of the total cost of mining is spent on diesel fuel for trucks to haul ore.
• For each ton of ore hauled out of a mine, it might contain a tenth of an ounce of gold
6
7. Underground mining
• When gold is located far from surface of the earth, underground mining may be used
• A.k.a. underground hard rock mining utilizes long winding tunnels, shafts and branches
• Mining process involves setting off the explosives and hauling out the debris from explosion.
• Electricity is very important to underground mining.
• Electricity must be used to pump air into the mine so that the miners can breathe.
• Transportation of miners and hauling out the ore would also not be possible without electricity
• Wind farms and solar energy panels sometimes set up near excavation sites for a cost-effective
power source
7
8. Cyanide use in gold mining
• Cyanide leaching uses a mild cyanide solution to dissolve and separate gold from ore
• Cyanide use for this process first developed in the late 19th century in Scotland
• Since 1970s it has been primary gold extraction method in commercial gold production
• Ore is pulverized until it reaches a sandy consistency then a cyanide solution is added
• The cyanide dissolves and separates the gold from the ore.
• Further processes of crushing and milling are used before the smelting process
• Smelting refines and converts liberated gold into gold bullion bars.
8
9. Gold Purity
• Since the first moment that humans were able to grasp the concept of possession, gold has
been sought after and therefore determining the purity of gold has been extremely important.
9
10. The Fire Assay
• A metallurgical assay is a composition analysis of ore and can be used to determine the purity
of gold
• The fire assay was first used by Babylonians over 3000 years ago - still one of the most accurate
methods
• process involves taking a sample of melted impure gold from a larger portion of gold or ore
• Sample is weighed precisely and the amount recorded
• The sample along with a given quantity of pure silver is then wrapped in assay lead foil and
placed in a furnace in a cupel, a special kind of disposable crucible
10
11. The Fire Assay, continued
• All non-precious metals are absorb into the cupel and the precious metal forms into a button
inside the cupel
• The button is removed and heated again in a porcelain crucible with nitric acid solution, which
removes the silver.
• The result is a sample of 99.999% pure gold.
• The ozriginal weight of the impure sample is divided into the weight of new pure gold sample,
giving the purity of the original sample
11
12. Gold Density to Determine Purity
• Gold is extremely dense material with a density of 19.3 g/cm3 or a specific gravity of 19.3
• It is 19.3 times heavier than water, meaning it sinks pretty fast in water.
• If it weren’t for density, gold may not have ever been discovered in streams and rivers, as its
high density to water made it easy to spot on the river bottom.
• During the California gold rush prospectors compared how long it took for a piece of real gold
and questionable gold to sink in water to determine if the gold was genuine.
• If the questionable piece of gold took a while to fall, they knew they had “fool’s gold”.
• The density of gold basically made it possible to eliminate fancy equipment to determine its
purity. 12
13. Gold Karats& Millesimal Fineness
• The karat system - 24 karat gold denotes pure gold
• Millesimal fineness - purity is expressed in parts per 1000.
• 24 Karat gold is equivalent to 990 millesimal fineness or higher.
• Pure gold is not usually used for jewelry because it is too soft
• Gold used in jewelry normally alloyed with other metals such as copper and silver to make it
stronger.
• Highest purity for gold used in jewelry is normally 18 karat or 750 fineness.
13
14. Industrial and Technical Uses of Gold
• It is arguably the most useful metal because of its many unique properties
• It is extremely malleable, it can be pounded, hammered, melted down and cast in extremely
detailed shapes.
• So malleable that one ounce can be drawn into 80 km of wire.
• A great conductor of electricity and heat
• It is basically indestructible
• It does not rust
• It can easily be alloyed with other metals
14
15. Electronic Devices & Computers
• Solid-state electronic devices use gold because it does not tarnish and conducts electricity well
• Cell phones, calculators, GPS systems, other smaller electronic devices.
• Gold is used in edge connectors to mount microprocessors and memory chips onto the
motherboard of computers
• Each cell phone contains around 50 milligrams of gold = about USD cents 50 worth of gold.
• Over 1 billion cell phones produced a year results in a lot of lost gold
15
16. Dentistry
• Gold is one of the most widely used metals for dentistry because it does not rust and it can
look nice.
• Pure gold is too soft
• Normally gold alloys are used for crowns, fillings, bridges as well as caps.
16
17. Healthcare
• Sometimes used to treat arthritis with injections of a solution of sodium aurothiomalate or
aurothioglucose.
• Radioactive gold isotopes are implanted in parts of the body to treat certain cancers.
• Treats Lagophthalmos, in which the person is unable to close their eyes properly.
• Small bits of gold sewn into the eyelids to weigh them down
• Gold salts can be injected into patients to reduce swelling, bone damage as well as to relieve
joint pain and stiffness.
17
18. Aerospace
• Gold is used in the circuitry of the space ships because of its dependability as a good
conductor of electricity.
• Gold coated polyester film is used throughout the space ship because it helps stabilize
the temperature of the ship in space.
• Gold is also used as a lubricant between mechanical parts of the ships
• Under intense radiation pressure gold can serve as a lubricant between parts.
• Lubricants used on Earth are ineffective in space as radiation outside of Earth’s
atmosphere evaporates them.
18
19. Glass making
• Gold used as a pigment to tint glass
• Also used as an insulant.
• Gold on the glass keeps the heat out by reflecting the radiation from the sun outward
in summer
• In the winter gold reflects the internal heat inward
19
20. Gold and the modern economy
• Although gold shares some characteristics with other commodities, it certainly stands
out from the rest.
• According to the World Gold Council, “Gold is less exposed to swings in business
cycles, typically exhibits lower volatility, and tends to be significantly more robust at
times of financial duress.”
20
21. Gold vs. Other Commodities
• The laws of supply and demand, also known as the fundamental drivers, tend to affect
commodities heavily.
• Fundamental drivers exposed often and influenced by risks such as geopolitical
issues, wars, disease, and weather
• These risks impact commodity prices heavily - most commodities are subject to some
or all of these risks.
• Gold is not exposed to the same risks from the fundamental drivers, especially supply.
21
22. Gold vs. Other Commodities Pg. 2
• Gold can be reused, energy and agricultural commodities are usually one-and-done.
• the stocks of annual flows ratio is much higher for gold than other commodities.
• Gold production is geographically diversified, it can be mined anywhere in the world
• Recycling of previously used gold makes it much less susceptible to production shocks
and shortages
• Because of these characteristics, the price of gold is primarily influenced by demand.
• Gold not exposed to business cycle as much as other metals, not used as much in the
industrial and technological sectors 22
23. Liquidity, depth, breadth of bullion mkt
• The gold market is very liquid
• Also extremely large even when compared to not only other commodities but other
currencies and debt markets.
• In 2010, it is estimated that global trading volumes were between $63 billion and
$211 billion, larger than many sovereign debt markets.
• This gives you an idea of the scale of the gold market around the world.
23
24. Gold as a Monetary Asset
• Gold’s history as a standard of value in monetary systems has left a lasting legacy and
relevance in today’s international monetary system.
• Central banks still hold substantial international reserves of gold for national wealth
preservation and as a hedge against economic instability.
• At times of economic and political uncertainty, gold preserves wealth as a safe haven.
• As the value of currencies fall, gold demand increases and the price increases with it,
preserving wealth for when economic volatility subsides.
• It is a hedge against rising inflation 24
25. Gold preserves its purchasing power
• 40 years ago one probably could have bought nice suit or an
ounce of gold for USD 35.
• Today 35 dollars would not buy a suit, but an ounce of gold
bought 40 years ago, if sold today, could probably buy a pretty
nice suit.
25
26. 26
Get a FREE sample of our UK After the Brexit Consensus Forecast
Download a FREE sample of our brand NEW FocusEconomics
Consensus Forecast Commodities
Related material of interest from Focus-Economics.com:
Agricultural, Energy and Metals Commodities Price Outlooks
Gold: A History of Obsession
Gold: The Most Precious of Metals pt. 2
How will top gold producing economies perform in 2016?
Precious Metals Price Outlook
Gold Price Outlook
www.focus-economics.com