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Gold is a chemical element with the symbol Au (from Latin: aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in a pure form. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions. Gold often occurs in free elemental (native state), as nuggets or grains, in rocks, veins, and alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum), naturally alloyed with other metals like copper and palladium, and mineral inclusions such as within pyrite. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

Gold is resistant to most acids, though it does dissolve in aqua regia (a mixture of nitric acid and hydrochloric acid), forming a soluble tetrachloroaurate anion. Gold is insoluble in nitric acid alone, which dissolves silver and base metals, a property long used to refine gold and confirm the presence of gold in metallic substances, giving rise to the term 'acid test'. Gold dissolves in alkaline solutions of cyanide, which are used in mining and electroplating. Gold also dissolves in mercury, forming amalgam alloys, and as the gold acts simply as a solute, this is not a chemical reaction.

A relatively rare element,[6][7] gold is a precious metal that has been used for coinage, jewelry, and other arts throughout recorded history. In the past, a gold standard was often implemented as a monetary policy. Gold coins ceased to be minted as a circulating currency in the 1930s, and the world gold standard was abandoned for a fiat currency system after the Nixon shock measures of 1971.

In 2020, the world's largest gold producer was China, followed by Russia and Australia.[8] A total of around 201,296 tonnes of gold exists above ground, as of 2020.[9] This is equal to a cube with each side measuring roughly 21.7 meters (71 ft). The world consumption of new gold produced is about 50% in jewelry, 40% in investments and 10% in industry.[10] Gold's high malleability, ductility, resistance to corrosion and most other chemical reactions, and conductivity of electricity have led to its continued use in corrosion-resistant electrical connectors in all types of computerized devices (its chief industrial use). Gold is also used in infrared shielding, production of colored glass, gold leafing, and tooth restoration. Certain gold salts are still used as anti-inflammatories in medicine. (Wikipedia)

 

 

Gold News via Media Man

April 2024

Costco selling more than $300 million in gold bars per month, Wells Fargo estimates

A major retailer is reportedly raking in more than $300 million a month from selling gold bullion bars as the price of the precious metal soars.

Costco has struck gold by selling its one-ounce bullion bars — so much so that the big-box retailer is reportedly raking in as much as $200 million (AUD$306 million) a month as the price of the precious metal skyrockets.

Revenue “may now be running” at $100 million to $200 million monthly, Wells Fargo said, according to CNBC — a rapid acceleration from the $100 million sold in one-ounce gold bars in its fiscal first quarter that ended in late 2023.

“Our work suggests there has been significant interest given COST’s aggressive pricing and high level of customer trust,” Edward Kelly, an equity analyst at Wells Fargo, said in a note to clients Tuesday, per CNBC.

Though Costco doesn’t disclose its price for the nearly pure 24-karat gold bars to nonmembers, it’s estimated that the wholesaler tacks on a 2% charge above the spot price, which as of Wednesday morning was around $2,340 an ounce. That would put the price at Costco at nearly $2,400.

The price of gold has soared 13% this year as investors seek a safe haven from inflation that has remained stubbornly high despite the Federal Reserve raising interest rates to a 22-year high.

On Wednesday, the Consumer Price Index came in at a hotter-than-expected 3.5% for March — well above the Fed’s 2% target — to cast doubt on whether the central bankers will begin cutting interest rates as early as June.

Costco’s gold bars have become so sought-after that they sell out in seconds — and there are Reddit threads dedicated to scoring one.

In the discussion called “r/Gold,” Reddit users announce when Costco gets its gold bars back in stock.

The company has raised the limit of how many gold bars its shoppers can purchase to five from two.

It appears the pattern in which new stock comes in remains unclear, though one said to check the website “Wednesdays and Fridays” for new gold inventory.

The Washington-based chain denotes that its gold bars — which come in with a serial number and proof of authenticity — includes insured UPS two-to-three-day shipping.

One Redditer advised Costco members to use their Costco Executive Member card to receive 2% cash back to purchase the gold bars, as they’re eligible for the award.

Customers who use their Citigroup credit cards are eligible to receive another 2% cash back.

The gold’s pricing, cash-back sales and shipping costs suggest “it’s a very low profit business at best,” Wells Fargo’s Kelly wrote in his Tuesday note.

Another Reddit user attributed the craze to Costco making an investment in gold attainable.

“It’s hard — just about impossible — for a regular person to buy reputable gold without either paying a significant markup over the value, or not ever holding the gold in-hand. Costco solved that: real known-purity gold, in-hand, almost no markup,” the user wrote.

Representatives for Costco did not immediately respond to media's request for comment.

(Wires, Newswire)

 

News

Victims' misery a goldmine for chequebook TV, by Peter Weekes, Ben Doherty - 7th May 2006

Why there's gold in them thar cells, by Carmel Egan - 6th May 2007

 

News

Human Statue Bodyart

Gold plated attractions at this years Australasian Gaming Expo

(SYDNEY, AUSTRALIA) 19 August 2014 – It was wins all round for visitors, exhibitors and those behind the scenes at the 25th anniversary of the Australasian Gaming Expo (AGE), held last week at Sydney Exhibition Centre @ Glebe Island

In addition to the regular displays of the latest gaming and hospitality equipment, there was much to see and do at the event’s new venue. Live animal encounters, a life size replica of the Delorean from the Back to the Future movie franchise, free pizza and coffee samples and the chance to win free trips to Las Vegas helped to draw a crowd described as by the event organiser as “remarkable”.

“This year’s visitor attendance has been remarkable – which was both reassuring for exhibitors and an endorsement of the approach taken by AEG Ogden to the task of operating the venue and the New South Wales Government’s provision of additional visitor transport options”, commented Gaming Technologies Association (GTA) CEO Ross Ferrar.

As one of the first organisers to book space at Glebe Island, Ross and his team had confidence in the interim venue from the get-go and he credits AGE 2014’s success in no small part to the SEC@GI team.

According to SEC@GI Venue Operations Manager Marc Singerling, getting the little things right is just as important as the big stuff.

“Like us, Ross and the team at GTA understand the importance of delivering the full 360 degree experience from the moment visitors and exhibitors step through the door. Whether it’s the temperature of the coffee or getting just the right lighting on each exhibitor stand, each touchpoint needs to complement the others.

"It’s a pleasure to work with them on this show and we’re thrilled to welcome them to Glebe Island during the Darling Harbour redevelopments.”

Sydney Exhibition Centre @ Glebe Island has been purpose built to provide a fully functioning event space while ICC Sydney, the new exhibition, conference and entertainment complex in Darling Harbour is being developed.

(Casino Life Magazine)

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