Windy City Gold

Ever wonder what a pound of gold is worth? Gold is priced in troy ounces (14.6 troy ounces per standard pound). Gold was priced at $1585.70 per ounce on 29 April, 2011. At that time, one standard pound of gold was worth $22,833. Silver was $47.94 per ounce. One pound of silver was worth $699. Platinum was $1873.00 per ounce. One pound of platinum was worth $27,314.

United States Mint American Buffalo Gold Bullion Coins

American Buffalo Gold Bullion Coins are the first .9999 fine 24-karat gold coins ever struck by the United States Mint and offered for sale through a network of Authorized Purchasers. These $50 gold coins are available to members of the public seeking a simple and tangible means to own and invest in 24-karat gold in the form of legal tender coins whose content and purity is guaranteed by the United States Government.

American Buffalo Gold Bullion Coins are available at many coin and precious metals dealers as well as many brokerage houses and participating banks. Pricing for precious metal investment coins typically depends on the market price of the metal.

United States Mint American Buffalo Gold Proof Coins

The United States Mint produces a proof version of these coins for collectors. The term "proof" refers to a specialized minting process that begins by manually feeding burnished coin blanks into presses fitted with special dies. Each coin is struck multiple times so the softly frosted and highly detailed images seem to float above the field.

Is U.S. currency still backed by gold?

No, when the United States stopped selling gold to foreign official holders of dollars at the rate of $35 an ounce in 1971, it brought the gold exchange standard to an end. In 1973, the United States officially ended its adherence to the gold standard. Many other industrialized nations also switched from a system of fixed exchange rates to a system of floating rates. In August 1974, President Ford repealed the prohibition on the public's owning gold or engaging in gold transactions. Today, no country bans private ownership of gold.

Where can I purchase gold or silver?

You can buy or sell precious metal bullion and coins from private dealers. Check your Yellow Pages or conduct an Internet search. Federal Reserve Banks neither buy nor sell precious metals.

Can I redeem my gold or silver certificate for gold or silver at a Federal Reserve Bank?

No. However, gold and silver certificates are sometimes more valuable to collectors than their face value. Check with a local coin or currency dealer in your area who can assess their worth as a collectible.

Gold performs critical functions in computers, communications equipment, spacecraft, jet aircraft engines, and a host of other products. Although gold is important to industry and the arts, it also retains a unique status among all commodities as a long-term store of value. Until recent times, it was considered essentially a monetary metal, and most of the bullion produced each year went into the vaults of government treasuries or central banks.

Silver has been used for thousands of years as ornaments and utensils, for trade, and as the basis for many monetary systems. Of all the metals, pure silver has the whitest color, the highest optical reflectivity, and the highest thermal and electrical conductivity. Also, silver halides are photosensitive. Owing to the above properties, silver has many industrial applications such as in mirrors, electrical and electronic products, and photography, which is the largest single end use of silver. Silver's catalytic properties make it ideal for use as a catalyst in oxidation reactions; for example, the production of formaldehyde from methanol and air by means of silver screens or crystallites containing a minimum 99.95 weight-percent silver.

Of the approximately 193,000 metric tons of gold discovered, 62% is found in just four countries on earth. All the gold discovered thus far would fit in a cube 22 meters on a side.

Of the approximately 1,740,000 metric tons of silver discovered, 55% is found in just four countries on earth. All the silver discovered thus far would fit in a cube 55 meters on a side.

What is the meaning of the karat mark on gold jewelry? The fineness of jewelry gold is stated as the number of parts in twenty-four that are gold. Thus, 24 karat gold is pure gold; 12 K would be an alloy that is half gold and half copper or other metals.

Fool's Gold can be one of three minerals; the most common mineral mistaken for gold is pyrite, chalcopyrite may also appear gold-like, and weathered biotite mica can mimic flake gold.

Sources

Gold occurs in veins and alluvial deposits, and is often separated from rocks and other minerals by mining and panning operations. About two thirds of the world's gold output comes from South Africa, and about two thirds of the total U.S. production comes from South Dakota and Nevada. The metal is recovered from its ores by cyaniding, amalgamating, and smelting processes. Refining is also frequently done by electrolysis. Gold occurs in sea water to the extent of 0.1 to 2 mg/ton, depending on the location where the sample is taken. As yet, no method has been found for recovering gold from sea water profitably.

Properties

It is estimated that all the gold in the world, so far refined, could be placed in a single cube 60 ft. on a side. Of all the elements, gold in its pure state is undoubtedly the most beautiful. It is metallic, having a yellow color when in a mass, but when finely divided it may be black, ruby, or purple. The Purple of Cassius is a delicate test for auric gold. It is the most malleable and ductile metal; 1 oz. of gold can be beaten out to 300 ft2. It is a soft metal and is usually alloyed to give it more strength. It is a good conductor of heat and electricity, and is unaffected by air and most reagents.

Uses

It is used in coinage and is a standard for monetary systems in many countries. It is also extensively used for jewelry, decoration, dental work, and for plating. It is used for coating certain space satellites, as it is a good reflector of infrared and is inert.

Cost

Gold, like other precious metals, is measured in troy weight; when alloyed with other metals, the term carat is used to express the amount of gold present, 24 carats being pure gold. For many years the value of gold was set by the U.S. at $20.67/troy ounce; in 1934 this value was fixed by law at $35.00/troy ounce, 9/10th fine. On March 17, 1968, because of a gold crisis, a two-tiered pricing system was established whereby gold was still used to settle international accounts at the old $35.00/troy ounce price while the price of gold on the private market would be allowed to fluctuate. Since this time, the price of gold on the free market has fluctuated widely. The price of gold on the free market reached a price of $620/troy oz. in January 1980. As of January 1990, gold was priced at about $410/troy oz. In December 2009, gold reached a price of $1200/troy oz.

Isotopes

The most common gold compounds are auric chloride and chlorauric acid, the latter being used in photography for toning the silver image. Gold has 18 isotopes; ¹⁹⁸Au, with a half-life of 2.7 days, is used for treating cancer and other diseases. Disodium aurothiomalate is administered intramuscularly as a treatment for arthritis. A mixture of one part nitric acid with three of hydrochloric acid is called aqua regia (because it dissolved gold, the King of Metals). Gold is available commercially with a purity of 99.999+%. For many years the temperature assigned to the freezing point of gold has been 1063.0C; this has served as a calibration point for the International Temperature Scales (ITS-27 and ITS-48) and the International Practical Temperature Scale (IPTS-48). In 1968, a new International Practical Temperature Scale (IPTS-68) was adopted, which demands that the freezing point of gold be changed to 1064.43C. The specific gravity of gold has been found to vary considerably depending on temperature, how the metal is precipitated, and cold-worked.

Gold Discovered in California
January 24, 1848

Many people in California figured gold was there, but it was James W. Marshall on January 24, 1848, who saw something shiny in Sutter Creek near Coloma, California. He had discovered gold unexpectedly while overseeing construction of a sawmill on the American River.

Another builder, James S. Brown, heard Marshall say, "Boys, I have got her now." Brown stepped over to Marshall, who held his hat in his hand. There in the hat were 10 or 12 pieces of gold.

People had made false claims before that they had discovered gold, so it wasn't until December of 1848, when President James Polk backed up the discovery, that the Gold Rush began.

The thought of becoming rich from picking up gold nuggets from the ground was like hoping to win the lottery! In 1849, prospectors came from everywhere to try to make their fortunes. They became known as the "forty-niners." More than 100,000 people arrived in California, but the gold was harder to find than people realized. A few made a small fortune. Others left for home penniless. Many made a living instead, running stores, saloons, laundries, and boarding houses, creating towns and cities that still exist in California.

Gold Rush Days / World Open Gold Panning Championship

You've probably heard of the California Gold Rush of 1848. But did you know there was also a gold rush in Georgia?

Gold was discovered in Dahlonega, Georgia, in 1828. Nestled in the mountains of northern Georgia, Dahlonega is home to the Consolidated Gold Mine. At the turn of the 20th century, the mine was reportedly the largest gold mining operation east of the Mississippi River. In 1901, during a cleanup, 54 pounds of gold were recovered from it.

Each October, Dahlonega, which comes from the Indian word "talonaga," meaning "precious metal," celebrates the first big gold rush with a two-day festival that has grown into one of the biggest events in the area. Another festival, called the World Open Gold Panning Championship, began in California in 1961 to remember the 1842 discovery of gold in Los Angeles County. This festival moved to the Consolidated Gold Mine in Dahlonega in the late 1980s. The Championship includes a contest in which the winner is the fastest person to pan eight nuggets of gold from a full pan of sand.

Investors in Gold Have Another Choice

For the first time in its history, the United States Mint is proud to offer its customers the opportunity to purchase a 24-karat gold bullion coin.

The American Buffalo Gold Bullion Coin represents the convergence of timeless elegance in numismatic design and uncompromising quality in coinage production, the result of which is this one ounce coin made of pure .9999 fine gold.

Authorized by Congress in 2005 and first minted in June 2006, American Buffalo Gold Bullion Coins are among the world's purest gold coins in terms of the fineness of the metal they contain. Each coin contains its full, stated weight of pure gold. By law, the gold for United States Mint American Buffalo Gold Bullion Coins must be taken from newly mined sources in America. They are struck at the United States Mint at West Point, New York. While struck at West Point, American Buffalo Gold Bullion Coins do not have a mint mark.

Purity, Weight and Content Guaranteed United States Mint gold bullion coins are the only official investment-grade gold bullion coins whose weight, content and purity are guaranteed by the United States Government. Like the U.S. dollar, gold bullion coins are welcome in major investment markets worldwide. Investment firms have for years considered pure, 24-karat (.9999) fine gold coins to be bullion eligible for U.S. Individual Retirement Accounts (IRAs). Consult with your investment firm on whether it has decided to include pure .9999 American Buffalo Gold Bullion Coins in its portfolios.

Easy to Buy and Sell

One measure of an investment is liquidity, or the ease with which an asset can be converted to cash. The American Buffalo Gold Bullion Coin, with its unique backing by the United States Government, can be sold for cash at most coin and precious metals dealers worldwide. Although the coin is also United States legal tender, its face value is largely symbolic as the value of the gold it contains has historically been far greater.

You can buy American Buffalo Gold Bullion Coins at major coin and precious metals dealers, as well as many brokerage firms and participating banks. They sell at gold’s prevailing market price, plus a small premium to cover coining and distribution costs.

Authorized by Congress in 1985 and first minted in 1986, American Eagle Gold Bullion Coins are minted according to the durable, 22-karat standard established for circulating gold coinage 350 years ago. Each coin contains its full, stated weight of pure gold, which by law, must be taken from newly mined sources in America. The balance consists of silver and copper, added to increase the coin’s durability to help resist scratching and marring, which can adversely affect a bullion coins’ resale value. Gold Eagles are rich in history, too. The obverse is based on world-renowned American sculptor Augustus Saint-Gaudens’ design for the prized 1907 $20 gold coin. The reverse pictures a family of eagles, symbolizing family tradition and unity. Government Guarantee American Eagle Gold Bullion Coins are America’s only official investment-grade gold bullion coins. They’re the world’s only gold bullion coins whose weight, content, and purity are guaranteed by the United States Government. So like the dollar, American Eagles are welcome in major investment markets worldwide. You can even include them in an Individual Retirement Account (IRA).

Portfolio Diversification

Many investment experts believe that adding gold to your portfolio may improve its performance. That’s because the forces that determine gold’s price usually differ from, and in many cases counter, the forces that determine the price of many financial assets. Investment advisors often suggest that this relationship may help to reduce portfolio volatility. Gold Eagles are the easy, convenient, and affordable way toa dd gold to your portfolio.

Easy to Buy and Sell

One measure of an investment is liquidity: How easily can it be converted to cash? Gold Eagles, with their unique U.S. Government backing, can be sold for cash at most coin and precious metals dealers worldwide. They’re also legal tender. Their face values are largely symbolic, because gold’s market price — which is reported in the market pages and Web sites of major newspapers— has historically been higher. Buy Gold Eagles at major coin and precious metals dealers, as well as many brokerage houses and participating banks. They sell at gold’s prevailing market price, plus a small premium to cover coinage and distribution costs.

American Eagle Gold Bullion Coins

When You Invest in Gold, Choose eagles FIRST.

Gold has been mankind’s obsession since the dawn of civilization. Used as money in China over 3,000 years ago, gold was first coined by the Romans in 50 B.C. America’s first gold coins — the original Eagles — were produced by the three-year-old United States Mint in 1795. Today, gold coins are seldom found in circulation. Instead, they’re often found in investment portfolios.

When you invest in gold, choose the bullion coins that feature the very symbol of our nation’s freedom — the American eagle. Choose American Eagle Gold Bullion Coins, the number one gold bullion coins in the world, from the United States Mint.

Investing in Gold Eagles increases your portfolio’s diversity. They bring balance, because their value often moves independently of stocks and bonds. They offer liquidity, meaning they’re easy to buy and sell. And in this fast-paced world of electronic investing, Gold Eagles are tangible investments whose beauty and artistry you can literally enjoy in the palm of your hand. Available in four denominations, they sell at a variety of prices — smaller sizes also make affordable, thoughtful gifts.

Invest in American Eagle Gold Bullion Coins from the United States Mint

Founded in 1792, the United States Mint is a bureau of the U.S. Department of the Treasury. The official mint of the U.S. Government, it makes the nation’s circulating legal-tender coinage, and it is regarded worldwide for its meticulous craftsmanship. It also produces various commemorative and bullion coin issues. American Eagle Gold Bullion Coins are minted to demand in West Point, New York. Invest in an American tradition. A portfolio diversifier. A great gift or reward. Invest in American Eagle Gold Bullion Coins today.