Thursday, July 8, 2010
Largest importer of gold !
India is the world's largest gold consumer with an annual demand of around 800 tons ! Gold prices have been surging, lately.
For quite some time gold has been stealing the headlines !
What makes this yellow metal so special and in demand ?
In many Asian countries, such as India, Thailand, and China, gold is important for religious ceremonies and social occasions, such as the Hindu marriages in India and the Chinese New Year. Gold is still regarded throughout much of the world as a store of financial value, particularly in many developing countries.
Gold jewelry is universally popular, loved for its lustrous yellow color and untarnishing character. The chemical symbol for gold is AU.
Here are some 10 quick facts about this precious metal:
1. Gold is primarily a monetary asset and partly a commodity.
2. Gold is the only metal that is impervious to rust. It has an excellent chemical stability with a high resistance to corrosion and oxidation.
3. Gold is one of the most recycled materials in the world.
4. Gold is so pliable that it can be made into sewing thread. An ounce of gold can be stretched over 50 miles.
5. The melting point of gold is 1064.43 centigrade.
6. Gold is chemically inert, which also explains why it does not cause skin irritation.
7. Due to its high electrical conductivity, gold is a vital component of many electrical devices, including computers. Most cell phones, computers, calculators, television, and other electronic items contain gold.
8. China is the world's largest gold producer followed by Australia, USA and South Africa (Year 2009)
9. Because it is non-toxic and biologically benign, gold is perfect for many medical applications.
10. The purity of gold is measured in carat weight. The term “carat” comes from “carob seed,” which was standard for weighing small quantities in the Middle East. Carats were the fruit of the leguminous carob tree, every single pod of which weighs 1/5 of a gram (200 mg) Carat weight can be 10, 12, 14, 18, 22, or The higher the number, the greater the purity.
And finally, it is believed that almost 80 % of the earth's gold is still buried underground !
So Goodluck in Goldmining !
Note: The gold price today is Rs.1836/gm.