THE PRICE OF GOLD IS ON THE RISE THIS YEAR – GOLD FACTS !

Ingots and coins are also popular in addition to jewellery

The Gold, as we all know, is a metal which is used for making decorative jewellery for women and men, girls and boys. It is also used for medicine, dentistry, the aircraft industry and electronics ( as gold is a excellent conductor of electricity). Investors often buy gold a “hedge” or safe haven against any economic, political, social or currency based crisis. Impurities in gold are typically silver or copper and make up at least 0.01% of any gold bar. According to the experts, you will ever find a 100% pure gold bar.

Bank of England is built on clay, so it is not able to stack gold as high as the Federal Reserve Bank which is built on bedrock. The value of gold held by the Bank of England is approximately £168bn.  The Treasury holds approximately £9bn worth of gold bars at the Bank of England.

China is regarded as the largest producer of gold. In 2009 China produced 314 tonnes of gold which represented 13% of the total world production.  After China, the next biggest producers of gold are the USA, Australia and South Africa. Using the “Equal Arm Balance” scale gold bars are weighed to the nearest 0.025 gross ounce.  The price of gold is fixed twice daily at 10.30 am and 3 pm.  Gold is mined on every continent except Antartica.  Gold is 70% denser than lead.  This metal – so popular with us all today – has been mined since 4000BC. The melting point for gold is 1064 degrees centigrade.

The London price for a 100gm gold bar ingot is around £2,797.50.  If you want to invest in gold, look up dealers on the internet.  You can buy much smaller ingots than this weight for much less outlay.