Gold and Silver

Gold and Silver

Gold and Silver are the most well-known recognized precious metals. They have been mined, crafted and used by civilization around the world since recorded time. Their rarity makes them most desirable for coins, jewelry and artwork. Joining Gold and Silver in the family of precious metals are the lesser known, and even more rare elements referred to as the platinum metals[35]: platinum, ruthenium, rhodium, palladium, osmium and iridium. I will focus on the history and uses of Gold and Silver, as examples of industrial development based on precious metals.  Gold[36] artifacts were already found in the Balkans region from the 4th millennium BC. Egypt and especially Nubia had the resources to make them major gold-producing areas for much of history. The Nubia river had the resources to make them major gold-producing areas for much of history. The primitive working methods included fire-setting. Large mines were also present across the Red Sea in what is now Saudi Arabia. Exploitation of gold in the south-east corner of the Black Sea is said to date from the time of Midas, and this gold was important in the establishment of what is probably the world’s earliest coinage in Lydia around 610 BC. From the 6th or 5th century BC, the Chu (state) circulated the Ting Yuan, one kind of square coin. New methods for extracting gold on a large scale were developed by introducing hydraulic mining methods, especially in Hispania from 25 BC. The European exploration of the Americas was boosted by reports of the gold ornaments displayed in great profusion by Native American peoples. Consider though that gold was abundant in America, so it did not have so much value for the Natives. In Central America, cacao was used as currency instead of gold coins.

Gold has many applications. It is used 50% in jewelry, 40% in investments and 10% in industry.

-         Jewelry: it is altered and molded in different alloys. The gold jewelry industry is today a 23.7 USD billion industry.

-         Investment: it is stored in the form of gold store in bullion coins or bars as a hedge against inflation or other economic disruptions.

-         Electronic connectors: the most important industrial use for gold is the fabrication of corrosion-free electrical connectors in computers and other electrical devices. Gold is used in the connectors of the more expensive electronic cables, such as audio, video and USD cables.

-         Non-electronic industry: gold solder is used for joining the components of gold jewelry by high-temperature hard soldering or brazing. Gold can be made into thread and used in embroidery. It is also a good reflector of electromagnetic radiation such as infrared and visible light, as well as radio waves.

-         Medicine: In medieval times, gold was seen as beneficial for the health. In reality, only salts and radioisotopes of gold are of pharmacological value. Gold alloys are used in dentistry, in tooth restorations.

-         Food and drink: gold nanoparticles are used as food additive. Gold leaf, flake or dust is used on and in some gourmet foods, notably sweets and drinks as decorative ingredient.

-         Currency: gold coinage has been widely used as currency. A monetary system known as the gold standard was introduced in the 1960s, a certain weight of gold was given the name of a unit of currency. Silver[37] on the other hand possesses the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The mining of silver began some 5000 years ago. Silver was first mined around 3000 B.C. in Turkey. It was very valuable for the Greek, in the 1200 BC, and about 100 AD, Spain became the capital of silver production. Several major silver mines were discovered between 750 and 1200 AD, including the Germany and Eastern Europe. The 500-year period from 1000 and 1500 AD was one of significant growth thanks to improvements in production and technology. The Spanish conquest of the New World led to mining of the silver element that dramatically eclipsed anything that had come before that time. Silver has many more applications than Gold. Consider that silver is not only much more abundant than Gold, but is also not as beautiful and relucent. Let us take a look at it’s applications:

-         Currency: in the past, silver coins where used as currency. Fiat currency was backed by gold until the USD came off the gold standard in 1971. Silver coins are still minted by several countries as commemorative or collectible items, but they are not in general circulation. -         Jewelry: Silverware is one of the most traditional uses: cutlery, tableware, bowls, candlesticks and such). Silversmiths specialize in working silver, making jewelry, silverware, armor, vases, and other artistic items. 

-         Solar Energy: it is used in the manufacture of crystalline solar photovoltaic panels. Silver is also used in plasmonic solar cells. Silver is the reflective coating of choice for concentrated solar power reflectors. -         Air conditioning: using a first layer of Silver, the most reflective substance on Earth, researchers have invented a mirror-like panel that, when mounted on a building, acts like an air conditioner. 

-         Water purification: it is used in water purifiers. It sanitized water and eliminates the need for chlorine. Silver ions are also added to water purification systems in hospitals, community water systems, pools and spas, displacing chlorine. 

-         Dentistry: it is used alloyed with mercury to make amalgams that are widely used for dental fillings. -         Photography and electronics: electrical and electronic products use silver for it’s superior conductivity, such as high quality RF connectors. 

-         Glass coatings: silver is used in metal coating for reflective telescope mirrors. Silver-coated polyester sheets, used to retrofit windows, are another popular method for reducing light transmission. -         Other applications: silver alloys are used in the construction of high-quality musical wind instruments of many types, such as flutes, brass instruments and trumpets. Silver is used to make solder and brazing alloys. 

-         Biology: silver stains are used in biology to increase the contrast and visibility of cells and organelles in microscopy.  

-         Medicine: it is used into wound dressings, and it’s use as an antibiotic coating in medical devices. -         Investing: silver coins and bullion are used for investing, for ex, on the stock markets, including mining or silver streaming stocks, or silver backed exchange-traded funds. 

-         Clothing: it inhibits the growth of bacteria and fungi on clothing, such as socks, and is also added to reduce odors, and the risk of bacterial and fungal infections.

Gold mining has changed dramatically in the last 150 years. In the days of the Gold Rush[38], a person could pan in a stream for nuggets of gold. Today, mining is a large scale activity that involves a lot of talented man and woman, large Earth moving equipment, and sophisticated processes. Today, gold mines contain microscopic particles invisible to the eye. Many tons of rock have to mined and processed to produce gold that you can see and use. Before mining begins, exploration has to happen. Geologists study rocks and make maps of the region. The area is drilled to find where gold is concentrated. The area is blasted, and then hydraulic shovels are used to load the rock in trucks. Blocks are mined out separately and delivered by trucks to a specific area of the mind sites for placements in a waste rock facility. Eventually all processes ends-up in a solution called the slurry, which moves through a series of tanks containing a mixture of solution. The gold is mixed with carbon and put into a solution. The gold is then recovered through a process, and then burned to form gold bars. 

In the case of silver, 80% is silver is used for industrial purposes. The action begins down in the mine. Blasts occur in the mine and ore piles are taken to the surface, to achieve consistent amount of content, per kilogram of ore. The ore goes into the crusher, where it is finally pulverized into pieces. A conveyer transports the crushed ore to the ball-mill, at which point the ore pieces. Inside the mills, the ore is turned into powder. A water circulation system flushes the silver rich powder out of the cylinder and into large tanks which keep the water moving. The silver is dissolved in a solution, and finally a layer of black powder is done. After burning off, silver and other metals are separated. Only silver is left after burning off all the other metals. The liquid is poured into bar shaped moles, from which silver bars are then extracted.

Gold and Silver have been with us since the beginnings of civilization. They were the greed of man, who killed, raped and slaughtered to get their hands on it. They were a symbol of status and power. They also reflect the changes in modern society. 150 years ago man moved to the West Coast in the US in the gold fever. Gold and Silver mines were highly valued. Coins were used as currency, and blocks were stored in banks to back up the currencies. Eventually, fiat currency (or paper money), replaced them. Today, Gold and Silver can still be acquired in Stock Markets. They are used as hedging to cover from risk in turbulent markets in a maneuver that is called “Flight to Quality”. They still represent a significant portion of the economy in the states where they are located, but not as important as before. Moreover, they do not create that many job positions. Gold and Silver will continue to remain with us with all their uses, but the “Era of Precious Metals” has ended a long time ago.