The 1971 Jackling Award Lecture - The Gold Miner And The Future Of Gold

Since prehistoric times, gold has been sought for its beauty and its unusual physical and chemical properties. Early in the dawn of civilization it became the ultimate unit of value, and for at least 6000 years it has been used to barter for other commodities. It has been prospected for, treasured and made into works of art and personal adornment. From time to time, it has even been the object of conquest. Because of its predominant role as a basis for money in recent centuries, economists have come to think of gold solely in these terms. Gold, however, has physical and chemical properties that make it one of the most useful metals in the modern world. It is the most ductile metal known. An ounce of it can be drawn into a continuous wire over 35 miles long. It is also so malleable that an ounce of it can be beaten into films 0.00001 in. thick covering 68 sq ft of surface. It has a density of 19.3 and is so heavy that 1 cu ft of it weighs more than half a ton. Gold is nonmagnetic and has a high electric conductivity that is only slightly less than that of silver and copper. Gold is so inert to all the chemicals found in nature that gold coins and jewelry buried beneath the soil or at the bottom of the sea for thousands of years appear to be as bright and perfect as when they were first immersed. Finally, gold has an extremely high reflectivity of both light and infrared rays.