gold

Related Terms
(Trading Symbol GC) - A precious metal traded on the spot and futures market. On NYMEX a contract unit of gold equals 100 troy ounces. One tick in the price of gold is $.10 per troy ounce, or $10 per contract. There are exceptions, but in general, the exchange will call a halt to trading if the price of gold fluctuates more than $75 per troy ounce ($7500 per contract) above or below the previous day's closing price. Maximum daily price fluctuations are lifted during the final 20 minutes of the trading day. See Minimum Price Movement.

Notable Quotable

What Wealth Cannot Buy
"If all the gold in the world were melted down into a solid cube it would be about the size of an eight room house. If a man got possession of all that gold -- billions of dollars worth -- he could not buy a friend, character, peace of mind, clear conscience or a sense of eternity."
- Charles F. Bunning


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