Gold

A relatively rare element, gold is a precious metal that has been used for coinage, jewelry, and other arts throughout recorded history. In the past, a gold standard was often implemented as a monetary policy. Gold coins ceased to be minted as a circulating currency in the 1930s, and the world gold standard was abandoned for a fiat currency system after the Nixon shock measures of 1971.

In 2020, the world's largest gold producer was China, followed by Russia and Australia. A total of around 201,296 tonnes of gold exists above ground, as of 2020. This is equal to a cube with each side measuring roughly 21.7 meters (71 ft). The world consumption of new gold produced is about 50% in jewelry, 40% in investments and 10% in industry. Gold's high malleability, ductility, resistance to corrosion and most other chemical reactions, and conductivity of electricity have led to its continued use in corrosion-resistant electrical connectors in all types of computerized devices (its chief industrial use). Gold is also used in infrared shielding, production of colored glass, gold leafing, and tooth restoration. Certain gold salts are still used as anti-inflammatories in medicine.

Silver

Together with gold and the platinum-group metals, silver is one of the so-called precious metals. Because of its comparative scarcity, brilliant white colour, malleability, ductility, and resistance to atmospheric oxidation, silver has long been used in the manufacture of coins, ornaments, and jewelry. Silver has the highest known electrical and thermal conductivity of all metals and is used in fabricating printed electrical circuits and as a vapour-deposited coating for electronic conductors; it is also alloyed with such elements as nickel or palladium for use in electrical contacts. Silver also finds use as a catalyst for its unique ability to convert ethylene to ethylene oxide, which is a precursor of many organic compounds. Silver is one of the noblest—that is, least chemically reactive—of the transition elements.

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