An Overview of Fool"s Gold (Not Real Gold Bullion)

Would you like to give even the most experienced modern miner a good migraine? If so, then show him a piece of fool’s gold, it is shines just like the real stuff, but looks like perfect cubes, but it will give off acid (sulfuric) when it comes in contact with air and water. If this miner is not paying good attention he may mistake this iron pyrite, better known as fool’s gold, for the real thing and that could definitely cause some frustration considering that it is only worth a fraction of the price on the current gold markets.

Fool’s Gold Can Even Fool a Miner

The history of iron pyrite and how it got the colorful nickname of fool’s gold is very simple, although it is actually worth more today than it was in years past. It was uncommon for gold rush miners to discover iron pyrite and believe that it was real gold. The miner would be excited thinking he had hit the mega gold lottery just to find out that it was next to worthless. This mistake happened so many times that iron pyrite started being called fool’s gold, because it takes a trained eye to really tell the difference.

Where is it Found?

Since fool’s gold is a mineral (sulfide), it can usually be found around fossils, coal veins (quartz), beds, and as an indicator of real gold. This being said it actually does have a great value as a guide to more precious metals or substances.

What Good is Fool’s Gold?

While iron pyrite will never be worth the same price as real gold it does have many very profitable uses and for that alone it does warrant a second look. Since fool’s gold is pretty, shiny, and has many of the same characteristics of real gold it is a perfect substitute in the creation of costume jewelry. More than that, because of its shape and the fact that it actually looks like a bunch of gold cubes blended together there are many specimen hunters that value fool’s gold as a collector’s item.

Gold Bullion Industry

There is another use that is usually overlooked when it comes to the value and usefulness of iron pyrite and that is in the manufacture of paper. It is actually the key element when it comes to creating sulfur dioxide for the grand old paper industry. While there are not many manufacturers that use this today, most of the top companies would not have even gotten their start if it was not for the presence of fool’s gold.

There is no denying that when it comes to investing iron pyrite really is a fool’s errand, but if looked at in a certain way it can be very valuable in the right market. The paper industry, collectors, and costume jewelry makers are willing to pay good prices to acquire this metal so it may not be that bad of an investment as you may have once thought, but in the right markets.

Source by Mishaun Taylor

An Overview of Fool"s Gold (Not Real Gold Bullion)