Gold (Forex Index pm fix) - Today's data summary

% change
Price dollars per ounce
As of 15:26 19 Nov 2018

Gold (Forex Index am fix) - Today's data summary

% change
Price dollars per ounce
As of 15:26 19 Nov 2018

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In Search of El Dorado

Jerry Brotton looks at Sir Walter Raleigh's quest for gold
In 1595, Sir Walter Raleigh sailed to South America in search of the fabled 'El Dorado'. Gold had long fascinated Europeans and he was determined that his expedition would bring back untold treasures. He travelled up the Orinoco River which flows through what is now Venezuela, but his search was in vain and there was little to show for it except his remarkable account of the journey, 'The Discoverie of the Large, Rich and Bewtiful Empyre of Guiana'. Jerry Brotton takes this as his guide as he travels to Trinidad, Raleigh's staging post for the journey, and then into modern day Guyana for his own journey in search of gold.

Jerry discovers the descendants of the indigenous peoples Raleigh met and wrote about in his account, and travels upriver in search of the elusive gold that was so prized by Europeans. 

What is left, if anything, of the dream of El Dorado in today's Guyana? Deep In the pristine rainforest of South America he finds out if the lure of gold still holds.

Jerry Brotton is Professor of Renaissance Studies at Queen Mary, University of London

Producer Mark Rickards

Where people drink gold

Gold is literally part of the land and people

How much?

Gold-painted Ferrari

And finally tonight, if you've ever fancied driving a gold-painted Ferrari, you get your chance this month.

Sotheby's is auctioning what it calls a "one-of-a-kind" metallic gold 1977 Ferrari 512 BB.

The car's been fully restored and has a chestnut brown interior.

Constantine Frangos, head of The Midas Touch sale at Sotheby's, said the car "really encapsulates the excitement, luxury and pure extravagance associated with gold. The uniqueness of this car makes this a fantastic opportunity for collectors, and car enthusiasts alike.”

However, you'll need about £450,000 to snap it up, the auctioneer reckons.

World's largest gold miner to list in Toronto and New York

The world's largest gold miner worth £14bn will be created by the merger of Jersey-based Randgold and Canadian miner Barrick. But the move to list in Toronto and New York is a surprise, said Nicholas Hyett, equity analyst at Hargreaves Lansdown:

The deal is an interesting one for Barrick. It comes eight years after the group spun off its African assets as African Barrick Gold (now Acacia Mining in which Barrick still holds a 44% stake) in what many saw as a move to de-risk the portoflio. Back then the group argued that the London Stock Exchange delivered a better valuation for African assets. Given that fact, the decision to scrap the London listing is perhaps a bit of a surprise.

Gold firms merge

Man holds piece of gold
Getty Images

Barrick Gold and Randgold Resources are merging to create what they say will be an "industry-leading gold company".

Under the terms of the merger, each Randgold shareholder will receive 6.1280 new Barrick shares for each Randgold share they hold.

Following the merger, Barrick shareholders will own around two-thirds of the new company while and Randgold shareholders will own around a third.

Mark Bristow, chief executive officer of Randgold, will become president and chief executive officer of the New Barrick Group.

Australian gold miners make 'once-in-a-lifetime' discovery

They unearthed gold deposits worth more than $11 million
Miners in the small Western Australia town of Kambalda have unearthed gold deposits so large it took three men to get them out of the ground. Geologists are calling it a "once-in-a-lifetime discovery" especially since mining in the area had traditionally been geared towards nickel. The deposits are worth more than 11 million US dollars.  

Jarrod Lucas is a journalist with ABC and based down the road from Kambalda were the gold was found.

(Photo: Two of the large gold deposits uncovered in Kambalda. Credit: RNC Minerals)