Gold increasing foreign exchange, the world's gold reserves and their trading market have become a small fraction of all markets and fixed exchange rates of currencies to gold have been replaced by floating prices for gold and gold future contract. Though the gold stock grows by only 1 or 2% per year, very little metal is irretrievably consumed. Inventory above ground would satisfy many decades of industrial and even artisan uses at current prices. The gold proportion (fineness) of alloys is measured by karat (k). Pure gold (commercially termed "fine" gold) is designated as 24 karat, abbreviated 24k. English gold coins
Carat (mass) suggested, and was finally proposed by the International Committee of Weights and Measures, and accepted at the fourth sexennial General Conference of the Metric Convention held in Paris in October 1907. It was soon made compulsory by law in France, but uptake of the new carat was slower in England, where its use was allowed by the Weights and Measures (Metric System) Act of 1897. In the United Kingdom the original Board of Trade carat was exactly grains (~3.170 grains = ~205 mg); in 1888, the Board of Trade carat was changed to exactly grains (~3.168 grains = ~205 mg).