Floating Gold

A fascinating natural history of an incredibly curious substance. “Preternaturally hardened whale dung” is not the first image that comes to mind when we think of perfume, otherwise a symbol of glamour and allure. But the key ingredient that makes the sophisticated scent linger on the skin is precisely this bizarre digestive by-product—ambergris. Despite being one of the world’s most expensive substances (its value is nearly that of gold and has at times in history been triple it), ambergris is also one of the world’s least known. But with this unusual and highly alluring book, Christopher Kemp promises to change that by uncovering the unique history of ambergris. A rare secretion produced only by sperm whales, which have a fondness for squid but an inability to digest their beaks, ambergris is expelled at sea and floats on ocean currents for years, slowly transforming, before it sometimes washes ashore looking like a nondescript waxy pebble. It can appear almost anywhere but is found so rarely, it might as well appear nowhere. Kemp’s journey begins with an encounter on a New Zealand beach with a giant lump of faux ambergris—determined after much excitement to nothing more exotic than lard—that inspires a comprehensive quest to seek out ambergris and its story. He takes us from the wild, rocky New Zealand coastline to Stewart Island, a remote, windswept island in the southern seas, to Boston and Cape Cod, and back again. Along the way, he tracks down the secretive collectors and traders who populate the clandestine modern-day ambergris trade. Floating Gold is an entertaining and lively history that covers not only these precious gray lumps and those who covet them, but presents a highly informative account of the natural history of whales, squid, ocean ecology, and even a history of the perfume industry. Kemp’s obsessive curiosity is infectious, and eager readers will feel as though they have stumbled upon a precious bounty of this intriguing substance.

A fascinating modern hunt for a treasure from a most surprising source -- a whale's stomach. Journalist and biologist Christopher Kemp discovers, after reading an odd news report, a hidden world of money, intrigue and amazing wealth. A lump of something turns up on a beach in NZ, the lump so strange it may well have come from out of space. But it's not a dead alien, it's ambergris. Ambergris is a by-product of sperm whales, used for centuries as a perfume, medicine and aphrodisiac. It appears on beaches all over the world and depending on what state it's in, can be mistaken for all manner of things. For those in the know, it's an amazing source of wealth - ambergris trades for US$20 a gram, which is nearly as much as gold but it's harder to find and it cannot be mined. Christopher Kemp travels from the shores of NZ, to the Smithsonian and New Nedford Whaling museum; he meets amateurs, professional hunters, scientists, elusive vendors who traffic ambergris, people who won't confess to have found any, and strangers denying what they are looking for. As he discovers more about ambergris' origins, its uses present day and historic, the outrageous lengths people have gone to find it and the intriguing efforts people go to in order to keep what they know about ambergris a secret, the more his infectious obsession grows.

A groundbreaking exploration of the relationship between capitalism, communism, and Arctic ecology since the dawn of the industrial age. Whales and walruses, caribou and fox, gold and oil: through the stories of these animals and resources, Bathsheba Demuth reveals how people have turned ecological wealth in a remote region into economic growth and state power for more than 150 years. The first-ever comprehensive history of Beringia, the Arctic land and waters stretching from Russia to Canada, Floating Coast breaks away from familiar narratives to provide a fresh and fascinating perspective on an overlooked landscape. The unforgiving territory along the Bering Strait had long been home to humans—the Inupiat and Yupik in Alaska, and the Yupik and Chukchi in Russia—before Americans and Europeans arrived with revolutionary ideas for progress. Rapidly, these frigid lands and waters became the site of an ongoing experiment: How, under conditions of extreme scarcity, would the great modern ideologies of capitalism and communism control and manage the resources they craved? Drawing on her own experience living with and interviewing indigenous people in the region, as well as from archival sources, Demuth shows how the social, the political, and the environmental clashed in this liminal space. Through the lens of the natural world, she views human life and economics as fundamentally about cycles of energy, bringing a fresh and visionary spin to the writing of human history. Floating Coast is a profoundly resonant tale of the dynamic changes and unforeseen consequences that immense human needs and ambitions have brought, and will continue to bring, to a finite planet.

Floating Islands in science, history, the arts and any number of sightings elsewhere

Master's Thesis from the year 2014 in the subject Economics - Finance, grade: 1.7, University of Leicester (Center of Management), language: English, abstract: To date, nobody has formulated a comprehensive theorem to determine gold valuation or precious metal prices. Until fairly recently, Eugene Fama’s Efficient Market Hypothesis was the predominant paradigm explaining asset markets but today it is widely acknowledged that markets can be irrational and investors are prone to act irrationally. When trying to explain gold market anomalies, behavioural science approaches can be useful. Phenomena such as herding (‘group think’), ‘safe value bias’ and investors’ ‘excessive extrapolation’ can help explain positive price performance over a certain time. In this dissertation, the author investigates the applicability of a multivariate ARIMA (auto-regressive, integrated, moving average) model to help explain gold price movements from 1973 to 2011. This model uses the gold price and independent variables such as inflation, real interest rates, silver prices, the US dollar money supply (M2), oil prices, the MSCI World index and the S&P 500 as these are linked to gold and/or highly correlated with the gold price. The evaluation criteria were defined as R-squared, mean absolute percentage error (MAPE) and BIC. The model was calculated over so-called ‘normal times’ and times of crises (one political, one financial). The researcher used SPSS’ Expert Modeler to find the best-fitting ARIMA model and to identify the independent variables significantly contributing to the fit of the model. Remarkably, a multivariate ARIMA model using independent variables explained almost twice as much of the variability of the gold price as a univariate ARIMA model using only the gold price. Also, throughout the complete period and during normal times the model explained a much higher percentage of the variability of the gold price than during crises and comparably more of the independent variables contributed significantly to the fit of the model (5 vs. 2). This can be explained by investors’ tendencies to buy gold to preserve their assets (“safe value”), to follow the crowd (“herding”) and to extrapolate past price chart developments. The results show that in an attempt to discern the cause of gold price movements, a multivariate ARIMA model outperforms a univariate ARIMA model significantly. The results of the study furthermore indicate researchers evaluating different methods to fit a time series should consider a multivariate ARIMA model, especially if the independent variables are highly correlated with the dependent variable.