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Gold is diamagnetic, meaning it has an incredibly weak repulsion to magnets (you probably won't notice this). Perhaps a larger effect is that if the magnet were moving, it would induce currents in the gold that would oppose the movement of the magnet, resulting in noticeable drag.

 

Not sure what underwater has to do with anything though.

 

Oh, and nice avatar :D

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Thanks for the avatar comment. I feel that photo suits me right now. :D

 

Anyway, I am asking this because I have a rather crazy theory, but if I find the answers I'm looking for that theory might get some attention at my local college.

 

So, I ask one more thing...what if a large amount of gold sat underwater for a very long , long time...how would it affect magnets-or, say, a compass?

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Gold as a metal is chemically inert for the most part, there`s little in water that will do it any harm beyond a little a surface discoloration over time.

 

as for a Compass, No, it`ll not have any affect on one that you`ll ever notice.

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Thanks for the avatar comment. I feel that photo suits me right now. :D

 

Anyway, I am asking this because I have a rather crazy theory, but if I find the answers I'm looking for that theory might get some attention at my local college.

 

So, I ask one more thing...what if a large amount of gold sat underwater for a very long , long time...how would it affect magnets-or, say, a compass?

 

It would have a negligible effect on a compass. Iron ores, on the other hand, would mess up a compass pretty good if there was enough of it.

 

If it was freshwater you could use a metal detector to find the gold, but if it was in salt water the signal would rapidly decay.

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