A gold alloy that is usable for jewelry and other applications. The gold alloy is made by combining Y % gold with Z % of a master alloy, wherein Y+Z=100. The gold alloy may be made by first forming the master alloy and then mixing the gold with the master alloy. The gold alloy may also be made by mixing gold with the elements of the master alloy without first forming the master alloy. In another embodiment, the master alloy used to make a white gold (variable) karat alloy will include from about 23.33% to about 43.33% copper, from about 23.33% to about 43.33% nickel, from about 3.33% to about 23.33% zinc, and from about 10 to about 30% silver. Another embodiment of a master alloy used to make a white gold (variable) karat alloy will include from about 43.33% to about 66% copper, from about 8 to about 39.33% nickel, and from about 4.67% to about 36.67% zinc.