Pyrite also known as Fool's Gold and Iron Pyrite is gold in color. This coloration is what gave it its nickname since it is commonly confused as real gold. Pyrite can sometimes be found in gold veins which has compounded the confusion. Pyrite in Greek means 'of fire'. One of the common uses for pyrite is to create sparks, which was useful in the 16th century for use in firearms. Today pyrite still is used in various industrial settings such as jewelry and solar panels.