This paper is aimed at producing a conceptual model for gold flotation based on the discussion of a number of experimental results where the behaviour of free and refractory gold has been studied under different chemical and physical conditions. A review of the literature suggests that there have been numerous studies on the flotation of free gold particles and refractory sulphides, but these investigations have typically focused on the individual flotation behaviour of each gold bearing species in synthetic mixtures and not when they are present together in "real" ores in the same pulp. The model discussed here shows that the flotation of refractory gold follows a similar trend to the recovery of refractory pyrite and pyrrhotite and is mainly affected by chemical conditions in the pulp such as redox potential, aeration conditions, copper activation, reagent synergism and galvanic interaction. Refractory gold is usually recovered by true flotation that is hydrophobic particle-bubble attachment, unless under certain conditions the physical transport of wafer and gangue provides a washing effect and detaches some of the sulphide material from the air bubbles. The flotation recovery of free gold is largely affected by physical constraints like the shape and size of the particles, the degree of water and gangue transport to the froth, the stability of the froth, and the extent of bubble loading of sulphide particles which can provide a barrier towards the hydrophobic bubble attachment of free gold. In each individual study the results suggest that the recovery of free gold follows a proportional trend with regard to water and gangue recovery. However, there is an inverse relationship between the true flotation of free and refractory gold due to the fact that free gold particles cannot attach to air bubbles properly in the presence of physical barriers.