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1.
A quote by the character Kenny Bania from the television series, Seinfield.

It is used to describe a statement full of perceived value or greatness.

It is best used when referring to something that is funny.

Similar to the phrase: "That's classic."
Jerry: "Why do they call it Ovaltine? The mug is round. The jar is round. They should call it Roundtine."

Kenny: "That's gold, Jerry! Gold."
by jahroy June 14, 2013